Advertising OutlookThe company’s guidance reflects the uncertain outlook, with expectations of a mid-single-digit advertising decline.
Profitability OutlookThe softness in the company’s guidance was more substantial than expected, suggesting a lower level of profitability in the first quarter.
Revenue ChallengesSeveral challenging trends include continuing linear churn, a slowing pace of progress in retransmission revenue generation, and still-high programming costs obligations.