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Sinclair Inc. (SBGI-0.51%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports an increase in total revenues to $917 million from $767 million in the same quarter the previous year. This growth is attributed to higher political advertising revenue and increased distribution revenue.
Media programming and production expenses rose to $414 million from $400 million, while media selling, general, and administrative expenses increased to $201 million from $176 million.
The company reported an operating income of $179 million, up from $37 million in the previous year, due to increased revenue from political advertising.
Interest expense, including amortization of debt discount and deferred financing costs, was $78 million, slightly up from $77 million.
Net income attributable to Sinclair was $94 million, compared to a net loss of $46 million in the previous year.
Sinclair's local media segment saw a revenue increase to $845 million, driven by political advertising and distribution revenue.
The tennis segment's revenue rose to $60 million, with distribution revenue increasing by 4% due to contractual rate hikes.
Corporate general and administrative expenses decreased to $41 million from $45 million, primarily due to reduced legal and consulting costs.
Cash flows from operating activities were $210 million for the quarter, compared to $1 million in the previous year, reflecting higher collections from political advertising and Distributors.
Sinclair's liquidity remains strong with $536 million in cash and equivalents and $650 million in available borrowing capacity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sinclair Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.