Sinclair is chalking up the losses that it took on the regional sports networks that it bought from Disney.

According to Forbes, Sinclair says it will write down $4.23 billion in the value of the nearly two-dozen regional sports networks.

That move led to an operating loss of $4.18 billion, and a loss of $3.21 billion, for the last quarter, according to the conservative broadcaster.

Sinclair blamed much of the loss on the COVID pandemic.

"We think things will return to normal when COVID goes away," CEO Christopher Ripley said. "We don't think COVID has caused any fundamental structural change in the (advertising) market."

Not all the news was bad for Sinclair. They did say that they raked in a lot of political dollars during the quarter.

The company said political ad revenue hit $109 million for the quarter, more than 18 times the same period in 2019.