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UPDATE 1-Sinclair cuts Q3 net broadcast revenue view; shrs fall

Mon Sep 22, 2008 6:07pm EDT

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Sept 22 (Reuters) - TV station owner Sinclair Broadcast Group Inc (SBGI.O) cut its third-quarter net broadcast revenue outlook, citing lower political spending and advertising cancellations by the automobile sector, sending its shares down 8 percent.

For the quarter ending Sept. 30, the company expects net broadcast revenue to be about flat compared with $149.4 million it had reported in the year-ago period.

It had previously forecast net broadcast revenue of $152.5 million to $154.4 million. Of the estimated shortfall of about $3 million to $5 million for the quarter, $1.7 million is attributable to lower-than-expected political spending as candidates shifted their advertising buys from the local spot market to the networks, the company said.

Shares of the company were trading at $5.93 after the bell. They closed at $6.45 Monday on Nasdaq. (Reporting by Kuganandhan Paramanandan in Bangalore; Editing by Deepak Kannan)

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