Sinclair subsidiary reports $1.2B loss after writing down value of regional sports networks

Sinclair Broadcast Group Inc. is betting that its new streaming service will save the company’s financially struggling regional sports networks even as it again wrote down the value of those networks by $1 billion in the third quarter. The Hunt Valley broadcaster purchased what are now called the Bally Sports Regional Sports Networks (RSNs) from Walt Disney Co. in 2019 for $10.6 billion and has faced challenges in making the networks profitable ever since.