- Sinclair Broadcast ( NASDAQ: SBGI ) shares are down during Wednesday's intraday session despite reporting profit in Q4 .
- The company saw revenue decline of 35% in the quarter, led by 35% reduction in Media revenues and 60% decline in distribution revenues.
- Total advertising revenues grew 31% Y/Y to $503M.
- Adjusted EBITDA increased 32% Y/Y to $309M.
- Chris Ripley, Sinclair's President & Chief Executive Officer said, "We entered 2023 financially strong and are well-positioned to weather whatever economic environment we face in the year ahead."
- He further denoted, "We continue to build on our progress in developing the ATSC 3.0 broadcasting standard which we believe will offer numerous incremental business use cases for the entire industry, creating an important diversified revenue stream into the future. Our leadership position in helping develop the technology and in validating its market potential position us well to capitalize on this exciting next chapter of broadcasting."
- After loosing more than 34% of its value over a period of past 12 months, SBGI shares have rebounded more than 15% so far this year:
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Sinclair Broadcast shares slipped after total revenues plunged 35% in Q4