For the quarter, Sinclair’s total revenues increased 30.4% to $797.7 million, up from $611.8 million one year ago, and operating income was $233.4 million, up 87.9% from $124.2 one year ago.
According to fiercecable.com, the spike in revenues came thanks to 33.1% growth in media revenues, driven by political revenues of $113.2 million and a 21% increase in revenues from digital offerings.
Following a relatively strong quarter that didn’t quite live up to analysts’ expectations, Sinclair is looking ahead to 2017 and anticipating big things with the broadcast incentive auctions over, a new FCC chairman in place and ATSC 3.0 approval in the pipeline.
“2017 is off to a productive start with the launch of two emerging multicast networks, TBD and CHARGE!, which join our already successful multicast network, COMET,” said Chris Ripley, president and CEO of Sinclair, in a statement. “Our other platforms continue to grow with increased distribution of Tennis Channel and double digit percent growth in our digital revenues. In addition, the auction proceeds will provide us additional optionality to further grow the Company and create value for our shareholders.”
For the full year, Sinclair’s total revenues increased 23.3% to $2.7 billion, operating income rose 42.6% to $602.9 million, and net income reached $245.3 million, up from $171.5 million one year ago.