U.S.-based television broadcaster CMG Media Corp.'s S&P Global Ratings-adjusted gross leverage could remain above our 6.5x downside threshold, depending on the outcome of pending station acquisitions from TEGNA, and the potential use of its sizable cash balance if the acquisitions do not occur. We also expect weaker operating performance in 2023 due to lower core advertising revenue amid an expected recession, slower retransmission revenue growth, and asset sales completed in 2022. As a result, we revised our outlook on CMG to negative from stable and affirmed the 'B' issuer credit rating on the company. The negative outlook reflects the uncertainty around the outcome of CMG's pending station acquisitions from TEGNA, which remains subject to regulatory approval, and the potential use
