Business
Sinclair Reports Fourth Quarter 2022 Financial Results
BALTIMORE--(BUSINESS WIRE)-- Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or "Sinclair," today reported financial results for the three and
About this update from Sinclair, Inc.
[{"type":"text","content":" BALTIMORE--(BUSINESS WIRE)--\nSinclair Broadcast Group, Inc. (Nasdaq: SBGI), the \"Company\" or \"Sinclair,\" today reported financial results for the three and twelve months ended December 31, 2022. The results reflect the deconsolidation of the local sports segment comprised of the regional sports networks (RSNs), which are owned and operated by Diamond Sports Group (\"DSG\") and its direct and indirect subsidiaries, from the Company's financial statements and accounted for under equity method of accounting, effective March 1, 2022. As such, the year-to-date 2022 consolidated financial results only include two months results of operations of the local sports segment, while the consolidated financial results for the comparable 2021 periods include results of operations of the local sports segment for the full periods.\n\nHighlights:\n\n\nRecord 2022 Broadcast and other media revenue increased 10% compared to 2021\n\n\nRecord 2022 Broadcast and other total advertising revenue increased 22% compared to 2021\n\n\nRecord fourth quarter media revenue of $952 million increased 19% from the same period a year ago\n\n\nRecord fourth quarter Broadcast and other total advertising revenue of $503 million increased 58% from the same period a year ago\n\n\nCEO Comment:\n\n\"Sinclair had a solid finish to 2022, setting records for our Broadcast and other advertising and distribution revenues. Strong political revenues were a big factor in the record results, demonstrating the strong value proposition TV continues to offer in reaching the masses,\" said Chris Ripley, Sinclair's President & Chief Executive Officer. \"We entered 2023 financially strong and are well-positioned to weather whatever economic environment we face in the year ahead.\"\n\nRipley continued, \"Our focus remains on raising the bar of the viewing experience, through providing higher quality programming and increased functionality and interactivity, engaging the viewer at a whole new level. We are ramping up our investment in several areas this year to help drive our business forward, including investments in technology and in our four growth pillars - multi-platform content, marketing services, data distribution, and community & interactivity. We continue to build on our progress in developing the ATSC 3.0 broadcasting standard which we believe will offer numerous increme...