By Jill Goldsmith S&P Global Thursday revised the credit outlook for Sinclair Broadcast Group to negative from positive given combined pressure from the coronavirus and the debt-funded acquisition last year of the Fox Sports Networks.
Sinclair acquired the networks for $9.6 billion, funded with $8.9 billion in debt. “We believe there is still a path for Sinclair to reduce its leverage in 2020 due to its relatively stable distribution revenue and an expected increase in political advertising revenue, though uncertainty stemming from coronavirus creates the risk that the company will be unable to achieve this,” S&P said.
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