Sinclair stock drops on ad concerns
By Jon Friedman, CBS.MarketWatch.com
Sinclair stock drops on ad concerns
Sinclair's stock (SBGI: news, chart, profile) fell 55 cents to $6.49.
The shares dropped amid fresh concerns on Wall Street, with analysts fretting over what looms as a loss of advertising revenue for Sinclair. Some securities analysts, who demanded not to be quoted on record, said that they're concerned about the potential development.
Sinclair, which owns the largest chain of TV stations in the United States, had told its stations to broadcast a documentary that accuses Democratic presidential candidate John Kerry of betraying American prisoners during the Vietnam War.
The film, titled "Stolen Honor: Wounds That Never Heal," is to be shown during prime-time hours before the Nov. 2 election. The stations owned by Sinclair reach approximately 24 percent of U.S. television households.
The media and the entertainment industry have often found themselves in the spotlight in the run-up to this year's presidential election.
Sinclair told its ABC-affiliated stations in April not to air a "Nightline" program, which read the names of U.S. soldiers killed in Iraq.