As Howard Dean likes to say, you have the power:

Senator John Kerry could find his presidential hopes damaged this week when the 62 television stations owned or managed by the Sinclair Broadcasting Group carry a documentary about his antiwar activities 30 years ago.

But the Democratic nominee for the White House may not be the only one adversely affected.

Sinclair - the nation's largest owner of television stations, many of them in electoral swing states - is itself running a significant financial and political risk by telling its stations to pre-empt regular programming and carry the film. Already, Sinclair's decision has alienated some advertisers; enraged consumer and media watchdog groups, who are vowing to challenge its station licenses when they come up for renewal; and given pause to some analysts and investors considering the company's financial outlook.

....Sinclair is no stranger to political controversy.... But the furor over "Stolen Honor'' appears to be affecting Sinclair in ways ... previous actions did not. In some cities - among them, Portland, Me.; Madison, Wis.; Springfield, Ill.; and Minneapolis - local advertisers, including car dealers, furniture makers, supermarkets and restaurants, have taken their commercials off the company's stations.

"I've decided I don't want to advertise on them," said Adam Lee, the president of Lee Auto Malls, which owns 10 auto dealerships in Portland Me., and has ordered its advertising off the CBS affiliate, WGME. "It's a public trust. It seems they're abusing it. If it were a news show and they were really trying to do a fair and balanced story on both sides, that would be a different matter. I don't think they are. That's not their intention.''

Groups, including Common Cause, the Alliance for Better Campaigns, Media Access Project, Media for Democracy and the Office of Communication of the United Church of Christ, are putting together a database listing all Sinclair advertisers and will try to persuade others to withdraw their commercials. Among those on the list are chains like Applebee's International, Best Buy, Chili's, Circuit City, Domino's Pizza, Lowe's, Papa John's, Subway, Taco Bell and Wal-Mart Stores.

The groups are also vowing to find groups in cities with Sinclair stations who will challenge the broadcast licenses of every Sinclair-owned station over the next several years. Such challenges almost never result in lost licenses, but they often result in heavy legal costs for the station having to defend them.

In addition, some analysts said Sinclair might have hurt itself in the continuing battle over loosening media ownership rules, a fight in which Sinclair has been a leader. Efforts at further deregulation were stalled this year when the United States Court of Appeals for the Third Circuit, in Philadelphia, ordered the F.C.C. to reconsider its relaxation of such rules.

A report issued by the firm Legg Mason last week cited the controversy over the film and asked the question, "Is this good for investors in terms of increasing the odds for favorable deregulation?" The conclusion: "We think not."

The rest is here. And keep up the good work, folks.

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