Sinclair reported a loss in the third quarter as revenue fell in a non-election year.
Sinclair’s third-quarter net loss was $46 million, or 74 cents a share, compared to net income of $21 million, or 32 cents a share, a year ago.
Revenues fell 9% to $767 million. Media revenues fell 9% to $758 million.
Advertising revenues were down 19% to $304 million. Core ad revenues, excluding political revenues, were up 2% to $293 million. The company said it expects to see record-breaking levels of political advertising in 2024.
Distribution revenues decreased 3% to $414 million.
In its earnings release, Sinclair said that in October, the company reached an agreement with Comcast to renew and extend its carriage agreements for all Sinclair television stations, Tennis Channel, Marquee Sports Network and YES Network.
“Sinclair reported a strong third quarter with revenues exceeding the high end of our guidance ranges and adjusted EBITDA exceeding the midpoint of our guidance for the quarter by 40%,” CEO Chris Ripley said. “While we continue to deal with elevated linear subscriber churn levels, Sinclair is well-positioned for the near- and long-term with nearly all of our Big Four network traditional subscribers up for renewals by the end of 2024.”