SINCLAIR REPORTS FOURTH QUARTER 2020 FINANCIAL RESULTS
BALTIMORE (February 24, 2021) – Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and twelve months ended December 31, 2020.
Fourth Quarter Highlights:
• Total revenue decreased 7% to $1,512 million as compared to the fourth quarter of 2019.
• Operating income of $625 million including $16 million of non-recurring costs for transaction, COVID, legal, litigation, and regulatory costs (“Adjustments”).
• Excluding the Adjustments, operating income of $641 million increased $319 million compared to the fourth quarter of 2019, which contained Adjustments of $45 million
• Net income attributable to the Company was $467 million versus net income of $44 million in the prior year period.
• Adjusted EBITDA, which excludes the Adjustments, of $617 million, increased 37% versus the fourth quarter of 2019.
“Certainly 2020 will be a year not soon forgotten,” said Chris Ripley, Sinclair’s President & Chief Executive Officer. “The year was remarkable for its hardships, such as the pandemic that had a significant impact on people’s lives, the economy, and professional sports, and also its bright spots, such as the record political ad spending which helped offset weakness in core advertising caused by the pandemic. In addition, the year was meaningful from a company perspective, as the initiatives we undertook during the year, including our enterprise-wide agreement with Bally’s around legalized sports betting, and the progress made in launching NEXTGEN TV in our broadcast markets, laid the groundwork for Sinclair’s growth in the years to come.” Ripley continued, “While subscriber churn continues to be elevated, it was encouraging to see improvement in the core ad environment in the fourth quarter.
Ripley concluded, “2021 is shaping up to be another important year for Sinclair with the upcoming launch of a new, enhanced streaming app for our regional sports networks (RSNs), ushering in a new paradigm for how viewers can watch and interact with major local sporting events. The planned gamification of the viewing experience will make for a much more engaging and exciting way for fans to cheer on their local sports teams. Our RSNs will soon be rebranded with the Bally Sports name, and we will work with Bally’s on exciting new programming and other initiatives to help drive growth. Along with other actions planned for the year, including the broader deployment of NEXTGEN TV and the recent launch of our national news initiative, The National Desk, we are optimistic about the future of Sinclair.”
Read more…4Q20 Earnings PR_FINAL
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