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WEAR-TV’s Parent Company Could File Bankruptcy
July 14, 2009
Sinclair Broadcast Group Inc., the company that owns Pensacola television station WEAR, has warned that the company may be forced to file bankruptcy.
In a filing with the securities and exchange commission, Sinclair cited declining advertising revenues and high debt could force the bankruptcy. The company’s SEC filing said “the continued deterioration of the automotive industry will result in a decrease in our advertising revenue for 2009 as compared to 2008, which will likely have an adverse impact on our business and results of operation.”
Another problem reported by Sinclair was increased competition from other advertising mediums, including other television stations, radio and Internet content providers.
The company is also deep in debt, with $1.33 billion in outstanding total debt. Sinclair may be forced to buy back about $500 million of that debt in the next 18 months, a move the company said it can’t afford.
“In addition, under certain circumstances, creditors may file an involuntary petition for bankruptcy against us. Due to the possibility of such circumstances occurring, we have begun planning for such potential restructurings,” Sinclair’s SEC filing stated.
In addition to WEAR, Sinclair Broadcasting operates 57 other television stations in 35 markets.
Comments
2 Responses to “WEAR-TV’s Parent Company Could File Bankruptcy”
Ha, Ha with all the TV stations and Radio station saying fire the paper hire us? The depresssion and Internet is killing the local papers- It will Kill the Radio stations next. The next thing you will hear is they need a Bail out- Fat chance the people will let the Goverment own the Media- even though they might as well with the networks and Print media are OBOMA’s Lap dogs.
Well, there goes the neighborhood, so to speak. Without this funnel for efficient reception of local news what do we do? Hope they can pull it together.