Sinclair Broadcast Group (NASDAQ:SBGI) is 8% lower after its Q3 earnings, where it logged sharp headline losses alongside a 36% jump in revenues driven largely by its added regional sports networks.
An operating loss of $4.18B included a $4.226B impairment taken on its Local Sports segment for goodwill and intangible assets, among other adjustments. Excluding those, operating income of $61M was down $147M year-over-year.
Attributable net loss was $3.21B vs. a year-ago net loss of $60M; excluding the adjustments, net income was $161M. And EBITDA, which excludes the adjustments, rose 97% to $736M.
Revenues rose to $1.539B, goosed by the acquisition of the 21 former Fox RSNs and Fox College Sports, but also unsurprisingly by higher political ad revenue ($109M vs. a year-ago $6M).
Distribution revenues were $1.003B vs. a year-ago $679M, again driven by the RSN acquisitions.
