Ring of Honor recently released every single member of their roster and left the future of the company in question. Conflicting reports have surfaced over whether or not the company is for sale. It all depends on how ROH’s parent company, Sinclair Broadcasting, wants to handle things going forward.
The broadcast giant has released their third quarter financial results. There are some shocking numbers, including a great deal of debt. The company press release in its entirety is included below.
Third Quarter Highlights
Consolidated total revenue of $1,535 million was flat to the third quarter of 2020.
Consolidated operating income of $73 million, including $27 million of non-recurring costs for transaction and transition services, COVID, legal, and regulatory costs (“Adjustments”), increased compared to an operating loss in the third quarter of 2020 of $4,216 million, which included a $4,264 million impairment taken on the Local Sports segment relating to goodwill and definite-lived intangible assets, and $13 million of Adjustments. Excluding the Adjustments and impairment, operating income of $100 million increased $39 million compared to the third quarter of 2020.
Net income attributable to the Company was $19 million versus a net loss of $3,256 million in the prior year period. Excluding the Adjustments, the Company had net income of $39 million.
Consolidated Adjusted EBITDA, which excludes the Adjustments, of $451 million, decreased 39% versus the third quarter of 2020.
Sinclair purchased Ring of Honor in 2011 to provide original programming for its portfolio of local television stations. They will continue to broadcast archived ROH programming for the time being. Plans for a potential relaunch of the ROH weekly TV series are unknown.
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