News Release

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

INCREASES TOTAL REVENUE BY 19% COMPARED TO PRIOR YEAR
INCREASES QUARTERLY DIVIDEND PER SHARE TO $0.20

BALTIMORE (November 7, 2018) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three and nine months ended September 30, 2018.

CEO Comment:

“Third quarter results came in ahead of guidance in all key financial metrics, and we expect to close out this year ahead of revenue and cash flow expectations, further improving the strongest balance sheet in our company's history," commented Chris Ripley, President and Chief Executive Officer.  "Further driving value, we repurchased 5% of our total shares outstanding since the Board approved an additional $1 billion share buyback authorization last quarter.  Looking ahead to the fourth quarter, we just finished what is the biggest mid-term political advertising year in our Company’s history with political advertising expected to be over 60% higher than the 2014 mid-term election cycle and over 20% higher than the 2016 presidential election year, based on our current portfolio. As a result of the growth in political revenue this year, our Board has approved increasing our quarterly dividend per share from $0.18 to $0.20. The strength of political reconfirms that television remains the dominant and premium platform for consumer messaging and building brand awareness, and this year has certainly given us good reason to expect that 2020 will be even stronger.”
        
Three Months Ended September 30, 2018 Financial Results:

Total revenues increased 18.9% to $766.3 million versus $644.5 million in the prior year period.
Operating income was $157.8 million, including $13 million of costs related to the terminated Tribune Media Company (“Tribune”) acquisition, versus operating income of $103.4 million in the prior year period, which included $9 million of Tribune-related and spectrum auction-related costs.
Net income attributable to the Company was $63.9 million versus net income of $30.6 million in the prior year period, and includes $18 million in ticking fee costs related to the financing commitments for the terminated Tribune acquisition.
Diluted earnings per common share was $0.62 as compared to $0.30 in the prior year period. The impact of ticking fees and Tribune-related costs in 2018, on a per-share basis, was $(0.24) and the impact of Tribune-related and spectrum auction-related costs in 2017 was $(0.07).

Nine Months Ended September 30, 2018 Financial Results:

Total revenues increased 12.4% to $2,161.8 million versus $1,923.7 million in the prior year period.
Operating income was $396.7 million, including $24 million of Tribune-related costs, versus operating income of $379.9 million in the prior year period, which included $15 million of Tribune-related and spectrum auction-related costs.



The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, November 7, 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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