Sinclair Broadcast Shares Fall 6% After Company Lowers Guidance On Media Revenue

Shares of Sinclair Broadcast Group Inc. fell nearly 6% in premarket trade on Tuesday after the company issued a revenue warning for the third quarter. Sinclair said media revenue for the quarter is expected to fall between $637 million and $638 million, which would be about a 28% increase compared with the same quarter a year ago, but the estimate is lower than the company's previously forecast revenue of $649.2 million to $663.2 million. Sinclair Chief financial Officer Chris Ripley said in a statement that the unpredictable nature of political advertising is the main reason for the warning. Shares of Sinclair are down nearly 12% in the year to date, underperforming the S&P 500 Index , which is up 5% in the year.