Sinclair Reports Second Quarter 2021 Financial Results

News Release


SINCLAIR REPORTS SECOND QUARTER 2021 FINANCIAL RESULTS


BALTIMORE (August 4, 2021) – Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and six months ended June 30, 2021.

Second Quarter Highlights
• Consolidated total revenue increased 26% to $1,612 million as compared to the second quarter of 2020.
• Consolidated operating loss of $178 million, including $35 million of non-recurring costs for transaction and transition services, COVID, legal, and regulatory costs (“Adjustments”) decreased compared to operating income in the second quarter of 2020 of $492 million, which included $9 million of Adjustments. Excluding the Adjustments, operating loss of $143 million decreased $644 million compared to the second quarter of 2020, in which no live sporting events were produced or played due to COVID-19.
• Net loss attributable to the Company was $332 million versus net income of $252 million in the prior year period. Excluding the Adjustments, the Company had a net loss of $303 million.
• Consolidated Adjusted EBITDA, which excludes the Adjustments, of $433 million, increased 70% versus the second quarter of 2020.

CEO Comment:
“Results for the quarter were solid, as we outperformed our expectations amid the continued recovery in the core advertising market, as well as timing of expenses and our ongoing cost control efforts,” said Chris Ripley, Sinclair’s President & Chief Executive Officer. “As we progress through the year, we have been making great strides in a number of areas, including planning our direct-to-consumer local sports service expected to launch next year, the debut of gamification elements in conjunction with Bally Sports in some of our sports programming, and the evolution of our digital agency Compulse into an omni-channel marketing technology platform for local agencies and media companies. All of these areas, along with our achievements with ATSC 3.0 and our upcoming expansion of The National Desk, our news show for a national audience with a local perspective, are expected to be important components of our company’s strategy in the years ahead.”


Ripley continued, “We believe the full value of Sinclair is not reflected in the Company’s current stock price. There are numerous assets, apart from our broadcasting and regional sports networks businesses, that we believe have appreciable value. These include our warrants and options in Bally’s Corp., our licensed broadcast spectrum, the remaining tax benefit that came as a result of our RSN purchase in 2019, and our investments in non-core businesses and equity stakes, that we believe have a market value well in excess of book value. Together, we believe these assets alone are worth more per share than where the Company’s stock is currently trading.”

Ripley concluded, “Moving forward, we remain confident that our multi-pronged approach to growing our business through emphasizing multi-channel content, marketing services, data distribution, and gamification and community, along with our valuable and diversified asset base, will continue to move us toward our goal of becoming a top next generation media company.”


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