SINCLAIR REPORTS SECOND QUARTER 2020 FINANCIAL RESULTS
BALTIMORE (August 5, 2020) – Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and six months ended June 30, 2020.
Second Quarter Highlights
- Consolidated total revenue increased 66% to $1,283 million as compared to the second quarter of 2019, with gains driven in large part by the Company’s acquisition of 21 Regional Sports Networks (RSNs) and Fox College Sports in August 2019. Included in the quarter is a $124 million for accrued rebates to distributors based on minimum game guarantees.
- Consolidated operating income increased 364% to $492 million.
- Consolidated Adjusted EBITDA of $254 million increased 31% versus the second quarter of 2019.
- Five million shares of common stock representing 6% of the Company’s outstanding shares as of March 31, 2020, were repurchased during the second quarter. Year-to-date, through August 4, 2020, the Company has repurchased 19 million of its outstanding shares.
“Our second quarter results were much as expected as a result of COVID-19,” commented Chris Ripley, Sinclair’s President and Chief Executive Officer. “The pandemic dampened advertising spending and resulted in the continued postponement of major sports league games. Advertising trends, however, did improve throughout the quarter, with the decline in June’s advertising revenue versus the prior year period being roughly half the decline experienced in April. July trends showed further improvement throughout the month. Like many across the country, we are happy to see the return of sports.” Ripley continued, “Despite the pandemic’s significant disruption to our business during the quarter, our employees did an admirable job of adapting to the changes necessary to operate in a very different environment than we have experienced in the past. The transition was relatively seamless, and I could not be more proud of their efforts.”
Ripley added, “We continue to judiciously manage our costs and to take the actions necessary to enable us to endure this period of economic weakness. This includes seeking ways to optimize our capital structure to create value for our investors.”
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