News Release

Contact: Lucy Rutishauser, SVP Chief Financial Officer        
(410) 568-1500
SINCLAIR REPORTS FIRST QUARTER 2018 FINANCIAL RESULTS

INCREASES REVENUE COMPARED TO PRIOR YEAR
REPORTS $0.42 DILUTED EARNINGS PER SHARE
DECLARES $0.18 QUARTERLY DIVIDEND PER SHARE

BALTIMORE (May 9, 2018) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months ended March 31, 2018.

CEO Comment:

“Our first quarter came in well ahead of guidance in all key financial metrics,” commented Chris Ripley, President and Chief Executive Officer.  “As expected and reflected in our first quarter guidance, advertising revenue was soft largely due to the lack of Olympics and Super Bowl on many of our stations and with the auto category coming off its recent highs from last year.  Fortunately, our distribution revenues now make up approximately half our media revenues which makes our business model very resilient to ad market volatility. Furthermore, growth and initiative advances in digital, network, programmatic and addressable advertising are showing results and becoming larger contributors. Lastly, our acquisition of Tribune Media is now approaching the final stages with an anticipated closing in late second quarter/early third quarter of 2018, as we await governmental approvals.”
        
Three Months Ended March 31, 2018 Financial Results:

Total revenues increased 6.1% to $665.4 million versus $626.9 million in the prior year period.
Operating income was $107.3 million, including $5 million of one-time transaction costs, versus operating income of $157.6 million in the prior year period, which included $53 million of gains on asset dispositions.
Included in operating income is $21 million of gains on asset dispositions, which includes an $83 million cash gain relating to our previously announced sale of spectrum in Milwaukee, which was sold pursuant to the National Broadband Plan, partially offset by a non-cash impairment charge of a non-media related real estate investment.
Net income attributable to the Company was $43.1 million versus net income of $57.2 million in the prior year period.
Diluted earnings per common share was $0.42 as compared to $0.61 in the prior year period.

Three Months Ended March 31, 2018 Operating Highlights:

Media revenues increased 6.0% to $643.7 million versus $607.1 million in the first quarter of 2017.
Political revenues were $7 million in the first quarter versus $2 million in the first quarter of 2017, a non-election year.
Distribution revenues were $314 million versus $276 million in the first quarter of 2017.
Revenues from our digital businesses increased 71%, as compared to the first quarter of 2017.



The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, May 9, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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