Sinclair Broadcast Lurches Toward Bankruptcy
Sinclair Broadcast Group Inc. (SBGI) is close to bankruptcy, the company announced yesterday. The Baltimore-based company owns 58 TV stations and is currently crushed under nearly $500 million of debt that must be repaid within the next 18 months. Almost another $1 billion will remain even after paying back the time-sensitive debt.
One of Sinclair’s local marketing partners, Cunningham Broadcasting Corp, which has been labeled a shell corporation Sinclair uses to get around FCC ownership regulations, is in big trouble, too, and could end up bringing down Sinclair with it.
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