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Sinclair Broadcast Group Inc (SBGI) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Sinclair Broadcast Group Inc

CIK: 912752 Ticker: SBGI


News Release

SINCLAIR REPORTS FIRST QUARTER 2019 FINANCIAL RESULTS

INCREASES TOTAL REVENUE BY 9% COMPARED TO PRIOR YEAR
ANNOUNCES QUARTERLY DIVIDEND PER SHARE OF $0.20

BALTIMORE (May 8, 2019) - Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the “Company” or “Sinclair,” today reported financial results for the three months ended March 31, 2019.

CEO Comment:

"This is a very exciting time for Sinclair led by our recent announcement to acquire 21 Regional Sports Networks, industry collaboration on the implementation of the ATSC 3.0 broadcast standard, and continued success of our local news organization," commented Chris Ripley, President and Chief Executive Officer.  "We are transforming the Company, diversifying our content sources and revenue mix, and building a leading local news and sports organization on all platforms. In addition, during the first quarter, we launched our free, linear and on-demand multi-channel streaming service, STIRR, which is exceeding initial expectations. We announced a joint venture with the Chicago Cubs for the launch in 2020 of Marquee Sports Network, and entered into a definitive agreement to purchase 21 RSNs for a very attractive and accretive $9.6 billion purchase price, representing a $10.6 billion enterprise value. Meanwhile, we also exceeded our guidance for the first quarter in the key financial metrics."
        
Three Months Ended March 31, 2019 Financial Results:

Total revenues increased 8.5% to $722.1 million versus $665.4 million in the prior year period.
Media expenses, defined as Media Production and Media Selling, General & Administration expenses, were $479.0 million versus $435.4 million in the prior year period.
Operating income was $93.6 million, including $2 million of legal, regulatory and non-recurring costs, versus operating income of $107.3 million in the prior year period, which included $5 million of legal, regulatory and non-recurring costs and $21 million of gains on asset dispositions that included an $83 million cash gain relating to the sale of spectrum in Milwaukee in the Incentive Auction, partially offset by a non-cash impairment charge of a non-media related real estate investment.
Net income attributable to the Company was $21.7 million versus net income of $43.1 million in the prior year period.
Diluted earnings per common share was $0.23 as compared to $0.42 in the prior year period. The impact of legal, regulatory and non-recurring costs in 2019, on a per-share basis, was $(0.02) and the impact of legal, regulatory and non-recurring costs and net gains on asset dispositions in 2018 was $0.65.

Three Months Ended March 31, 2019 Operating Highlights:

Media revenues increased 4.6% to $673.4 million versus $643.7 million in the first quarter of 2018.
Political revenues were $2 million in the first quarter versus $7 million in the first quarter of 2018, an election year.



The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, May 8, 2019 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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Inside Sinclair Broadcast Group Inc's 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Equity
Consolidated Statements Of Equity (Parenthetical)
Consolidated Statements Of Operations
(Tables)
Acquisitions And Dispositions Of Assets
Acquisitions And Dispositions Of Assets - Narrative (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Condensed Consolidating Financial Statements
Condensed Consolidating Financial Statements (Tables)
Condensed Consolidating Financial Statements - Balance Sheet (Details)
Condensed Consolidating Financial Statements - Narrative (Details)
Condensed Consolidating Financial Statements - Statement Of Cash Flows (Details)
Condensed Consolidating Financial Statements - Statement Of Operations And Comprehensive Income (Details)
Earnings Per Share
Earnings Per Share (Tables)
Earnings Per Share - Schedule Of Earnings Per Share (Details)
Earnings Per Share - Summary Of Antidilutive Securities (Details)
Fair Value Measurements
Fair Value Measurements (Details)
Fair Value Measurements (Tables)
Leases
Leases (Tables)
Leases - Cash Flow Information Related To Lease (Details)
Leases - Narrative (Details)
Leases - Schedule Of Future Minimum Lease Payments Under Operating Leases (Details)
Leases - Schedule Of Lease Expense (Details)
Leases - Schedule Of Outstanding Operating And Finance Obligations (Details)
Leases - Supplemental Balance Sheet Information (Details)
Nature Of Operations And Summary Of Significant Accounting Policies
Nature Of Operations And Summary Of Significant Accounting Policies (Policies)
Nature Of Operations And Summary Of Significant Accounting Policies (Tables)
Nature Of Operations And Summary Of Significant Accounting Policies - Equity Investments (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Income Taxes (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Nature Of Operations (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Recent Accounting Pronouncements (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Revenue Recognition, Disaggregation Of Revenue (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Revenue Recognition, Narrative (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Share Repurchase Program (Details)
Nature Of Operations And Summary Of Significant Accounting Policies - Subsequent Events (Details)
Notes Payable And Commercial Bank Financing
Notes Payable And Commercial Bank Financing - Notes Payable And Finance Leases To Affiliates, Debt Of Vies And Guarantees Of Third-Party Debt, And Bank Credit Agreement (Details)
Related Person Transactions
Related Person Transactions - Atlantic Automotive Corporation (Details)
Related Person Transactions - Cunningham Broadcasting Corporation (Details)
Related Person Transactions - Leased Property By Real Estate Ventures (Details)
Related Person Transactions - Other Transactions With Equity Method Investees (Details)
Related Person Transactions - Transactions With Our Controlling Shareholders (Details)
Segment Data
Segment Data (Narrative) (Details)
Segment Data (Schedule Of Segment Information) (Details)
Segment Data (Tables)
Variable Interest Entities
Variable Interest Entities - Narrative (Details)
Variable Interest Entities - Schedule Of Variable Interest Entities Assets And Liabilities (Details)
Ticker: SBGI
CIK: 912752
Form Type: 10-Q Quarterly Report
Accession Number: 0000912752-19-000025
Submitted to the SEC: Fri May 10 2019 12:48:03 PM EST
Accepted by the SEC: Fri May 10 2019
Period: Sunday, March 31, 2019
Industry: Television Broadcasting Stations

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