Why Sinclair Stock Was Soaring Today

Shares of Sinclair (NASDAQ: SBGI) were moving higher after the local broadcasting group posted strong results on the bottom line in its first-quarter earnings report. Later in Thursday's session, CNBC reported that the company was considering selling about 30% of its broadcast stations.Sinclair, which owns or has relationships with 185 television stations in 86 markets including all three major broadcast networks, said that revenue in its first quarter ticked up 3% to $798 million, which was just shy of estimates of $801.3 million. Advertising revenue in the quarter rose 4% to $321 million, though ad revenue was down 4% excluding political ads. Distribution revenue increased by 2% to $436 million.That growth translated into adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increasing 13% to $136 million. This is a sign that Sinclair's mix of local broadcasting, regional sports, and streaming news content continues to deliver results.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Zum vollständigen Artikel