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SBGI > SEC Filings for SBGI > Form 10-Q on 8-Nov-2012All Recent SEC Filings

Show all filings for SINCLAIR BROADCAST GROUP INC

Form 10-Q for SINCLAIR BROADCAST GROUP INC


8-Nov-2012

Quarterly Report


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS

This report includes or incorporates forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act) and the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about us, including, among other things, the following risks:

General risks

the impact of changes in national and regional economies and credit and capital markets;

          consumer confidence;

          the potential impact of changes in tax law;

          the activities of our competitors;

          terrorist acts of violence or war and other geopolitical events;

          natural disasters that impact our advertisers and our stations;

Industry risks

the business conditions of our advertisers particularly in the automotive and service industries;

competition with other broadcast television stations, radio stations, multi-channel video programming distributors (MVPDs), internet and broadband content providers and other print and media outlets serving in the same markets;

availability and cost of programming and the continued volatility of networks and syndicators that provide us with programming content;

the effects of the Federal Communications Commission's (FCC's) National Broadband Plan and the auctioning and potential reallocation of our broadcasting spectrum;

the effects of governmental regulation of broadcasting or changes in those regulations and court actions interpreting those regulations, including ownership regulations, indecency regulations, retransmission fee regulations and political or other advertising restrictions;

labor disputes and legislation and other union activity associated with film, acting, writing and other guilds and professional sports leagues;

the broadcasting community's ability to develop a viable mobile digital broadcast television (mobile DTV) strategy and platform and the consumer's appetite for mobile television;

the operation of low power devices in the broadcast spectrum, which could interfere with our broadcast signals;

the impact of reverse network compensation payments charged by networks pursuant to their affiliation agreements with broadcasters requiring compensation for network programming;

the effects of new ratings system technologies including "people meters" and "set-top boxes," and the ability of such technologies to be a reliable standard that can be used by advertisers;

the impact of new FCC rules requiring broadcast stations to publish, among other information, political advertising rates online;

changes in the makeup of the population in the areas where stations are located;

Risks specific to us

          the effectiveness of our management;

          our ability to attract and maintain local and national advertising;

          our ability to service our debt obligations and operate our business
under restrictions contained in our financing agreements;

          our ability to successfully renegotiate retransmission consent
agreements;

          our ability to renew our FCC licenses;

          our ability to obtain FCC approval for the purchase of any future

acquisitions, as well as, in certain cases, customary antitrust clearance for any future acquisitions;

our ability to successfully integrate any acquired businesses;

our ability to maintain our affiliation and programming service agreements with our networks and program service providers and at renewal, to successfully negotiate these agreements with favorable terms;

our ability to effectively respond to technology affecting our industry and to increasing competition from other media providers;

the popularity of syndicated programming we purchase and network programming that we air;


Table of Contents

the strength of ratings for our local news broadcasts including our news sharing arrangements;

the successful execution of our multi-channel broadcasting initiatives including mobile DTV; and

the results of prior year tax audits by taxing authorities.

Other matters set forth in this report and other reports filed with the Securities and Exchange Commission, including the Risk Factors set forth in Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2011 may also cause actual results in the future to differ materially from those described in the forward-looking statements. However, additional factors and risks not currently known to us or that we currently deem immaterial may also cause actual results in the future to differ materially from those described in the forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speaks only as of the date on which it is made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking statements discussed in this report might not occur.

The following table sets forth certain operating data for the periods presented:

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