8/5/04: Sinclair revised its Code of Business Conduct and Ethics

as reported in an 8-K filed with the S.E.C.

http://biz.yahoo.com/e/040825/sbgi8-k.html

Amendment or Waiver to Code of Ethics, Financial Statements and Exhi


Item 5.05. Amendments to the Registrant's Code of Ethics, or Wavier of a Provision of the Code of Ethics.

On August 5, 2004, the Board of Directors of Sinclair Broadcast Group, Inc. (the "Company") approved and adopted a revised Code of Business Conduct and Ethics for its employees, officers and directors. Amendments to the code are described below and the revised code is furnished as an exhibit to this filing. The code can also be found on the Company's website at www.sbgi.net.

The Conflicts of Interest provision of the code has been revised to allow for the acceptance of gifts that are customary for a director or employee's position or responsibility. Acceptance of a gift that is not customary for a director or employee's position or acceptance of any service, money, loan or employment from any organization that does business with the Company must be authorized by an employee's general manager or, in the case of a corporate employee or a director, by the Company's Executive Vice President/Chief Financial Officer. The Executive Vice President/Chief Financial Officer must obtain authorization to accept such gifts from the Board of Directors.

In addition, the code has been revised to amend the authorization process under the Corporate Opportunities provision. If the Company determines not to pursue a business opportunity, directors and employees may pursue such opportunities with the consent of an employee's general manager or, in the case of a corporate employee or director, the consent of the Company's Executive Vice President/Chief Financial Officer. The Chief Executive Officer and the Executive Vice President/Chief Financial Officer must obtain authorization from the Board of Directors to pursue such opportunities.

The revised code now provides that the disclosure committee (the "Committee") can determine that potential conflicts of interest exist among employees, as well as directors and executive officers.

The revised code provides that the Internal Audit Director, rather than the General Counsel, is responsible for investigating alleged violations of the code and reporting the results to the Committee.

The Committee may review requests for waivers and make recommendations to the Audit Committee. Any change to or waiver of the code will now be made only by the Audit Committee rather than the full Board of Directors.
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Apparently, Sinclair revised the rules under which its executives can receive gifts from outside organizations. Why?

I'm no business expert, but this doesn't sound good. Maybe the executives are getting kickbacks for this hit piece they're running on Kerry?

they're trying to get their hands on some video of Jesse Jackson, of all people, along with some of Bill Clinton and Janet Reno:

http://biz.yahoo.com/prnews/040827/phf018_1.html

BALTIMORE, Aug. 27 /PRNewswire-FirstCall/ -- This afternoon, Sinclair Broadcast Group (Nasdaq: SBGI - News) filed a motion in the Superior Court for Gwinnett County, Georgia seeking the release of video tapes filed under seal with the court. The tapes reportedly depict 166 hours of candid moments with the Reverend Jesse Jackson while serving in public and private capacities in the United States, Europe, and Africa from 1999 to 2002.

The videotapes were placed in the hands of the court pursuant to a motion filed by Jackson's Rainbow PUSH Coalition and Citizenship Education Fund, contending that the tapes have "historical value." Rainbow PUSH and the CEF sued a former employee, Eric Williams, whose job it was to shoot the tapes and who had possession of the tapes prior to their submission to the court.

Sinclair believes the tapes contain items of public interest, including footage of Rev. Jackson in Liberia while serving as an official emissary of the United States government and the release of U.S. hostages by Milosevic in 1999. They also reportedly record moments of close conversation between Jackson, former President Bill Clinton, and former U.S. Attorney General Janet Reno.

<snip>

For information regarding the motion in Gwinnett County Superior court, please contact: Frank Laws or Steve Thomas at the law firm of Thomas & Libowitz, 410-752-2468. For information about Sinclair Broadcast Group please contact: Mark Hyman 410-568-1565.
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There's Hyman's phone number, if you want it.

you can click here:

http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000912752&owner=include

I have also e-mailed Ch. 13. I will tell you the signs for Bush are getting bigger in Maine and these are in front of homes. Doing things by gun is big with a lot of people. The USA seems to have lost it.

that the corporation just weeks ago changed their rules on taking gifts.

Let's see if this gets any attention this afternoon.