This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Sinclair Comments On Inaccurate And Irresponsible Report Released By Free Press





BALTIMORE, Oct. 24, 2013 /PRNewswire/ -- Sinclair Broadcast Group, Inc. ("Sinclair" or the "Company") (Nasdaq: SBGI) commented today on a recent anti-consolidation "report" by the so-called "public interest" group, Free Press, that misrepresents not only the completely legal actions by numerous broadcast companies, but also the impact of such structures on news coverage in local markets.  Such statements are particularly egregious given that Sinclair reached out to Craig Aaron, the President and CEO of Free Press, earlier this year to provide facts completely contrary to the statements in Free Press' Report and offered to discuss the issues further with Mr. Aaron.  Sinclair received no response whatsoever to the letter sent to Mr. Aaron, a copy of which is attached to this press release, indicating that Free Press does not wish to have the facts interfere with its political agenda.

(Logo: http://photos.prnewswire.com/prnh/20100119/PH39783LOGO )

Despite the actions of broadcasters in providing services to television stations they do not own being completely legal, publicly disclosed and fully considered and approved by the Federal Communications Commission ("FCC"), Free Press outrageously claims broadcasters are engaging in "covert" arrangements, using "loopholes" and acting  "in direct violation of the law."  In addition, despite specific evidence to the contrary, Free Press claims that, "[t]his wave [of acquisitions] is leaving in its wake shuttered newsrooms and jobless journalists in communities all across the country" resulting in "the devastation of community-centered journalism."  Such inaccurate, irresponsible and potentially defamatory comments made by a group that declined a direct offer from Sinclair to become better informed, demonstrates the bias and complete lack of credibility of Free Press, which should be taken into account when considering all past and future comments the group makes.

David Smith, President and CEO of Sinclair, commented, "To set the record straight, every transaction we have entered into completely complies with the law and the regulations of the FCC and where required, as was true in most cases, were approved by the FCC after full disclosure of each aspect of our transactions.  While we respect the right of Free Press to express its opinion on the advisability of the FCC's rules, we vehemently object to their misguided and offensive claims that broadcasters who simply follow the FCC's rules are using "shell companies" and "shady tactics" to "dodge" FCC rules.

"Moreover, contrary to the apparently intentionally uninformed views expressed by Free Press, there is no question on the positive contributions and the substantial investments we have made in the local markets we operate, especially in the newsrooms.  In the past 18 months alone, we have added a net 77 positions across our organization, of which 72 were news related.  Many of the stations we purchased were dressed for sale, emerging from bankruptcy or under invested by their prior owners.  We have fully staffed those stations, as well as made significant investments in capital upgrades, programming and promotion. 

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,036.19 -3.30 -0.02%
S&P 500 1,989.48 -2.89 -0.15%
NASDAQ 4,539.4120 +7.3080 0.16%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs