Dade Hayes Finance EditorSinclair Broadcast Group edged Wall Street analysts’ estimate for revenue in the third quarter, reporting $1.54 billion as the acquisition of 22 formerly Fox-owned regional sports networks hit the balance sheet.The revenue number rose 37% thanks to the RSNs, but the deal also proved problematic given the timing of COVID-19 and provided a drag on the bottom line.
Operating losses for the quarter reached $4.2 billion, but after an impairment charge and other adjustments, operating income of $61 million fell $147 million from the third quarter of 2019.Sinclair, which owns the second-largest portfolio of local TV stations in the U.S., dramatically expanded its sports network holdings in 2019.
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