Sinclair Broadcasting Falls on $4.23 Billion Write-Down

Sinclair Broadcast Group  (SBGI) – Get Report dropped Wednesday as the television media company said it wrote down the value of its regional sports networks by $4.23 billion.

Shares of the Hunt Valley, Md., company at last check were off 6.8% at $18.32.

Sinclair paid $9.6 billion in August 2019 for 21 regional sports channels that were once part of Fox. In a quarterly earnings call on Wednesday, the broadcaster said the value of those assets have shrunk by almost half.

Sinclair has failed to secure contracts from Hulu  (DIS) – Get Report and YouTube  (GOOGL) – Get Report to carry the channels. 

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