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Sinclair Broadcast reports massive profit as it ‘deconsolidated’ local sports networks from its books

May 5, 2022

Sinclair Broadcast Group said it earned $2.59 billion — yes, with a B — in the first quarter as it “deconsolidated” its local sports segment from its financial statements. As a result of a March 1 corporate reorganization that included recapitalizing the debt of Diamond Sports Group, which holds the local sports networks, and raising additional capital, Sinclair Broadcast reported a $3.4 billion pretax, noncash gain “on the disposition of assets.”

Article Source: Baltimore Sun

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