Sinclair Revises Third Quarter 2008 Outlook

Sinclair Revises Third Quarter 2008 Outlook

Company to Report Third Quarter Financial Results on November 5, 2008

BALTIMORE, Sept. 22 /PRNewswire-FirstCall/ -- Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) announced today that it is revising its third quarter outlook for the period ending September 30, 2008. On August 6, 2008, the Company provided public guidance for third quarter net broadcast revenues of $152.5 to $154.4 million, an increase of 2.0% to 3.4%, as compared to third quarter 2007. That outlook included an estimated $9.7 million in political advertising revenues. Due to the difficult financial and economic environment, the Company is now estimating net broadcast revenues for the third quarter 2008 to be approximately flat to third quarter 2007 net broadcast revenues of $149.4 million. The revised outlook includes an estimated $8.0 million of political advertising revenues in the quarter.

As compared to the company's prior guidance, of the approximate $3 to $5 million estimated shortfall, $1.7 million is attributable to lower than previously expected political spending as a result of the candidates shifting their advertising buys from the local spot market to the networks. The remaining shortfall is primarily attributable to advertising cancellations by the automobile sector, both at the manufacturing and dealer levels, as well as the fast food sector. The telecommunications sector had lower than expected advertising budgets and, in general, local advertisers were able to purchase commercial spots at the last moment during the Olympics that we were expecting to air on non-NBC stations.

Sinclair will release its final third quarter 2008 earnings results on Wednesday, November 5, 2008 at 7:30 a.m. ET, followed by a conference call to discuss the results at 8:30 a.m. ET. The dial-in number for the earnings call is 877-407-9205.

Forward-Looking Statements:

The matters discussed in this press release include forward-looking statements regarding, among other things, future operating results. When used in this press release, the words "outlook," "intends to," "believes," "anticipates," "expects," "achieves," and similar expressions are intended to identify forward-looking statements. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including and in addition to the assumptions identified above and below, the impact of changes in national and regional economies, successful integration of acquired television stations (including achievement of synergies and cost reductions), successful execution of outsourcing agreements, pricing and demand fluctuations in local and national advertising, volatility in programming costs, the market acceptance of new programming and our news central strategy, our local sales initiatives, and the other risk factors set forth in the Company's most recent reports on Form 10-Q and Form 10-K, as amended and filed with the Securities and Exchange Commission. There can be no assurances that the assumptions and other factors referred to in this release will occur. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements.

Source: Sinclair Broadcast Group, Inc.

CONTACT: David Amy, EVP & CFO, or Lucy Rutishauser, Treasurer, both of
Sinclair Broadcast Group, Inc., +1-410-568-1500

Web site: http://www.sbgi.net/

Company News On-Call: http://www.prnewswire.com/comp/110203.html

-------
Profile: intent