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Shares of Sinclair Broadcast Group
SBGI, + 2.21%
rose 1.4% Wednesday in trading before markets, after the company announced third-quarter earnings above expectations and increased its quarterly cash dividend from 18 cents to 20 cents. For the last quarter, earnings reached $ 63.9 million, or 62 cents per share, compared with $ 30.6 million or 30 cents per share in the same quarter of the previous year. The FactSet consensus was 55 cents per share. Sinclair earnings were $ 18 million of management fees related to financing commitments related to the terminated acquisition of Tribune Media Co.
TRCO, -0.52%
the company said. Revenues were $ 766.3 million, exceeding the Factset consensus of $ 752.6 million, up from $ 644.5 million a year ago. Media revenues were $ 730.4 million, up from $ 629.6 million a year ago, while non-media revenues were $ 35.9 million, compared with $ 629.6 million a year ago. up from $ 14.9 million a year ago. The company expects an annual media business figure of between $ 2.905 and $ 2.917 billion. Sinclair shares have fallen 19.2% since the beginning of the year, while the S & P 500
SPX, + 0.63%
gained 3%.
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