Cyber Attack Cost Sinclair Over $70 Million Bucks

FTVLive was the FIRST to tell you that Sinclair was a victim of a ransomware attack back in October.

Now, we’re learning just how much that attack cost the company.

Sinclair says the attack cost them $63 million in lost advertising revenue in the fourth quarter, plus other costs of $11 million.

They did say that some of the losses would be covered by insurance.

For the 4th quarter, Sinclair reported a loss of $89 million, but they did raise the dividend paid to shareholders by 25%.

Looking ahead, Sinclair CEO Chris Ripley said, “We continue to be encouraged by the rebound in the advertising market in 2021 and expect a robust advertising market in 2022, driven by significant political ad placements, continued strong demand from the service and sports betting categories, and a slow recovery in the auto and other supply-constrained sectors.”