Sinclair Broadcast Group took a loss on the value of its regional sports networks for the second time since buying the package for $10.6 billion from The Walt Disney Co., this time writing off an additional $1 billion of its book value. Sinclair’s subsidiary, Diamond Sports Group, took an impairment loss on the rebranded Bally Sports networks in the recent third quarter. Diamond, which owns the 19 networks, now reports financial results separately from Hunt Valley-based Sinclair as part of a deconsolidation earlier this year.
Sinclair Broadcast subsidiary writes down value of struggling regional sports networks for second time
December 1, 2022