BALTIMORE, July 10 /PRNewswire/ -- On July 8, 2009, Sinclair Broadcast Group, Inc. (the "Company") and its advisors, who have been retained to assist the Company with restructuring its debt, met with certain holders of its 3.0% and 4.875% Convertible Senior Notes, which convertible notes may be put back to the Company in May 2010 and January 2011, respectively, to discuss refinancing options with respect to the convertible notes. Pursuant to these discussions, the Company disclosed certain material, non-public information. The noteholders in attendance who were provided such material, non-public information were subject to a confidentiality and standstill agreement, the terms of which precluded the noteholders from disclosing or using such information for purposes of, among others, transacting business with respect to the Company's securities. The confidentiality and standstill agreement expires on July 10, 2009, and thus, in accordance with Regulation FD, the Company is providing public dissemination of the material, non-public information provided to these noteholders by means of furnishing a portion of such information on Form 8-K. The Form 8-K also updates the risk factors that were included in the Company's Annual Report on Form 10-K for the year ended December 31, 2008 and Quarterly Report on Form 10-Q for the three months ended March 31, 2009. The Company encourages any investor to carefully consider such risks described therein before investing in the Company's securities.
During the July 8th meeting, the Company provided the attending convertible noteholders with a restructuring proposal for the notes. Although no agreement was reached during that meeting, the Company will continue to discuss solutions, either directly with the noteholders or through its advisors. The Company can provide no assurance that an acceptable solution will be reached with the convertible noteholders.
The Company intends to host a conference call either Monday, July 13, 2009 or Tuesday, July 14, 2009, to discuss the meeting with the convertible noteholders and answer questions. The date, time and dial-in information for the conference call will be distributed by press release prior to the call.
Sinclair Broadcast Group, Inc., one of the largest and most diversified television broadcasting companies, currently owns and operates, programs or provides sales services to 58 television stations in 35 markets. Sinclair's television group reaches approximately 22% of U.S. television households and includes FOX, ABC, CBS, NBC, MNT and CW affiliates. The Company regularly uses its website as a key source of Company information and can be accessed at http://www.sbgi.net/.
Forward-Looking Statements:
The matters discussed in this press release include forward-looking statements regarding, among other things, future operating results. When used, the words "outlook," "intends to," believes," "anticipates," "expects," "achieves," and similar expressions are intended to identify forward-looking statements and information. Such forward-looking information is subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those set forth in the forward-looking information as a result of various important factors, including and in addition to the assumptions set forth therein, but not limited to, the impact of changes in national and regional economies, the volatility in the U.S. and global economies and financial credit markets which impact our ability to forecast or refinance our debts as they become due, successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming, the CW Television and MyNetworkTV programming, our news share strategy, our local sales initiatives, the execution of retransmission consent agreements, our ability to identify and consummate investments in attractive non-television assets and to achieve anticipated returns on those investments once consummated, and the other risk factors set forth in the Company's recent reports on Form 8-K, Form 10-Q and Form 10-K, as filed with the SEC. There can be no assurance that the assumptions and other factors referred to will occur. The Company undertakes no obligation to update such forward-looking information in the future except as required by law.
Sinclair Broadcast Group, Inc.
CONTACT: David Amy, EVP & CFO, or Lucy Rutishauser, VP Corporate Finance
& Treasurer, +1-410-568-1500
Web Site: http://www.sbgi.net/
