Linda Young - AHN Editor
Baltimore, MD (AHN) - Sinclair Broadcast Group announced it has cut 200 jobs and suspended its quarterly dividend in anticipation of less advertising revenue this year because of the recession and despite a preliminary fourth quarter earnings report that found earnings up by 56 percent.
Company officials said the increase in revenues last year was because of political advertising and it thought that first quarter earnings this year would be down.
The company's earnings for the fourth quarter last year were $20.3 million or 24 cents per share for stockholders versus $13 million or 15 cents per share for the same period in 2007.
Other cost-cutting moves include a salary freeze and reducing promotional spending and travel, company officials say.
The company is one of the largest independent television station owners in the nation. It had employed 2,500 nationwide and operates 58 television stations.
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