NEW YORK — Sinclair Broadcast Group Inc. announced a 2-for-1 stock split Thursday and a 57% narrowing of its loss in the first quarter to $3.3 million.
Revenues for the Baltimore-based group of 37 TV stations and 52 radio stations increased 14.4% to $123.8 million during the quarter ended March 31, while earnings before interest, taxes, depreciation and amortization, or cash flow, grew 17.7% to $50.4 million.
Both revenue and cash-flow increases benefited from Sinclair’s acquiring most of Heritage Media’s TV and radio stations during the first quarter of 1998.
The stock split, if approved by shareholders at Sinclair’s May 11 annual meeting, will deliver an additional share of common for shareholders of record on May 14. Sinclair CEO David Smith explained the split by saying: “We have heard from investors that they want the stock price to be more accessible.”