Sinclair Broadcast Group (NASDAQ:SBGI) is paying a record $48M civil penalty to resolve three FCC investigations, but it's escaping a more severe penalty of revoked broadcast licenses.

That's double the previous record penalty of $24M paid by Univision in 2007.

The agency was probing Sinclair over its disclosures tied to an attempted merger with Tribune; whether it was conducting retransmission consent negotiations in good faith; and a failure to identify sponsors of content it made for Sinclair and non-Sinclair stations.

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