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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) October 18, 1996 Commission
File Number 000-26071
SINCLAIR BROADCAST GROUP, INC.
(Exact name of registrant)
Maryland 52-1494660
(State of organization) (I.R.S. Employer Identification Number)
2000 West 41st Street, Baltimore, Maryland 21211
(Address of principal executive offices and zip code)
(410) 467-5005
(Registrant's telephone Number)
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ITEM 5. OTHER EVENTS
Sinclair Broadcast Group, Inc., incorporates herein by
reference the information contained in the press release filed as Exhibit 99 to
this Current Report.
ITEM 7. EXHIBITS
Sequentially
Exhibit No. Numbered Page
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99 Press Release by Sinclair Broadcast Group, Inc.,
dated October 18, 1996 .......................... 5
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SINCLAIR BROADCAST GROUP, INC.
BY: /s/ DAVID B. AMY
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David B. Amy
Chief Financial Officer/
Principal Accounting Officer
Dated: October 21, 1996
NEWS RELEASE
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Contact: David Amy, Chief Financial Officer
Patrick Talamantes, Dir. of Corporate Finance
Phone: (410) 467-5005
SINCLAIR BROADCAST GROUP (SBGI) DISCUSSES THIRD QUARTER 1996
BROADCAST CASH FLOW
October 18, 1996 -- Baltimore -- Sinclair Broadcast Group, Inc. (the "Company")
announced today that it estimates pro forma broadcast cash flow (BCF) for the
three months ended September 30, 1996 to be 4%-5% below the three months ended
September 30, 1995 based upon a preliminary review of its operating results. On
an actual basis, however, the Company's reported BCF will nearly double due to
various acquisitions completed during 1996, including the River City
acquisition.
The loss of the Company's NBC affiliation in Raleigh, NC, and the loss of its
Fox affiliation in Birmingham, AL, resulted in a decline in advertising revenues
as the Company anticipated. The loss of the network affiliations in these
markets resulted from the acquisitions by NBC and Fox, respectively, of stations
in those markets. These factors coupled with a lack of growth in non-Olympics
television advertising will result in the Company realizing flat pro forma third
quarter 1996 revenues compared to third quarter 1995. The primary reason for the
increase in costs was the higher quality syndicated programs the Company has
purchased, which resulted in an increase in program payments during the third
quarter of 1996 as compared to the same period of 1995. SBGI does, however,
expect modest pro forma growth in revenues and BCF for the fourth quarter 1996
over the fourth quarter 1995.
As previously discussed at the initial press conference announcing the River
City acquisition, the Company expects $3-5 million in cost reductions on an
annualized basis. The Company has not yet completed the agreements to realize
these savings and they are not reflected in the Company's operating results.
Sinclair Broadcast Group, Inc. is one of the nation's largest broadcast groups,
owning and/or providing programming services to 28 television stations in 20
separate markets, and owning, providing sales and programming services to, or
having options to acquire, 33 radio stations in 8 separate markets. The
television group reaches 14.82% of U.S. television households and includes ABC,
CBS, Fox, and UPN affiliates. The radio group is one of the top twenty groups in
the United States.
The matters discussed in this report are foward-looking statements. Such
statements are subject to a number of risks and uncertainties, such as the
impact of changes in national and regional economics, successful integration of
acquired television and radio stations (including achievement of synergies and
cost reductions), pricing fluctuations in local and national advertising and
volatility in programming costs. Additional risk factors regarding the Company
are set forth in the registration statement on Form S-3 filed with the
Securities and Exchange Commission on September 18, 1996 (as amended).
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