Although Sinclair Broadcast Group’s TV station distribution revenues continue to climb -- up 11% -- advertising revenue from its TV stations sank sharply by 18% in the third quarter.
Advertising was at $301 million for the period, with distribution revenue landing at $340 million.
Total TV station revenues for the TV station group declined 4% to $651 million.
Although total company-wide revenues increased 47% to $1.13 billion versus $766 million in the prior year period -- due to the closing of its deal to acquire 21 regional sports networks and Fox College Sports from Walt Disney for $9.6 billion -- it missed consensus analysts' revenue projections by $160 million.
Sinclair said its regional sports networks posted $352 million in revenue for the third quarter -- $43 million in advertising; $306 million from distribution revenues.
Investors weren’t happy with the announced Wednesday’s results. Sinclair’s stock was down 4% $37.23 in early day trading.
Sinclair posted a net loss to the company of $60 million versus net income of $64 million on the third quarter a year ago.
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