http://journalism.nyu.edu/pubzone/weblogs/pressthink/2004/10/13/sinclair_acts.html * By refusing to air on its ABC affiliates Nightline's show, "The Fallen," a reading of the names of U.S. war dead, Sinclair demonstrated that it would invite public controversy and do battle with adversaries-- not only Koppel and ABC, but Senator John McCain. This meant it was willing to sustain public relations losses unthinkable for ordinary commercial broadcasters, who try to avoid upsetting viewers and live in fear of advertisers. (See PressThink on The Fallen.)
When these moves are plotted on a commercial grid, or against the history of station ownership, they make limited sense-- or none. So it's not surprising that market-wise, Sinclair is a poor performer: "With its heavy concentration of Fox and WB affiliates, ranking in the middle of the pack in mostly midsize markets, Sinclair is barely profitable and laden with debt," wrote David Lieberman in USA Today. Net profit in 2003 was $14 million on revenue of $739 million. (This in one of the most lucrative businesses in America: owning TV stations.)