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Sinclair Writes Down Its Sports Networks by $4.23 Billion

  • Broadcaster paid $9.6 billion for the assets just last year
  • YouTube and Hulu recently stopped carrying Sinclair’s channels
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Sinclair Broadcast Group Inc. wrote down the value of its regional sports networks by $4.23 billion, an admission that it grossly overpaid for cable channels hobbled by cord cutting and shrinking subscriber revenue.

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