In the third quarter, a period when it closed the $9.6 billion acquisition of 21 regional sports networks formerly owned by Fox, Sinclair Broadcast Group reported a 47% spike in revenue but a net l…
During a conference call with Wall Street analysts, CFO Lucy Rutishauser called Sinclair a “much different, diversified media company” due to its recent dealmaking. Although it remains the No. 2 owner of local TV stations, the company has become a force in sports via the RSNs, a new RSN venture with the Chicago Cubs and multicast network Stadium. It also is a stakeholder in YES, the New York sports network formerly owned by Fox.
said “protracted negotiations” with Dish have not yet resulted in a carriage renewal after a nearly three-month blackout. He said the likely outcome of those talks remains unclear. “Either we come to a deal with Dish, or their relevance to the industry will be reduced over time,” Ripley said. “Dish foregoing the RSNs is the equivalent, from a viewership perspective, of foregoing the top 10 entertainment programs combined.
The net loss in the period compared with earnings of 62 cents in the prior-year period. Rutisheister also said $120 million is being kept in reserve for potential exposure to pending litigation over the abandoned Tribune Media acquisition. Nexstar Media Group wound up buying Tribune this year after a deal proposed by Sinclair in 2017 ran aground in 2018 after federal regulators raised concerns about planned station divestitures. That wake-up call prompted Sinclair to move aggressively in the auction for the RSNs, which Disney was required to sell off after inheriting them from Fox in the $71.3 billion acquisition of 21st Century Fox assets.
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