Sinclair Profit Falls on Advertising Decline
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Sinclair Broadcast Group Inc., which broadcasts television to 24% of U.S. homes, said third-quarter profit fell 46% partly because of higher expenses at its stations and a decline in nonpolitical advertising.
Net income fell to $3.51 million, or 1 cent a share, from $6.46 million, or 5 cents, a year earlier, the Hunt Valley, Md.-based company said. Revenue rose 1.1% to $181.5 million.
Sinclair shares have plunged 53% this year as ad sales slowed and concern grew about the company’s airing of a show on Democratic presidential candidate Sen. John F. Kerry’s anti-Vietnam War activism.
Excluding political ads, local and national ad sales fell 2.3% and 3.6%, respectively.
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