Sinclair Broadcast warns of possible Ch. 11 filing

[musette_sf]

Source: Associated Press

Television station owner Sinclair Broadcast Group Inc. has warned it may be forced to file for Chapter 11 bankruptcy protection as it struggles with continued declines in advertising spending and a hefty debt load.

The Baltimore-based company, which owns 58 TV stations in 35 markets, said in a regulatory filing Friday that the recession continues to hurt its advertisers, including those in the automotive industry, which have historically made up a quarter of the company's total ad sales.

The company also has a heavy debt burden. At March 31, it had $1.33 billion of total debt outstanding, and holders of its 3 percent convertible senior notes and 4.875 percent senior subordinated notes may require Sinclair to buy back nearly $500 million worth of that debt within the next 18 months.

In its Securities and Exchange Commission filing, Sinclair said it doesn't have the cash to buy back that debt and could be forced to file for Chapter 11 bankruptcy protection. It is currently negotiating with lenders to restructure the notes.

Read more: http://www.google.com/hostednews/ap/article/ALeqM5gP9Vql-E4URWo3L1vFj9VKr1l3KgD99DU2CG2

---

karma strikes again!

from Wikipedia:

In October 2004, it was reported that Sinclair would order all 62 of its affiliate stations to preempt prime time programming to air Stolen Honor: Wounds That Never Heal, a documentary critical of U.S. presidential candidate John Kerry's anti-Vietnam War activism, just two weeks before the November 2 election. <3> The film was produced by Carlton Sherwood, a former associate of Tom Ridge, and accuses John Kerry of prolonging the Vietnam War because of his anti-war activism. The organization Swift Boat Veterans for Truth, an anti-Kerry organization whose name become well known in the 2004 election year, was cross-promoting the film as part of a $1.4 million advertising campaign. <4>

In response, the Democratic National Committee filed a legal motion with the Federal Election Commission stating that it is inappropriate for the media organization to air "partisan propaganda" in the last 10 days of an election campaign. <5>

Sinclair fired its Washington bureau chief Jon Lieberman, stating he revealed company business when he publicly discussed the documentary in an interview published October 18, 2004, in the Baltimore Sun.

Sinclair later aired an edited version of the documentary.

SBGI stock took a dive during and leading up to this time period as stockholders who threatened lawsuits and portions of the general public became enraged.

[Sebastian Doyle]

1. Hey, don't Kerry and his wife have a few million collecting dust in the bank?

They should buy the company. Wouldn't that piss off the Freepers? :evilgrin:

[karynnj]

13. It would also lay him open to conflict of interest charges

if it carried news. No matter how scupulous the Kerrys were in not influencing the people producing the news, they would be accused of bias.

[blm]

28. Exactly - when it comes to Gore & Kerry they have to live scrupulously because the corporatocracy

that has kept targets on them for decades will take even the slightest scratch and turn it into a exercise in demolition.

The fascists didn't buy control of the newsmedia in the 80s and 90s so honest men could have their say, did they?

[Psephos]

2. Awwwww. Darn it! n/t

[DURHAM D]

3. well tut tut

[Hissyspit]

4. Wasted too much money on prostitutes?

Humility is a virture, assholes:

http://www.rollingstone.com/politics/story/6959139/beyond_fair_and_balanced

At Sinclair, the top of the food chain is David Smith. An imposing man with a pink complexion and a confrontational manner, Smith comes across like an overgrown frat boy who suddenly struck it rich. His father, Julian Sinclair Smith, launched the family's first television station in 1971, and in the last decade, David and his three brothers have expanded the operation into a broadcast empire with access to four in one American households. During a daylong tour of Sinclair's headquarters, on the outskirts of Baltimore, Smith repeatedly boasts about his wealth ("I bet you wish you were my son," he tells me. "It would put you in a different financial bracket")

- snip -

Smith's media connections came in handy in 1996, when he was arrested on suspicion of soliciting a prostitute who, police said, performed "an unnatural and perverted sex act on him" in a Mercedes owned by Sinclair. Charged with a misdemeanor sex offense, Smith cut an unusual deal: In lieu of doing community service, he ordered Sinclair to broadcast reports publicizing local drug programs. "The judge was outraged," former Sinclair reporter LuAnne Canipe told Salon. "He said, 'How can employees do community service for their boss?' "

[Misskittycat]

5. Boo Fucking Hoo. n/t

[AngryOldDem]

31. 'Zackly.

Won't see me crying any tears if Sinclair folds.

[Odin2005]

6. HAHAHAHA!!!

:rofl:

[mzmolly]

21. Ditto!

HAHAHAHA!!! :rofl:

[LiberalFighter]

7. If more stations were locally owned... nt

[Still Sensible]

8. Karma is a biatch ! n/t

[high density]

9. I hate this company more than Wal-Mart

I will never forget the crap they pulled in the run up to the 2004 election.

Original schedule:



Modified program after they got reamed:

[JI7]

10. did boycott work ?

[jkshaw]

11. I'd like to think so.

[karynnj]

15. yes and no

Yes, it did prevent the intended massive airing of this 60 minute SBVT ad - which is what it really was. No, there were stations - including some in Florida that played it - I think the week of the election.


I also wonder how they reported the news that entire year. (Add that to RW dominated talk radio and the fact that EVERY cable station gave unwarrented coverage and free time to the liars - and it is a testament to how good Kerry was when he good be seen unfiltered - mainly at the convention and at the debates.

[lindisfarne]

12. I wonder, though, if this is just Sinclair's way of breaking contracts during bankruptcy filing,

then coming back and doing business as usual.

[KoKo]

14. Good Riddance to Bad Rubbish...I'm just worried their Chapt. 11 allows them

to find funding to come roaring back.

[TygrBright]

16. Couldn't happen to a nicer bunch of RW asshats. n/t

[Judi Lynn]

17. Ha ha ha. Here's a NY Times article from 2004: Risks Seen for TV Chain Showing Film About Kerry

Risks Seen for TV Chain Showing Film About Kerry
By BILL CARTER

Published: October 18, 2004

enator John Kerry could find his presidential hopes damaged this week when the 62 television stations owned or managed by the Sinclair Broadcasting Group carry a documentary about his antiwar activities 30 years ago.

But the Democratic nominee for the White House may not be the only one adversely affected.

Sinclair - the nation's largest owner of television stations, many of them in electoral swing states - is itself running a significant financial and political risk by telling its stations to pre-empt regular programming and carry the film. Already, Sinclair's decision has alienated some advertisers; enraged consumer and media watchdog groups, who are vowing to challenge its station licenses when they come up for renewal; and given pause to some analysts and investors considering the company's financial outlook.

Representatives of Sinclair did not return repeated phone calls seeking comment. But the company, whose executives have been among the largest media contributors to President Bush, has said the documentary deserves to be seen because it is news, and as such does not fall under federally mandated equal-time provisions for political candidates.



Marty Katz for The New York Times; Red, White & Blue Productions
David D. Smith, top, chief executive of Sinclair Broadcasting. Sinclair is showing a film on John Kerry, above, and his 1970's antiwar activities.
http://www.nytimes.com/2004/10/18/business/media/18sinclair.html?hp&ex=1098158400&en=082e1118f3624803&ei=5094&partner=homepage

[AngryOldDem]

32. I called my local Sinclair affiliate to protest that.

They more or less told me they didn't want to air it, but they had no choice.

[Hutzpa]

18. If there is any Progressive entrepreneur

out there, now is your time.

Jay-Z, Sean P. Diddy, Majic Johnson, anyone..... c'mon guys, go get em'

[NEOBuckeye]

19. Bankruptcy is for liberals. Why can't they just pull themselves up by their bootstraps?

:sarcasm:

[mitchum]

20. Couldn't happen to a nicer bunch of lowlife dirtbags

[AndyTiedye]

22. A Tiny Violin for Sinclar Broadcasting

:nopity:

[lib2DaBone]

23. No Corporation should be allowed to own 58 stations in 35 markets

Media consolidation and de-regulation was not good for the news business. Just like Cable deregulation was going to give us all these new channels and lower the cost..... yeah, sure....

[Ian David]

24. Bwahahahahaha! n/t

[NeoConsSuck]

25. Goodbye and Good Riddance!

and good riddance also to freeptard reptile David D. Smith.

[No Elephants]

26. I hope Buffet or Soros gets interested in a TV/radio network. Hey, I can dream, can't I?

[Bluenorthwest]

27. oh, how sweet it is!

Those bastards deserve to fail.

[AnnieBW]

29. Ha-ha!

[KamaAina]

30. So when are they gonna sell the helicopter?

You remember, the one they used to chauffeur repuke Gov candidate Bob Ehrlich from one end of Md. to the other. :eyes: