The Baltimore-based company reported first-quarter earnings of 31 cents per share on revenue of $722.1 million. Analysts polled by Zacks were expecting the company to report earnings of 39 cents per share on revenue of $709 million.
"This is a very exciting time for Sinclair led by our recent announcement to acquire 21 Regional Sports Networks, industry collaboration on the implementation of the ATSC 3.0 broadcast standard, and continued success of our local news organization," commented Chris Ripley, President and Chief Executive Officer. "We are transforming the Company, diversifying our content sources and revenue mix, and building a leading local news and sports organization on all platforms."
Sinclair jumped earlier this week after the company announced that it will acquire 21 regional sports networks from Walt Disney (DIS) - Get The Walt Disney Company Report as part of a $10.6 billion deal.
Sinclair was falling 1.5% to $60 in trading.
Walt Disney is a holding in Jim Cramer's Action Alerts PLUS charitable trust.