SINCLAIR REPORTS FIRST QUARTER 2021 FINANCIAL RESULTS
BALTIMORE (May 5, 2021) – Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months ended March 31, 2021.
First Quarter Highlights
- Consolidated total revenue decreased 6% to $1,511 million as compared to the first quarter of 2020.
- Consolidated operating income of $35 million, including $32 million of non-recurring costs for transaction and transition services, COVID, legal, and regulatory costs (“Adjustments”) decreased compared to operating income in the first quarter of 2020 of $327 million, which included $20 million of Adjustments. Excluding the Adjustments, operating income of $67 million decreased $280 million compared to the first quarter of 2020.
- Net loss attributable to the Company was $12 million versus net income of $123 million in the prior year period. Excluding the Adjustments, the Company had net income of $13 million.
- Consolidated Adjusted EBITDA, which excludes the Adjustments, of $182 million, decreased 35% versus the first quarter of 2020.
“Results for the quarter were much better than expected and reflect a strong recovery in the core advertising market, cost controls and timing of games played,” said Chris Ripley, Sinclair’s President & Chief Executive Officer. “We are optimistic that the rebound in advertising spending bodes well for the rest of the year, where we are lapping easy comparisons to the prior year, which was significantly impacted by the pandemic.”
Ripley continued, “At the end of the quarter, Sinclair entered a new era of sports viewing with the rebranding of our RSNs with the Bally Sports name. The roll-out went off without a hitch, thanks to the tireless efforts of our entire sports marketing team. The feedback has been very positive across all stakeholders, as the rebrand was a significant upgrade to the product’s graphics, and we are energized to be bringing local sports viewers the very best experience to root for their favorite hometown sports teams. With the recent launch of our new Bally Sports App, the stage is set to elevate sports viewing to a whole new level, allowing a more interactive and personalized experience.”
Ripley concluded, “We continue to focus on initiatives to create a more dynamic viewing experience across all our platforms, creating live interactive programming, building our gamification offerings, deploying NEXTGEN TV, and developing our direct to consumer platforms, to improve the consumer experience and engagement.”
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