By Dade Hayes Finance Editor Sinclair Broadcast Group, the No. 2 U.S. owner of local TV stations and a force in regional sports networks, reported mixed first-quarter results and warned investors of some COVID-19 bumps to come.
Total revenue in the quarter rose 123% to $1.61 billion, just shy of Wall Street analysts’ consensus estimate for $1.65 billion.
Earnings per share reached $1.35 on a diluted basis. Comparisons between the current-year first quarter, which ended March 31, and last year’s are complicated by the acquisition of 21 regional sports networks formerly controlled by Fox.
Sinclair led a consortium of investors in that deal and also took a 20% stake in YES, joining the New York Yankees, Amazon and private equity investors in
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