Bear Stearns analyst Victor Miller has a new name for News Corporation’s MyNetworkTV – My NOTwork TV. He notes that revenues for Sinclair’s MyNet affiliates were down 21% in Q2, helping to drag revenues down 1.4% for the company overall. Sinclair also indicated that Q3 will be worst than Miller had projected, down 1.9-3.1%. So, the analyst has lowered his target price for the stock by a buck to 17 bucks, which is still well above where Sinclair is now trading. Miller expects full year 2007 EBITDA to be 232 million, rather than his previous estimate of 242 million. That’s because of weak ad trends and accounting for the sale of Sinclair’s ABC affiliate in Springfield, MA. In 2008, though, Miller sees TV stocks benefiting from political ad spending and retransmission consent payments – the latter an area where Sinclair has been particularly aggressive.
