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Aug. 3 – WTGS-FOX’s parent company Sinclair reports Second Quarter 2016 Financial Results

Category: Local Media & Agencies

Savannah Business Journal Staff Report

August 3, 2016 - Sinclair Broadcast Group, Inc. reported financial results for the three and six months ended June 30, 2016.  "As the leading television broadcaster, we continue to deliver financially and operationally," commented David Smith, President and CEO of Sinclair.

"Not only did we exceed our expectations for our key financial metrics during the second quarter, but we also have made significant progress in expanding distribution and content.  Specifically, we launched Circa, the innovative news and entertainment website aimed at the new generation of news consumers.  In just its first week of launch, Circa had over 7 million video views.  The target audience of the video-rich news and entertainment offering is “independent-minded and new generation news consumers,” according to the company.

As the largest local news producer in the country, we are particularly proud of the 163 news awards won by our stations so far this season…,” he added.

Total revenues increased 20.3% to $666.5 million, versus $554.2 million in the prior year period.

Operating income was $129.1 million, an increase of 12.9%, versus operating income of $114.3 million in the prior year period.  Net income attributable to the Company was $49.4 million, versus net income of $45.8 million in the prior year period.

During the second quarter, the Company expanded local news in Chattanooga, TN, Seattle, WA, Albany, GA, Nashville, TN and Savannah, GA.

"We remain confident that we will continue to see robust political advertising as the second quarter 2016 results were at the high end of our guidance range and the first half results exceeded pro forma 2012 same period by 12%," commented David Amy, Executive Vice President and Chief Operating Officer.  "However, given the minimal spending to date by the Trump campaign and his late start in fund raising, we expect to see political spending for the remainder of the election cycle skew slightly more to fourth quarter than in years past but are still expecting a record year.  In addition, we are estimating approximately $8 million of incremental revenues on our NBC affiliates from the summer Olympics that begin this month."

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