Sinclair Posts 85.7M Loss

By May 17, 2009 Journalism, KDNL, Media No Comments

Hunt Valley, MD — Sinclair Broadcast Group, owner locally of KDNL-TV (“ABC30”), posted at first quarter loss of $85.7 million , or $1.06 a share. The Baltimore Business Journal reports Sinclair’s earnings from a Securities and Exchange Commission filing.

Excluding a non-cash charge of $130.1 million, the Hunt Valley-based television station owner earned $15.2 million, or 19 cents a share, for the three month period ended March 31. It posted a gain of $15 million, or 17 cents a share, for the first quarter of 2008. (Baltimore Business Journal 5/11)

Sinclair (NASDAQ: SBGI), the owner of 58 TV stations in 35 markets also said that earnings also declined to $154.7 million in the first quarter of 2009, compared with $186.7 million for the first quarter of 2008, citing declining local and national ad revenue, despite 2008 being an election year.

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