Sinclair Revenue Up 49%
Buying KBTV Beaumont, selling WLAJ Lansing
By Michael Malone -- Broadcasting & Cable, 11/1/2012 10:39:50 AM
"We are very pleased with our results for the third quarter, which were driven by increased advertising spending by the political and automotive categories, as well as higher retransmission revenues," commented David Smith, president and CEO of Sinclair. "Despite increased demand for air-time by politicians and political action groups, the core business showed solid growth. On a same station basis, excluding political, net broadcast revenues grew 6.9% in the third quarter."
"We continue to reinvest in the company's long term growth, having recently entered into an agreement to buy the non-license assets of KBTV, the Fox affiliate in the Beaumont/Port Arthur, Texas, market, where we also own the CBS station," added Smith. "We also entered into an agreement to sell our ABC station, WLAJ, in Lansing, Mich., as part of our on-going portfolio evaluation in which we identify pockets of opportunity as well as non-strategic markets."
WLAJ was acquired in the Freedom Communications deal.
Local net broadcast revenues were up 34.5% in the third quarter, while national net broadcast revenues were up 96.8%.
"We have many reasons to be very excited about the state of our company," commented David Amy, executive VP and CFO. "Among them, political ad spending on our stations for this year is expected to reach a historic $98.2 million. On a pro forma basis, compared to 2008, that would represent an 82% increase.
"We believe the strength of our fundamentals and the contributions from our acquisitions will add to our strong competitive position as we enter next year," he added.
Another thought... If Tribune sells most of its TV station and newspaper properties to settle massive debt... I could picture Sinclair eyeing KPLR St. Louis. KPLR switching to ABC... KDNL switching to The CW... the SSA/JSA with KTVI ending.
Eric - 11/1/2012 6:47:10 PM EDT
I'm aware of Sinclair acquiring a few stations from Newport, as well as the entire Freedom group. I'm hoping that Sinclair is looking to upgrade several stations... including WZTV Nashville getting HD news... WTVC Chattanooga getting new set and HD news... and maybe WTWC Tallahassee relaunching news broadcasts.
Eric - 11/1/2012 6:28:28 PM EDT
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