Tuesday October 3, 2023

Sinclair Revenue Plunges Under Diamond Sports Burden

  • Sinclair saw revenue decreases as it looks to detach from Diamond Sports Group.
  • The company missed revenue estimates and dropped 6%.
A phone displaying the Sinclair Broadcast Group logo is shown in front of the logo of their RSN brand, Bally Sports.
Front Office Sports Today

NBC Could Get In On College Football Playoffs

NBC is exploring broadcasting a slice of the expanded CFP in 2026.
Listen Now
October 3, 2023 | Podcast
Copy Link
Link Copied
Link Copied

Weighed down by Diamond Sports Group, Sinclair missed estimates in the fourth quarter. 

The broadcast giant’s total revenues dropped 35% from the same period last year to $960 million. Its stock was down 6% on Wednesday.

Removing Diamond, which owns the 19 Bally’s regional sports networks, from the calculations, Sinclair’s revenue increased by 18% year-over-year due to strong spending on political advertising prior to the November elections.

In March, Sinclair deconsolidated Diamond, separating the company from its financial accounting despite still owning it. Diamond removed Sinclair as an operator of its sports networks in December.

Diamond missed a $140 million interest payment and owes around $2 billion in media rights, namely to MLB, the NBA, and NHL, this season. The company — which is widely believed to be headed toward bankruptcy — is currently in a 30-day grace period in which it can negotiate with leagues and creditors.

MLB Commissioner Rob Manfred addresses the media from a podium during spring training.

MLB Looks to Reform Local Media Deals, Payroll Disparity

MLB has launched an economic reform committee.
February 21, 2023

MLB commissioner Rob Manfred said last week that if the company is unable to pay, the league would take control of the local rights of the 14 teams under contract with Diamond and produce games through its MLB Network.

Manfred added that the affected MLB teams would take a revenue hit in the short term, but he would seek to negotiate the right to stream games locally as part of any new deal for local broadcasts.

Copy Link
Link Copied
Link Copied

What to Read

Bayern Munich

Real Madrid Rejects $137M League Deal Over Media Access

The La Liga club is not offering extra media access.

Barclays Center Finances Struggling In Competitive NY Arena Market

Brooklyn venue faces fierce competition in crowded New York market

Messi Business Still Growing Despite Inter Miami's Slim Playoff Hopes

Season ticket demand for 2024 is reportedly skyrocketing.

MLB Expansion Suitors Grow, Even Without Formal Process

Montreal, Raleigh amplify their pitches for new MLB team
podcast thumbnail mobile
Front Office Sports Today

NBC Could Get In On College Football Playoffs


Featured Today

An advocacy group is filing an NLRB case against the Ivy League over athlete compensation.

Advocacy Group Files Federal Labor Charge Against Ivy League

It’s the latest in a flurry of NLRB cases over amateurism.
The Colorado Buffaloes played in the most-watched game of Week 5.
October 3, 2023

Colorado Ratings Bonanza Continues Despite Two Consecutive Losses

The Buffs’ least-watched game this season was still the most-watched this week.
Football analyst and PFF investor Chris Collinsworth talks to man in front of computers
October 3, 2023

Cris Collinsworth 'Lost a Lot of Sleep' Over Pro Football Focus Leadership Issues

New book details why it’s no longer a “happy place to work.”
NBC is interested in media rights to the expanded College Football Playoff.
October 2, 2023

NBC Is Interested in Expanded College Football Playoff Media Rights

NBC is one of the networks pitching the CFP, a source confirmed.


Powered By

Careers in Sports

Looking for a new job? Check out these featured listings and search for openings all over the world.
Chicago Cubs
New York
Tri Star Sports and Entertainment Group, Inc.
USA - Multiple Locations
Team Europe captain Luke Donald and Team Europe celebrates with the Ryder Cup after beating Team USA during the final day of the 44th Ryder Cup golf competition at Marco Simone Golf and Country Club.

Ryder Cup Viewership Drops in U.S., Rises in U.K.

NBC’s event coverage attracted 1.32 million average viewers on Sunday.
Taylor Swift
October 2, 2023

NBC's 'Swift Bowl' Draws Monster 27 Million Viewers

It was the most-watched Sunday show since Super Bowl 57.
October 2, 2023

DSG Seeks Extension As Reorganization Pressure Mounts

Bankrupt RSN operator looks to file restructuring plan in late November
October 2, 2023

RedBird IMI Makes Strategic Investment in Front Office Sports

RedBird IMI is a joint venture between RedBird Capital Partners and International Media Investments focused on high-growth media companies.
Formula 1 drivers in a pack at the start of the Montreal Grand Prix
October 1, 2023

Apple Reportedly Making Push For Global Formula 1 Rights

The tech giant could offer $2 billion a year for the rights.
College football is taking over Saturday night.
September 30, 2023

How College Football’s Biggest Games Took Over Saturday Night

Network competition and West Coast storylines helped college football stage a coup.
September 29, 2023

ESPN, Tiger-Rory Golf League Close To Long-Term Deal

New entity backed by Woods, McIlroy nears critical agreement
Toy Story
September 29, 2023

‘Toy Story’ Success Could Lead to More Disney-Branded NFL Kid-Casts

A successful ‘Toy Story’ game could open the door for other franchises.