Sinclair Broadcasting, the parent company of Ring Of Honor, issued a press release with their third-quarter financial results for 2021 and it’s pretty clear why the decision was made for ROH to go on hiatus and why they released everyone from their contracts.
According to the financial results, they have $12,530 million worth of debut and most of that ($8,124 million) is due to their streaming service (Diamond Sports Group LLC) that they have been working on launching.
The company has also been reeling from a ransomware attack that has disrupted its local programming across the country. The attack has reportedly been linked to a Russian crime group. Below is the full Statement released by the company.
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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