Economy

Sinclair Broadcast reports drop in sales and profits for third quarter

Sinclair Broadcast reports drop in sales and profits for third quarter”

As recently as last week, NBC News reported that O'Reilly was negotiating a deal with Sinclair, though a company spokesperson told CNN at the time that "Sinclair is not in discussions with Mr. O'Reilly". O'Reilly has indicated some interest in returning to television, but has said he would only do it for a broadcaster that reaches a big audience.

On a per-share basis, the Hunt Valley, Maryland-based company said it had profit of 30 cents. Their review also recognizes that the current rules no longer reflect the realities of today's media landscape and consumer viewing habits. "We do not have any interest in hiring him".

President/CEO CHRIS RIPLEY stuck to the operational news, saying, "We exceeded our third quarter adjusted operating income expectations previously provided, that excluded the acquisition of BONTEN MEDIA which closed in SEPTEMBER of this year". Wall Street analysts had expected earnings of 42 cents per share. Sinclair's media revenues, which include advertising, were down 1.7% to $624.2 million.

Sinclair, which is known for its conservative commentary and is already the nation's largest television-station owener, said it's closing in on acquiring Tribune Media by the beginning of 2018. The stock has climbed 26 percent in the last 12 months. Tribune stockholders approved the deal on October 19. The deal could give Sinclair control of 233 television stations that reach 72 percent of USA households.

Sinclair executives are said to be concerned about advertiser reaction to O'Reilly, according to a person familiar with the matter.

The company made progress entering partnerships with multichannel video programming distributors to carry Sinclair's signals, and renewed several Fox and CBS network affiliation agreements, Ripley said. The acquisition gave Sinclair 14 TV stations in eight markets.



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