NEOMatrix 1307 Posted April 2, 2014 Posted April 2, 2014 According to the Baltimore Sun, Sinclair Broadcasting Group has filed for Chapter 11 bankruptcy and will have all of its station sold off. David Smith has resigned and went off the grid.
Samantha 2902 Posted April 2, 2014 Posted April 2, 2014 Fun (real) fact about Sinclair: they spent $2.1 billion on television station acquisitions through Dec. 31, 2013 (source: Sinclair 2013 10-K). Frankly a collapse down the road due to debt issues or a bad economy would not surprise me with this company.
NEOMatrix 1307 Posted April 2, 2014 Author Posted April 2, 2014 Fun (real) fact about Sinclair: they spent $2.1 billion on television station acquisitions through Dec. 31, 2013 (source: Sinclair 2013 10-K). Frankly a collapse down the road due to debt issues or a bad economy would not surprise me with this company. I think it's coming soon and very soon.
Mrtraveler01 738 Posted April 2, 2014 Posted April 2, 2014 Fun (real) fact about Sinclair: they spent $2.1 billion on television station acquisitions through Dec. 31, 2013 (source: Sinclair 2013 10-K). Frankly a collapse down the road due to debt issues or a bad economy would not surprise me with this company. I agree, out of all the April Fools day posts, this one would be the most believable just because of all the risk they're taking with piling on the debt to feed their ridiculous acquisitions. Especially considering they were close to filing for Chapter 11 back in 2009.
MidwestTV 1247 Posted April 2, 2014 Posted April 2, 2014 If only! Hell. But serious question, how much in debt is Sinclair and how are they able to keep operating?
Mrtraveler01 738 Posted April 2, 2014 Posted April 2, 2014 If only! Hell. But serious question, how much in debt is Sinclair and how are they able to keep operating? Raymie will probably be better able to answer it, but it seems like Sinclair's plan is to buy these stations with debt and hopefully pay off that debt and make a profit with the revenue these additional stations would make with retransmission fees and political advertising. It's a pretty stupid plan but like I said before, these are the same people that almost drove them into Chapter 11 bankruptcy.
NEOMatrix 1307 Posted April 2, 2014 Author Posted April 2, 2014 Especially considering they were close to filing for Chapter 11 back in 2009. Sinclair nearly collapsed? You would think Massa David would've learned his lesson by now.
Mrtraveler01 738 Posted April 2, 2014 Posted April 2, 2014 Sinclair nearly collapsed? You would think Massa David would've learned his lesson by now. Yep, seems just like yesterday. http://articles.latimes.com/2009/jul/15/business/fi-ct-sinclair15 http://www.post-gazette.com/business/businessnews/2009/07/15/Sinclair-Broadcast-could-face-Chapter-11/stories/200907150230
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