• by Wayne Friedman , August 2, 2023

Even without the results of its financially troubled regional sports network business, Sinclair Inc. had a tough second-quarter period with revenue, including advertising and distribution --  down 8% to $768 million from the period a year ago.

In addition, the big TV station-based media company posted a wider net loss of $89 million versus a net loss of $11 million a year ago.

Sinclair stock closed down 1.2% on Wednesday (to $13.49), and then dropped another 1% in after-market trading. Earnings results were released after the market closed. 

Over the past 12 months, Sinclair stock is down 42%. 

Advertising revenue during the period sank 16% (to $309 million) with distribution revenues down 3% to ($303 million). Without political advertising comparisons, Sinclair’s core advertising revenues slipped 3% to $303 million.

Sinclair’s Diamond Sports Group was “deconsolidated” from its quarterly financial statements, starting March 1, 2022. In March of this year, Diamond Sports filed for Chapter 11 bankruptcy.

Diamond Sports has been trying to reduce $2 billion a year in rights fees owed to 42 professional sports teams -- 12 NHL, 16 NBA, and 14 Major League Baseball teams.

In addition, it has been trying to convert $8.1 billion in debt to equity.