 | Politics "wid" a taste of Philly, by Will Bunch of the Philadelphia Daily News |
| Politics "wid" a taste of Philly, by Will Bunch of the Philadelphia Daily News |
Another day, more fallout on the Sinclair Broadcast Group and its unprecedented plan to air a John Kerry-bashing documentary just days before the election.
Mitch Albom gets unsentimental in blasting the right-wingers who own 62 television stations across America. Leaders of a boycott of Sinclair advertisers claim there have been 50 pull-outs so far -- although it's impossible to confirm that.
But even if there's not a single pullout, the bad publicity is hitting the Smith family, which owns Sinclair, where it hurts the most, Family members who are owners and officers of Sinclair have collectively lost $13,969,498.50 in stock value since the anti-Kerry plan was first publicized.
David Smith (Chair/CEO): $5.2 million loss
J Duncan Smith (VP/Sec): $5 million loss
Robert Smith: (Director) $3.4 million loss
Frederick Smith(VP): $230K loss
The Sinclair stock has experienced a 5-day total loss of .80 a share -- or 10.2 percent of the company's value since Oct. 8, when news of Sinclair's plans to broadcast "Stolen Honor" first came out.
And Wall Street analysts are starting to take note of the carnage.
until and unless they actually sell any of those shares of stock, they've "lost" nothing. it might conceivably affect declared and distributed dividends, but that's, at best, a quarterly issue.
as near as i can tell, they haven't lost a thing up to this point.
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