Sinclair reported a second-quarter profit and $146 million in political advertising commitments for the presidential election.
A year ago, net loss was $89 million, or $1.38 a share. This year, net income was $17 million, or 27 cents.
Adjusted EBITDA rose 42% to $158 million.
Revenues rose 8% to $829 million. Media sales increased 8% to $819 million.
Distribution revenue rose to $435 million from $418 million last year.
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Core advertising revenues—excluding political spending—remained steady at $303 million while total advertising revenues grew 11% to $343 million.
Sinclair has reserved $146 million in political advertising for the second half of the year. That compared to $78 million in 2020, the business claimed.
Sinclair predicts full-year political advertising revenues of $385 million to $410 million, up 10% to 17% over the last presidential election.
Sinclair’s Tennis Channel, which was for sale earlier this year, earned $1 million on $67 million in revenue.
Sinclair estimates Q3 opening income of $148 million to $173 million, with local media providing $153 million to $178 million and the Tennis Channel earning $8 million.
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Estimated revenues are $897 million to $929 million, with local media contributing $823 million to $852 million and tennis channel $63 million.
Sinclair reported outstanding second-quarter results, achieving our projections across important financial indicators, including a $105 million Ventures investment monetization, CEO Chris Ripley stated.
Ripley stated, “With almost 60% of our Big Four subscribers still to be renewed this year, we are confident in our ability to grow net retrans in line with our two-year CAGR estimates. We start the second half of the year with great momentum and many cash flow generators. Political advertising revenue is likely to climb double-digits during the 2020 presidential election, making it our largest ever. With rising distribution revenues and strong core advertising trends, we are poised for a strong year-end.
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