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Sinclair Broadcast Group

BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,lorraine.mirabella@baltsun.com | August 6, 2009
Sinclair Broadcast Group Inc., facing declining advertising revenue amid the recession, said Wednesday that net income fell to $2.8 million, or 4 cents per share, from $11.8 million, or 13 cents per share, in the second quarter of 2008. The Hunt Valley-based owner of television stations said net broadcast revenues from continuing operations fell nearly 19 percent to $133 million for the three months ended June 30. Operating income fell to $25.8 million from $43.3 million, Sinclair reported.
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BUSINESS
August 1, 2009
Positive economic signs give market best July in 20 years Investors placed big bets over the last month that the profit machine at U.S. companies will continue to rev higher, and that the longest recession since World War II is finally easing its grip. If that turns out to be wrong, the huge gains of July means there will be an even bigger price to pay if companies don't deliver. The Dow surged 725 points, or 8.6 percent, for the month, with most of the gains arriving in bursts in the final 15 days.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | March 11, 2009
Sinclair Broadcast Group Inc. reported a net loss of $241.5 million last year mostly because of a huge write-down of the value of goodwill and broadcast licenses. In contrast, the Hunt Valley broadcaster had a profit of $22.7 million in 2007, according to an annual report filed with the Securities and Exchange Commission. The company, one of the largest independent television station owners in the country, took a $463.9 million impairment charge to reflect reduced forecasts for future cash flow and growth rates.
BUSINESS
By Hanah Cho and Hanah Cho,hanah.cho@baltsun.com | February 12, 2009
Sinclair Broadcast Group said yesterday that it has eliminated 200 jobs, or 7 percent of its work force, and suspended its quarterly dividend to cut costs as it expects falling advertising revenues this year amid a recession. Besides layoffs, the Hunt Valley broadcaster is cutting back on capital expenditures, freezing salaries, and reducing promotional spending and travel. David Amy, Sinclair's chief financial officer, declined to provide further details yesterday. Such moves are expected to save the company $19 million but are not enough to offset the decline in advertising, particularly in a nonelection year, Sinclair said.
BUSINESS
By From Sun staff and news services | November 6, 2008
Sinclair Broadcast Group Inc., the Hunt Valley-based operator of 58 U.S. television stations, reported yesterday an unexpected increase in third-quarter profit on higher revenue from political advertising and lower amortization costs. Net income rose to $11.7 million, or 14 cents a share, from $9.9 million, or 11 cents, a year earlier, the company said. Per-share profit beat the 9-cent average estimate of four analysts surveyed by Bloomberg. With a sinking economy expected to further hurt advertising, Sinclair said it is cutting costs in areas such as salaries, travel and entertainment as well as promotion expenses and capital spending.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Sun reporter | June 25, 2008
Sinclair Broadcast Group plans to buy a CBS television station in the Richmond-Petersburg, Va., market for $85 million - the second TV station acquisition this year by the Hunt Valley broadcaster. Sinclair said yesterday that it has agreed to buy the assets of WTVR-TV (CBS 6) from Raycom Media Inc., at a time when few opportunities exist for acquiring individual stations. The broadcaster owns FOX affiliate WRLH-TV in that market, but will be required by Federal Communications Commission rules to sell the license to run the affiliate.
BUSINESS
By Lorraine Mirabella and Lorraine Mirabella,Sun reporter | May 8, 2008
Popular Fox Broadcasting Co. television programs, the Super Bowl and a flood of political advertising helped boost first-quarter net income for Sinclair Broadcast Group, the Hunt Valley-based company said yesterday. The broadcasting company reported net income of $16.4 million for the three months that ended March 31, turning around a $2.3 million loss reported in the first quarter of 2007. On a per-share basis, earnings were 19 cents compared with a loss of 3 cents in the prior year. TV station broadcast revenues grew 8.5 percent, to $161 million, in the first quarter from $148 million in the corresponding period of 2007, the company said.
BUSINESS
By Hanah Cho and Hanah Cho,Sun reporter | May 3, 2007
Sinclair Broadcast Group Inc. shares dropped 7 percent yesterday after the television-station owner said weak automotive advertising and low ratings for its MyNetworkTV stations are mitigating its successes in winning retransmission fees from cable companies.
NEWS
March 10, 2007
BUSINESS DOW +15.62 12,276.32 NASDAQ -.18 2,387.55 S&P +0.96 1,402.85 SUN INDEX +0.31 365.54 NATIONAL D.C. gun ban struck down A U.S. appeals court struck down yesterday a strict ban on owning firearms in the nation's capital, setting the stage for the U.S. Supreme Court to rule on the scope of the Second Amendment and whether it expressly protects a person's right to own a gun. pg 3A FBI improperly got records The FBI acknowledged yesterday...
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