Sinclair Broadcast Group, Inc. (Nasdaq: SBGI), the "Company" or
"Sinclair," today reported financial results for the three and nine
months ended September 30, 2022. The results reflect the
deconsolidation of the local sports segment comprised of the
regional sports networks (RSNs), which are owned and operated by
Diamond Sports Group ("DSG") and its direct and indirect
subsidiaries, from the Company's financial statements and accounted
for under equity method of accounting, effective March 1, 2022. As
such, the year-to-date 2022 consolidated financial results only
include two months results of operations of the local sports
segment, while the consolidated financial results for the
comparable 2021 periods include results of operations of the local
sports segment for the full periods.
Third Quarter
Highlights:
- Third quarter Broadcast & Other total advertising revenue
of $374 million increased 14% from the same period a year ago
- Third quarter political advertising of $88 million
- Approximately 500 thousand common shares repurchased
CEO Comment: "Strong
political revenues continued to drive results in the quarter, and
we believe this year we will easily set a mid-term election year
record for political advertising revenue," said Chris Ripley,
Sinclair's President & Chief Executive Officer. "While we saw
political displacement this quarter and expect it as well next
quarter, we see positive signs for core advertising in certain
categories including the legal category and the auto category,
which began to grow again this quarter, but overall we are seeing
some general ad market weakness from macro conditions."
Ripley continued, "At our recent Investor Day, we highlighted
the future growth plans we are undertaking as an organization to
make Sinclair less reliant on its two current main sources of
revenue - retransmission fees and linear advertising revenues.
These future forward initiatives range from creating original
multi-platform content and building an omni-channel marketing
services enterprise to driving totally new revenue sources from
community and interactivity initiatives and data distribution
capabilities. For example, in the content area, we recently
announced a creative partnership with Anthony Zuiker, creator of
the CSI franchise, to create content across a range of formats and
subjects."
Ripley concluded, "We have been assembling the pieces of these
future drivers of our business over the last several years and look
forward to our work in these areas beginning to generate meaningful
revenues and profits as we move into the future. Given our growth
strategies, investment portfolio, and sizeable cash flow, Sinclair
is well-capitalized and well-positioned to continue to develop into
a more diversified company with numerous revenue streams and
assets."
Recent Company
Developments:
Content and Distribution:
- Year-to-date, Sinclair's newsrooms have won a total of 275
journalism awards.
- In September, Sinclair's NewsOn business, the nation's largest
streaming service for local news content, added 13 CBS local
stations to its platform, bringing total affiliation station count
to over 250 and its US household coverage to 92%.
- In October, the Company announced a multi-year ABC network
affiliation agreement with Disney Media & Entertainment
Distribution for Sinclair stations and stations to which Sinclair
provides sales and other services under joint sales agreements,
together covering 30 markets.
- In October, the Company announced a broad, multi-platform
creative partnership with Anthony Zuiker, the creator of the global
hit franchise CSI: Crime Scene Investigation, to work with Sinclair
in developing original programming and content across a range of
formats and subjects.
NextGen Broadcasting (ATSC 3.0):
- As of the end of October, the Company launched NextGen TV in 34
markets, including recent launches in Wichita-Hutchinson, KS;
Roanoke-Lynchburg, VA; San Antonio, TX; Fresno-Visalia, CA and
Greenville, SC. To date, NextGen TV is available in 62% of the
households in Sinclair's licensed footprint.
Investment Portfolio:
- As of September 30, 2022, the Company estimated the fair market
value of its investment portfolio, which includes investments in
real estate, private equity, and venture capital funds, as well as
direct investments in companies, at approximately $1,200 million,
or close to $17 per share.
- During the third quarter, Sinclair made investments of
approximately $6 million into its portfolio of investments and
received distributions, including exit payments, of approximately
$52 million.
Three Months Ended September 30, 2022
Consolidated Financial Results:
- Total revenues decreased 45% to $843 million versus $1,535
million in the prior year period. Media revenues also decreased 45%
to $836 million versus $1,526 million in the same period a year
ago. Excluding DSG, total revenues increased 5% from $804 million
in the prior year period and media revenues also increased 5% from
$795 million.
- Total advertising revenues of $374 million decreased 16% versus
$446 million in the prior year period. Excluding DSG, total
advertising revenues increased 14% from $327 million in the prior
year period. Core advertising revenues, which excludes political
revenues, were down 34% in the third quarter to $286 million versus
$434 million in the prior year period. Excluding DSG, core
advertising revenues decreased 10% from $316 million in the prior
year period.
- Distribution revenues of $425 million decreased versus $1,053
million in the same period a year ago. Excluding DSG, distribution
revenues increased 1% from $420 million in the prior year
period.
- Operating income of $154 million, including non-recurring costs
for transaction and transition services, COVID, legal, and
regulatory costs ("Adjustments") of $4 million, increased versus an
operating income of $73 million in the prior year period, which
included Adjustments of $27 million. Operating income, when
excluding the Adjustments, was $158 million compared to an
operating income of $100 million for the same prior year period.
Excluding DSG, operating income, excluding Adjustments, increased
34% from $118 million in the prior year period.
- Net income attributable to the Company was $21 million versus
net income of $19 million in the prior year period. Excluding
Adjustments, the Company had net income of $25 million. Net loss
from DSG in the prior year period was $132 million.
- Adjusted EBITDA decreased 56% to $198 million from $451 million
in the prior year period. Adjusted EBITDA from DSG in the prior
year period was $264 million.
- Diluted earnings per common share was $0.32 as compared to
diluted earnings per common share of $0.25 in the prior year
period. On a diluted share basis, the impact of Adjustments was
$(0.04), and the impact of Adjustments in the prior year period was
$(0.27). Diluted loss per common share from DSG in the prior year
period was $1.75.
Nine Months Ended September 30, 2022
Consolidated Financial Results:
- Total revenues decreased 36% to $2,968 million versus $4,658
million in the prior year period. Media revenues decreased 36% to
$2,942 million versus $4,623 million in the same period a year ago.
Excluding DSG, total revenues increased 6% to $2,512 million from
$2,374 million in the prior year period and media revenues
increased 6% to $2,486 from $2,339 million.
- Total advertising revenues of $1,111 million decreased 15%
versus $1,308 million in the prior year period. Excluding DSG,
total advertising revenues increased 11% to $1,067 million from
$964 million in the prior year period. Core advertising revenues,
which excludes political revenues, of $952 million were down 26%
versus $1,287 million in the same period a year ago. Excluding DSG,
core advertising revenues decreased 4% to $907 million from $944
million in the prior year period.
- Distribution revenues were $1,728 million versus $3,240 million
in the same period a year ago. Excluding DSG, distribution revenues
increased 4% to $1,295 million from $1,243 million in the prior
year period.
- Operating income of $3,727 million, including $23 million of
Adjustments and a $3,357 million gain on asset dispositions
relating to deconsolidating DSG's net liability ("Gain on
Deconsolidation"), increased versus operating loss of $70 million
in the prior year period, which included Adjustments of $94
million. Operating income, when excluding Adjustments and the Gain
on Deconsolidation, was $393 million compared to an operating
income of $24 million for the same prior year period. Excluding
DSG, operating income excluding Adjustments increased 20% to $395
million from $329 million in the prior year period.
- Net income attributable to the Company was $2,597 million
versus net loss of $325 million in the prior year period. Excluding
Adjustments and the Gain on Deconsolidation, the Company had net
income of $48 million. Net loss from DSG in the prior year period
was $687 million.
- Adjusted EBITDA decreased 40% to $635 million from $1,066
million in the prior year period. Adjusted EBITDA from DSG in the
first two months of 2022 was $54 million and in the prior year nine
month period was $513 million.
- Diluted earnings per common share was $36.59 as compared to
diluted loss per common share of $4.33 in the prior year period. On
a diluted-per-share basis, the impact of Adjustments and the Gain
on Deconsolidation was $35.91 and the impact of Adjustments in the
prior year period was $(0.99). Diluted loss per common share from
DSG in the prior year period was $9.15.
Consolidated and Segment
Highlights The highlights below include the divestiture
of WDKA and KBSI in the Cape Girardeau MO/Paducah KY market
(February 1, 2021), the acquisition of ZypMedia (February 5, 2021),
the divestiture of the license assets in Harlingen, TX (May 24,
2021), the divestiture of Triangle Sign and Service (June 2, 2021),
the divestiture of Sinclair's radio stations in the Seattle, WA
market (September 27, 2021), and the divestiture of Ring of Honor
(May 3, 2022).
Segment financial information is included in the following
tables for the periods presented. The Broadcast segment consists
primarily of broadcast television stations, which the Company owns,
operates or to which the Company provides services. The Local
Sports segment consists primarily of the RSNs and is included in
the third quarter 2021 results only, due to the March 1, 2022
deconsolidation of the segment from the Company's financial
statements. Other and Corporate includes corporate, original
networks and content, including Tennis Channel, non-broadcast
digital and internet solutions, technical services, and other
non-media investments.
Three months ended September 30,
2022
Broadcast
Other and Corporate
Eliminations
Consolidated
($ in millions)
Revenue Highlights:
Distribution revenue
$
381
$
44
$
—
$
425
Advertising revenue
339
46
(11
)
374
Other media revenue
33
(a)
5
(1
)
(a)
37
Media revenues
$
753
(a)
$
95
$
(12
)
(a)
$
836
Non-media revenue
—
8
(1
)
7
Total revenues
$
753
(a)
$
103
$
(13
)
(a)
$
843
Expense Highlights:
Media programming & production
expenses and media selling, general and administrative expenses
$
514
$
81
$
(9
)
$
586
Non-media expenses
—
13
(1
)
12
Corporate general and administrative
expenses
17
13
—
30
Other Highlights:
Program contract payments
21
5
—
26
Capital expenditures
27
2
—
29
Interest expense (net) (b)
1
53
(3
)
51
Adjusted EBITDA(c)
198
(a) Broadcast segment other media revenue includes $11
million of management and incentive fees for services provided by
the Broadcast segment to DSG under a management services agreement
which are not eliminated due to the deconsolidation of the Local
Sports segment as of March 1, 2022. (b) Interest expense excludes
deferred financing costs, original issue discount amortization, and
other non-cash interest expense, and is net of interest income.
(c) Adjusted EBITDA is defined as earnings before interest,
tax, depreciation and amortization, and non-recurring transaction,
COVID, legal, and regulatory costs, as well as certain non-cash
items such as stock-based compensation expense; less program
contract payments. Refer to the reconciliation on the last page of
this press release and the Company's website.
Three months ended September 30,
2021
Broadcast
Other and Corporate
Local Sports
Eliminations
Consolidated
($ in millions)
Revenue Highlights:
Distribution revenue
$
372
$
48
$
633
(a)
$
—
$
1,053
Advertising revenue
283
55
118
(10
)
446
Other media revenue
46
(b)
3
8
(30
)
(b)
27
Media revenues
$
701
$
106
$
759
$
(40
)
$
1,526
Non-media revenue
—
11
—
(2
)
9
Total revenues
$
701
$
117
$
759
$
(42
)
$
1,535
Expense Highlights:
Media programming & production
expenses and media selling, general and administrative expenses
$
472
$
99
$
717
(b)
$
(38
)
(b)
$
1,250
Sports rights amortization included in
media production expenses
—
—
531
—
531
Non-media expenses
—
12
—
(1
)
11
Corporate general and administrative
expenses
30
3
2
—
35
Other Highlights:
Sports rights payments
—
—
328
(a)
—
328
Program contract payments
21
6
—
—
27
Capital expenditures(c)
17
3
2
—
22
Interest expense (net)(d)
1
45
102
(3
)
145
Adjusted EBITDA(e)
451
(a) Local Sports distribution revenue includes $14 million for
the accrual of rebates to distributors tied to minimum game
guarantees. Sports rights payments includes approximately $9
million of lower payments to and rebates from teams for sports
rights overpayment tied to minimum game guarantees. (b) For the
quarter ended September 30, 2021, the Broadcast segment includes
$28 million of revenue for services provided by the Broadcast
segment to the Local Sports segment and Other; the Local Sports
segment includes $27 million of selling, general, and
administrative expenses for services provided by the Broadcast
segment to the Local Sports segment; and Other includes $1 million
of selling, general, and administrative expenses for services
provided by the Broadcast segment. Such amounts are eliminated in
consolidation. (c) Capital expenditures exclude $1 million of
repack capital expenditures expected to be reimbursed in the future
from the TV Broadcaster Relocation Fund administered by the FCC.
(d) Interest expense excludes deferred financing costs, original
issue discount amortization, and other non-cash interest expense,
and is net of interest income. (e) Adjusted EBITDA is defined as
earnings before interest, tax, depreciation and amortization, and
non-recurring transaction and transition service, COVID, legal, and
regulatory costs, as well as certain non-cash items such as
stock-based compensation expense and sports rights amortization;
less sports rights payments and program contract payments. Refer to
the reconciliation on the last page of this press release and the
Company's website.
Consolidated Balance Sheet and Cash
Flow Highlights of the Company:
- Total Company debt as of September 30, 2022 was $4,269
million.
- Cash and cash equivalents for the Company as of September 30,
2022 was $607 million.
- As of September 30, 2022, 46.1 million Class A common shares
and 23.8 million Class B common shares were outstanding, for a
total of 69.8 million common shares. During the quarter, the
Company repurchased approximately 500 thousand shares.
- In September, the Company paid a quarterly cash dividend of
$0.25 per share.
- Routine capital expenditures for the third quarter of 2022 were
$29 million.
Notes: Certain
reclassifications have been made to prior years' financial
information to conform to the presentation in the current year.
Outlook: The Company
currently expects to achieve the following results for the three
months ending December 31, 2022 and the twelve months ending
December 31, 2022. The expected results for the three months ending
December 31, 2022 do not include the Company's former Local Sports
segment, which was deconsolidated as of March 1, 2022. The expected
results for the twelve months ending December 31, 2022 include the
Local Sports segment for two months (January and February
2022).
For the three months ending December
31, 2022 ($ in millions)
Broadcast
Other and Corporate
Elimination
Consolidated
Revenue Highlights:
Core advertising revenue
$318 to 333
Political revenue
174 to 179
Advertising revenue
$456 to 473
$44 to 49
$(8) to (9)
$492 to 512
Distribution revenue
375 to 377
44
—
419 to 421
Other media revenue
32
4
(1
)
36
Media revenues
$862 to 881
$93 to 97
$(9) to (10)
$946 to 968
Non-media revenue
—
22
(2
)
20
Total revenues
$862 to 881
$114 to 119
$(11) to (12)
$966 to 988
Expense Highlights:
Media programming & production
expenses and media selling, general and administrative expenses
$527 to 530
$83
$(9
)
$601 to 604
Non-media expenses
—
25
(1
)
24
Corporate overhead
37
Stock-based compensation and non-recurring
costs for transaction, legal, and regulatory fees included in
corporate and media expenses above
13
Depreciation, intangible & programming
amortization
88
Other Highlights:
Program contract payments
25
Interest expense (net)(a)
56
Income tax provision
Approximately 89% effective tax
rate
Net cash tax refunds
Approximately 155
Other items(b)
29
Total capital expenditures, including
repack
33 to 38
Adjusted EBITDA(c)
$294 to 313
Note: Certain amounts may not summarize to totals due to
rounding differences. (a) Interest expense excludes deferred
financing costs, original issue discount amortization, and other
non-cash interest expense, and is net of interest income. (b) Other
items include cash distributions from equity investments, cash
payments made to non-controlling interest holders, and other cash
income and expenses. (c) Adjusted EBITDA is defined as earnings
before interest, tax, depreciation and amortization, and
non-recurring transaction, COVID, legal, and regulatory costs, as
well as certain non-cash items such as stock-based compensation
expense; less programming payments. Refer to the reconciliation on
the last page of this release and the Company's website.
For the twelve months ending December
31, 2022 ($ in millions)
Broadcast
Other and Corporate
Local Sports
Elimination
Consolidated(a)
Revenue Highlights:
Media revenues
$3,069 to 3,088
$427 to 431
$482
$(90) to (91)
$3,888 to 3,910
Non-media revenue
—
56
—
(9
)
46
Total revenues
$3,069 to 3,088
$483 to 487
$482
$(99) to (100)
$3,934 to 3,956
Expense Highlights:
Media programming & production
expenses and media selling, general and administrative expenses
$2,050 to 2,053
$371
$431
$(90
)
$2,763 to 2,766
Sports rights amortization included in
media production expenses
326
326
Non-media expenses
—
65
—
(6
)
59
Corporate overhead
152
Stock-based compensation and non-recurring
costs for transaction, legal, and regulatory fees included in
corporate and media expenses above
71
Depreciation, intangible & programming
amortization
410
Other Highlights:
Sports rights payments
325
325
Program contract payments
103
Interest expense (net)(b)
68
262
Income tax provision
Approximately 26% effective tax
rate
Net cash tax refunds
Approximately 139
Other items(c)
6
127
Total capital expenditures, including
repack
2
107 to 112
Repack capital expenditures
1
Adjusted EBITDA(d)
$54
$929 to 948
Note: Certain amounts may not summarize to totals due to
rounding differences. (a)Refer to the Company's website for
additional information on full year guidance excluding the Local
Sports segment. (b) Interest expense excludes deferred financing
costs, original issue discount amortization, and other non-cash
interest expense, and is net of interest income. (c) Other items
include cash distributions from equity investments, cash payments
made to non-controlling interest holders, and other cash income and
expenses. (d) Adjusted EBITDA is defined as earnings before
interest, tax, depreciation and amortization, and non-recurring
transaction, COVID, legal, and regulatory costs, as well as certain
non-cash items such as stock-based compensation expense; less
programming payments. Refer to the reconciliation on the last page
of this release and the Company's website.
Sinclair Conference Call: The
senior management of Sinclair will hold a conference call to
discuss the Company's third quarter 2022 results on Wednesday,
November 2, 2022, at 9:00 a.m. ET. The call will be webcast live
and can be accessed at www.sbgi.net
under "Investors/Webcasts." After the call, an audio replay will
remain available at www.sbgi.net. The
press and the public will be welcome on the call in a listen-only
mode. The dial-in number is (888) 506-0062, with entry code
207275.
About Sinclair: Sinclair is a
diversified media company and a leading provider of local sports
and news. The Company owns, operates and/or provides services to
185 television stations in 86 markets; owns multiple national
networks including Tennis Channel and Stadium; and has TV stations
affiliated with all the major broadcast networks. Sinclair’s
content is delivered via multiple platforms, including
over-the-air, multi-channel video program distributors, and digital
and streaming platforms NewsOn and STIRR. The Company regularly
uses its website as a key source of Company information which can
be accessed at www.sbgi.net.
Sinclair Broadcast Group, Inc. and Subsidiaries
Preliminary Unaudited Consolidated Statements of Operations
(In millions, except share and per share data)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
REVENUES:
Media revenues
$
836
$
1,526
$
2,942
$
4,623
Non-media revenues
7
9
26
35
Total revenues
843
1,535
2,968
4,658
OPERATING EXPENSES:
Media programming and production
expenses
396
1,022
1,557
3,390
Media selling, general and administrative
expenses
190
228
605
675
Amortization of program contract costs
22
22
68
67
Non-media expenses
12
11
35
42
Depreciation of property and equipment
24
28
76
84
Corporate general and administrative
expenses
30
35
115
132
Amortization of definite-lived intangible
assets
43
120
179
364
Gain on deconsolidation of subsidiary
—
—
(3,357
)
—
Gain on asset dispositions and other, net
of impairment
(28
)
(4
)
(37
)
(26
)
Total operating expenses (gains)
689
1,462
(759
)
4,728
Operating income (loss)
154
73
3,727
(70
)
OTHER INCOME (EXPENSE):
Interest expense including amortization of
debt discount and deferred financing costs
(59
)
(155
)
(228
)
(466
)
Gain on extinguishment of debt
—
—
3
—
Income from equity method investments
33
12
48
23
Other income (expense), net
10
(4
)
(155
)
59
Total other expense, net
(16
)
(147
)
(332
)
(384
)
Income (loss) before income taxes
138
(74
)
3,395
(454
)
INCOME TAX (PROVISION) BENEFIT
(109
)
91
(756
)
169
NET INCOME (LOSS)
29
17
2,639
(285
)
Net income attributable to the redeemable
noncontrolling interests
(5
)
(4
)
(14
)
(13
)
Net (income) loss attributable to the
noncontrolling interests
(3
)
6
(28
)
(27
)
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR
BROADCAST GROUP
$
21
$
19
$
2,597
$
(325
)
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO
SINCLAIR BROADCAST GROUP:
Basic earnings (loss) per share
$
0.32
$
0.25
$
36.59
$
(4.33
)
Diluted earnings (loss) per share
$
0.32
$
0.25
$
36.59
$
(4.33
)
Basic weighted average common shares
outstanding (in thousands)
69,907
75,472
70,981
75,068
Diluted weighted average common and common
equivalent shares outstanding (in thousands)
69,907
75,516
70,985
75,068
The Company considers Adjusted EBITDA to be an indicator of the
operating performance of its assets. The Company also believes that
Adjusted EBITDA is frequently used by industry analysts, investors
and lenders as a measure of valuation.
Non-GAAP measures are not formulated in accordance with GAAP,
are not meant to replace GAAP financial measures and may differ
from other companies’ uses or formulations. The Company does not
provide reconciliations on a forward-looking basis. Further
discussions and reconciliations of the Company's non-GAAP financial
measures to comparable GAAP financial measures can be found on its
website www.SBGI.net.
Sinclair Broadcast Group, Inc. and Subsidiaries
Reconciliation of Non-GAAP Measurements - Unaudited All
periods reclassified to conform with current year GAAP
presentation (in millions)
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022
2021
2022
2021
Adjusted EBITDA
Net income (loss) attributable to Sinclair
Broadcast Group
$
21
$
19
$
2,597
$
(325
)
Add: Income from redeemable noncontrolling
interests
5
4
14
13
Add: Income (loss) from noncontrolling
interests
3
(6
)
28
27
Add: Income tax provision (benefit)
109
(91
)
756
(169
)
Add: Other expense
—
2
11
—
Add: Income from equity method
investments
(33
)
(12
)
(48
)
(23
)
Add: (Income) loss from other investments
and impairments
(5
)
2
154
(58
)
Add: Gain on extinguishment of
debt/insurance proceeds
—
—
(3
)
—
Add: Interest expense
59
155
228
466
Less: Interest income
(5
)
—
(10
)
—
Less: Gain on deconsolidation of
subsidiary
—
—
(3,357
)
—
Less: Gain on asset dispositions and
other, net of impairment
(28
)
(4
)
(37
)
(26
)
Add: Amortization of intangible assets
& other assets
43
120
179
364
Add: Depreciation of property &
equipment
24
28
76
84
Add: Stock-based compensation
5
9
33
55
Add: Amortization of program contract
costs
22
22
68
67
Less: Cash film payments
(26
)
(27
)
(78
)
(77
)
Add: Amortization of sports programming
rights
—
531
326
1,912
Less: Cash sports programming rights
payments
—
(328
)
(325
)
(1,338
)
Add: Transaction and transition service,
COVID, legal and other non-recurring expense
4
27
23
94
Adjusted EBITDA
$
198
$
451
$
635
$
1,066
Forward-Looking
Statements:
The matters discussed in this news release, particularly those
in the section labeled "Outlook," include forward-looking
statements regarding, among other things, future operating results.
When used in this news release, the words "outlook," "intends to,"
"believes," "anticipates," "expects," "achieves," "estimates," and
similar expressions are intended to identify forward-looking
statements. Such statements are subject to a number of risks and
uncertainties. Actual results in the future could differ materially
and adversely from those described in the forward-looking
statements as a result of various important factors, including and
in addition to the assumptions set forth therein, but not limited
to, the potential impacts of the war in Ukraine and the COVID-19
pandemic on the Company's business operations, financial results
and financial position and on the world economy, the impact of
changes in national and regional economies, the Company's ability
to generate cash to service its substantial indebtedness,
successful execution of outsourcing agreements, pricing and demand
fluctuations in local and national advertising, volatility in
programming costs, the market acceptance of new programming, the
successful execution of retransmission consent agreements, the
successful execution of network and MVPD affiliation agreements,
the impact of OTT and other emerging technologies and their
potential impact on cord-cutting, the impact of MVPDs, vMVPDs, and
OTT distributors offering "skinny" programming bundles that may not
include all programming of the Company's networks, the Company's
ability to identify and consummate acquisitions and investments and
to achieve anticipated returns on those investments once
consummated, the impact of pending and future litigation claims
against the Company, material legal, financial and reputational
risks resulting from a breach of the Company's information systems,
and operational disruptions due to the October 2021 cybersecurity
event, the impact of FCC and other regulatory proceedings against
the Company, uncertainties associated with potential changes in the
regulatory environment affecting the Company's business and growth
strategy, and any risk factors set forth in the Company's recent
reports on Form 10-Q and/or Form 10-K, as filed with the Securities
and Exchange Commission. There can be no assurances that the
assumptions and other factors referred to in this release will
occur. The Company undertakes no obligation to publicly release the
result of any revisions to these forward-looking statements except
as required by law.
Category: Financial
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221102005415/en/
Investors: Steve Zenker, VP, Investor Relations Billie-Jo
McIntire, AVP, Investor Relations (410) 568-1500
Media: Sinclair@5wpr.com
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