Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-K Annual report for the fiscal year ending Saturday, December 31, 2016

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Sinclair Broadcast Group Inc
Ticker: SBGI CIK: 912752

Exhibit 99.1

News Release

Contact: Chris Ripley, President & Chief Executive Officer

Lucy Rutishauser, SVP Chief Financial Officer

(410) 568-1500

SINCLAIR REPORTS FOURTH QUARTER 2016 FINANCIAL RESULTS


•	REPORTS $1.32 DILUTED EARNINGS PER SHARE


•	DECLARES $0.18 QUARTERLY DIVIDEND PER SHARE

BALTIMORE (February 22, 2017) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months and year ended December 31, 2016.

“With the spectrum auction coming to an end and the potential for deregulation on the horizon, we expect 2017 to be a pivotal year for Sinclair and the broadcast industry,” commented David Smith, Executive Chairman. “Additionally, the Federal Communications Commission is in process of conducting a rulemaking proceeding for the use of ATSC 3.0 (the Next Generation Broadcast Standard), which we expect will result in its approval later this year. The new technology is expected to revolutionize the broadcast industry and provide for new business opportunities, products and services. We anticipate the long-awaited deregulation of the industry’s antiquated rules and the end of the spectrum quiet period to spur consolidation; a positive given that our industry has been prohibited from competing on a level playing field with other forms of media.”

Three Months Ended December 31, 2016 Financial Results:


•	Total revenues increased 30.4% to $797.7 million, versus $611.8 million in the prior year period.


•	Operating income was $233.4 million, an increase of 87.9%, versus operating income of $124.2 million in the prior year period.


•	Net income attributable to the Company was $120.9 million, versus net income of $58.2 million in the prior year period.


•	Diluted earnings per common share were $1.32 as compared to $0.61 in the prior year period.

Year Ended December 31, 2016 Financial Results:


•	Total revenues increased 23.3% to $2.737 billion, versus $2.219 billion in the prior year period.


•	Operating income was $602.9 million, an increase of 42.6%, versus operating income of $422.7 million in the prior year period.


•	Net income attributable to the Company was $245.3 million, versus net income of $171.5 million in the prior year period.


•	Diluted earnings per common share were $2.60 as compared to $1.79 in the prior year period.

Three Months Ended December 31, 2016 Operating Highlights:


•	Media revenues, before barter, increased 33.1% to $726.7 million versus $545.9 million in the fourth quarter of 2015.


•	Political revenues were $113.2 million versus $11.8 million in the fourth quarter of 2015.


•	Revenues from our digital offerings increased 21% in the fourth quarter as compared to the fourth quarter of 2015.

The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, February 22, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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