Advertising Market Volatility: Advertising revenue is highly dependent on economic conditions and competition from digital platforms, leading to potential fluctuations and declines.

Retransmission Consent Decline: Declining traditional pay-TV subscribers (cord-cutting) directly impacts retransmission consent fees, a significant and growing revenue stream for the company.

High Content and Affiliation Costs: Increasing costs for network affiliation fees and syndicated programming can erode profit margins and necessitate difficult negotiation processes.