×
You will be redirected back to your article in seconds

Sinclair net profit falls by $10 million

Drop in political ad spending hits earnings

Sinclair Broadcast Group said net profit slipped by $10 million to $23 million last quarter on tough political ad spending comps from the year ago, offset in part by a jump in auto advertising.

Revenue for the large independent Baltimore-based broadcaster, whose 75 stations in 45 markets can be a bell-wether for the industry, eased to $213 million from $226 million.

Political ad revenues of $4.1 million in the fourth quarter of 2011 fell sharply from $26.8 million in the 2010 period when there were some hotly contested elections.

Sinclair’s diverse group of stations covers 26.3% of U.S. television households and is affiliated with all major networks.

CEO David Smith was upbeat for current year. “As we look ahead to 2012, our outlook is for continued ad spending growth by the automotive industry, as well as an increase in political advertising in this presidential election year. In addition, we expect the market for television station transactions to remain active and intend on evaluating potential transactions as they arise,” he said in a statement.

Local network broadcast revenue, which include local time sales, retransmission revenues, and other broadcast revenues, was up 6.6%. National net broadcast revenues, which include national time sales and other national broadcast revenues, were down 31% on lower political.

Excluding political revenues, local net broadcast revenues were up 13.3% and national net broadcast revenues were down 7.4% in the fourth quarter.

Top categories for the quarter were automotive, grocery and medical, while services, media spending, telecommunications, direct response and home products were down the most. Automotive, the largest category, was up 11.9% in the quarter and up 9.7% for the year.

More TV

  • Jennifer Lopez

    Jennifer Lopez Joins TikTok App to Promote NBC's 'World of Dance'

    Jennifer Lopez is the latest celebrity to hop on TikTok, the short-form video app owned by Chinese internet giant Bytedance — more proof of the app’s growing traction, and reflective of media companies’ desire to reach its young-skewing base. Lopez had a very specific aim: to get fans excited about “World of Dance,” the NBC [...]

  • Jussie Smollett, Method Man, Danielle Brooks

    Jussie Smollett Episode of TNT's 'Drop The Mic' Pulled In Wake of Scandal

    TNT has pulled an upcoming episode of its hip-hop roast battle show “Drop the Mic” featuring “Empire” star Jussie Smollett. The episode, set to air March 6, was yanked following the arrest of Smollett on Thursday for allegedly staging a hate crime against himself. In the episode, Danielle Brooks, who plays Taystee on “Orange Is [...]

  • Reese Witherspoon Davita Scarlett

    Starz to Develop 'Kin' Series With Reese Witherspoon's Hello Sunshine

    Reese Witherspoon’s Hello Sunshine banner has inked a deal with Starz to develop “Kin,” Variety has learned. The multi-generational family drama comes from “Queen Sugar” and “Constantine” writer Davita Scarlett, who developed the project with Chester Jones III. Witherspoon and Hello Sunshine film and TV head Lauren Neustadter are on board as executive producers alongside [...]

  • David Shuster Michelle Makori I24

    Altice Aims to Carve Out Niche in Cable With Global-Themed i24News

    Who would invest in the U.S. launch of a linear, 24/7 cable news network in the current climate of bloodletting for niche cable channels? Patrick Drahi, the French-Israeli media mogul who controls Altice USA and Altice Europe, that’s who. Multiple system operator Altice USA is slowly but steadily expanding the cable distribution base for i24News, [...]

  • Sunday Night Football Ratings

    Pete Bevacqua Expands Oversight of NBC Sports

    Pete Bevacqua, who joined NBC Sports Group as president in September of last year, will gain more oversight of the NBCUniversal unit in the wake of a recent restructuring of the executive ranks of the corporation. Bevacqua retains his role as president, but will oversee the entire NBC Sports Group portfolio, adding NBC Olympics, production, [...]

  • 'Robin Hood' Director Otto Bathurst to

    Showtime's 'Halo' Series Enlists 'Robin Hood' Director Otto Bathurst

    Showtime’s adaptation of the wildly popular video game “Halo” has found its new director. The network has announced that Otto Bathurst will assume the director’s chair for multiple episodes, as well as serving as EP for the live-action series. Bathurst’s most recent directorial credits include last year’s adaption of “Robin Hood” with Taron Egerton and [...]

  • 'Haunting of Hill House' Renewed, Creators

    'Haunting of Hill House' Renewed as Anthology, Creators Ink Overall TV Deal at Netflix

    “The Haunting of Hill House” is returning to Netflix–sort of. The streaming giant has ordered a new installment in what they are calling “The Haunting” anthology, meaning the  next chapter of the horror series will feature an entirely new story and new characters from those seen in the first season. In addition, Netflix has entered [...]

More From Our Brands

Access exclusive content