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Consolidated revenue increased 123% to $1,609 million as compared to first quarter 2019, with gains driven in large part by the Company's acquisition of 21 Regional Sports Networks (RSNs) and Fox College Sports in August 2019. Excluding the RSN acquisition, media revenues increased by 17%, aided by an increase in political advertising and higher retransmission revenues. Consolidated Media Revenue was $31 million below the low end of guidance due in part to the impact of the novel coronavirus (COVID-19) pandemic on certain advertising revenues.
Consolidated operating income increased 248% to $327 million.
Consolidated adjusted EBITDA of $281 million increased 69% versus the first quarter of 2019 and was $22M greater than the high end of Company guidance, due in part to cost reduction efforts in the wake of COVID-19.
Ten million shares of common stock, 11% of the Company's outstanding shares, were repurchased during the first quarter.
Withdrawing all fiscal year 2020 previously-issued guidance due to the COVID-19 pandemic impact and lack of visibility on resumption of professional sports.
The following information was filed by Sinclair Broadcast Group Inc (SBGI) on Wednesday, May 6, 2020 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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