Citing weak auto advertising and the downgrading of its debt, Sinclair Broadcast Group, which owns 58 TV stations in 35 markets, said it may be forced into bankruptcy, The Hollywood Reporter reports.
Sinclair, the nation’s 12th-largest TV station group, has $11 million in cash, which may not be enough for it to meet certain financial obligations. Last year the company lost $241 million on revenues of $756 million, the Reporter says, quoting an SEC filing. Sinclair has $1.33 billion in debt.
The company’s stock shares plunged 21% (38 cents) Monday to $1.46.
Sinclair said it will discuss its options during a conference call Tuesday, the Reporter said.