Sinclair 10-Q 10 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 06, 2024
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	333-271072
Entity Registrant Name	Sinclair, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	92-1076143
Entity Address, Address Line One	10706 Beaver Dam Road
Entity Address, City or Town	Hunt Valley
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21030
City Area Code	410
Local Phone Number	568-1500
Title of 12(b) Security	Class A Common Stock, par value $ 0.01 per share
Trading Symbol	SBGI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001971213
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Amendment Flag	false
Sinclair Broadcast Group, LLC
Entity Information [Line Items]
Entity File Number	000-26076
Entity Registrant Name	Sinclair Broadcast Group, LLC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1494660
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000912752
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		42,402,724
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		23,775,056

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 655	$ 662
Accounts receivable, net of allowance for doubtful accounts of $4 as of both periods		642	616
Income taxes receivable		7	8
Prepaid expenses and other current assets		177	189
Total current assets		1,481	1,475
Property and equipment, net		720	715
Operating lease assets		139	142
Goodwill		2,082	2,082
Indefinite-lived intangible assets		150	150
Other assets		725	742
Total assets	[1]	6,038	6,085
Current liabilities:
Accounts payable and accrued liabilities		854	913
Current portion of notes payable, finance leases, and commercial bank financing		37	36
Current portion of operating lease liabilities		22	21
Current portion of program contracts payable		57	76
Other current liabilities		70	57
Total current liabilities		1,040	1,103
Notes payable, finance leases, and commercial bank financing, less current portion		4,112	4,139
Operating lease liabilities, less current portion		148	152
Program contracts payable, less current portion		11	14
Deferred tax liabilities		258	252
Other long-term liabilities		200	204
Total liabilities	[1]	5,769	5,864
Commitments and contingencies (See Note 5)
Shareholders' equity:
Additional paid-in capital		554	517
Accumulated deficit		(227)	(234)
Accumulated other comprehensive income		5	1
Total SBG (deficit) equity		333	285
Noncontrolling interests		(64)	(64)
Total equity		269	221
Total liabilities and equity		6,038	6,085
Class A Common Stock
Shareholders' equity:
Common Stock		1	1
Class B Common Stock
Shareholders' equity:
Common Stock		0	0
Customer relationships, net
Current assets:
Definite-lived intangible assets, net		352	369
Other definite-lived intangible assets, net
Current assets:
Definite-lived intangible assets, net		$ 389	$ 410
[1]Our consolidated total assets as of March 31, 2024 and December 31, 2023 include total assets of variable interest entities ("VIE") of $78 million and $85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2024 and December 31, 2023 include total liabilities of VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for doubtful accounts		$ 4	$ 4
Assets	[1]	6,038	6,085
Liabilities	[1]	5,769	5,864
Consolidated VIEs
Assets		78	85
Liabilities		22	23
Consolidated VIEs | Nonrecourse
Liabilities		$ 16	$ 17
Class A Common Stock
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		500,000,000	500,000,000
Common stock, shares issued (in shares)		42,305,323	39,737,682
Common stock, shares outstanding (in shares)		42,305,323	39,737,682
Class B Common Stock
Common stock, par value (in dollars per share)		$ 0.01	$ 0.01
Common stock, shares authorized (in shares)		140,000,000	140,000,000
Common stock, shares issued (in shares)		23,775,056	23,775,056
Common stock, shares outstanding (in shares)		23,775,056	23,775,056
[1]Our consolidated total assets as of March 31, 2024 and December 31, 2023 include total assets of variable interest entities ("VIE") of $78 million and $85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2024 and December 31, 2023 include total liabilities of VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Media revenues	$ 792	$ 766
Non-media revenues	6	7
Revenue	798	773
OPERATING EXPENSES:
Media programming and production expenses	408	398
Media selling, general and administrative expenses	196	191
Amortization of program contract costs	19	22
Non-media expenses	12	12
Depreciation of property and equipment	25	24
Corporate general and administrative expenses	58	58
Amortization of definite-lived intangible assets	38	41
Loss on asset dispositions and other, net of impairment	0	6
Total operating expenses	756	752
Operating income	42	21
OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred financing costs	(76)	(74)
Gain on extinguishment of debt	1	0
Income from equity method investments	14	31
Other income, net	40	11
Total other expense, net	(21)	(32)
Income (loss) before income taxes	21	(11)
INCOME TAX BENEFIT	4	204
NET INCOME	25	193
Net loss attributable to the redeemable noncontrolling interests	0	4
Net income attributable to the noncontrolling interests	(2)	(12)
NET INCOME ATTRIBUTABLE TO SINCLAIR	$ 23	$ 185
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR:
Basic earnings per share (in dollars per share)	$ 0.35	$ 2.65
Diluted earnings per share (in dollars per share)	$ 0.35	$ 2.64
Basic weighted average common shares outstanding (in shares)	64,156	69,744
Diluted weighted average common and common equivalent shares outstanding (in shares)	64,403	69,864

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 25	$ 193
Unrealized gain (loss) on interest rate swap, net of tax	4	(3)
Comprehensive income	29	190
Comprehensive loss attributable to the redeemable noncontrolling interests	0	4
Comprehensive income attributable to the noncontrolling interests	(2)	(12)
Comprehensive income attributable to Sinclair	$ 27	$ 182

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Millions	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	(Accumulated Deficit) Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests
Beginning balance at Dec. 31, 2022	$ 194
Increase (Decrease) in Temporary Equity
Repurchase of redeemable subsidiary preferred equity	(190)
Net (loss) income	(4)
Ending balance at Mar. 31, 2023	0
Beginning balance (in shares) at Dec. 31, 2022				45,847,879	23,775,056
Beginning balance at Dec. 31, 2022	681			$ 1	$ 0	$ 624	$ 122	$ 1	$ (67)
Increase (Decrease) in Stockholders' Equity
Dividends declared and paid on Class A and Class B Common Stock	(18)						(18)
Repurchases of Class A Common Stock (in shares)				(3,583,213)
Repurchases of Class A Common Stock	(53)					(53)
Class A Common Stock issued pursuant to employee benefit plans (in shares)				2,095,836
Class A Common Stock issued pursuant to employee benefit plans	31					31
Distributions to noncontrolling interests	(4)								(4)
Other comprehensive (loss) income	(3)							(3)
Net (loss) income	197						185		12
Ending balance (in shares) at Mar. 31, 2023				44,360,502	23,775,056
Ending balance at Mar. 31, 2023	831			$ 1	$ 0	602	289	(2)	(59)
Increase (Decrease) in Temporary Equity
Net (loss) income	0
Beginning balance (in shares) at Dec. 31, 2023		39,737,682	23,775,056	39,737,682	23,775,056
Beginning balance at Dec. 31, 2023	221			$ 1	$ 0	517	(234)	1	(64)
Increase (Decrease) in Stockholders' Equity
Dividends declared and paid on Class A and Class B Common Stock	(16)						(16)
Class A Common Stock issued pursuant to employee benefit plans (in shares)				2,567,641
Class A Common Stock issued pursuant to employee benefit plans	37					37
Distributions to noncontrolling interests	(2)								(2)
Other comprehensive (loss) income	4							4
Net (loss) income	25						23		2
Ending balance (in shares) at Mar. 31, 2024		42,305,323	23,775,056	42,305,323	23,775,056
Ending balance at Mar. 31, 2024	$ 269			$ 1	$ 0	$ 554	$ (227)	$ 5	$ (64)

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Class A Common Stock
Dividends declared per share (in dollars per share)	$ 0.25	$ 0.25
Dividends paid per share (in dollars per share)	0.25	0.25
Class B Common Stock
Dividends declared per share (in dollars per share)	0.25	0.25
Dividends paid per share (in dollars per share)	$ 0.25	$ 0.25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES:
Net income	$ 25	$ 193
Adjustments to reconcile net income to net cash flows (used in) from operating activities:
Amortization of definite-lived intangible and other assets	38	41
Depreciation of property and equipment	25	24
Amortization of program contract costs	19	22
Stock-based compensation	27	23
Deferred tax provision (benefit)	4	(207)
Loss on asset dispositions and other, net of impairment	0	6
Income from equity method investments	(14)	(31)
(Income) loss from investments	(27)	2
Distributions from investments	1	28
Gain on extinguishment of debt	(1)	0
Change in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(27)	4
Increase in prepaid expenses and other current assets	(3)	(42)
(Decrease) increase in accounts payable and accrued and other current liabilities	(35)	21
Net change in net income taxes payable/receivable	(8)	0
Decrease in program contracts payable	(22)	(23)
Other, net	(6)	1
Net cash flows (used in) from operating activities	(4)	62
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(21)	(20)
Purchases of investments	(3)	(33)
Distributions and proceeds from investments	77	8
Other, net	1	1
Net cash flows from (used in) investing activities	54	(44)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayments of notes payable, commercial bank financing, and finance leases	(34)	(9)
Repurchase of outstanding Class A Common Stock	0	(53)
Dividends paid on Class A and Class B Common Stock	(16)	(18)
Redemption of redeemable subsidiary preferred equity	0	(190)
Distributions to noncontrolling interests, net	(2)	(4)
Other, net	(5)	(5)
Net cash flows used in financing activities	(57)	(279)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(7)	(261)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	662	884
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 655	$ 623

CONSOLIDATED BALANCE SHEETS_2

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents		$ 655	$ 662
Accounts receivable, net of allowance for doubtful accounts of $4 as of both periods		642	616
Income taxes receivable		7	8
Prepaid expenses and other current assets		177	189
Total current assets		1,481	1,475
Property and equipment, net		720	715
Operating lease assets		139	142
Goodwill		2,082	2,082
Indefinite-lived intangible assets		150	150
Other assets		725	742
Total assets	[1]	6,038	6,085
Current liabilities:
Accounts payable and accrued liabilities		854	913
Current portion of notes payable, finance leases, and commercial bank financing		37	36
Current portion of operating lease liabilities		22	21
Current portion of program contracts payable		57	76
Other current liabilities		70	57
Total current liabilities		1,040	1,103
Notes payable, finance leases, and commercial bank financing, less current portion		4,112	4,139
Operating lease liabilities, less current portion		148	152
Program contracts payable, less current portion		11	14
Deferred tax liabilities		258	252
Other long-term liabilities		200	204
Total liabilities	[1]	5,769	5,864
Commitments and contingencies (See Note 5)
SBG member's deficit:
Accumulated deficit		(227)	(234)
Accumulated other comprehensive income		5	1
Total SBG (deficit) equity		333	285
Noncontrolling interests		(64)	(64)
Total equity		269	221
Total liabilities and equity		6,038	6,085
Customer relationships, net
Current assets:
Definite-lived intangible assets, net		352	369
Other definite-lived intangible assets, net
Current assets:
Definite-lived intangible assets, net		389	410
Sinclair Broadcast Group, LLC
Current assets:
Cash and cash equivalents		337	319
Accounts receivable, net of allowance for doubtful accounts of $4 as of both periods		577	568
Income taxes receivable		7	7
Prepaid expenses and other current assets		129	139
Total current assets		1,050	1,033
Property and equipment, net		698	692
Operating lease assets		138	142
Goodwill		2,016	2,016
Indefinite-lived intangible assets		123	123
Other assets		199	184
Total assets	[2]	4,838	4,837
Current liabilities:
Accounts payable and accrued liabilities		815	851
Current portion of notes payable, finance leases, and commercial bank financing		36	36
Current portion of operating lease liabilities		22	21
Current portion of program contracts payable		57	76
Other current liabilities		69	50
Total current liabilities		999	1,034
Notes payable, finance leases, and commercial bank financing, less current portion		4,098	4,124
Operating lease liabilities, less current portion		148	152
Program contracts payable, less current portion		11	14
Deferred tax liabilities		284	283
Other long-term liabilities		153	158
Total liabilities	[2]	5,693	5,765
Commitments and contingencies (See Note 5)
SBG member's deficit:
Accumulated deficit		(795)	(865)
Accumulated other comprehensive income		5	1
Total SBG (deficit) equity		(790)	(864)
Noncontrolling interests		(65)	(64)
Total equity		(855)	(928)
Total liabilities and equity		4,838	4,837
Sinclair Broadcast Group, LLC | Customer relationships, net
Current assets:
Definite-lived intangible assets, net		226	238
Sinclair Broadcast Group, LLC | Other definite-lived intangible assets, net
Current assets:
Definite-lived intangible assets, net		$ 388	$ 409
[1]Our consolidated total assets as of March 31, 2024 and December 31, 2023 include total assets of variable interest entities ("VIE") of $78 million and $85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2024 and December 31, 2023 include total liabilities of VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities , respectively, for which the creditors of the VIEs have no recourse to SBG. See Note 7. Variable Interest Entities .

CONSOLIDATED BALANCE SHEETS (_2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Accounts receivable, allowance for doubtful accounts		$ 4	$ 4
Assets	[1]	6,038	6,085
Liabilities	[1]	5,769	5,864
Sinclair Broadcast Group, LLC
Accounts receivable, allowance for doubtful accounts		4	4
Assets	[2]	4,838	4,837
Liabilities	[2]	5,693	5,765
Consolidated VIEs
Assets		78	85
Liabilities		22	23
Consolidated VIEs | Sinclair Broadcast Group, LLC
Assets		78	85
Liabilities		22	23
Consolidated VIEs | Nonrecourse
Liabilities		16	17
Consolidated VIEs | Nonrecourse | Sinclair Broadcast Group, LLC
Liabilities		$ 16	$ 17
[1]Our consolidated total assets as of March 31, 2024 and December 31, 2023 include total assets of variable interest entities ("VIE") of $78 million and $85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2024 and December 31, 2023 include total liabilities of VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities , respectively, for which the creditors of the VIEs have no recourse to SBG. See Note 7. Variable Interest Entities .

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
REVENUES:
Media revenues	$ 792	$ 766
Non-media revenues	6	7
Revenue	798	773
OPERATING EXPENSES:
Media programming and production expenses	408	398
Media selling, general and administrative expenses	196	191
Amortization of program contract costs	19	22
Non-media expenses	12	12
Depreciation of property and equipment	25	24
Corporate general and administrative expenses	58	58
Amortization of definite-lived intangible assets	38	41
Loss on asset dispositions and other, net of impairment	0	6
Total operating expenses	756	752
Operating income	42	21
OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred financing costs	(76)	(74)
Gain on extinguishment of debt	1	0
Income from equity method investments	14	31
Other income, net	40	11
Total other expense, net	(21)	(32)
Income (loss) before income taxes	21	(11)
INCOME TAX BENEFIT	4	204
NET INCOME	25	193
Net loss attributable to the redeemable noncontrolling interests	0	4
Net income attributable to the noncontrolling interests	(2)	(12)
NET INCOME ATTRIBUTABLE TO SINCLAIR	23	185
Sinclair Broadcast Group, LLC
REVENUES:
Media revenues	727	766
Non-media revenues	0	7
Revenue	727	773
OPERATING EXPENSES:
Media programming and production expenses	383	398
Media selling, general and administrative expenses	183	191
Amortization of program contract costs	19	22
Non-media expenses	2	12
Depreciation of property and equipment	25	24
Corporate general and administrative expenses	41	58
Amortization of definite-lived intangible assets	33	41
Loss on asset dispositions and other, net of impairment	0	6
Total operating expenses	686	752
Operating income	41	21
OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred financing costs	(76)	(74)
Gain on extinguishment of debt	1	0
Income from equity method investments	0	31
Other income, net	31	11
Total other expense, net	(44)	(32)
Income (loss) before income taxes	(3)	(11)
INCOME TAX BENEFIT	9	204
NET INCOME	6	193
Net loss attributable to the redeemable noncontrolling interests	0	4
Net income attributable to the noncontrolling interests	(1)	(12)
NET INCOME ATTRIBUTABLE TO SINCLAIR	$ 5	$ 185

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Net income	$ 25	$ 193
Unrealized gain (loss) on interest rate swap, net of tax	4	(3)
Comprehensive income	29	190
Comprehensive loss attributable to the redeemable noncontrolling interests	0	4
Comprehensive income attributable to the noncontrolling interests	(2)	(12)
Comprehensive income attributable to Sinclair	27	182
Sinclair Broadcast Group, LLC
Net income	6	193
Unrealized gain (loss) on interest rate swap, net of tax	4	(3)
Comprehensive income	10	190
Comprehensive loss attributable to the redeemable noncontrolling interests	0	4
Comprehensive income attributable to the noncontrolling interests	(1)	(12)
Comprehensive income attributable to Sinclair	$ 9	$ 182

CONSOLIDATED STATEMENTS OF EQ_3

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS AND MEMBER'S DEFICIT - USD ($) $ in Millions	Total	Class A Common Stock	Class B Common Stock	Common Stock Class A Common Stock	Common Stock Class B Common Stock	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income (Loss)	Noncontrolling Interests	Sinclair Broadcast Group, LLC	Sinclair Broadcast Group, LLC Common Stock Class A Common Stock	Sinclair Broadcast Group, LLC Common Stock Class B Common Stock	Sinclair Broadcast Group, LLC Additional Paid-In Capital	Sinclair Broadcast Group, LLC Retained Earnings (Accumulated Deficit)	Sinclair Broadcast Group, LLC Accumulated Other Comprehensive Income (Loss)	Sinclair Broadcast Group, LLC Noncontrolling Interests
Beginning balance at Dec. 31, 2022	$ 194									$ 194
Increase (Decrease) in Temporary Equity
Repurchase of redeemable subsidiary preferred equity	(190)									(190)
Net (loss) income	(4)									(4)
Ending balance at Mar. 31, 2023	0									0
Beginning balance (in shares) at Dec. 31, 2022				45,847,879	23,775,056						45,847,879	23,775,056
Beginning balance at Dec. 31, 2022	681			$ 1	$ 0	$ 624	$ 122	$ 1	$ (67)	681	$ 1	$ 0	$ 624	$ 122	$ 1	$ (67)
Increase (Decrease) in Stockholders' Equity
Dividends declared and paid on Old Sinclair Class A and Class B Common Stock	(18)						(18)			(18)				(18)
Repurchases of Old Sinclair Class A Common Stock (in shares)				(3,583,213)							(3,583,213)
Repurchases of Old Sinclair Class A Common Stock	(53)					(53)				(53)			(53)
Old Sinclair Class A Common Stock issued pursuant to employee benefit plans (in shares)				2,095,836							2,095,836
Old Sinclair Class A Common Stock issued pursuant to employee benefit plans	31					31				31			31
Distributions to noncontrolling interests	(4)								(4)	(4)						(4)
Other comprehensive (loss) income	(3)							(3)		(3)					(3)
Net (loss) income	197						185		12	197				185		12
Ending balance (in shares) at Mar. 31, 2023				44,360,502	23,775,056						44,360,502	23,775,056
Ending balance at Mar. 31, 2023	831			$ 1	$ 0	602	289	(2)	(59)	831	$ 1	$ 0	$ 602	289	(2)	(59)
Increase (Decrease) in Temporary Equity
Net (loss) income	0									0
Beginning balance (in shares) at Dec. 31, 2023		39,737,682	23,775,056	39,737,682	23,775,056
Beginning balance at Dec. 31, 2023	221			$ 1	$ 0	517	(234)	1	(64)	(928)				(865)	1	(64)
Increase (Decrease) in Stockholders' Equity
Dividends declared and paid on Old Sinclair Class A and Class B Common Stock	(16)						(16)
Old Sinclair Class A Common Stock issued pursuant to employee benefit plans (in shares)				2,567,641
Old Sinclair Class A Common Stock issued pursuant to employee benefit plans	37					37
Contributions from member, net										65				65
Distributions to noncontrolling interests	(2)								(2)	(2)						(2)
Other comprehensive (loss) income	4							4		4					4
Net (loss) income	25						23		2	6				5		1
Ending balance (in shares) at Mar. 31, 2024		42,305,323	23,775,056	42,305,323	23,775,056
Ending balance at Mar. 31, 2024	$ 269			$ 1	$ 0	$ 554	$ (227)	$ 5	$ (64)	$ (855)				$ (795)	$ 5	$ (65)

CONSOLIDATED STATEMENTS OF EQ_4

CONSOLIDATED STATEMENTS OF EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical)	3 Months Ended
	Mar. 31, 2023 $ / shares
Class A Common Stock
Dividends declared on Old Sinclair (in dollars per share)	$ 0.25
Dividends paid on Old Sinclair (in dollars per share)	0.25
Class B Common Stock
Dividends declared on Old Sinclair (in dollars per share)	0.25
Dividends paid on Old Sinclair (in dollars per share)	0.25
Sinclair Broadcast Group, LLC | Class A Common Stock
Dividends declared on Old Sinclair (in dollars per share)	0.25
Dividends paid on Old Sinclair (in dollars per share)	0.25
Sinclair Broadcast Group, LLC | Class B Common Stock
Dividends declared on Old Sinclair (in dollars per share)	0.25
Dividends paid on Old Sinclair (in dollars per share)	$ 0.25

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 25	$ 193
Adjustments to reconcile net income to net cash flows (used in) from operating activities:
Amortization of definite-lived intangible and other assets	38	41
Depreciation of property and equipment	25	24
Amortization of program contract costs	19	22
Equity-based compensation	27	23
Deferred tax benefit	4	(207)
Loss on asset dispositions and other, net of impairment	0	6
Income from equity method investments	(14)	(31)
(Income) loss from investments	(27)	2
Distributions from investments	1	28
Gain on extinguishment of debt	(1)	0
Change in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(27)	4
Increase in prepaid expenses and other current assets	(3)	(42)
(Decrease) increase in accounts payable and accrued and other current liabilities	(35)	21
Net change in net income taxes payable/receivable	(8)	0
Decrease in program contracts payable	(22)	(23)
Other, net	(6)	1
Net cash flows (used in) from operating activities	(4)	62
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(21)	(20)
Purchases of investments	(3)	(33)
Distributions and proceeds from investments	77	8
Other, net	1	1
Net cash flows from (used in) investing activities	54	(44)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayments of notes payable, commercial bank financing, and finance leases	(34)	(9)
Repurchase of outstanding Old Sinclair Class A Common Stock	0	(53)
Dividends paid on Old Sinclair Class A and Class B Common Stock	(16)	(18)
Repurchase of redeemable subsidiary preferred equity	0	(190)
Distributions to noncontrolling interests, net	(2)	(4)
Other, net	(5)	(5)
Net cash flows used in financing activities	(57)	(279)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(7)	(261)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	662	884
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	655	623
Sinclair Broadcast Group, LLC
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	6	193
Adjustments to reconcile net income to net cash flows (used in) from operating activities:
Amortization of definite-lived intangible and other assets	33	41
Depreciation of property and equipment	25	24
Amortization of program contract costs	19	22
Equity-based compensation	25	23
Deferred tax benefit	0	(207)
Loss on asset dispositions and other, net of impairment	0	6
Income from equity method investments	0	(31)
(Income) loss from investments	(25)	2
Distributions from investments	0	28
Gain on extinguishment of debt	(1)	0
Change in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(10)	4
Increase in prepaid expenses and other current assets	(2)	(42)
Net change in due to/from member	17	0
(Decrease) increase in accounts payable and accrued and other current liabilities	(16)	21
Net change in net income taxes payable/receivable	(9)	0
Decrease in program contracts payable	(22)	(23)
Other, net	(23)	1
Net cash flows (used in) from operating activities	17	62
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(22)	(20)
Purchases of investments	0	(33)
Distributions and proceeds from investments	26	8
Other, net	1	1
Net cash flows from (used in) investing activities	5	(44)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayments of notes payable, commercial bank financing, and finance leases	(34)	(9)
Repurchase of outstanding Old Sinclair Class A Common Stock	0	(53)
Dividends paid on Old Sinclair Class A and Class B Common Stock	0	(18)
Repurchase of redeemable subsidiary preferred equity	0	(190)
Contributions from member, net	32	0
Distributions to noncontrolling interests, net	(2)	(4)
Other, net	0	(5)
Net cash flows used in financing activities	(4)	(279)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	18	(261)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	319	884
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 337	$ 623

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Nature of Operations Sinclair, Inc. ("Sinclair") is a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations and digital platforms. The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, other original programming produced by us and our owned networks and professional sports. Additionally, we own digital media companies that are complementary to our extensive portfolio of television station related digital properties and we have interests in, own, manage, and/or operate technical and software services companies, research and development companies for the advancement of broadcast technology, and other media and non-media related businesses and assets, including real estate, venture capital, private equity, and direct investments. For the quarter ended March 31, 2024, we had two reportable segments: local media and tennis. The local media segment consists primarily of our 185 broadcast television stations in 86 markets, which we own, provide programming and operating services pursuant to agreements commonly referred to as local marketing agreements ("LMA"), or provide sales services and other non-programming operating services pursuant to other outsourcing agreements (such as joint sales agreements ("JSA") and shared services agreements ("SSA")). These stations broadcast 639 channels as of March 31, 2024. For the purpose of this report, these 185 stations and 639 channels are referred to as "our" stations and channels. The tennis segment consists of Tennis Channel, a cable network which includes coverage of many of tennis' top tournaments and original professional sports and tennis lifestyle shows; Tennis Channel International streaming service; Tennis Channel Plus streaming service; T2 FAST, a 24-hours a day free ad-supported streaming television channel; and Tennis.com. Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries, and VIEs for which we are the primary beneficiary. Noncontrolling interests represent a minority owner's proportionate share of the equity in certain of our consolidated entities. Noncontrolling interests which may be redeemed by the holder, and the redemption is outside of our control, are presented as redeemable noncontrolling interests. All intercompany transactions and account balances have been eliminated in consolidation. We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 8. Variable Interest Entities for more information on our VIEs. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by equity method investees. Company Reorganization On April 3, 2023, the company formerly known as Sinclair Broadcast Group, Inc., a Maryland corporation ("Old Sinclair"), entered into an Agreement of Share Exchange and Plan of Reorganization (the "Share Exchange Agreement") with Sinclair, and Sinclair Holdings, LLC, a Maryland limited liability company ("Sinclair Holdings"). The purpose of the transactions contemplated by the Share Exchange Agreement was to effect a holding company reorganization in which Sinclair would become the publicly-traded parent company of Old Sinclair. Effective at 12:00 am Eastern U.S. time on June 1, 2023 (the "Share Exchange Effective Time"), pursuant to the Share Exchange Agreement and Articles of Share Exchange filed with the Maryland State Department of Assessments and Taxation, the share exchange between Sinclair and Old Sinclair was completed (the "Share Exchange"). In the Share Exchange, (i) each share or fraction of a share of Old Sinclair's Class A common stock, par value $0.01 per share ("Old Sinclair Class A Common Shares"), outstanding immediately prior to the Share Exchange Effective Time was exchanged on a one-for-one basis for an equivalent share of Sinclair's Class A common stock, par value $0.01 per share ("Sinclair Class A Common Shares"), and (ii) each share or fraction of a share of Old Sinclair's Class B common stock, par value $0.01 per share ("Old Sinclair Class B Common Shares"), outstanding immediately prior to the Share Exchange Effective Time was exchanged on a one-for-one basis for an equivalent share of Sinclair’s Class B common stock, par value $0.01 per share ("Sinclair Class B Common Shares"). Immediately following the Share Exchange Effective Time, Old Sinclair converted from a Maryland corporation to a Maryland limited liability company named Sinclair Broadcast Group, LLC ("SBG"). On the day following the Share Exchange Effective Time (June 2, 2023), Sinclair Holdings became the intermediate holding company between Sinclair and SBG, and SBG transferred certain of its assets (the "Transferred Assets") to Ventures, a new indirect wholly-owned subsidiary of Sinclair. We refer to the Share Exchange and the related steps described above collectively as the "Reorganization." The Transferred Assets included technical and software services companies, intellectual property for the advancement of broadcast technology, and other media and non-media related businesses and assets including real estate, venture capital, private equity, and direct investments, as well as Compulse, a marketing technology and managed services company, and Tennis Channel and related assets. As a result of the Reorganization, the local media segment assets are owned and operated by SBG and the assets of the tennis segment and the Transferred Assets are owned and operated by Ventures. At the Share Exchange Effective Time, Sinclair's articles of incorporation and bylaws were amended and restated to be the same in all material respects as the existing articles of incorporation and bylaws of Old Sinclair immediately prior to the Share Exchange. As a result, the Sinclair Class A Common Shares confer upon the holders thereof the same rights with respect to Sinclair that the holders of the Old Sinclair Class A Common Shares had with respect to Old Sinclair, and the Sinclair Class B Common Shares confer upon the holders thereof the same rights with respect to Sinclair that the holders of the Old Sinclair Class B Common Shares had with respect to Old Sinclair. Sinclair's Board of Directors, including its committees, and senior management team immediately after the Share Exchange were the same as Old Sinclair's immediately before the Share Exchange. The Reorganization is considered transactions between entities under common control and as SBG and Ventures are both subsidiaries of Sinclair, there was no impact on the consolidated financial statements of Sinclair. Interim Financial Statements The consolidated financial statements for the three months ended March 31, 2024 and 2023 are unaudited. In the opinion of management, such financial statements have been presented on the same basis as the audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of equity and redeemable noncontrolling interests, and consolidated statements of cash flows for these periods as adjusted for the adoption of recent accounting pronouncements. As permitted under the applicable rules and regulations of the Securities and Exchange Commission (the "SEC"), the consolidated financial statements do not include all disclosures normally included with audited consolidated financial statements and, accordingly, should be read together with the audited consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. The consolidated statements of operations presented in the accompanying consolidated financial statements are not necessarily representative of operations for an entire year. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results could differ from those estimates. Recent Accounting Pronouncements In October 2021, the FASB issued guidance to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice. ASU 2021-08 requires that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We adopted this guidance during the first quarter of 2023. The impact of the adoption did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance. In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures, requiring annual disclosure of consistent categories and greater disaggregation of information in the rate reconciliation table; additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate); income taxes paid disaggregated by jurisdiction; and income or loss before income tax disaggregated between foreign and domestic. The guidance is effective for annual periods beginning after December 15, 2024, applied prospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance. Broadcast Television Programming We have agreements with programming syndicators for the rights to television programming over contract periods, which generally run from one The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management's expectation of future advertising revenues, net of sales commissions, to be generated by the program material. We assess our program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value. Hedge Accounting We entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on the Secured Overnight Financing Rate ("SOFR"). We have determined that the interest rate swap meets the criteria for hedge accounting. The initial value of the interest rate swap and any changes in value in subsequent periods is included in accumulated other comprehensive income, with a corresponding change recorded in assets or liabilities depending on the position of the swap. Gains or losses on the monthly settlement of the interest rate swap are reflected in i nterest expense in our consolidated statements of operations. Cash flows related to the interest rate swap are classified as operating activities in our consolidated statements of cash flows. See Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion. Non-cash Investing and Financing Activities Leased assets obtained in exchange for new operating lease liabilities were $2 million and $3 million for the three months ended March 31, 2024 and 2023, respectively. Leased assets obtained in exchange for new finance lease liabilities were $7 million for the three months ended March 31, 2024. Non-cash investing activities included property and equipment purchases of $5 million and $6 million for the three months ended March 31, 2024 and 2023, respectively. Revenue Recognition The following table presents our revenue disaggregated by type and segment (in millions): For the three months ended March 31, 2024 Local Media Tennis Other Eliminations Total Distribution revenue $ 384 $ 52 $ — $ — $ 436 Core advertising revenue 284 10 6 (3) 297 Political advertising revenue 24 — — — 24 Other media, non-media, and intercompany revenues 35 1 9 (4) 41 Total revenues $ 727 $ 63 $ 15 $ (7) $ 798 For the three months ended March 31, 2023 Local Media Tennis Other Eliminations Total Distribution revenue $ 381 $ 45 $ — $ — $ 426 Core advertising revenue 293 9 6 (2) 306 Political advertising revenue 3 — — — 3 Other media, non-media, and intercompany revenues 28 1 11 (2) 38 Total revenues $ 705 $ 55 $ 17 $ (4) $ 773 Distribution Revenue. We have agreements with multi-channel video programming distributors ("MVPD") and virtual MVPDs ("vMVPD," and together with MVPDs, "Distributors"). We generate distribution revenue through fees received from these Distributors for the right to distribute our stations and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to our customers (as usage occurs) which corresponds with the satisfaction of our performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. Our customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material. Core Advertising Revenue. We generate advertising revenue primarily from the sale of advertising spots/impressions within our broadcast television and digital platforms. Political Advertising Revenue. We generate political advertising revenue primarily from the sale of political advertising spots/impressions within our broadcast television and digital platforms. In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty. Deferred Revenue. We record deferred revenue when cash payments are received or due in advance of our performance, including amounts which are refundable. We classify deferred revenue as either current in other current liabilities or long-term in other long-term liabilities in our consolidated balance sheets based on the timing of when we expect to satisfy our performance obligations. Deferred revenue was $187 million and $178 million as of March 31, 2024 and December 31, 2023, respectively, of which $119 million and $124 million, respectively, was reflected in other long-term liabilities in our consolidated balance sheets. Deferred revenue recognized during the three months ended March 31, 2024 and 2023, included in the deferred revenue balance as of December 31, 2023 and 2022, was $18 million and $19 million, respectively. For the three months ended March 31, 2024, two customers accounted for 11% and 11%, respectively, of our total revenues. For the three months ended March 31, 2023, two customers accounted for 11% and 10%, respectively, of our total revenues. As of March 31, 2024, four customers accounted for 12%, 11%, 10%, and 10%, respectively, of our accounts receivable, net. As of December 31, 2023, two customers accounted for 10% and 10%, respectively, of our accounts receivable, net. For purposes of this disclosure, a single customer may include multiple entities under common control. Income Taxes Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three months ended March 31, 2024 and 2023 is based on the estimated effective tax rate applicable for the full year after taking into account discrete tax items and the effects of the noncontrolling interests. We provide a valuation allowance for deferred tax assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating our ability to realize net deferred tax assets, we consider all available evidence, both positive and negative, including our past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, we must make certain judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term basis. A valuation allowance has been provided for deferred tax assets related to a substantial amount of our available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing temporary basis differences, alternative tax strategies, and projected future taxable income. Our effective income tax rate for the three months ended March 31, 2024 was greater than the statutory rate primarily due to an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’ pending income tax refund claims. Our effective income tax rate for the three months ended March 31, 2023, was greater than the statutory rate primarily due to a release of valuation allowance on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j) as a result of the change in the tax classification of the legal entity owning the Diamond Sports business because of the exit of the sole minority investor. We do not believe that our liability for unrecognized tax benefits would be materially impacted, in the next twelve months, as a result of the expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities. Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation. Subsequent Events In May 2024, our Board of Directors declared a quarterly dividend of $0.25 per share, payable on June 17, 2024 to holders of record at the close of business on June 3, 2024.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS: Other assets as of March 31, 2024 and December 31, 2023 consisted of the following (in millions): As of March 31, As of December 31, Equity method investments $ 113 $ 128 Other investments 368 387 Income tax receivable 140 131 Post-retirement plan assets 47 45 Other 57 51 Total other assets $ 725 $ 742 Equity Method Investments We have a portfolio of investments, including our investment in Diamond Sports Intermediate Holdings LLC ("DSIH"), and also a number of entities that are primarily focused on the development of real estate and other media and non-media businesses. No investments were individually significant for the periods presented. Diamond Sports Intermediate Holdings LLC. We account for our equity interest in DSIH under the equity method of accounting. As of March 1, 2022, we reflected the investment in DSIH at fair value, which was determined to be nominal. For the three months ended March 31, 2024 and 2023, we recorded no equity method loss related to the investment because the carrying value of the investment is zero and we are not obligated to fund losses incurred by DSIH. Other Investments We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily determinable, we have the option to value investments at cost plus observable changes in value, less impairment. Additionally, certain investments are measured at net asset value ("NAV"). As of March 31, 2024 and December 31, 2023, we held $155 million and $162 million, respectively, in investments measured at fair value. As of March 31, 2024 and December 31, 2023, we held $174 million and $189 million, respectively, in investments measured at NAV. We recognized a fair value adjustment gain of $2 million for the three months ended March 31, 2024 and a fair value adjustment loss of $1 million for the three months ended March 31, 2023 associated with these investments, which are reflected in other income, net in our consolidated statements of operations. As of March 31, 2024 and December 31, 2023, our unfunded commitments related to our investments valued using the NAV practical expedient totaled $73 million and $74 million, respectively. Investments accounted for utilizing the measurement alternative were $39 million and $36 million as of March 31, 2024 and December 31, 2023, respectively. There were no adjustments to the carrying amount of investments accounted for utilizing the measurement alternative for either of the three months ended March 31, 2024 and the three months ended March 31, 2023. Note Receivable We were party to an Accounts Receivable Securitization Facility ("A/R Facility"), held by Diamond Sports Finance SPV, LLC ("DSPV"), an indirect wholly-owned subsidiary of DSIH. On May 10, 2023, DSPV paid the Company approximately $199 million, representing the aggregate outstanding principal amount of the loans under the A/R Facility, accrued interest, and outstanding fees and expenses. The A/R Facility was terminated on March 14, 2024.

NOTES PAYABLE, FINANCE LEASES,

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING	3 Months Ended
	Mar. 31, 2024
Debt Disclosure [Abstract]
NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING	NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING: Bank Credit Agreement and Notes The bank credit agreement of Sinclair Television Group, Inc. ("STG"), a wholly-owned subsidiary of SBG (the "Bank Credit Agreement"), includes a financial maintenance covenant, the first lien leverage ratio (as defined in the Bank Credit Agreement), which requires such ratio not to exceed 4.5x, measured as of the end of each fiscal quarter. As of March 31, 2024, the STG first lien leverage ratio was below 4.5x. Under the Bank Credit Agreement, a financial maintenance covenant is only applicable if 35% or more of the capacity (as a percentage of total commitments) under the revolving credit facility, measured as of the last day of each fiscal quarter, is utilized under the revolving credit facility as of such date. Since there was no utilization under the revolving credit facility as of March 31, 2024, STG was not subject to the financial maintenance covenant under the Bank Credit Agreement. The Bank Credit Agreement contains other restrictions and covenants with which STG was in compliance as of March 31, 2024. During the three months ended March 31, 2024, we repurchased $27 million aggregate principal amount of the Term Loan B-2, due September 30, 2026, for consideration of $25 million. The portions of the Term Loan B-2 purchased were canceled immediately following their acquisition. We recognized a gain on extinguishment of the Term Loan B-2 of $1 million for the three months ended March 31, 2024. Finance Leases to Affiliates The current portion of notes payable, finance leases, and commercial bank financing in our consolidated balance sheets includes finance leases to affiliates of $2 million as of both March 31, 2024 and December 31, 2023. Notes payable, finance leases, and commercial bank financing, less current portion, in our consolidated balance sheets includes finances leases to affiliates of $11 million and $5 million as of March 31, 2024 and December 31, 2023, respectively. See Note 9. Related Person Transactions. Debt of Variable Interest Entities and Guarantees of Third-Party Obligations STG jointly, severally, unconditionally, and irrevocably guaranteed $2 million of debt of certain third parties as of both March 31, 2024 and December 31, 2023, all of which related to consolidated VIEs and is included in our consolidated balance sheets as of both March 31, 2024 and December 31, 2023. We provide a guarantee of certain obligations of a regional sports network subject to a maximum annual amount of $117 million with annual escalations of 4% for the next five years. We have determined that, as of March 31, 2024, it is not probable that we would have to perform under any of these guarantees. Interest Rate Swap We entered into an interest rate swap effective February 7, 2023 and terminates on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on SOFR. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies for further discussion. As of March 31, 2024 and December 31, 2023, the fair value of the interest rate swap was an asset o f $7 million and $1 million, respectively, which are recorded in other assets in our consolidated balance sheets.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2024
Temporary Equity Disclosure [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	REDEEMABLE NONCONTROLLING INTERESTS: We account for redeemable noncontrolling interests in accordance with ASC 480, Distinguishing Liabilities from Equity , and classify them as mezzanine equity in our consolidated balance sheets because their possible redemption is outside of the control of the Company. Our redeemable non-controlling interests consist of the following: Redeemable Subsidiary Preferred Equity . On August 23, 2019, Diamond Sports Holdings LLC ("DSH"), an indirect parent of Diamond Sports Group, LLC ("DSG") and indirect wholly-owned subsidiary of the Company, issued preferred equity (the "Redeemable Subsidiary Preferred Equity"). On February 10, 2023, we purchased the remaining 175,000 units of the Redeemable Subsidiary Preferred Equity for an aggregate purchase price of $190 million, representing 95% of the sum of the remaining unreturned capital contribution of $175 million, and accrued and unpaid dividends up to, but not including, the date of purchase. Dividends accrued during the three months ended March 31, 2023 were $3 million and are reflected in net loss attributable to the redeemable noncontrolling interests in our consolidated statements of operations. Dividends accrued during the three months ended March 31, 2023 were paid-in-kind and added to the liquidation preference, which was partially offset by certain required cash tax distributions.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: Litigation We are a party to lawsuits, claims, and regulatory matters from time to time in the ordinary course of business. Actions currently pending are in various stages and no material judgments or decisions have been rendered by hearing boards or courts in connection with such actions. Except as noted below, we do not believe the outcome of these matters, individually or in the aggregate, will have a material effect on our financial statements. FCC Litigation Matters On May 22, 2020, the Federal Communications Commission ("FCC") released an Order and Consent Decree pursuant to which the Company agreed to pay $48 million to resolve the matters covered by a Notice of Apparent Liability for Forfeiture ("NAL") issued in December 2017 proposing a $13 million fine for alleged violations of the FCC's sponsorship identification rules by the Company and certain of its subsidiaries, the FCC's investigation of the allegations raised in the Hearing Designation Order issued in connection with the Company's proposed acquisition of Tribune, and a retransmission related matter. The Company submitted the $48 million payment on August 19, 2020. As part of the consent decree, the Company also agreed to implement a 4-year compliance plan. Two petitions were filed on June 8, 2020 seeking reconsideration of the Order and Consent Decree. The Company filed an opposition to the petitions on June 18, 2020, and the petitions remain pending. On September 1, 2020, one of the individuals who filed a petition for reconsideration of the Order and Consent Decree filed a petition to deny the license renewal application of WBFF(TV), Baltimore, MD, and the license renewal applications of two other Baltimore, MD stations with which the Company has a JSA or LMA, Deerfield Media station WUTB(TV) and Cunningham Broadcasting Corporation ("Cunningham") station WNUV(TV). The Company filed an opposition to the petition on October 1, 2020. On January 18, 2024, a motion was filed to request substitution of the petitioner, who is deceased. On January 29, 2024, the Company filed (1) an opposition to the motion for substitution and (2) a motion to dismiss the petition to deny the renewal applications. An opposition was filed to the motion to dismiss on February 5, 2024, and the Company timely filed its reply on February 13, 2024, and the matter remains pending. On September 2, 2020, the FCC adopted a Memorandum Opinion and Order and NAL against the licensees of several stations with whom the Company has LMAs, JSAs, and/or SSAs in response to a complaint regarding those stations’ retransmission consent negotiations. The NAL proposed a $0.5 million penalty for each station, totaling $9 million. The licensees filed a response to the NAL on October 15, 2020, asking the FCC to dismiss the proceeding or, alternatively, to reduce the proposed forfeiture to $25,000 per station. On July 28, 2021, the FCC issued a forfeiture order in which the $0.5 million penalty was upheld for all but one station. A Petition for Reconsideration of the forfeiture order was filed on August 7, 2021. On March 14, 2022, the FCC released a Memorandum Opinion and Order and Order on Reconsideration, reaffirming the forfeiture order and dismissing (and in the alternative, denying) the Petition for Reconsideration. The Company is not a party to this forfeiture order; however, our consolidated financial statements include an accrual of additional expenses of $8 million for the above legal matters during the year ended December 31, 2021, as we consolidate these stations as VIEs. On September 21, 2022, the FCC released an NAL against the licensees of a number of stations, including 83 Company stations and several stations with whom the Company has LMAs, JSAs, and/or SSAs, for violation of the FCC's limitations on commercial matter in children's television programming related to KidsClick network programming distributed by the Company in 2018. The NAL proposed a fine of $2.7 million against the Company, and fines ranging from $20,000 to $26,000 per station for the other licensees, including the LMA, JSA, and/or SSA stations, for a total of $3.4 million. As of March 31, 2024, we have accrued $3.4 million. On October 21, 2022, the Company filed a written response seeking reduction of the proposed fine amount, and the matter remains pending. Other Litigation Matters On November 6, 2018, the Company agreed to enter into a proposed consent decree with the Department of Justice ("DOJ"). This consent decree resolves the DOJ's investigation into the sharing of pacing information among certain stations in some local markets. The DOJ filed the consent decree and related documents in the U.S. District Court for the District of Columbia on November 13, 2018. The U.S. District Court for the District of Columbia entered the consent decree on May 22, 2019. The consent decree is not an admission of any wrongdoing by the Company and does not subject the Company to any monetary damages or penalties. The Company believes that even if the pacing information was shared as alleged, it would not have impacted any pricing of advertisements or the competitive nature of the market. The consent decree requires the Company to adopt certain antitrust compliance measures, including the appointment of an Antitrust Compliance Officer, consistent with what the DOJ has required in previous consent decrees in other industries. The consent decree also requires the Company's stations not to exchange pacing and certain other information with other stations in their local markets, which the Company's management had already instructed them not to do. The Company is aware of twenty-two putative class action lawsuits that were filed against the Company following published reports of the DOJ investigation into the exchange of pacing data within the industry. On October 3, 2018, these lawsuits were consolidated in the Northern District of Illinois. The consolidated action alleges that the Company and thirteen other broadcasters conspired to fix prices for commercials to be aired on broadcast television stations throughout the United States and engaged in unlawful information sharing, in violation of the Sherman Antitrust Act. The consolidated action seeks damages, attorneys' fees, costs and interest, as well as injunctions against adopting practices or plans that would restrain competition in the ways the plaintiffs have alleged. The Court denied the defendants' motion to dismiss on November 6, 2020. Discovery commenced shortly after that and is continuing. Under the current schedule set by the Court, fact discovery is scheduled to close 90 days after a Special Master completes his review of the plaintiffs' objections to the defendant's privilege claims. That privilege review is ongoing. On August 18, 2023, the defendants filed objections to the Special Master’s First Report and Recommendations with the Court. The Court overruled the defendants’ objections on January 31, 2024. The Special Master has not indicated when he expects to complete his privilege review. On December 8, 2023, the Court granted final approval of the settlements the plaintiffs had reached with four of the original defendants (CBS, Fox, Cox Media, and ShareBuilders), who agreed to pay a total of $48 million to settle the plaintiffs' claims against them. The Company and the other non-settling defendants continue to believe the lawsuits are without merit and intend to vigorously defend themselves against all such claims. On July 19, 2023, as part of the ongoing bankruptcy proceedings of DSG, an independently managed and unconsolidated subsidiary of Sinclair, DSG and its wholly-owned subsidiary, Diamond Sports Net, LLC, filed a complaint (the "Diamond Litigation"), under seal, in the United States Bankruptcy Court for the Southern District of Texas naming certain subsidiaries of Sinclair, including SBG and STG, David D. Smith, Sinclair's Executive Chairman, Christopher S. Ripley, Sinclair's President and Chief Executive Officer, Lucy A. Rutishauser, Sinclair's Executive Vice President & Chief Financial Officer, and Scott Shapiro, Sinclair's Executive Vice President, Corporate Development and Strategy, as defendants. In the complaint, plaintiffs challenge a series of transactions involving SBG and certain of its subsidiaries, on the one hand, and DSG and its subsidiaries, on the other hand, since SBG acquired the former Fox Sports regional sports networks from The Walt Disney Company in August 2019. The complaint alleges, among other things, that the management services agreement (the "MSA") entered into by STG and DSG was not fair to DSG and was designed to benefit STG and SBG; that the Bally's Corporation ("Bally's") transaction in November 2020 through which Bally's acquired naming rights to certain regional sports networks was not fair to DSG and was designed to benefit STG and SBG; and that certain distributions made by DSG that were used to pay down preferred equity of DSH, were inappropriate and were conducted at a time when DSG was insolvent. The complaint alleges that SBG and its subsidiaries (other than DSG and its subsidiaries) received payments or indirect benefits of approximately $1.5 billion as a result of the alleged misconduct. The complaint asserts a variety of claims, including certain fraudulent transfers of assets, unlawful distributions and payments, breaches of contracts, unjust enrichment and breaches of fiduciary duties. The plaintiffs are seeking, among other relief, avoidance of fraudulent transfers and unlawful distributions, and unspecified monetary damages to be determined.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE: The following table reconciles income (numerator) and shares (denominator) used in our computations of basic and diluted earnings per share for the periods presented (in millions, except share amounts which are reflected in thousands): Three Months Ended 2024 2023 Income (Numerator) Net income $ 25 $ 193 Net loss attributable to the redeemable noncontrolling interests — 4 Net income attributable to the noncontrolling interests (2) (12) Numerator for basic and diluted earnings per common share available to common shareholders $ 23 $ 185 Shares (Denominator) Basic weighted-average common shares outstanding 64,156 69,744 Dilutive effect of stock-settled appreciation rights and outstanding stock options 247 120 Diluted weighted-average common and common equivalent shares outstanding 64,403 69,864 The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive: Three Months Ended 2024 2023 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 5,120 3,645

SEGMENT DATA

SEGMENT DATA	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA: During the period ended June 30, 2023 we modified our segment reporting to align with the new organizational structure of the Company discussed within Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies. The segment information within the comparative periods presented has been recast to reflect this new presentation. During the period ended March 31, 2024, we measured segment performance based on operating income (loss). For the quarter ended March 31, 2024, we had two reportable segments, local media and tennis. Our local media segment includes our television stations, original networks and content and provides these through free over-the-air programming to television viewing audiences for stations in markets located throughout the continental United States, as well as distributes the content of these stations to MVPDs for distribution to their customers in exchange for contractual fees. See Revenue Recognition under Note 1. Nature of Operations and Summary of Significant Accounting Policies for further detail. Our tennis segment provides viewers coverage of many of tennis' top tournaments and original professional sport and tennis lifestyle shows. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of non-broadcast digital and internet solutions, technical services, and non-media investments. Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location. All our businesses are located within the United States. As a result of the Reorganization, the local media segment assets are owned and operated by SBG, the assets of the tennis segment are owned and operated by Ventures, and the other Transferred Assets, which are included in other and corporate, are owned and operated by Ventures. Segment financial information is included in the following tables for the periods presented (in millions): As of March 31, 2024 Local Media Tennis Other & Corporate Eliminations Consolidated Assets $ 4,733 $ 300 $ 1,008 $ (3) $ 6,038 For the three months ended March 31, 2024 Local Media Tennis Other & Corporate Eliminations Consolidated Revenue $ 727 $ 63 $ 15 $ (7) (a) $ 798 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 58 5 1 (1) 63 Amortization of program contract costs 19 — — — 19 Corporate general and administrative expenses 41 1 16 — 58 Operating income (loss) 41 20 (19) — 42 Interest expense including amortization of debt discount and deferred financing costs 76 — — — 76 Income from equity method investments — (1) 15 — 14 For the three months ended March 31, 2023 Local Media Tennis Other & Corporate Eliminations Consolidated Revenue $ 705 $ 55 $ 17 $ (4) (a) $ 773 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 59 5 2 (1) 65 Amortization of program contract costs 22 — — — 22 Corporate general and administrative expenses 32 — 26 — 58 (Gain) loss on asset dispositions and other, net of impairment (1) — 7 — 6 Operating income (loss) 41 18 (38) — 21 Interest expense including amortization of debt discount and deferred financing costs 74 — — — 74 Income from equity method investments — — 31 — 31 (a) Includes $2 million and $1 million for the three months ended March 31, 2024 and 2023, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES: Certain of our stations provide services to other station owners within the same respective market through agreements, such as LMAs, where we provide programming, sales, operational, and administrative services, and JSAs and SSAs, where we provide non-programming, sales, operational, and administrative services. In certain cases, we have also entered into purchase agreements or options to purchase the license related assets of the licensee. We typically own the majority of the non-license assets of the stations, and in some cases where the licensee acquired the license assets concurrent with our acquisition of the non-license assets of the station, we have provided guarantees to the bank for the licensee's acquisition financing. The terms of the agreements vary, but generally have initial terms of over five years with several optional renewal terms. Based on the terms of the agreements and the significance of our investment in the stations, we are the primary beneficiary when, subject to the ultimate control of the licensees, we have the power to direct the activities which significantly impact the economic performance of the VIE through the services we provide and we absorb losses and returns that would be considered significant to the VIEs. The fees paid between us and the licensees pursuant to these arrangements are eliminated in consolidation. The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets as of the dates presented, were as follows (in millions): As of March 31, As of December 31, ASSETS Current assets: Accounts receivable, net $ 20 $ 23 Other current assets 2 3 Total current assets 22 26 Property and equipment, net 10 11 Goodwill and indefinite-lived intangible assets 15 15 Definite-lived intangible assets, net 31 33 Total assets $ 78 $ 85 LIABILITIES Current liabilities: Other current liabilities $ 13 $ 14 Notes payable, finance leases and commercial bank financing, less current portion 6 6 Other long-term liabilities 3 3 Total liabilities $ 22 $ 23 The amounts above represent the combined assets and liabilities of the VIEs described above, for which we are the primary beneficiary. Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs, which are excluded from the above, were $130 million as of both March 31, 2024 and December 31, 2023, as these amounts are eliminated in consolidation. The assets of each of these consolidated VIEs can only be used to settle the obligations of the VIE. As of March 31, 2024, all of the liabilities are non-recourse to us except for the debt of certain VIEs. See Debt of Variable Interest Entities and Guarantees of Third-Party Obligations under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion. The risk and reward characteristics of the VIEs are similar. Other VIEs We have several investments in entities which are considered VIEs. However, we do not participate in the management of these entities, including the day-to-day operating decisions or other decisions which would allow us to control the entity, and therefore, we are not considered the primary beneficiary of these VIEs. The carrying amounts of our investments in these VIEs for which we are not the primary beneficiary were $171 million and $192 million as of March 31, 2024 and December 31, 2023, respectively, and are included in other assets in our consolidated balance sheets. See Note 2. Other Assets for more information related to our equity investments. Our maximum exposure is equal to the carrying value of our investments. The income and loss related to equity method investments and other investments are recorded in income from equity method investments and other income, net, respectively, in our consolidated statements of operations. We recorded a loss of $1 million for the three months ended March 31, 2024 and a gain of $35 million for the three months ended March 31, 2023 related to these investments. We hold substantially all the equity of DSIH and provide certain management and general and administrative services to DSIH. However, it was determined that we are not the primary beneficiary because we lack the ability to control the activities that most significantly drive the economics of the business. The carrying amount of our investment in DSIH is zero and there is no obligation for us to provide additional financial support. We were also party to the A/R Facility held by an indirect wholly-owned subsidiary of DSIH which had a maturity date of September 23, 2024. The A/R Facility was terminated on March 14, 2024. See Note Receivable within Note 2. Other Assets

RELATED PERSON TRANSACTIONS

RELATED PERSON TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Transactions [Abstract]
RELATED PERSON TRANSACTIONS	RELATED PERSON TRANSACTIONS: Transactions With Our Controlling Shareholders David, Frederick, J. Duncan, and Robert Smith (collectively, the "controlling shareholders") are brothers and hold substantially all of our Class B Common Stock and some of our Class A Common Stock. We engaged in the following transactions with them and/or entities in which they have substantial interests: Leases. Certain assets used by us and our operating subsidiaries are leased from entities owned by the controlling shareholders. Lease payments made to these entities were $2 million for both the three months ended March 31, 2024 and 2023. For further information, see Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing . Charter Aircraft. We lease aircraft owned by certain controlling shareholders. For all leases, we incurred expenses of less than $0.1 million for the three months ended March 31, 2023. Cunningham Broadcasting Corporation Cunningham owns a portfolio of television stations, including: WNUV-TV Baltimore, Maryland; WRGT-TV Dayton, Ohio; WVAH-TV Charleston, West Virginia; WMYA-TV Anderson, South Carolina; WTTE-TV Columbus, Ohio; WDBB-TV Birmingham, Alabama; WBSF-TV Flint, Michigan; WGTU-TV/WGTQ-TV Traverse City/Cadillac, Michigan; WEMT-TV Tri-Cities, Tennessee; WYDO-TV Greenville, North Carolina; KBVU-TV/KCVU-TV Eureka/Chico-Redding, California; WPFO-TV Portland, Maine; KRNV-DT/KENV-DT Reno, Nevada/Salt Lake City, Utah; and KTXD-TV in Dallas, Texas (collectively, the "Cunningham Stations"). Certain of our stations provide services to the Cunningham Stations pursuant to LMAs or JSAs and SSAs. See Note 8. Variable Interest Entities , for further discussion of the scope of services provided under these types of arrangements. All the non-voting stock of the Cunningham Stations is owned by trusts for the benefit of the children of our controlling shareholders. We consolidate certain subsidiaries of Cunningham with which we have variable interests through various arrangements related to the Cunningham Stations. The services provided to WNUV-TV, WMYA-TV, WTTE-TV, WRGT-TV and WVAH-TV are governed by a master agreement which has a current term that expires on July 1, 2028 and there is one additional five-year renewal term remaining with final expiration on July 1, 2033. We also executed purchase agreements to acquire the license related assets of these stations from Cunningham, which grant us the right to acquire, and grant Cunningham the right to require us to acquire, subject to applicable FCC rules and regulations, 100% of the capital stock or the assets of these individual subsidiaries of Cunningham. Pursuant to the terms of this agreement we are obligated to pay Cunningham an annual fee for the television stations equal to the greater of (i) 3% of each station's annual net broadcast revenue or (ii) $6 million. The aggregate purchase price of these television stations increases by 6% annually. A portion of the fee is required to be applied to the purchase price to the extent of the 6% increase. The cumulative prepayments made under these purchase agreements were $66 million and $65 million as of March 31, 2024 and December 31, 2023, respectively. The remaining aggregate purchase price of these stations, net of prepayments, as of both March 31, 2024 and December 31, 2023, was approximately $54 million. Additionally, we provide services to WDBB-TV pursuant to an LMA, which expires April 22, 2025, and have a purchase option to acquire for $0.2 million. We paid Cunningham, under these agreements, $3 million for both the three months ended March 31, 2024 and 2023. The agreements with KBVU-TV/KCVU-TV, KRNV-DT/KENV-DT, WBSF-TV, WDBB-TV, WEMT-TV, WGTU-TV/WGTQ-TV, WPFO-TV, and WYDO-TV expire between April 2025 and November 2029 and certain stations have renewal provisions for successive eight-year periods. As we consolidate the licensees as VIEs, the amounts we earn or pay under the arrangements are eliminated in consolidation and the gross revenues of the stations are reported in our consolidated statements of operations. Our consolidated revenues include $34 million for the three months ended March 31, 2024 and $36 million for the three months ended March 31, 2023 related to the Cunningham Stations. We have an agreement with Cunningham to provide master control equipment and provide master control services to a station in Johnstown, PA with which Cunningham has an LMA that expires in June 2025. Under the agreement, Cunningham paid us an initial fee of $1 million and pays us $0.3 million annually for master control services plus the cost to maintain and repair the equipment. In addition, we have an agreement with Cunningham to provide a news share service with the Johnstown, PA station for an annual fee of $0.6 million, which increases by 3% on each anniversary and expires in November 2024. We have multi-cast agreements with Cunningham Stations in the Eureka/Chico-Redding, California; Tri-Cities, Tennessee; Anderson, South Carolina; Baltimore, Maryland; Portland, Maine; Charleston, West Virginia; Dallas, Texas; and Greenville, North Carolina markets. In exchange for carriage of these networks in their markets, we paid $0.5 million for both the three months ended March 31, 2024 and 2023, under these agreements. Leased Property by Real Estate Ventures Certain of our real estate ventures have entered into leases with entities owned by members of the Smith Family. Total rent payments received under these leases were $0.4 million for both the three months ended March 31, 2024 and 2023. Diamond Sports Intermediate Holdings LLC We account for our equity interest in DSIH as an equity method investment. Management Services Agreement. We have a management services agreement with DSG, a wholly-owned subsidiary of DSIH, in which we provide DSG with affiliate sales and marketing services and general and administrative services. Pursuant to this agreement, the local media segment recorded $13 million and $9 million of revenue for the three months ended March 31, 2024 and 2023, respectively. Note receivable . We received payments totaling $3 million from DSPV during the three months ended March 31, 2023 related to the note receivable associated with the A/R Facility. The A/R Facility was terminated on March 14, 2024. We recorded revenue of $4 million and $5 million during the three months ended March 31, 2024 and 2023, respectively, related to certain other transactions between DSIH and the Company. Employees Jason Smith, an employee of the Company, is the son of Frederick Smith, who is a Vice President of the Company and a member of the Company's Board of Directors. Jason Smith received total compensation of $0.2 million for both the three months ended March 31, 2024 and 2023, consisting of salary and bonus, and was granted 37,566 shares of restricted stock, vesting over two years, and 500,000 stock appreciation rights, vesting over two years, during the three months ended March 31, 2024. Ethan White, an employee of the Company, is the son-in-law of J. Duncan Smith, who is a Vice President of the Company and Secretary of the Company's Board of Directors. Ethan White received total compensation of $0.1 million, consisting of salary, and less than $0.1 million, consisting of salary and bonus, for the three months ended March 31, 2024 and 2023, respectively, and was granted 1,503 and 1,252 shares of restricted stock, vesting over two years, during the three months ended March 31, 2024 and 2023, respectively. Amberly Thompson, an employee of the Company, is the daughter of Donald Thompson, who is an Executive Vice President and Chief Human Resources Officer of the Company. Amberly Thompson received total compensation of less than $0.1 million, consisting of salary, and $0.1 million, consisting of salary and bonus, for the three months ended March 31, 2024 and 2023, respectively. Edward Kim, an employee of the company, is the brother-in-law of Christopher Ripley, who is the President and Chief Executive Officer of the Company. Edward Kim received total compensation of less than $0.1 million for both the three months ended March 31, 2024 and 2023, consisting of salary, and was granted 656 and 516 shares of restricted stock, vesting over two years, during the three months ended March 31, 2024 and 2023, respectively. Frederick Smith is the brother of David Smith, Executive Chairman of the Company and Chairman of the Company's Board of Directors; Robert Smith, a member of the Company's Board of Directors; and J. Duncan Smith. Frederick Smith received total compensation of $0.2 million for both the three months ended March 31, 2024 and 2023, consisting of salary and bonus. J. Duncan Smith is the brother of David Smith, Frederick Smith, and Robert Smith. J. Duncan Smith received total compensation of $0.2 million for both the three months ended March 31, 2024 and 2023, consisting of salary and bonus.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS: Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. The following table sets forth the face value and fair value of our financial assets and liabilities for the periods presented (in millions): As of March 31, 2024 As of December 31, 2023 Face Value Fair Value Face Value Fair Value Level 1: Investments in equity securities N/A $ — N/A $ 6 Money market funds N/A $ 514 N/A $ 588 Deferred compensation assets N/A $ 47 N/A $ 45 Deferred compensation liabilities N/A $ 46 N/A $ 44 Level 2: Investments in equity securities (a) N/A $ 110 N/A $ 110 Interest rate swap (b) N/A $ 7 N/A $ 1 STG (c): 5.500% Senior Notes due 2030 $ 485 $ 349 $ 485 $ 362 5.125% Senior Notes due 2027 $ 274 $ 252 $ 274 $ 248 4.125% Senior Secured Notes due 2030 $ 737 $ 536 $ 737 $ 521 Term Loan B-2, due September 30, 2026 $ 1,185 $ 1,125 $ 1,215 $ 1,124 Term Loan B-3, due April 1, 2028 $ 720 $ 569 $ 722 $ 595 Term Loan B-4, due April 21, 2029 $ 737 $ 575 $ 739 $ 602 Debt of variable interest entities (c) $ 7 $ 7 $ 7 $ 7 Debt of non-media subsidiaries (c) $ 15 $ 15 $ 15 $ 15 Level 3: Investments in equity securities (d) N/A $ 45 N/A $ 46 N/A - Not applicable (a) Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price. (b) We entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on SOFR. T he fair value of the interest rate swap was an asset as of March 31, 2024. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing. (c) Amounts are carried in our consolidated balance sheets net of debt discount, premium, and deferred financing cost, which are excluded in the above table, of $43 million and $46 million as of March 31, 2024 and December 31, 2023, respectively. (d) On November 18, 2020, we entered into a commercial agreement with Bally's and received warrants and options to acquire common equity in the business. During the three months ended March 31, 2024 we recorded a fair value adjustment loss of $1 million. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity. The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock and the exercise price of the options, which range from $30 to $45 per share. The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three months ended March 31, 2024 and 2023 (in millions): Options and Warrants Three Months Ended March 31, 2024 Fair value at December 31, 2023 $ 46 Measurement adjustments (1) Fair value at March 31, 2024 $ 45 Options and Warrants Three Months Ended March 31, 2023 Fair value at December 31, 2022 $ 75 Measurement adjustments — Fair value at March 31, 2023 $ 75

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Nature of Operations Sinclair, Inc. ("Sinclair") is a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations and digital platforms. The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, other original programming produced by us and our owned networks and professional sports. Additionally, we own digital media companies that are complementary to our extensive portfolio of television station related digital properties and we have interests in, own, manage, and/or operate technical and software services companies, research and development companies for the advancement of broadcast technology, and other media and non-media related businesses and assets, including real estate, venture capital, private equity, and direct investments. For the quarter ended March 31, 2024, we had two reportable segments: local media and tennis. The local media segment consists primarily of our 185 broadcast television stations in 86 markets, which we own, provide programming and operating services pursuant to agreements commonly referred to as local marketing agreements ("LMA"), or provide sales services and other non-programming operating services pursuant to other outsourcing agreements (such as joint sales agreements ("JSA") and shared services agreements ("SSA")). These stations broadcast 639 channels as of March 31, 2024. For the purpose of this report, these 185 stations and 639 channels are referred to as "our" stations and channels. The tennis segment consists of Tennis Channel, a cable network which includes coverage of many of tennis' top tournaments and original professional sports and tennis lifestyle shows; Tennis Channel International streaming service; Tennis Channel Plus streaming service; T2 FAST, a 24-hours a day free ad-supported streaming television channel; and Tennis.com. Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries, and VIEs for which we are the primary beneficiary. Noncontrolling interests represent a minority owner's proportionate share of the equity in certain of our consolidated entities. Noncontrolling interests which may be redeemed by the holder, and the redemption is outside of our control, are presented as redeemable noncontrolling interests. All intercompany transactions and account balances have been eliminated in consolidation. We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 8. Variable Interest Entities for more information on our VIEs. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by equity method investees. Company Reorganization On April 3, 2023, the company formerly known as Sinclair Broadcast Group, Inc., a Maryland corporation ("Old Sinclair"), entered into an Agreement of Share Exchange and Plan of Reorganization (the "Share Exchange Agreement") with Sinclair, and Sinclair Holdings, LLC, a Maryland limited liability company ("Sinclair Holdings"). The purpose of the transactions contemplated by the Share Exchange Agreement was to effect a holding company reorganization in which Sinclair would become the publicly-traded parent company of Old Sinclair. Effective at 12:00 am Eastern U.S. time on June 1, 2023 (the "Share Exchange Effective Time"), pursuant to the Share Exchange Agreement and Articles of Share Exchange filed with the Maryland State Department of Assessments and Taxation, the share exchange between Sinclair and Old Sinclair was completed (the "Share Exchange"). In the Share Exchange, (i) each share or fraction of a share of Old Sinclair's Class A common stock, par value $0.01 per share ("Old Sinclair Class A Common Shares"), outstanding immediately prior to the Share Exchange Effective Time was exchanged on a one-for-one basis for an equivalent share of Sinclair's Class A common stock, par value $0.01 per share ("Sinclair Class A Common Shares"), and (ii) each share or fraction of a share of Old Sinclair's Class B common stock, par value $0.01 per share ("Old Sinclair Class B Common Shares"), outstanding immediately prior to the Share Exchange Effective Time was exchanged on a one-for-one basis for an equivalent share of Sinclair’s Class B common stock, par value $0.01 per share ("Sinclair Class B Common Shares"). Immediately following the Share Exchange Effective Time, Old Sinclair converted from a Maryland corporation to a Maryland limited liability company named Sinclair Broadcast Group, LLC ("SBG"). On the day following the Share Exchange Effective Time (June 2, 2023), Sinclair Holdings became the intermediate holding company between Sinclair and SBG, and SBG transferred certain of its assets (the "Transferred Assets") to Ventures, a new indirect wholly-owned subsidiary of Sinclair. We refer to the Share Exchange and the related steps described above collectively as the "Reorganization." The Transferred Assets included technical and software services companies, intellectual property for the advancement of broadcast technology, and other media and non-media related businesses and assets including real estate, venture capital, private equity, and direct investments, as well as Compulse, a marketing technology and managed services company, and Tennis Channel and related assets. As a result of the Reorganization, the local media segment assets are owned and operated by SBG and the assets of the tennis segment and the Transferred Assets are owned and operated by Ventures. At the Share Exchange Effective Time, Sinclair's articles of incorporation and bylaws were amended and restated to be the same in all material respects as the existing articles of incorporation and bylaws of Old Sinclair immediately prior to the Share Exchange. As a result, the Sinclair Class A Common Shares confer upon the holders thereof the same rights with respect to Sinclair that the holders of the Old Sinclair Class A Common Shares had with respect to Old Sinclair, and the Sinclair Class B Common Shares confer upon the holders thereof the same rights with respect to Sinclair that the holders of the Old Sinclair Class B Common Shares had with respect to Old Sinclair. Sinclair's Board of Directors, including its committees, and senior management team immediately after the Share Exchange were the same as Old Sinclair's immediately before the Share Exchange. The Reorganization is considered transactions between entities under common control and as SBG and Ventures are both subsidiaries of Sinclair, there was no impact on the consolidated financial statements of Sinclair. Interim Financial Statements The consolidated financial statements for the three months ended March 31, 2024 and 2023 are unaudited. In the opinion of management, such financial statements have been presented on the same basis as the audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of equity and redeemable noncontrolling interests, and consolidated statements of cash flows for these periods as adjusted for the adoption of recent accounting pronouncements. As permitted under the applicable rules and regulations of the Securities and Exchange Commission (the "SEC"), the consolidated financial statements do not include all disclosures normally included with audited consolidated financial statements and, accordingly, should be read together with the audited consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. The consolidated statements of operations presented in the accompanying consolidated financial statements are not necessarily representative of operations for an entire year. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results could differ from those estimates. Recent Accounting Pronouncements In October 2021, the FASB issued guidance to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice. ASU 2021-08 requires that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We adopted this guidance during the first quarter of 2023. The impact of the adoption did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance. In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures, requiring annual disclosure of consistent categories and greater disaggregation of information in the rate reconciliation table; additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate); income taxes paid disaggregated by jurisdiction; and income or loss before income tax disaggregated between foreign and domestic. The guidance is effective for annual periods beginning after December 15, 2024, applied prospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance. Broadcast Television Programming We have agreements with programming syndicators for the rights to television programming over contract periods, which generally run from one The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management's expectation of future advertising revenues, net of sales commissions, to be generated by the program material. We assess our program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value. Hedge Accounting We entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on the Secured Overnight Financing Rate ("SOFR"). We have determined that the interest rate swap meets the criteria for hedge accounting. The initial value of the interest rate swap and any changes in value in subsequent periods is included in accumulated other comprehensive income, with a corresponding change recorded in assets or liabilities depending on the position of the swap. Gains or losses on the monthly settlement of the interest rate swap are reflected in i nterest expense in our consolidated statements of operations. Cash flows related to the interest rate swap are classified as operating activities in our consolidated statements of cash flows. See Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion. Non-cash Investing and Financing Activities Leased assets obtained in exchange for new operating lease liabilities were $2 million and $3 million for the three months ended March 31, 2024 and 2023, respectively. Leased assets obtained in exchange for new finance lease liabilities were $7 million for the three months ended March 31, 2024. Non-cash investing activities included property and equipment purchases of $5 million and $6 million for the three months ended March 31, 2024 and 2023, respectively. Revenue Recognition The following table presents our revenue disaggregated by type and segment (in millions): For the three months ended March 31, 2024 Local Media Tennis Other Eliminations Total Distribution revenue $ 384 $ 52 $ — $ — $ 436 Core advertising revenue 284 10 6 (3) 297 Political advertising revenue 24 — — — 24 Other media, non-media, and intercompany revenues 35 1 9 (4) 41 Total revenues $ 727 $ 63 $ 15 $ (7) $ 798 For the three months ended March 31, 2023 Local Media Tennis Other Eliminations Total Distribution revenue $ 381 $ 45 $ — $ — $ 426 Core advertising revenue 293 9 6 (2) 306 Political advertising revenue 3 — — — 3 Other media, non-media, and intercompany revenues 28 1 11 (2) 38 Total revenues $ 705 $ 55 $ 17 $ (4) $ 773 Distribution Revenue. We have agreements with multi-channel video programming distributors ("MVPD") and virtual MVPDs ("vMVPD," and together with MVPDs, "Distributors"). We generate distribution revenue through fees received from these Distributors for the right to distribute our stations and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to our customers (as usage occurs) which corresponds with the satisfaction of our performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. Our customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material. Core Advertising Revenue. We generate advertising revenue primarily from the sale of advertising spots/impressions within our broadcast television and digital platforms. Political Advertising Revenue. We generate political advertising revenue primarily from the sale of political advertising spots/impressions within our broadcast television and digital platforms. In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty. Deferred Revenue. We record deferred revenue when cash payments are received or due in advance of our performance, including amounts which are refundable. We classify deferred revenue as either current in other current liabilities or long-term in other long-term liabilities in our consolidated balance sheets based on the timing of when we expect to satisfy our performance obligations. Deferred revenue was $187 million and $178 million as of March 31, 2024 and December 31, 2023, respectively, of which $119 million and $124 million, respectively, was reflected in other long-term liabilities in our consolidated balance sheets. Deferred revenue recognized during the three months ended March 31, 2024 and 2023, included in the deferred revenue balance as of December 31, 2023 and 2022, was $18 million and $19 million, respectively. For the three months ended March 31, 2024, two customers accounted for 11% and 11%, respectively, of our total revenues. For the three months ended March 31, 2023, two customers accounted for 11% and 10%, respectively, of our total revenues. As of March 31, 2024, four customers accounted for 12%, 11%, 10%, and 10%, respectively, of our accounts receivable, net. As of December 31, 2023, two customers accounted for 10% and 10%, respectively, of our accounts receivable, net. For purposes of this disclosure, a single customer may include multiple entities under common control. Income Taxes Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three months ended March 31, 2024 and 2023 is based on the estimated effective tax rate applicable for the full year after taking into account discrete tax items and the effects of the noncontrolling interests. We provide a valuation allowance for deferred tax assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating our ability to realize net deferred tax assets, we consider all available evidence, both positive and negative, including our past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, we must make certain judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term basis. A valuation allowance has been provided for deferred tax assets related to a substantial amount of our available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing temporary basis differences, alternative tax strategies, and projected future taxable income. Our effective income tax rate for the three months ended March 31, 2024 was greater than the statutory rate primarily due to an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’ pending income tax refund claims. Our effective income tax rate for the three months ended March 31, 2023, was greater than the statutory rate primarily due to a release of valuation allowance on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j) as a result of the change in the tax classification of the legal entity owning the Diamond Sports business because of the exit of the sole minority investor. We do not believe that our liability for unrecognized tax benefits would be materially impacted, in the next twelve months, as a result of the expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities. Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation. Subsequent Events In May 2024, our Board of Directors declared a quarterly dividend of $0.25 per share, payable on June 17, 2024 to holders of record at the close of business on June 3, 2024.
Sinclair Broadcast Group, LLC
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Nature of Operations Sinclair Broadcast Group, LLC ("SBG"), a Maryland limited liability company and a wholly owned subsidiary of Sinclair, Inc. ("Sinclair"), is a diversified media company with national reach and a strong focus on providing high-quality content on SBG's local television stations and digital properties. The content, distributed through SBG's broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, other original programming produced by SBG and SBG owned networks. Additionally, prior to the Reorganization (as defined below in Company Reorganization ) , SBG had interests in, owned, managed, and/or operated Tennis Channel, digital media companies, technical and software services companies, research and development companies for the advancement of broadcast technology, and other media and non-media related businesses and assets, including real estate, venture capital, private equity, and direct investments. For the quarter ended March 31, 2024, SBG had one reportable segment: local media. The local media segment consists primarily of SBG's 185 broadcast television stations in 86 markets, which SBG owns, provides programming and operating services pursuant to agreements commonly referred to as local marketing agreements ("LMA"), or provides sales services and other non-programming operating services pursuant to other outsourcing agreements (such as joint sales agreements ("JSA") and shared services agreements ("SSA")). These stations broadcast 639 channels as of March 31, 2024. For the purpose of this report, these 185 stations and 639 channels are referred to as "SBG" stations and channels. Principles of Consolidation The consolidated financial statements include SBG's accounts and those of SBG's wholly-owned and majority-owned subsidiaries, and VIEs for which SBG is the primary beneficiary. Noncontrolling interests represent a minority owner’s proportionate share of the equity in certain of SBG's consolidated entities. Noncontrolling interests which may be redeemed by the holder, and the redemption is outside of SBG's control, are presented as redeemable noncontrolling interests. All intercompany transactions and account balances have been eliminated in consolidation. SBG consolidates VIEs when SBG is the primary beneficiary. SBG is the primary beneficiary of a VIE when SBG has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 7. Variable Interest Entities for more information on SBG's VIEs. Investments in entities over which SBG has significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents SBG's proportionate share of net income generated by equity method investees. Company Reorganization On April 3, 2023, the company formerly known as Sinclair Broadcast Group, Inc., a Maryland corporation ("Old Sinclair"), entered into an Agreement of Share Exchange and Plan of Reorganization (the "Share Exchange Agreement") with Sinclair and Sinclair Holdings, LLC, a Maryland limited liability company ("Sinclair Holdings"). The purpose of the transactions contemplated by the Share Exchange Agreement was to effect a holding company reorganization in which Sinclair would become the publicly-traded parent company of Old Sinclair. Effective at 12:00 am Eastern U.S. time on June 1, 2023 (the "Share Exchange Effective Time"), pursuant to the Share Exchange Agreement and Articles of Share Exchange filed with the Maryland State Department of Assessments and Taxation, the share exchange between Sinclair and Old Sinclair was completed (the "Share Exchange"). Immediately following the Share Exchange Effective Time, Old Sinclair converted from a Maryland corporation to a Maryland limited liability company named Sinclair Broadcast Group, LLC. On the day following the Share Exchange Effective Time, Sinclair Holdings became the intermediate holding company between Sinclair and SBG, and SBG transferred certain of its assets (the "Transferred Assets") to Sinclair Ventures, LLC, a new indirect wholly-owned subsidiary of Sinclair ("Ventures"). The Share Exchange and the related steps described above collectively are referred to as the "Reorganization." The Transferred Assets included technical and software services companies, intellectual property for the advancement of broadcast technology, and other media and non-media related businesses and assets including real estate, venture capital, private equity, and direct investments, as well as Compulse, a marketing technology and managed services company, and Tennis Channel and related assets. As a result of the Reorganization, SBG's consolidated statement of operations for the three months ended March 31, 2023 includes three months of activity related to the Transferred Assets prior to the Reorganization. Subsequent to June 1, 2023, the assets and liabilities of the Transferred Assets are no longer included within SBG's consolidated balance sheets. Any discussions related to results, operations, and accounting policies associated with the Transferred Assets refer to the periods prior to the Reorganization. Interim Financial Statements SBG's consolidated financial statements for the three months ended March 31, 2024 and 2023 are unaudited. In the opinion of management, such financial statements have been presented on the same basis as the audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of equity and redeemable noncontrolling interests, and consolidated statements of cash flows for these periods as adjusted for the adoption of recent accounting pronouncements. As permitted under the applicable rules and regulations of the SEC, SBG's consolidated financial statements do not include all disclosures normally included with audited consolidated financial statements and, accordingly, should be read together with the audited consolidated financial statements and notes thereto in Sinclair's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. SBG's consolidated statements of operations presented in the accompanying consolidated financial statements are not necessarily representative of operations for an entire year. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results could differ from those estimates. Recent Accounting Pronouncements In October 2021, the FASB issued guidance to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice. ASU 2021-08 requires that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. SBG adopted this guidance during the first quarter of 2023. The impact of the adoption did not have a material impact on SBG's consolidated financial statements. In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, applied retrospectively. Early adoption is permitted. SBG is currently evaluating the impact of this guidance. In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures, requiring annual disclosure of consistent categories and greater disaggregation of information in the rate reconciliation table; additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate); income taxes paid disaggregated by jurisdiction; and income or loss before income tax disaggregated between foreign and domestic. The guidance is effective for annual periods beginning after December 15, 2024, applied prospectively. Early adoption is permitted. SBG is currently evaluating the impact of this guidance. Broadcast Television Programming SBG has agreements with programming syndicators for the rights to television programming over contract periods, which generally run from one The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management's expectation of future advertising revenues, net of sales commissions, to be generated by the program material. SBG assesses the program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value. Hedge Accounting SBG entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of SBG's exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and SBG receives a floating rate of interest based on the Secured Overnight Financing Rate ("SOFR"). SBG has determined that the interest rate swap meets the criteria for hedge accounting. The initial value of the interest rate swap and any changes in value in subsequent periods is included in accumulated other comprehensive income, with a corresponding change recorded in assets or liabilities depending on the position of the swap. Gains or losses on the monthly settlement of the interest rate swap are reflected in i nterest expense in SBG's consolidated statements of operations. Cash flows related to the interest rate swap are classified as operating activities in SBG's consolidated statements of cash flows. See Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion. Non-cash Investing and Financing Activities Leased assets obtained in exchange for new operating lease liabilities were $2 million and $3 million for the three months ended March 31, 2024 and 2023, respectively. Leased assets obtained in exchange for new finance lease liabilities were $7 million for the three months ended March 31, 2024. Non-cash investing activities included property and equipment purchases of $5 million and $6 million for the three months ended March 31, 2024 and 2023, respectively. Revenue Recognition The following table presents SBG's revenue disaggregated by type and segment (in millions): For the three months ended March 31, 2024 Local Media Distribution revenue $ 384 Core advertising revenue 284 Political advertising revenue 24 Other media and intercompany revenues 35 Total revenues $ 727 For the three months ended March 31, 2023 Local Media Other Eliminations Total Distribution revenue $ 381 $ 45 $ — $ 426 Core advertising revenue 293 15 (2) 306 Political advertising revenue 3 — — 3 Other media, non-media, and intercompany revenues 28 12 (2) 38 Total revenues $ 705 $ 72 $ (4) $ 773 Distribution Revenue. SBG has agreements with multi-channel video programming distributors ("MVPD") and virtual MVPDs ("vMVPD," and together with MVPDs, "Distributors"). SBG generates distribution revenue through fees received from these Distributors for the right to distribute SBG's stations and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to SBG's customers (as usage occurs) which corresponds with the satisfaction of SBG's performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. SBG's customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material. Core Advertising Revenue. SBG generates advertising revenue primarily from the sale of advertising spots/impressions within broadcast television and digital platforms. Political Advertising Revenue. SBG generates political advertising revenue primarily from the sale of political advertising spots/impressions within broadcast television and digital platforms. In accordance with ASC 606, SBG does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty. Deferred Revenue. SBG records deferred revenue when cash payments are received or due in advance of performance, including amounts which are refundable. SBG classifies deferred revenue as either current in other current liabilities or long-term in other long-term liabilities in SBG's consolidated balance sheets based on the timing of when SBG expects to satisfy performance obligations. Deferred revenue was $180 million and $171 million as of March 31, 2024 and December 31, 2023, respectively, of which $119 million and $124 million, respectively, was reflected in other long-term liabilities in SBG's consolidated balance sheets. Deferred revenue recognized during the three months ended March 31, 2024 and 2023, included in the deferred revenue balance as of December 31, 2023 and 2022, was $15 million and $19 million, respectively. For the three months ended March 31, 2024, two customers accounted for 11% and 11%, respectively, of SBG's total revenues. For the three months ended March 31, 2023, two customers accounted for 11% and 10%, respectively, of SBG's total revenues. As of March 31, 2024, four customers accounted for 12%, 11%, 10%, and 10%, respectively, of SBG's accounts receivable, net. As of December 31, 2023, two customers accounted for 10% and 10%, respectively, of SBG's accounts receivable, net. For purposes of this disclosure, a single customer may include multiple entities under common control. Income Taxes SBG’s income tax provision for all periods consists of federal and state income taxes. The tax provision for the three months ended March 31, 2024 and 2023 is based on the estimated effective tax rate applicable for the full year after taking into account discrete tax items and the effects of the noncontrolling interests. SBG provides a valuation allowance for deferred tax assets if it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating SBG’s ability to realize net deferred tax assets, SBG considers all available evidence, both positive and negative, including past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, SBG must make certain judgments that are based on the plans and estimates used to manage SBG’s underlying businesses on a long-term basis. A valuation allowance has been provided for deferred tax assets related to a substantial amount of SBG’s available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing temporary basis differences, alternative tax strategies, and projected future taxable income. SBG’s effective income tax rate for the three months ended March 31, 2024 was greater than the statutory rate primarily due to an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’ pending income tax refund claims. SBG’s effective income tax rate for the three months ended March 31, 2023, was greater than the statutory rate primarily due to a release of valuation allowance on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j) as a result of the change in the tax classification of the legal entity owning the Diamond Sports business because of the exit of the sole minority investor. SBG does not believe that our liability for unrecognized tax benefits would be materially impacted, in the next twelve months, as a result of the expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities. Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.

OTHER ASSETS_2

OTHER ASSETS	3 Months Ended
	Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]
OTHER ASSETS	OTHER ASSETS: Other assets as of March 31, 2024 and December 31, 2023 consisted of the following (in millions): As of March 31, As of December 31, Equity method investments $ 113 $ 128 Other investments 368 387 Income tax receivable 140 131 Post-retirement plan assets 47 45 Other 57 51 Total other assets $ 725 $ 742 Equity Method Investments We have a portfolio of investments, including our investment in Diamond Sports Intermediate Holdings LLC ("DSIH"), and also a number of entities that are primarily focused on the development of real estate and other media and non-media businesses. No investments were individually significant for the periods presented. Diamond Sports Intermediate Holdings LLC. We account for our equity interest in DSIH under the equity method of accounting. As of March 1, 2022, we reflected the investment in DSIH at fair value, which was determined to be nominal. For the three months ended March 31, 2024 and 2023, we recorded no equity method loss related to the investment because the carrying value of the investment is zero and we are not obligated to fund losses incurred by DSIH. Other Investments We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily determinable, we have the option to value investments at cost plus observable changes in value, less impairment. Additionally, certain investments are measured at net asset value ("NAV"). As of March 31, 2024 and December 31, 2023, we held $155 million and $162 million, respectively, in investments measured at fair value. As of March 31, 2024 and December 31, 2023, we held $174 million and $189 million, respectively, in investments measured at NAV. We recognized a fair value adjustment gain of $2 million for the three months ended March 31, 2024 and a fair value adjustment loss of $1 million for the three months ended March 31, 2023 associated with these investments, which are reflected in other income, net in our consolidated statements of operations. As of March 31, 2024 and December 31, 2023, our unfunded commitments related to our investments valued using the NAV practical expedient totaled $73 million and $74 million, respectively. Investments accounted for utilizing the measurement alternative were $39 million and $36 million as of March 31, 2024 and December 31, 2023, respectively. There were no adjustments to the carrying amount of investments accounted for utilizing the measurement alternative for either of the three months ended March 31, 2024 and the three months ended March 31, 2023. Note Receivable We were party to an Accounts Receivable Securitization Facility ("A/R Facility"), held by Diamond Sports Finance SPV, LLC ("DSPV"), an indirect wholly-owned subsidiary of DSIH. On May 10, 2023, DSPV paid the Company approximately $199 million, representing the aggregate outstanding principal amount of the loans under the A/R Facility, accrued interest, and outstanding fees and expenses. The A/R Facility was terminated on March 14, 2024.
Sinclair Broadcast Group, LLC
Schedule of Equity Method Investments [Line Items]
OTHER ASSETS	OTHER ASSETS: Other assets as of March 31, 2024 and December 31, 2023 consisted of the following (in millions): As of March 31, As of December 31, Equity method investments $ 1 $ 1 Other investments 3 — Income tax receivable 140 131 Other 55 52 Total other assets $ 199 $ 184 Equity Method Investments Prior to the Reorganization, SBG had a portfolio of investments, including a number of entities that are primarily focused on the development of real estate and other media and non-media businesses. SBG has an investment in Diamond Sports Intermediate Holdings LLC ("DSIH"). No investments were individually significant for the periods presented. Diamond Sports Intermediate Holdings LLC. SBG's equity interest in DSIH is accounted for under the equity method of accounting. As of March 1, 2022, SBG reflected the investment in DSIH at fair value, which was determined to be nominal. For the three months ended March 31, 2024 and 2023, SBG recorded no equity method loss related to the investment because the carrying value of the investment is zero and SBG is not obligated to fund losses incurred by DSIH. Other Investments SBG's investments, excluding equity method investments, were accounted for at fair value or, in situations where fair value is not readily determinable, SBG had the option to value investments at cost plus observable changes in value, less impairment. Additionally, certain investments were measured at net asset value ("NAV"). All of the investments measured at fair value and NAV were transferred to Ventures as part of the Reorganization. SBG recognized a fair value adjustment loss of $1 million for the three months ended March 31, 2023 associated with these investments, which is reflected in other income, net in SBG's consolidated statements of operations. Investments accounted for utilizing the measurement alternative were $3 million as of March 31, 2024. There were no adjustments to the carrying amount of investments accounted for utilizing the measurement alternative for either of the three months ended March 31, 2024 and the three months ended March 31, 2023.

NOTES PAYABLE, FINANCE LEASES_2

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING	3 Months Ended
	Mar. 31, 2024
Debt Instrument [Line Items]
NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING	NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING: Bank Credit Agreement and Notes The bank credit agreement of Sinclair Television Group, Inc. ("STG"), a wholly-owned subsidiary of SBG (the "Bank Credit Agreement"), includes a financial maintenance covenant, the first lien leverage ratio (as defined in the Bank Credit Agreement), which requires such ratio not to exceed 4.5x, measured as of the end of each fiscal quarter. As of March 31, 2024, the STG first lien leverage ratio was below 4.5x. Under the Bank Credit Agreement, a financial maintenance covenant is only applicable if 35% or more of the capacity (as a percentage of total commitments) under the revolving credit facility, measured as of the last day of each fiscal quarter, is utilized under the revolving credit facility as of such date. Since there was no utilization under the revolving credit facility as of March 31, 2024, STG was not subject to the financial maintenance covenant under the Bank Credit Agreement. The Bank Credit Agreement contains other restrictions and covenants with which STG was in compliance as of March 31, 2024. During the three months ended March 31, 2024, we repurchased $27 million aggregate principal amount of the Term Loan B-2, due September 30, 2026, for consideration of $25 million. The portions of the Term Loan B-2 purchased were canceled immediately following their acquisition. We recognized a gain on extinguishment of the Term Loan B-2 of $1 million for the three months ended March 31, 2024. Finance Leases to Affiliates The current portion of notes payable, finance leases, and commercial bank financing in our consolidated balance sheets includes finance leases to affiliates of $2 million as of both March 31, 2024 and December 31, 2023. Notes payable, finance leases, and commercial bank financing, less current portion, in our consolidated balance sheets includes finances leases to affiliates of $11 million and $5 million as of March 31, 2024 and December 31, 2023, respectively. See Note 9. Related Person Transactions. Debt of Variable Interest Entities and Guarantees of Third-Party Obligations STG jointly, severally, unconditionally, and irrevocably guaranteed $2 million of debt of certain third parties as of both March 31, 2024 and December 31, 2023, all of which related to consolidated VIEs and is included in our consolidated balance sheets as of both March 31, 2024 and December 31, 2023. We provide a guarantee of certain obligations of a regional sports network subject to a maximum annual amount of $117 million with annual escalations of 4% for the next five years. We have determined that, as of March 31, 2024, it is not probable that we would have to perform under any of these guarantees. Interest Rate Swap We entered into an interest rate swap effective February 7, 2023 and terminates on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on SOFR. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies for further discussion. As of March 31, 2024 and December 31, 2023, the fair value of the interest rate swap was an asset o f $7 million and $1 million, respectively, which are recorded in other assets in our consolidated balance sheets.
Sinclair Broadcast Group, LLC
Debt Instrument [Line Items]
NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING	NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING: Bank Credit Agreement and Notes The bank credit agreement of Sinclair Television Group, Inc. ("STG"), a wholly-owned subsidiary of SBG (the "Bank Credit Agreement"), includes a financial maintenance covenant, the first lien leverage ratio (as defined in the Bank Credit Agreement), which requires such ratio not to exceed 4.5x, measured as of the end of each fiscal quarter. As of March 31, 2024, the STG first lien leverage ratio was below 4.5x. Under the Bank Credit Agreement, a financial maintenance covenant is only applicable if 35% or more of the capacity (as a percentage of total commitments) under the revolving credit facility, measured as of the last day of each fiscal quarter, is utilized under the revolving credit facility as of such date. Since there was no utilization under the revolving credit facility as of March 31, 2024, STG was not subject to the financial maintenance covenant under the Bank Credit Agreement. The Bank Credit Agreement contains other restrictions and covenants with which STG was in compliance as of March 31, 2024. During the three months ended March 31, 2024, STG purchased $27 million aggregate principal amount of the Term Loan B-2, due September 30, 2026, for consideration of $25 million. The portions of the Term Loan B-2 purchased were canceled immediately following their acquisition. STG recognized a gain on extinguishment of the Term Loan B-2 of $1 million for the three months ended March 31, 2024. Finance Leases to Affiliates The current portion of notes payable, finance leases, and commercial bank financing in SBG's consolidated balance sheets includes finance leases to affiliates of $2 million as of both March 31, 2024 and December 31, 2023. Notes payable, finance leases, and commercial bank financing, less current portion, in SBG's consolidated balance sheets includes finances leases to affiliates of $11 million and $5 million as of March 31, 2024 and December 31, 2023, respectively. See Note. 8 Related Person Transactions . Debt of Variable Interest Entities and Guarantees of Third-Party Obligations STG jointly, severally, unconditionally, and irrevocably guaranteed $2 million of debt of certain third parties as of both March 31, 2024 and December 31, 2023, all of which relate to consolidated VIEs and is included in SBG's consolidated balance sheets as of both March 31, 2024 and December 31, 2023. SBG provides a guarantee of certain obligations of a regional sports network subject to a maximum annual amount of $117 million with annual escalations of 4% for the next five years. SBG has determined that, as of March 31, 2024, it is not probable that SBG would have to perform under any of these guarantees. Interest Rate Swap SBG entered into an interest rate swap effective February 7, 2023 and terminates on February 28, 2026 in order to manage a portion of SBG's exposure to variable interest rates. The swap agreement has a notional amount of $600 million , bears a fixed interest rate of 3.9%, and SBG receives a floating rate of interest based on SOFR. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies for further discussion. As of March 31, 2024 and December 31, 2023, the fair value of the interest rate swap was an asset o f $7 million and $1 million , respectively, which are recorded in other assets in SBG's consolidated balance sheets.

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2024
Noncontrolling Interest [Line Items]
REDEEMABLE NONCONTROLLING INTERESTS	REDEEMABLE NONCONTROLLING INTERESTS: We account for redeemable noncontrolling interests in accordance with ASC 480, Distinguishing Liabilities from Equity , and classify them as mezzanine equity in our consolidated balance sheets because their possible redemption is outside of the control of the Company. Our redeemable non-controlling interests consist of the following: Redeemable Subsidiary Preferred Equity . On August 23, 2019, Diamond Sports Holdings LLC ("DSH"), an indirect parent of Diamond Sports Group, LLC ("DSG") and indirect wholly-owned subsidiary of the Company, issued preferred equity (the "Redeemable Subsidiary Preferred Equity"). On February 10, 2023, we purchased the remaining 175,000 units of the Redeemable Subsidiary Preferred Equity for an aggregate purchase price of $190 million, representing 95% of the sum of the remaining unreturned capital contribution of $175 million, and accrued and unpaid dividends up to, but not including, the date of purchase. Dividends accrued during the three months ended March 31, 2023 were $3 million and are reflected in net loss attributable to the redeemable noncontrolling interests in our consolidated statements of operations. Dividends accrued during the three months ended March 31, 2023 were paid-in-kind and added to the liquidation preference, which was partially offset by certain required cash tax distributions.
Sinclair Broadcast Group, LLC
Noncontrolling Interest [Line Items]
REDEEMABLE NONCONTROLLING INTERESTS	REDEEMABLE NONCONTROLLING INTERESTS: SBG accounts for redeemable noncontrolling interests in accordance with ASC 480, Distinguishing Liabilities from Equity , and classifies them as mezzanine equity in SBG's consolidated balance sheets because their possible redemption is outside of the control of SBG. SBG's redeemable non-controlling interests consist of the following: Redeemable Subsidiary Preferred Equity . On August 23, 2019, Diamond Sports Holdings LLC ("DSH"), an indirect parent of Diamond Sports Group, LLC ("DSG") and indirect wholly-owned subsidiary of SBG, issued preferred equity (the "Redeemable Subsidiary Preferred Equity"). On February 10, 2023, SBG purchased the remaining 175,000 units of the Redeemable Subsidiary Preferred Equity for an aggregate purchase price of $190 million, representing 95% of the sum of the remaining unreturned capital contribution of $175 million, and accrued and unpaid distributions up to, but not including, the date of purchase. Distributions accrued during the three months ended March 31, 2023 were $3 million and are reflected in net loss attributable to the redeemable noncontrolling interests in SBG's consolidated statements of operations. Distributions accrued during the three months ended March 31, 2023 were paid-in-kind and added to the liquidation preference, which was partially offset by certain required cash tax distributions.

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2024
Loss Contingencies [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: Litigation We are a party to lawsuits, claims, and regulatory matters from time to time in the ordinary course of business. Actions currently pending are in various stages and no material judgments or decisions have been rendered by hearing boards or courts in connection with such actions. Except as noted below, we do not believe the outcome of these matters, individually or in the aggregate, will have a material effect on our financial statements. FCC Litigation Matters On May 22, 2020, the Federal Communications Commission ("FCC") released an Order and Consent Decree pursuant to which the Company agreed to pay $48 million to resolve the matters covered by a Notice of Apparent Liability for Forfeiture ("NAL") issued in December 2017 proposing a $13 million fine for alleged violations of the FCC's sponsorship identification rules by the Company and certain of its subsidiaries, the FCC's investigation of the allegations raised in the Hearing Designation Order issued in connection with the Company's proposed acquisition of Tribune, and a retransmission related matter. The Company submitted the $48 million payment on August 19, 2020. As part of the consent decree, the Company also agreed to implement a 4-year compliance plan. Two petitions were filed on June 8, 2020 seeking reconsideration of the Order and Consent Decree. The Company filed an opposition to the petitions on June 18, 2020, and the petitions remain pending. On September 1, 2020, one of the individuals who filed a petition for reconsideration of the Order and Consent Decree filed a petition to deny the license renewal application of WBFF(TV), Baltimore, MD, and the license renewal applications of two other Baltimore, MD stations with which the Company has a JSA or LMA, Deerfield Media station WUTB(TV) and Cunningham Broadcasting Corporation ("Cunningham") station WNUV(TV). The Company filed an opposition to the petition on October 1, 2020. On January 18, 2024, a motion was filed to request substitution of the petitioner, who is deceased. On January 29, 2024, the Company filed (1) an opposition to the motion for substitution and (2) a motion to dismiss the petition to deny the renewal applications. An opposition was filed to the motion to dismiss on February 5, 2024, and the Company timely filed its reply on February 13, 2024, and the matter remains pending. On September 2, 2020, the FCC adopted a Memorandum Opinion and Order and NAL against the licensees of several stations with whom the Company has LMAs, JSAs, and/or SSAs in response to a complaint regarding those stations’ retransmission consent negotiations. The NAL proposed a $0.5 million penalty for each station, totaling $9 million. The licensees filed a response to the NAL on October 15, 2020, asking the FCC to dismiss the proceeding or, alternatively, to reduce the proposed forfeiture to $25,000 per station. On July 28, 2021, the FCC issued a forfeiture order in which the $0.5 million penalty was upheld for all but one station. A Petition for Reconsideration of the forfeiture order was filed on August 7, 2021. On March 14, 2022, the FCC released a Memorandum Opinion and Order and Order on Reconsideration, reaffirming the forfeiture order and dismissing (and in the alternative, denying) the Petition for Reconsideration. The Company is not a party to this forfeiture order; however, our consolidated financial statements include an accrual of additional expenses of $8 million for the above legal matters during the year ended December 31, 2021, as we consolidate these stations as VIEs. On September 21, 2022, the FCC released an NAL against the licensees of a number of stations, including 83 Company stations and several stations with whom the Company has LMAs, JSAs, and/or SSAs, for violation of the FCC's limitations on commercial matter in children's television programming related to KidsClick network programming distributed by the Company in 2018. The NAL proposed a fine of $2.7 million against the Company, and fines ranging from $20,000 to $26,000 per station for the other licensees, including the LMA, JSA, and/or SSA stations, for a total of $3.4 million. As of March 31, 2024, we have accrued $3.4 million. On October 21, 2022, the Company filed a written response seeking reduction of the proposed fine amount, and the matter remains pending. Other Litigation Matters On November 6, 2018, the Company agreed to enter into a proposed consent decree with the Department of Justice ("DOJ"). This consent decree resolves the DOJ's investigation into the sharing of pacing information among certain stations in some local markets. The DOJ filed the consent decree and related documents in the U.S. District Court for the District of Columbia on November 13, 2018. The U.S. District Court for the District of Columbia entered the consent decree on May 22, 2019. The consent decree is not an admission of any wrongdoing by the Company and does not subject the Company to any monetary damages or penalties. The Company believes that even if the pacing information was shared as alleged, it would not have impacted any pricing of advertisements or the competitive nature of the market. The consent decree requires the Company to adopt certain antitrust compliance measures, including the appointment of an Antitrust Compliance Officer, consistent with what the DOJ has required in previous consent decrees in other industries. The consent decree also requires the Company's stations not to exchange pacing and certain other information with other stations in their local markets, which the Company's management had already instructed them not to do. The Company is aware of twenty-two putative class action lawsuits that were filed against the Company following published reports of the DOJ investigation into the exchange of pacing data within the industry. On October 3, 2018, these lawsuits were consolidated in the Northern District of Illinois. The consolidated action alleges that the Company and thirteen other broadcasters conspired to fix prices for commercials to be aired on broadcast television stations throughout the United States and engaged in unlawful information sharing, in violation of the Sherman Antitrust Act. The consolidated action seeks damages, attorneys' fees, costs and interest, as well as injunctions against adopting practices or plans that would restrain competition in the ways the plaintiffs have alleged. The Court denied the defendants' motion to dismiss on November 6, 2020. Discovery commenced shortly after that and is continuing. Under the current schedule set by the Court, fact discovery is scheduled to close 90 days after a Special Master completes his review of the plaintiffs' objections to the defendant's privilege claims. That privilege review is ongoing. On August 18, 2023, the defendants filed objections to the Special Master’s First Report and Recommendations with the Court. The Court overruled the defendants’ objections on January 31, 2024. The Special Master has not indicated when he expects to complete his privilege review. On December 8, 2023, the Court granted final approval of the settlements the plaintiffs had reached with four of the original defendants (CBS, Fox, Cox Media, and ShareBuilders), who agreed to pay a total of $48 million to settle the plaintiffs' claims against them. The Company and the other non-settling defendants continue to believe the lawsuits are without merit and intend to vigorously defend themselves against all such claims. On July 19, 2023, as part of the ongoing bankruptcy proceedings of DSG, an independently managed and unconsolidated subsidiary of Sinclair, DSG and its wholly-owned subsidiary, Diamond Sports Net, LLC, filed a complaint (the "Diamond Litigation"), under seal, in the United States Bankruptcy Court for the Southern District of Texas naming certain subsidiaries of Sinclair, including SBG and STG, David D. Smith, Sinclair's Executive Chairman, Christopher S. Ripley, Sinclair's President and Chief Executive Officer, Lucy A. Rutishauser, Sinclair's Executive Vice President & Chief Financial Officer, and Scott Shapiro, Sinclair's Executive Vice President, Corporate Development and Strategy, as defendants. In the complaint, plaintiffs challenge a series of transactions involving SBG and certain of its subsidiaries, on the one hand, and DSG and its subsidiaries, on the other hand, since SBG acquired the former Fox Sports regional sports networks from The Walt Disney Company in August 2019. The complaint alleges, among other things, that the management services agreement (the "MSA") entered into by STG and DSG was not fair to DSG and was designed to benefit STG and SBG; that the Bally's Corporation ("Bally's") transaction in November 2020 through which Bally's acquired naming rights to certain regional sports networks was not fair to DSG and was designed to benefit STG and SBG; and that certain distributions made by DSG that were used to pay down preferred equity of DSH, were inappropriate and were conducted at a time when DSG was insolvent. The complaint alleges that SBG and its subsidiaries (other than DSG and its subsidiaries) received payments or indirect benefits of approximately $1.5 billion as a result of the alleged misconduct. The complaint asserts a variety of claims, including certain fraudulent transfers of assets, unlawful distributions and payments, breaches of contracts, unjust enrichment and breaches of fiduciary duties. The plaintiffs are seeking, among other relief, avoidance of fraudulent transfers and unlawful distributions, and unspecified monetary damages to be determined.
Sinclair Broadcast Group, LLC
Loss Contingencies [Line Items]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: Litigation SBG is a party to lawsuits, claims, and regulatory matters from time to time in the ordinary course of business. Actions currently pending are in various stages and no material judgments or decisions have been rendered by hearing boards or courts in connection with such actions. Except as noted below, SBG does not believe the outcome of these matters, individually or in the aggregate, will have a material effect on SBG's financial statements. FCC Litigation Matters On May 22, 2020, the Federal Communications Commission ("FCC") released an Order and Consent Decree pursuant to which the Company agreed to pay $48 million to resolve the matters covered by a Notice of Apparent Liability for Forfeiture ("NAL") issued in December 2017 proposing a $13 million fine for alleged violations of the FCC's sponsorship identification rules by the Company and certain of its subsidiaries, the FCC's investigation of the allegations raised in the Hearing Designation Order issued in connection with the Company's proposed acquisition of Tribune, and a retransmission related matter. The Company submitted the $48 million payment on August 19, 2020. As part of the consent decree, the Company also agreed to implement a 4-year compliance plan. Two petitions were filed on June 8, 2020 seeking reconsideration of the Order and Consent Decree. The Company filed an opposition to the petitions on June 18, 2020, and the petitions remain pending. On September 1, 2020, one of the individuals who filed a petition for reconsideration of the Order and Consent Decree filed a petition to deny the license renewal application of WBFF(TV), Baltimore, MD, and the license renewal applications of two other Baltimore, MD stations with which the Company has a JSA or LMA, Deerfield Media station WUTB(TV) and Cunningham Broadcasting Corporation ("Cunningham") station WNUV(TV). The Company filed an opposition to the petition on October 1, 2020. On January 18, 2024, a motion was filed to request substitution of the petitioner, who is deceased. On January 29, 2024, the Company filed (1) an opposition to the motion for substitution and (2) a motion to dismiss the petition to deny the renewal applications. An opposition was filed to the motion to dismiss on February 5, 2024, and the Company timely filed its reply on February 13, 2024, and the matter remains pending. On September 2, 2020, the FCC adopted a Memorandum Opinion and Order and NAL against the licensees of several stations with whom the Company has LMAs, JSAs, and/or SSAs in response to a complaint regarding those stations' retransmission consent negotiations. The NAL proposed a $0.5 million penalty for each station, totaling $9 million. The licensees filed a response to the NAL on October 15, 2020, asking the Commission to dismiss the proceeding or, alternatively, to reduce the proposed forfeiture to $25,000 per station. On July 28, 2021, the FCC issued a forfeiture order in which the $0.5 million penalty was upheld for all but one station. A Petition for Reconsideration of the forfeiture order was filed on August 7, 2021. On March 14, 2022, the FCC released a Memorandum Opinion and Order and Order on Reconsideration, reaffirming the forfeiture order and dismissing (and in the alternative, denying) the Petition for Reconsideration. The Company is not a party to this forfeiture order; however, SBG's consolidated financial statements include an accrual of additional expenses of $8 million for the above legal matters during the year ended December 31, 2021, as SBG consolidates these stations as VIEs. On September 21, 2022, the FCC released an NAL against the licensees of a number of stations, including 83 SBG stations and several stations with whom SBG has LMAs, JSAs, and/or SSAs, for violation of the FCC's limitations on commercial matter in children’s television programming related to KidsClick network programming distributed by the Company in 2018. The NAL proposed a fine of $2.7 million against SBG, and fines ranging from $20,000 to $26,000 per station for the other licensees, including the LMA, JSA, and/or SSA stations, for a total of $3.4 million. As of March 31, 2024, SBG has accrued $3.4 million. On October 21, 2022, the Company filed a written response seeking reduction of the proposed fine amount, and the matter remains pending. Other Litigation Matters On November 6, 2018, the Company agreed to enter into a proposed consent decree with the Department of Justice ("DOJ"). This consent decree resolves the DOJ's investigation into the sharing of pacing information among certain stations in some local markets. The DOJ filed the consent decree and related documents in the U.S. District Court for the District of Columbia on November 13, 2018. The U.S. District Court for the District of Columbia entered the consent decree on May 22, 2019. The consent decree is not an admission of any wrongdoing by the Company and does not subject the Company to any monetary damages or penalties. The Company believes that even if the pacing information was shared as alleged, it would not have impacted any pricing of advertisements or the competitive nature of the market. The consent decree requires the Company to adopt certain antitrust compliance measures, including the appointment of an Antitrust Compliance Officer, consistent with what the DOJ has required in previous consent decrees in other industries. The consent decree also requires the Company's stations not to exchange pacing and certain other information with other stations in their local markets, which the Company's management had already instructed them not to do. The Company is aware of twenty-two putative class action lawsuits that were filed against the Company following published reports of the DOJ investigation into the exchange of pacing data within the industry. On October 3, 2018, these lawsuits were consolidated in the Northern District of Illinois. The consolidated action alleges that the Company and thirteen other broadcasters conspired to fix prices for commercials to be aired on broadcast television stations throughout the United States and engaged in unlawful information sharing, in violation of the Sherman Antitrust Act. The consolidated action seeks damages, attorneys' fees, costs and interest, as well as injunctions against adopting practices or plans that would restrain competition in the ways the plaintiffs have alleged. The Court denied the defendants' motion to dismiss on November 6, 2020. Discovery commenced shortly after that and is continuing. Under the current schedule set by the Court, fact discovery is scheduled to close 90 days after a Special Master completes his review of the plaintiffs' objections to the defendant's privilege claims. That privilege review is ongoing. On August 18, 2023, the defendants filed objections to the Special Master’s First Report and Recommendations with the Court. The Court overruled the defendants’ objections on January 31, 2024. The Special Master has not indicated when he expects to complete his privilege review. On December 8, 2023, the Court granted final approval of the settlements the plaintiffs had reached with four of the original defendants (CBS, Fox, Cox Media, and ShareBuilders), who agreed to pay a total of $48 million to settle the plaintiffs' claims against them. The Company and the other non-settling defendants continue to believe the lawsuits are without merit and intend to vigorously defend themselves against all such claims. On July 19, 2023, as part of the ongoing bankruptcy proceedings of DSG, an independently managed and unconsolidated subsidiary of Sinclair, DSG and its wholly-owned subsidiary, Diamond Sports Net, LLC, filed a complaint (the "DSG Litigation"), under seal, in the United States Bankruptcy Court for the Southern District of Texas naming certain subsidiaries of Sinclair, including SBG and STG, David D. Smith, Sinclair's Executive Chairman, Christopher S. Ripley, Sinclair's President and Chief Executive Officer, Lucy A. Rutishauser, Sinclair's Executive Vice President & Chief Financial Officer, and Scott Shapiro, Sinclair's Executive Vice President, Corporate Development and Strategy, as defendants. In the complaint, plaintiffs challenge a series of transactions involving SBG and certain of its subsidiaries, on the one hand, and DSG and its subsidiaries, on the other hand, since SBG acquired the former Fox Sports regional sports networks from The Walt Disney Company in August 2019. The complaint alleges, among other things, that the management services agreement (the "MSA") entered into by STG and DSG was not fair to DSG and was designed to benefit STG and SBG; that the Bally's Corporation ("Bally's") transaction in November 2020 through which Bally's acquired naming rights to certain regional sports networks was not fair to DSG and was designed to benefit STG and SBG; and that certain distributions made by DSG that were used to pay down preferred equity of DSH, were inappropriate and were conducted at a time when DSG was insolvent. The complaint alleges that SBG and its subsidiaries (other than DSG and its subsidiaries) received payments or indirect benefits of approximately $1.5 billion as a result of the alleged misconduct. The complaint asserts a variety of claims, including certain fraudulent transfers of assets, unlawful distributions and payments, breaches of contracts, unjust enrichment and breaches of fiduciary duties. The plaintiffs are seeking, among other relief, avoidance of fraudulent transfers and unlawful distributions, and unspecified monetary damages to be determined. The defendants believe the allegations in this lawsuit are without merit and intend to vigorously defend against plaintiffs' claims.

SEGMENT DATA_2

SEGMENT DATA	3 Months Ended
	Mar. 31, 2024
Segment data
SEGMENT DATA	SEGMENT DATA: During the period ended June 30, 2023 we modified our segment reporting to align with the new organizational structure of the Company discussed within Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies. The segment information within the comparative periods presented has been recast to reflect this new presentation. During the period ended March 31, 2024, we measured segment performance based on operating income (loss). For the quarter ended March 31, 2024, we had two reportable segments, local media and tennis. Our local media segment includes our television stations, original networks and content and provides these through free over-the-air programming to television viewing audiences for stations in markets located throughout the continental United States, as well as distributes the content of these stations to MVPDs for distribution to their customers in exchange for contractual fees. See Revenue Recognition under Note 1. Nature of Operations and Summary of Significant Accounting Policies for further detail. Our tennis segment provides viewers coverage of many of tennis' top tournaments and original professional sport and tennis lifestyle shows. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of non-broadcast digital and internet solutions, technical services, and non-media investments. Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location. All our businesses are located within the United States. As a result of the Reorganization, the local media segment assets are owned and operated by SBG, the assets of the tennis segment are owned and operated by Ventures, and the other Transferred Assets, which are included in other and corporate, are owned and operated by Ventures. Segment financial information is included in the following tables for the periods presented (in millions): As of March 31, 2024 Local Media Tennis Other & Corporate Eliminations Consolidated Assets $ 4,733 $ 300 $ 1,008 $ (3) $ 6,038 For the three months ended March 31, 2024 Local Media Tennis Other & Corporate Eliminations Consolidated Revenue $ 727 $ 63 $ 15 $ (7) (a) $ 798 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 58 5 1 (1) 63 Amortization of program contract costs 19 — — — 19 Corporate general and administrative expenses 41 1 16 — 58 Operating income (loss) 41 20 (19) — 42 Interest expense including amortization of debt discount and deferred financing costs 76 — — — 76 Income from equity method investments — (1) 15 — 14 For the three months ended March 31, 2023 Local Media Tennis Other & Corporate Eliminations Consolidated Revenue $ 705 $ 55 $ 17 $ (4) (a) $ 773 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 59 5 2 (1) 65 Amortization of program contract costs 22 — — — 22 Corporate general and administrative expenses 32 — 26 — 58 (Gain) loss on asset dispositions and other, net of impairment (1) — 7 — 6 Operating income (loss) 41 18 (38) — 21 Interest expense including amortization of debt discount and deferred financing costs 74 — — — 74 Income from equity method investments — — 31 — 31 (a) Includes $2 million and $1 million for the three months ended March 31, 2024 and 2023, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.
Sinclair Broadcast Group, LLC
Segment data
SEGMENT DATA	SEGMENT DATA: During the period ended June 30, 2023, SBG modified its segment reporting to align with the new organizational structure of SBG discussed within Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies. The segment information within the comparative periods has been recast to reflect this new presentation. During the period ended March 31, 2024, SBG measured segment performance based on operating income (loss). For the quarter ended March 31, 2024, SBG had one reportable segment: local media. The local media segment includes SBG's television stations, original networks, and content and provides these through free over-the-air programming to television viewing audiences for stations in markets located throughout the continental United States, as well as distributes the content of these stations to MVPDs for distribution to their customers in exchange for contractual fees. See Revenue Recognition under Note 1. Nature of Operations and Summary of Significant Accounting Policies for further detail. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of tennis, non-broadcast digital and internet solutions, technical services, and non-media investments. Corporate costs primarily include SBG's costs to operate as the parent company of its subsidiaries. All of SBG's businesses are located within the United States. The businesses included in other were transferred to Ventures as part of the Reorganization discussed within Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies Segment financial information is included in the following tables for the periods presented (in millions): As of March 31, 2024 Local Media Corporate Consolidated Assets $ 4,752 $ 86 $ 4,838 For the three months ended March 31, 2024 Local Media Revenue $ 727 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 58 Amortization of program contract costs 19 Corporate general and administrative expenses 41 Operating income 41 Interest expense including amortization of debt discount and deferred financing costs 76 For the three months ended March 31, 2023 Local Media Other & Corporate (a) Eliminations Consolidated Revenue $ 705 $ 72 $ (4) $ 773 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 59 7 (1) 65 Amortization of program contract costs 22 — — 22 Corporate general and administrative expenses 32 26 — 58 (Gain) loss on asset dispositions and other, net of impairment (1) 7 — 6 Operating income (loss) 41 (20) — 21 Interest expense including amortization of debt discount and deferred financing costs 74 — — 74 Income from equity method investments — 31 — 31 (a) Represents the activity in tennis, non-broadcast digital and internet solutions, technical services, and non-media investments (collectively, other) prior to the Reorganization on June 1, 2023 and the activity in corporate prior and subsequent to the Reorganization. See Company Reorganization within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

VARIABLE INTEREST ENTITIES_2

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2024
Variable Interest Entity [Line Items]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES: Certain of our stations provide services to other station owners within the same respective market through agreements, such as LMAs, where we provide programming, sales, operational, and administrative services, and JSAs and SSAs, where we provide non-programming, sales, operational, and administrative services. In certain cases, we have also entered into purchase agreements or options to purchase the license related assets of the licensee. We typically own the majority of the non-license assets of the stations, and in some cases where the licensee acquired the license assets concurrent with our acquisition of the non-license assets of the station, we have provided guarantees to the bank for the licensee's acquisition financing. The terms of the agreements vary, but generally have initial terms of over five years with several optional renewal terms. Based on the terms of the agreements and the significance of our investment in the stations, we are the primary beneficiary when, subject to the ultimate control of the licensees, we have the power to direct the activities which significantly impact the economic performance of the VIE through the services we provide and we absorb losses and returns that would be considered significant to the VIEs. The fees paid between us and the licensees pursuant to these arrangements are eliminated in consolidation. The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets as of the dates presented, were as follows (in millions): As of March 31, As of December 31, ASSETS Current assets: Accounts receivable, net $ 20 $ 23 Other current assets 2 3 Total current assets 22 26 Property and equipment, net 10 11 Goodwill and indefinite-lived intangible assets 15 15 Definite-lived intangible assets, net 31 33 Total assets $ 78 $ 85 LIABILITIES Current liabilities: Other current liabilities $ 13 $ 14 Notes payable, finance leases and commercial bank financing, less current portion 6 6 Other long-term liabilities 3 3 Total liabilities $ 22 $ 23 The amounts above represent the combined assets and liabilities of the VIEs described above, for which we are the primary beneficiary. Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs, which are excluded from the above, were $130 million as of both March 31, 2024 and December 31, 2023, as these amounts are eliminated in consolidation. The assets of each of these consolidated VIEs can only be used to settle the obligations of the VIE. As of March 31, 2024, all of the liabilities are non-recourse to us except for the debt of certain VIEs. See Debt of Variable Interest Entities and Guarantees of Third-Party Obligations under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion. The risk and reward characteristics of the VIEs are similar. Other VIEs We have several investments in entities which are considered VIEs. However, we do not participate in the management of these entities, including the day-to-day operating decisions or other decisions which would allow us to control the entity, and therefore, we are not considered the primary beneficiary of these VIEs. The carrying amounts of our investments in these VIEs for which we are not the primary beneficiary were $171 million and $192 million as of March 31, 2024 and December 31, 2023, respectively, and are included in other assets in our consolidated balance sheets. See Note 2. Other Assets for more information related to our equity investments. Our maximum exposure is equal to the carrying value of our investments. The income and loss related to equity method investments and other investments are recorded in income from equity method investments and other income, net, respectively, in our consolidated statements of operations. We recorded a loss of $1 million for the three months ended March 31, 2024 and a gain of $35 million for the three months ended March 31, 2023 related to these investments. We hold substantially all the equity of DSIH and provide certain management and general and administrative services to DSIH. However, it was determined that we are not the primary beneficiary because we lack the ability to control the activities that most significantly drive the economics of the business. The carrying amount of our investment in DSIH is zero and there is no obligation for us to provide additional financial support. We were also party to the A/R Facility held by an indirect wholly-owned subsidiary of DSIH which had a maturity date of September 23, 2024. The A/R Facility was terminated on March 14, 2024. See Note Receivable within Note 2. Other Assets
Sinclair Broadcast Group, LLC
Variable Interest Entity [Line Items]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES: Certain of SBG's stations provide services to other station owners within the same respective market through agreements, such as LMAs, where SBG provides programming, sales, operational, and administrative services, and JSAs and SSAs, where SBG provides non-programming, sales, operational, and administrative services. In certain cases, SBG has also entered into purchase agreements or options to purchase the license related assets of the licensee. SBG typically owns the majority of the non-license assets of the stations, and in some cases where the licensee acquired the license assets concurrent with SBG's acquisition of the non-license assets of the station, SBG has provided guarantees to the bank for the licensee's acquisition financing. The terms of the agreements vary, but generally have initial terms of over five years with several optional renewal terms. Based on the terms of the agreements and the significance of SBG's investment in the stations, SBG is the primary beneficiary when, subject to the ultimate control of the licensees, SBG has the power to direct the activities which significantly impact the economic performance of the VIE through the services SBG provides and SBG absorbs losses and returns that would be considered significant to the VIEs. The fees paid between SBG and the licensees pursuant to these arrangements are eliminated in consolidation. The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in SBG's consolidated balance sheets as of the dates presented, were as follows (in millions): As of March 31, As of December 31, ASSETS Current assets: Accounts receivable, net $ 20 $ 23 Other current assets 2 3 Total current assets 22 26 Property and equipment, net 10 11 Goodwill and indefinite-lived intangible assets 15 15 Definite-lived intangible assets, net 31 33 Total assets $ 78 $ 85 LIABILITIES Current liabilities: Other current liabilities $ 13 $ 14 Notes payable, finance leases and commercial bank financing, less current portion 6 6 Other long-term liabilities 3 3 Total liabilities $ 22 $ 23 The amounts above represent the combined assets and liabilities of the VIEs described above, for which SBG is the primary beneficiary. Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs, which are excluded from the above, were $130 million as of both March 31, 2024 and December 31, 2023 as these amounts are eliminated in consolidation. The assets of each of these consolidated VIEs can only be used to settle the obligations of the VIE. As of March 31, 2024, all of the liabilities are non-recourse to SBG except for the debt of certain VIEs. See Debt of variable interest entities and guarantees of third-party obligations under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion. The risk and reward characteristics of the VIEs are similar. Other VIEs Prior to the Reorganization, SBG had several investments in entities which are considered VIEs. However, SBG did not participate in the management of these entities, including the day-to-day operating decisions or other decisions which would allow SBG to control the entity, and therefore, SBG was not considered the primary beneficiary of these VIEs. SBG's investments in these VIEs for which SBG was not the primary beneficiary were transferred to Ventures as part of the Reorganization. The income and loss related to equity method investments and other investments are recorded in income from equity method investments and other income, net, respectively, in SBG's consolidated statements of operations. SBG recorded a gain of $35 million for the three months ended March 31, 2023, related to these investments.

RELATED PERSON TRANSACTIONS_2

RELATED PERSON TRANSACTIONS	3 Months Ended
	Mar. 31, 2024
Related Party Transaction [Line Items]
RELATED PERSON TRANSACTIONS	RELATED PERSON TRANSACTIONS: Transactions With Our Controlling Shareholders David, Frederick, J. Duncan, and Robert Smith (collectively, the "controlling shareholders") are brothers and hold substantially all of our Class B Common Stock and some of our Class A Common Stock. We engaged in the following transactions with them and/or entities in which they have substantial interests: Leases. Certain assets used by us and our operating subsidiaries are leased from entities owned by the controlling shareholders. Lease payments made to these entities were $2 million for both the three months ended March 31, 2024 and 2023. For further information, see Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing . Charter Aircraft. We lease aircraft owned by certain controlling shareholders. For all leases, we incurred expenses of less than $0.1 million for the three months ended March 31, 2023. Cunningham Broadcasting Corporation Cunningham owns a portfolio of television stations, including: WNUV-TV Baltimore, Maryland; WRGT-TV Dayton, Ohio; WVAH-TV Charleston, West Virginia; WMYA-TV Anderson, South Carolina; WTTE-TV Columbus, Ohio; WDBB-TV Birmingham, Alabama; WBSF-TV Flint, Michigan; WGTU-TV/WGTQ-TV Traverse City/Cadillac, Michigan; WEMT-TV Tri-Cities, Tennessee; WYDO-TV Greenville, North Carolina; KBVU-TV/KCVU-TV Eureka/Chico-Redding, California; WPFO-TV Portland, Maine; KRNV-DT/KENV-DT Reno, Nevada/Salt Lake City, Utah; and KTXD-TV in Dallas, Texas (collectively, the "Cunningham Stations"). Certain of our stations provide services to the Cunningham Stations pursuant to LMAs or JSAs and SSAs. See Note 8. Variable Interest Entities , for further discussion of the scope of services provided under these types of arrangements. All the non-voting stock of the Cunningham Stations is owned by trusts for the benefit of the children of our controlling shareholders. We consolidate certain subsidiaries of Cunningham with which we have variable interests through various arrangements related to the Cunningham Stations. The services provided to WNUV-TV, WMYA-TV, WTTE-TV, WRGT-TV and WVAH-TV are governed by a master agreement which has a current term that expires on July 1, 2028 and there is one additional five-year renewal term remaining with final expiration on July 1, 2033. We also executed purchase agreements to acquire the license related assets of these stations from Cunningham, which grant us the right to acquire, and grant Cunningham the right to require us to acquire, subject to applicable FCC rules and regulations, 100% of the capital stock or the assets of these individual subsidiaries of Cunningham. Pursuant to the terms of this agreement we are obligated to pay Cunningham an annual fee for the television stations equal to the greater of (i) 3% of each station's annual net broadcast revenue or (ii) $6 million. The aggregate purchase price of these television stations increases by 6% annually. A portion of the fee is required to be applied to the purchase price to the extent of the 6% increase. The cumulative prepayments made under these purchase agreements were $66 million and $65 million as of March 31, 2024 and December 31, 2023, respectively. The remaining aggregate purchase price of these stations, net of prepayments, as of both March 31, 2024 and December 31, 2023, was approximately $54 million. Additionally, we provide services to WDBB-TV pursuant to an LMA, which expires April 22, 2025, and have a purchase option to acquire for $0.2 million. We paid Cunningham, under these agreements, $3 million for both the three months ended March 31, 2024 and 2023. The agreements with KBVU-TV/KCVU-TV, KRNV-DT/KENV-DT, WBSF-TV, WDBB-TV, WEMT-TV, WGTU-TV/WGTQ-TV, WPFO-TV, and WYDO-TV expire between April 2025 and November 2029 and certain stations have renewal provisions for successive eight-year periods. As we consolidate the licensees as VIEs, the amounts we earn or pay under the arrangements are eliminated in consolidation and the gross revenues of the stations are reported in our consolidated statements of operations. Our consolidated revenues include $34 million for the three months ended March 31, 2024 and $36 million for the three months ended March 31, 2023 related to the Cunningham Stations. We have an agreement with Cunningham to provide master control equipment and provide master control services to a station in Johnstown, PA with which Cunningham has an LMA that expires in June 2025. Under the agreement, Cunningham paid us an initial fee of $1 million and pays us $0.3 million annually for master control services plus the cost to maintain and repair the equipment. In addition, we have an agreement with Cunningham to provide a news share service with the Johnstown, PA station for an annual fee of $0.6 million, which increases by 3% on each anniversary and expires in November 2024. We have multi-cast agreements with Cunningham Stations in the Eureka/Chico-Redding, California; Tri-Cities, Tennessee; Anderson, South Carolina; Baltimore, Maryland; Portland, Maine; Charleston, West Virginia; Dallas, Texas; and Greenville, North Carolina markets. In exchange for carriage of these networks in their markets, we paid $0.5 million for both the three months ended March 31, 2024 and 2023, under these agreements. Leased Property by Real Estate Ventures Certain of our real estate ventures have entered into leases with entities owned by members of the Smith Family. Total rent payments received under these leases were $0.4 million for both the three months ended March 31, 2024 and 2023. Diamond Sports Intermediate Holdings LLC We account for our equity interest in DSIH as an equity method investment. Management Services Agreement. We have a management services agreement with DSG, a wholly-owned subsidiary of DSIH, in which we provide DSG with affiliate sales and marketing services and general and administrative services. Pursuant to this agreement, the local media segment recorded $13 million and $9 million of revenue for the three months ended March 31, 2024 and 2023, respectively. Note receivable . We received payments totaling $3 million from DSPV during the three months ended March 31, 2023 related to the note receivable associated with the A/R Facility. The A/R Facility was terminated on March 14, 2024. We recorded revenue of $4 million and $5 million during the three months ended March 31, 2024 and 2023, respectively, related to certain other transactions between DSIH and the Company. Employees Jason Smith, an employee of the Company, is the son of Frederick Smith, who is a Vice President of the Company and a member of the Company's Board of Directors. Jason Smith received total compensation of $0.2 million for both the three months ended March 31, 2024 and 2023, consisting of salary and bonus, and was granted 37,566 shares of restricted stock, vesting over two years, and 500,000 stock appreciation rights, vesting over two years, during the three months ended March 31, 2024. Ethan White, an employee of the Company, is the son-in-law of J. Duncan Smith, who is a Vice President of the Company and Secretary of the Company's Board of Directors. Ethan White received total compensation of $0.1 million, consisting of salary, and less than $0.1 million, consisting of salary and bonus, for the three months ended March 31, 2024 and 2023, respectively, and was granted 1,503 and 1,252 shares of restricted stock, vesting over two years, during the three months ended March 31, 2024 and 2023, respectively. Amberly Thompson, an employee of the Company, is the daughter of Donald Thompson, who is an Executive Vice President and Chief Human Resources Officer of the Company. Amberly Thompson received total compensation of less than $0.1 million, consisting of salary, and $0.1 million, consisting of salary and bonus, for the three months ended March 31, 2024 and 2023, respectively. Edward Kim, an employee of the company, is the brother-in-law of Christopher Ripley, who is the President and Chief Executive Officer of the Company. Edward Kim received total compensation of less than $0.1 million for both the three months ended March 31, 2024 and 2023, consisting of salary, and was granted 656 and 516 shares of restricted stock, vesting over two years, during the three months ended March 31, 2024 and 2023, respectively. Frederick Smith is the brother of David Smith, Executive Chairman of the Company and Chairman of the Company's Board of Directors; Robert Smith, a member of the Company's Board of Directors; and J. Duncan Smith. Frederick Smith received total compensation of $0.2 million for both the three months ended March 31, 2024 and 2023, consisting of salary and bonus. J. Duncan Smith is the brother of David Smith, Frederick Smith, and Robert Smith. J. Duncan Smith received total compensation of $0.2 million for both the three months ended March 31, 2024 and 2023, consisting of salary and bonus.
Sinclair Broadcast Group, LLC
Related Party Transaction [Line Items]
RELATED PERSON TRANSACTIONS	RELATED PERSON TRANSACTIONS: Transactions With SBG's Indirect Controlling Shareholders David, Frederick, J. Duncan, and Robert Smith (collectively, the "Sinclair controlling shareholders") are brothers and hold substantially all of the Sinclair Class B Common Stock and some of the Sinclair Class A Common Stock and, subsequent to the Reorganization, the Sinclair controlling shareholders are on the Board of Managers of SBG. SBG engaged in the following transactions with them and/or entities in which they have substantial interests: Leases. Certain assets used by SBG and SBG's operating subsidiaries are leased from entities owned by the Sinclair controlling shareholders. Lease payments made to these entities were $2 million for both the three months ended March 31, 2024 and 2023. For further information, see Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing . Charter Aircraft. SBG leases aircraft owned by certain Sinclair controlling shareholders. For all leases, SBG incurred expenses of less than $0.1 million for the three months ended March 31, 2023. Cunningham Broadcasting Corporation Cunningham owns a portfolio of television stations, including: WNUV-TV Baltimore, Maryland; WRGT-TV Dayton, Ohio; WVAH-TV Charleston, West Virginia; WMYA-TV Anderson, South Carolina; WTTE-TV Columbus, Ohio; WDBB-TV Birmingham, Alabama; WBSF-TV Flint, Michigan; WGTU-TV/WGTQ-TV Traverse City/Cadillac, Michigan; WEMT-TV Tri-Cities, Tennessee; WYDO-TV Greenville, North Carolina; KBVU-TV/KCVU-TV Eureka/Chico-Redding, California; WPFO-TV Portland, Maine; KRNV-DT/KENV-DT Reno, Nevada/Salt Lake City, Utah; and KTXD-TV in Dallas, Texas (collectively, the "Cunningham Stations"). Certain of SBG's stations provide services to the Cunningham Stations pursuant to LMAs or JSAs and SSAs. See Note 7. Variable Interest Entities , for further discussion of the scope of services provided under these types of arrangements. All of the non-voting stock of the Cunningham Stations is owned by trusts for the benefit of the children of the Sinclair controlling shareholders. SBG consolidates certain subsidiaries of Cunningham with which SBG has variable interests through various arrangements related to the Cunningham Stations. The services provided to WNUV-TV, WMYA-TV, WTTE-TV, WRGT-TV and WVAH-TV are governed by a master agreement which has a current term that expires on July 1, 2028 and there is one additional five-year renewal term remaining with final expiration on July 1, 2033. SBG also executed purchase agreements to acquire the license related assets of these stations from Cunningham, which grant SBG the right to acquire, and grant Cunningham the right to require SBG to acquire, subject to applicable FCC rules and regulations, 100% of the capital stock or the assets of these individual subsidiaries of Cunningham. Pursuant to the terms of this agreement SBG is obligated to pay Cunningham an annual fee for the television stations equal to the greater of (i) 3% of each station's annual net broadcast revenue or (ii) $6 million. The aggregate purchase price of these television stations increases by 6% annually. A portion of the fee is required to be applied to the purchase price to the extent of the 6% increase. The cumulative prepayments made under these purchase agreements were $66 million and $65 million as of March 31, 2024 and December 31, 2023, respectively. The remaining aggregate purchase price of these stations, net of prepayments, as of both March 31, 2024 and December 31, 2023, was approximately $54 million. Additionally, SBG provides services to WDBB-TV pursuant to an LMA, which expires April 22, 2025, and has a purchase option to acquire for $0.2 million. SBG paid Cunningham, under these agreements, $3 million for both the three months ended March 31, 2024 and 2023. The agreements with KBVU-TV/KCVU-TV, KRNV-DT/KENV-DT, WBSF-TV, WDBB-TV, WEMT-TV, WGTU-TV/WGTQ-TV, WPFO-TV, and WYDO-TV expire between April 2025 and November 2029 and certain stations have renewal provisions for successive eight-year periods. As SBG consolidates the licensees as VIEs, the amounts SBG earns or pays under the arrangements are eliminated in consolidation and the gross revenues of the stations are reported in SBG's consolidated statements of operations. SBG's consolidated revenues include $34 million for the three months ended March 31, 2024 and $36 million for the three months ended March 31, 2023, related to the Cunningham Stations. SBG has an agreement with Cunningham to provide master control equipment and provide master control services to a station in Johnstown, PA with which Cunningham has an LMA that expires in June 2025. Under the agreement, Cunningham paid SBG an initial fee of $1 million and pays SBG $0.3 million annually for master control services plus the cost to maintain and repair the equipment. In addition, SBG has an agreement with Cunningham to provide a news share service with the Johnstown, PA station for an annual fee of $0.6 million, which increases by 3% on each anniversary and expires in November 2024. SBG has multi-cast agreements with Cunningham Stations in the Eureka/Chico-Redding, California; Tri-Cities, Tennessee; Anderson, South Carolina; Baltimore, Maryland; Portland, Maine; Charleston, West Virginia; Dallas, Texas; and Greenville, North Carolina markets. In exchange for carriage of these networks in their markets, SBG paid $0.5 million for both the three months ended March 31, 2024 and 2023, under these agreements. Leased Property by Real Estate Ventures Certain of SBG's real estate ventures have entered into leases with entities owned by members of the Smith Family. Total rent payments received under these leases were $0.4 million for the three months ended March 31, 2023. Sinclair, Inc. Subsequent to the Reorganization, Sinclair is the sole member of SBG. See Company Reorganization within Note 1. Nature of Operations and Summary of Significant Accounting Policies for further discussion. SBG recorded revenue of $2 million during the three months ended March 31, 2024, within the local media segment related to sales services provided by SBG to Sinclair, and certain of its direct and indirect subsidiaries. SBG recorded expenses of $2 million during the three months ended March 31, 2024, within the local media segment related to digital advertising services provided by Sinclair, and certain of its direct and indirect subsidiaries, to SBG. SBG received net cash payments of $15 million from Sinclair, and certain of its direct and indirect subsidiaries, during the three months ended March 31, 2024. As of March 31, 2024, SBG had a payable to Sinclair, and certain of its direct and indirect subsidiaries, of $6 million, included within other current liabilities in SBG's consolidated balance sheets, and as of December 31, 2023, SBG had a receivable from Sinclair, and certain of its direct and indirect subsidiaries, of $3 million, included within prepaid expenses and other current assets in SBG's consolidated balance sheets. Diamond Sports Intermediate Holdings LLC SBG's equity interest in DSIH is accounted for as an equity method investment. Management Services Agreement. SBG has a management services agreement with DSG, a wholly-owned subsidiary of DSIH, in which SBG provides DSG with affiliate sales and marketing services and general and administrative services. Pursuant to this agreement, SBG recorded $13 million of revenue for the three months ended March 31, 2024 and $9 million of revenue for the three months ended March 31, 2023. Note receivable . SBG received payments of $3 million from DSPV during the three months ended March 31, 2023 related to the note receivable associated with the A/R Facility. The loans under the A/R Facility were transferred to Ventures as part of the Reorganization. The A/R Facility was terminated on March 14, 2024. SBG recorded revenue of $1 million during the three months ended March 31, 2024 and $5 million during the three months ended March 31, 2023 within the local media segment and other related to certain other transactions between DSIH and SBG. Employees Jason Smith, an employee of SBG, is the son of Frederick Smith, who is a Vice President of SBG and a member of SBG's Board of Managers. Jason Smith received total compensation of $0.2 million for both the three months ended March 31, 2024 and 2023, consisting of salary and bonus, and was granted 37,566 shares of restricted stock, vesting over two years, and 500,000 stock appreciation rights, vesting over two years, during the three months ended March 31, 2024. Ethan White, an employee of SBG, is the son-in-law of J. Duncan Smith, who is a Vice President of SBG and member of SBG's Board of Managers. Ethan White received total compensation of $0.1 million, consisting of salary, and less than $0.1 million, consisting of salary and bonus, for the three months ended March 31, 2024 and 2023, respectively, and was granted 1,503 and 1,252 shares of restricted stock, vesting over two years, during the three months ended March 31, 2024 and 2023, respectively. Amberly Thompson, an employee of SBG, is the daughter of Donald Thompson, who is an Executive Vice President and Chief Human Resources Officer of SBG. Amberly Thompson received total compensation of less than $0.1 million, consisting of salary, and $0.1 million, consisting of salary and bonus, for the three months ended March 31, 2024 and 2023, respectively. Edward Kim, an employee of SBG, is the brother-in-law of Christopher Ripley, who is the President and Chief Executive Officer of SBG. Edward Kim received total compensation of less than $0.1 million for both the three months ended March 31, 2024 and 2023, consisting of salary, and was granted 656 and 516 shares of restricted stock, vesting over two years, during the three months ended March 31, 2024 and 2023, respectively. Frederick Smith is the brother of David Smith, Executive Chairman of SBG and a member of SBG's Board of Managers; Robert Smith, a member of the SBG's Board of Managers; and J. Duncan Smith. Frederick Smith received total compensation of $0.2 million for both the three months ended March 31, 2024 and 2023, consisting of salary and bonus. J. Duncan Smith is the brother of David Smith and Frederick Smith, and Robert Smith. J. Duncan Smith received total compensation of $0.2 million for both the three months ended March 31, 2024 and 2023, consisting of salary and bonus.

FAIR VALUE MEASUREMENTS_2

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2024
FAIR VALUE MEASUREMENTS:
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS: Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions. The following table sets forth the face value and fair value of our financial assets and liabilities for the periods presented (in millions): As of March 31, 2024 As of December 31, 2023 Face Value Fair Value Face Value Fair Value Level 1: Investments in equity securities N/A $ — N/A $ 6 Money market funds N/A $ 514 N/A $ 588 Deferred compensation assets N/A $ 47 N/A $ 45 Deferred compensation liabilities N/A $ 46 N/A $ 44 Level 2: Investments in equity securities (a) N/A $ 110 N/A $ 110 Interest rate swap (b) N/A $ 7 N/A $ 1 STG (c): 5.500% Senior Notes due 2030 $ 485 $ 349 $ 485 $ 362 5.125% Senior Notes due 2027 $ 274 $ 252 $ 274 $ 248 4.125% Senior Secured Notes due 2030 $ 737 $ 536 $ 737 $ 521 Term Loan B-2, due September 30, 2026 $ 1,185 $ 1,125 $ 1,215 $ 1,124 Term Loan B-3, due April 1, 2028 $ 720 $ 569 $ 722 $ 595 Term Loan B-4, due April 21, 2029 $ 737 $ 575 $ 739 $ 602 Debt of variable interest entities (c) $ 7 $ 7 $ 7 $ 7 Debt of non-media subsidiaries (c) $ 15 $ 15 $ 15 $ 15 Level 3: Investments in equity securities (d) N/A $ 45 N/A $ 46 N/A - Not applicable (a) Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price. (b) We entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on SOFR. T he fair value of the interest rate swap was an asset as of March 31, 2024. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing. (c) Amounts are carried in our consolidated balance sheets net of debt discount, premium, and deferred financing cost, which are excluded in the above table, of $43 million and $46 million as of March 31, 2024 and December 31, 2023, respectively. (d) On November 18, 2020, we entered into a commercial agreement with Bally's and received warrants and options to acquire common equity in the business. During the three months ended March 31, 2024 we recorded a fair value adjustment loss of $1 million. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity. The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock and the exercise price of the options, which range from $30 to $45 per share. The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three months ended March 31, 2024 and 2023 (in millions): Options and Warrants Three Months Ended March 31, 2024 Fair value at December 31, 2023 $ 46 Measurement adjustments (1) Fair value at March 31, 2024 $ 45 Options and Warrants Three Months Ended March 31, 2023 Fair value at December 31, 2022 $ 75 Measurement adjustments — Fair value at March 31, 2023 $ 75
Sinclair Broadcast Group, LLC
FAIR VALUE MEASUREMENTS:
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS: Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions. The following table sets forth the face value and fair value of SBG's financial assets and liabilities for the periods presented (in millions): As of March 31, 2024 As of December 31, 2023 Face Value Fair Value Face Value Fair Value Level 1: Money market funds N/A $ 278 N/A $ 309 Level 2: Interest rate swap (a) N/A $ 7 N/A $ 1 STG (b): 5.500% Senior Notes due 2030 $ 485 $ 349 $ 485 $ 362 5.125% Senior Notes due 2027 $ 274 $ 252 $ 274 $ 248 4.125% Senior Secured Notes due 2030 $ 737 $ 536 $ 737 $ 521 Term Loan B-2, due September 30, 2026 $ 1,185 $ 1,125 $ 1,215 $ 1,124 Term Loan B-3, due April 1, 2028 $ 720 $ 569 $ 722 $ 595 Term Loan B-4, due April 21, 2029 $ 737 $ 575 $ 739 $ 602 Debt of variable interest entities (b) $ 7 $ 7 $ 7 $ 7 N/A - Not applicable (a) SBG entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of SBG's exposure to variable interest rates. The swap agreement has a notional amount of $600 million , bears a fixed interest rate of 3.9%, and SBG receives a floating rate of interest based on SOFR. T he fair value of the interest rate swap was an asset as of March 31, 2024. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing. (b) Amounts are carried in SBG's consolidated balance sheets net of debt discount, premium, and deferred financing cost, which are excluded in the above table, of $43 million and $46 million as of March 31, 2024 and December 31, 2023, respectively.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 23	$ 185

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Mar. 31, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Segment data
Nature of Operations	Nature of Operations Sinclair, Inc. ("Sinclair") is a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations and digital platforms. The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, other original programming produced by us and our owned networks and professional sports. Additionally, we own digital media companies that are complementary to our extensive portfolio of television station related digital properties and we have interests in, own, manage, and/or operate technical and software services companies, research and development companies for the advancement of broadcast technology, and other media and non-media related businesses and assets, including real estate, venture capital, private equity, and direct investments.
Principles of Consolidation and Interim Financial Statements	Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries, and VIEs for which we are the primary beneficiary. Noncontrolling interests represent a minority owner's proportionate share of the equity in certain of our consolidated entities. Noncontrolling interests which may be redeemed by the holder, and the redemption is outside of our control, are presented as redeemable noncontrolling interests. All intercompany transactions and account balances have been eliminated in consolidation. We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 8. Variable Interest Entities for more information on our VIEs. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by equity method investees. Interim Financial Statements The consolidated financial statements for the three months ended March 31, 2024 and 2023 are unaudited. In the opinion of management, such financial statements have been presented on the same basis as the audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of equity and redeemable noncontrolling interests, and consolidated statements of cash flows for these periods as adjusted for the adoption of recent accounting pronouncements. As permitted under the applicable rules and regulations of the Securities and Exchange Commission (the "SEC"), the consolidated financial statements do not include all disclosures normally included with audited consolidated financial statements and, accordingly, should be read together with the audited consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. The consolidated statements of operations presented in the accompanying consolidated financial statements are not necessarily representative of operations for an entire year.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In October 2021, the FASB issued guidance to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice. ASU 2021-08 requires that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. We adopted this guidance during the first quarter of 2023. The impact of the adoption did not have a material impact on our consolidated financial statements. In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance. In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures, requiring annual disclosure of consistent categories and greater disaggregation of information in the rate reconciliation table; additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate); income taxes paid disaggregated by jurisdiction; and income or loss before income tax disaggregated between foreign and domestic. The guidance is effective for annual periods beginning after December 15, 2024, applied prospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance.
Broadcast Television Programming	Broadcast Television Programming We have agreements with programming syndicators for the rights to television programming over contract periods, which generally run from one The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management's expectation of future advertising revenues, net of sales commissions, to be generated by the program material. We assess our program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value.
Hedge Accounting	We have determined that the interest rate swap meets the criteria for hedge accounting. The initial value of the interest rate swap and any changes in value in subsequent periods is included in accumulated other comprehensive income, with a corresponding change recorded in assets or liabilities depending on the position of the swap. Gains or losses on the monthly settlement of the interest rate swap are reflected in i
Revenue Recognition	Distribution Revenue. We have agreements with multi-channel video programming distributors ("MVPD") and virtual MVPDs ("vMVPD," and together with MVPDs, "Distributors"). We generate distribution revenue through fees received from these Distributors for the right to distribute our stations and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to our customers (as usage occurs) which corresponds with the satisfaction of our performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. Our customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material. Core Advertising Revenue. We generate advertising revenue primarily from the sale of advertising spots/impressions within our broadcast television and digital platforms. Political Advertising Revenue. We generate political advertising revenue primarily from the sale of political advertising spots/impressions within our broadcast television and digital platforms. In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty. Deferred Revenue.
Income Taxes	Income Taxes Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three months ended March 31, 2024 and 2023 is based on the estimated effective tax rate applicable for the full year after taking into account discrete tax items and the effects of the noncontrolling interests. We provide a valuation allowance for deferred tax assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating our ability to realize net deferred tax assets, we consider all available evidence, both positive and negative, including our past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, we must make certain judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term basis. A valuation allowance has been provided for deferred tax assets related to a substantial amount of our available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing temporary basis differences, alternative tax strategies, and projected future taxable income. Our effective income tax rate for the three months ended March 31, 2024 was greater than the statutory rate primarily due to an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’ pending income tax refund claims. Our effective income tax rate for the three months ended March 31, 2023, was greater than the statutory rate primarily due to a release of valuation allowance on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j) as a result of the change in the tax classification of the legal entity owning the Diamond Sports business because of the exit of the sole minority investor. We do not believe that our liability for unrecognized tax benefits would be materially impacted, in the next twelve months, as a result of the expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities.
Reclassifications	Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.
Variable Interest Entities	Certain of our stations provide services to other station owners within the same respective market through agreements, such as LMAs, where we provide programming, sales, operational, and administrative services, and JSAs and SSAs, where we provide non-programming, sales, operational, and administrative services. In certain cases, we have also entered into purchase agreements or options to purchase the license related assets of the licensee. We typically own the majority of the non-license assets of the stations, and in some cases where the licensee acquired the license assets concurrent with our acquisition of the non-license assets of the station, we have provided guarantees to the bank for the licensee's acquisition financing. The terms of the agreements vary, but generally have initial terms of over five years with several optional renewal terms. Based on the terms of the agreements and the significance of our investment in the stations, we are the primary beneficiary when, subject to the ultimate control of the licensees, we have the power to direct the activities which significantly impact the economic performance of the VIE through the services we provide and we absorb losses and returns that would be considered significant to the VIEs. The fees paid between us and the licensees pursuant to these arrangements are eliminated in consolidation. Other VIEs We have several investments in entities which are considered VIEs. However, we do not participate in the management of these entities, including the day-to-day operating decisions or other decisions which would allow us to control the entity, and therefore, we are not considered the primary beneficiary of these VIEs.
Fair Value Measurements	Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
Sinclair Broadcast Group, LLC
Segment data
Nature of Operations	Nature of Operations Sinclair Broadcast Group, LLC ("SBG"), a Maryland limited liability company and a wholly owned subsidiary of Sinclair, Inc. ("Sinclair"), is a diversified media company with national reach and a strong focus on providing high-quality content on SBG's local television stations and digital properties. The content, distributed through SBG's broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, other original programming produced by SBG and SBG owned networks. Additionally, prior to the Reorganization (as defined below in Company Reorganization ) , SBG had interests in, owned, managed, and/or operated Tennis Channel, digital media companies, technical and software services companies, research and development companies for the advancement of broadcast technology, and other media and non-media related businesses and assets, including real estate, venture capital, private equity, and direct investments.
Principles of Consolidation and Interim Financial Statements	Principles of Consolidation The consolidated financial statements include SBG's accounts and those of SBG's wholly-owned and majority-owned subsidiaries, and VIEs for which SBG is the primary beneficiary. Noncontrolling interests represent a minority owner’s proportionate share of the equity in certain of SBG's consolidated entities. Noncontrolling interests which may be redeemed by the holder, and the redemption is outside of SBG's control, are presented as redeemable noncontrolling interests. All intercompany transactions and account balances have been eliminated in consolidation. SBG consolidates VIEs when SBG is the primary beneficiary. SBG is the primary beneficiary of a VIE when SBG has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 7. Variable Interest Entities for more information on SBG's VIEs. Investments in entities over which SBG has significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents SBG's proportionate share of net income generated by equity method investees. Interim Financial Statements SBG's consolidated financial statements for the three months ended March 31, 2024 and 2023 are unaudited. In the opinion of management, such financial statements have been presented on the same basis as the audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of equity and redeemable noncontrolling interests, and consolidated statements of cash flows for these periods as adjusted for the adoption of recent accounting pronouncements. As permitted under the applicable rules and regulations of the SEC, SBG's consolidated financial statements do not include all disclosures normally included with audited consolidated financial statements and, accordingly, should be read together with the audited consolidated financial statements and notes thereto in Sinclair's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC. SBG's consolidated statements of operations presented in the accompanying consolidated financial statements are not necessarily representative of operations for an entire year.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In October 2021, the FASB issued guidance to improve the accounting for acquired revenue contracts with customers in a business combination by addressing diversity in practice. ASU 2021-08 requires that an acquiring entity recognize and measure contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated the contracts. The guidance is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. SBG adopted this guidance during the first quarter of 2023. The impact of the adoption did not have a material impact on SBG's consolidated financial statements. In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, applied retrospectively. Early adoption is permitted. SBG is currently evaluating the impact of this guidance. In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures, requiring annual disclosure of consistent categories and greater disaggregation of information in the rate reconciliation table; additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate); income taxes paid disaggregated by jurisdiction; and income or loss before income tax disaggregated between foreign and domestic. The guidance is effective for annual periods beginning after December 15, 2024, applied prospectively. Early adoption is permitted. SBG is currently evaluating the impact of this guidance.
Broadcast Television Programming	Broadcast Television Programming SBG has agreements with programming syndicators for the rights to television programming over contract periods, which generally run from one The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management's expectation of future advertising revenues, net of sales commissions, to be generated by the program material. SBG assesses the program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value.
Hedge Accounting	SBG has determined that the interest rate swap meets the criteria for hedge accounting. The initial value of the interest rate swap and any changes in value in subsequent periods is included in accumulated other comprehensive income, with a corresponding change recorded in assets or liabilities depending on the position of the swap. Gains or losses on the monthly settlement of the interest rate swap are reflected in i
Revenue Recognition	Distribution Revenue. SBG has agreements with multi-channel video programming distributors ("MVPD") and virtual MVPDs ("vMVPD," and together with MVPDs, "Distributors"). SBG generates distribution revenue through fees received from these Distributors for the right to distribute SBG's stations and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to SBG's customers (as usage occurs) which corresponds with the satisfaction of SBG's performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. SBG's customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material. Core Advertising Revenue. SBG generates advertising revenue primarily from the sale of advertising spots/impressions within broadcast television and digital platforms. Political Advertising Revenue. SBG generates political advertising revenue primarily from the sale of political advertising spots/impressions within broadcast television and digital platforms. In accordance with ASC 606, SBG does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty. Deferred Revenue.
Income Taxes	Income Taxes SBG’s income tax provision for all periods consists of federal and state income taxes. The tax provision for the three months ended March 31, 2024 and 2023 is based on the estimated effective tax rate applicable for the full year after taking into account discrete tax items and the effects of the noncontrolling interests. SBG provides a valuation allowance for deferred tax assets if it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating SBG’s ability to realize net deferred tax assets, SBG considers all available evidence, both positive and negative, including past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, SBG must make certain judgments that are based on the plans and estimates used to manage SBG’s underlying businesses on a long-term basis. A valuation allowance has been provided for deferred tax assets related to a substantial amount of SBG’s available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing temporary basis differences, alternative tax strategies, and projected future taxable income. SBG’s effective income tax rate for the three months ended March 31, 2024 was greater than the statutory rate primarily due to an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’ pending income tax refund claims. SBG’s effective income tax rate for the three months ended March 31, 2023, was greater than the statutory rate primarily due to a release of valuation allowance on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j) as a result of the change in the tax classification of the legal entity owning the Diamond Sports business because of the exit of the sole minority investor. SBG does not believe that our liability for unrecognized tax benefits would be materially impacted, in the next twelve months, as a result of the expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities.
Reclassifications	Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.
Variable Interest Entities	Certain of SBG's stations provide services to other station owners within the same respective market through agreements, such as LMAs, where SBG provides programming, sales, operational, and administrative services, and JSAs and SSAs, where SBG provides non-programming, sales, operational, and administrative services. In certain cases, SBG has also entered into purchase agreements or options to purchase the license related assets of the licensee. SBG typically owns the majority of the non-license assets of the stations, and in some cases where the licensee acquired the license assets concurrent with SBG's acquisition of the non-license assets of the station, SBG has provided guarantees to the bank for the licensee's acquisition financing. The terms of the agreements vary, but generally have initial terms of over five years with several optional renewal terms. Based on the terms of the agreements and the significance of SBG's investment in the stations, SBG is the primary beneficiary when, subject to the ultimate control of the licensees, SBG has the power to direct the activities which significantly impact the economic performance of the VIE through the services SBG provides and SBG absorbs losses and returns that would be considered significant to the VIEs. The fees paid between SBG and the licensees pursuant to these arrangements are eliminated in consolidation. Other VIEs
Fair Value Measurements	Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity's own assumptions.

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Disaggregation of Revenue	The following table presents our revenue disaggregated by type and segment (in millions): For the three months ended March 31, 2024 Local Media Tennis Other Eliminations Total Distribution revenue $ 384 $ 52 $ — $ — $ 436 Core advertising revenue 284 10 6 (3) 297 Political advertising revenue 24 — — — 24 Other media, non-media, and intercompany revenues 35 1 9 (4) 41 Total revenues $ 727 $ 63 $ 15 $ (7) $ 798 For the three months ended March 31, 2023 Local Media Tennis Other Eliminations Total Distribution revenue $ 381 $ 45 $ — $ — $ 426 Core advertising revenue 293 9 6 (2) 306 Political advertising revenue 3 — — — 3 Other media, non-media, and intercompany revenues 28 1 11 (2) 38 Total revenues $ 705 $ 55 $ 17 $ (4) $ 773

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets as of March 31, 2024 and December 31, 2023 consisted of the following (in millions): As of March 31, As of December 31, Equity method investments $ 113 $ 128 Other investments 368 387 Income tax receivable 140 131 Post-retirement plan assets 47 45 Other 57 51 Total other assets $ 725 $ 742

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Reconciliation of Income (Numerator) and Shares (Denominator) Used in Computation of Diluted Earnings Per Share	The following table reconciles income (numerator) and shares (denominator) used in our computations of basic and diluted earnings per share for the periods presented (in millions, except share amounts which are reflected in thousands): Three Months Ended 2024 2023 Income (Numerator) Net income $ 25 $ 193 Net loss attributable to the redeemable noncontrolling interests — 4 Net income attributable to the noncontrolling interests (2) (12) Numerator for basic and diluted earnings per common share available to common shareholders $ 23 $ 185 Shares (Denominator) Basic weighted-average common shares outstanding 64,156 69,744 Dilutive effect of stock-settled appreciation rights and outstanding stock options 247 120 Diluted weighted-average common and common equivalent shares outstanding 64,403 69,864
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive: Three Months Ended 2024 2023 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 5,120 3,645

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	3 Months Ended
	Mar. 31, 2024
Segment Reporting [Abstract]
Schedule of Segment Financial Information	Segment financial information is included in the following tables for the periods presented (in millions): As of March 31, 2024 Local Media Tennis Other & Corporate Eliminations Consolidated Assets $ 4,733 $ 300 $ 1,008 $ (3) $ 6,038 For the three months ended March 31, 2024 Local Media Tennis Other & Corporate Eliminations Consolidated Revenue $ 727 $ 63 $ 15 $ (7) (a) $ 798 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 58 5 1 (1) 63 Amortization of program contract costs 19 — — — 19 Corporate general and administrative expenses 41 1 16 — 58 Operating income (loss) 41 20 (19) — 42 Interest expense including amortization of debt discount and deferred financing costs 76 — — — 76 Income from equity method investments — (1) 15 — 14 For the three months ended March 31, 2023 Local Media Tennis Other & Corporate Eliminations Consolidated Revenue $ 705 $ 55 $ 17 $ (4) (a) $ 773 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 59 5 2 (1) 65 Amortization of program contract costs 22 — — — 22 Corporate general and administrative expenses 32 — 26 — 58 (Gain) loss on asset dispositions and other, net of impairment (1) — 7 — 6 Operating income (loss) 41 18 (38) — 21 Interest expense including amortization of debt discount and deferred financing costs 74 — — — 74 Income from equity method investments — — 31 — 31 (a) Includes $2 million and $1 million for the three months ended March 31, 2024 and 2023, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets as of the dates presented, were as follows (in millions): As of March 31, As of December 31, ASSETS Current assets: Accounts receivable, net $ 20 $ 23 Other current assets 2 3 Total current assets 22 26 Property and equipment, net 10 11 Goodwill and indefinite-lived intangible assets 15 15 Definite-lived intangible assets, net 31 33 Total assets $ 78 $ 85 LIABILITIES Current liabilities: Other current liabilities $ 13 $ 14 Notes payable, finance leases and commercial bank financing, less current portion 6 6 Other long-term liabilities 3 3 Total liabilities $ 22 $ 23

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Schedule of Carrying Value and Fair Value of Notes and Debentures	The following table sets forth the face value and fair value of our financial assets and liabilities for the periods presented (in millions): As of March 31, 2024 As of December 31, 2023 Face Value Fair Value Face Value Fair Value Level 1: Investments in equity securities N/A $ — N/A $ 6 Money market funds N/A $ 514 N/A $ 588 Deferred compensation assets N/A $ 47 N/A $ 45 Deferred compensation liabilities N/A $ 46 N/A $ 44 Level 2: Investments in equity securities (a) N/A $ 110 N/A $ 110 Interest rate swap (b) N/A $ 7 N/A $ 1 STG (c): 5.500% Senior Notes due 2030 $ 485 $ 349 $ 485 $ 362 5.125% Senior Notes due 2027 $ 274 $ 252 $ 274 $ 248 4.125% Senior Secured Notes due 2030 $ 737 $ 536 $ 737 $ 521 Term Loan B-2, due September 30, 2026 $ 1,185 $ 1,125 $ 1,215 $ 1,124 Term Loan B-3, due April 1, 2028 $ 720 $ 569 $ 722 $ 595 Term Loan B-4, due April 21, 2029 $ 737 $ 575 $ 739 $ 602 Debt of variable interest entities (c) $ 7 $ 7 $ 7 $ 7 Debt of non-media subsidiaries (c) $ 15 $ 15 $ 15 $ 15 Level 3: Investments in equity securities (d) N/A $ 45 N/A $ 46 N/A - Not applicable (a) Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price. (b) We entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on SOFR. T he fair value of the interest rate swap was an asset as of March 31, 2024. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing. (c) Amounts are carried in our consolidated balance sheets net of debt discount, premium, and deferred financing cost, which are excluded in the above table, of $43 million and $46 million as of March 31, 2024 and December 31, 2023, respectively. (d)
Schedule of Changes in Level 3 Financial Liabilities Measured on Recurring Basis	The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three months ended March 31, 2024 and 2023 (in millions): Options and Warrants Three Months Ended March 31, 2024 Fair value at December 31, 2023 $ 46 Measurement adjustments (1) Fair value at March 31, 2024 $ 45 Options and Warrants Three Months Ended March 31, 2023 Fair value at December 31, 2022 $ 75 Measurement adjustments — Fair value at March 31, 2023 $ 75

NATURE OF OPERATIONS AND SUMM_5

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
Segment data
Schedule of Disaggregation of Revenue	The following table presents our revenue disaggregated by type and segment (in millions): For the three months ended March 31, 2024 Local Media Tennis Other Eliminations Total Distribution revenue $ 384 $ 52 $ — $ — $ 436 Core advertising revenue 284 10 6 (3) 297 Political advertising revenue 24 — — — 24 Other media, non-media, and intercompany revenues 35 1 9 (4) 41 Total revenues $ 727 $ 63 $ 15 $ (7) $ 798 For the three months ended March 31, 2023 Local Media Tennis Other Eliminations Total Distribution revenue $ 381 $ 45 $ — $ — $ 426 Core advertising revenue 293 9 6 (2) 306 Political advertising revenue 3 — — — 3 Other media, non-media, and intercompany revenues 28 1 11 (2) 38 Total revenues $ 705 $ 55 $ 17 $ (4) $ 773
Sinclair Broadcast Group, LLC
Segment data
Schedule of Disaggregation of Revenue	The following table presents SBG's revenue disaggregated by type and segment (in millions): For the three months ended March 31, 2024 Local Media Distribution revenue $ 384 Core advertising revenue 284 Political advertising revenue 24 Other media and intercompany revenues 35 Total revenues $ 727 For the three months ended March 31, 2023 Local Media Other Eliminations Total Distribution revenue $ 381 $ 45 $ — $ 426 Core advertising revenue 293 15 (2) 306 Political advertising revenue 3 — — 3 Other media, non-media, and intercompany revenues 28 12 (2) 38 Total revenues $ 705 $ 72 $ (4) $ 773

OTHER ASSETS (Tables)_2

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2024
Schedule of Equity Method Investments [Line Items]
Schedule of Other Assets	Other assets as of March 31, 2024 and December 31, 2023 consisted of the following (in millions): As of March 31, As of December 31, Equity method investments $ 113 $ 128 Other investments 368 387 Income tax receivable 140 131 Post-retirement plan assets 47 45 Other 57 51 Total other assets $ 725 $ 742
Sinclair Broadcast Group, LLC
Schedule of Equity Method Investments [Line Items]
Schedule of Other Assets	Other assets as of March 31, 2024 and December 31, 2023 consisted of the following (in millions): As of March 31, As of December 31, Equity method investments $ 1 $ 1 Other investments 3 — Income tax receivable 140 131 Other 55 52 Total other assets $ 199 $ 184

SEGMENT DATA (Tables)_2

SEGMENT DATA (Tables)	3 Months Ended
	Mar. 31, 2024
Segment data
Schedule of Segment Financial Information	Segment financial information is included in the following tables for the periods presented (in millions): As of March 31, 2024 Local Media Tennis Other & Corporate Eliminations Consolidated Assets $ 4,733 $ 300 $ 1,008 $ (3) $ 6,038 For the three months ended March 31, 2024 Local Media Tennis Other & Corporate Eliminations Consolidated Revenue $ 727 $ 63 $ 15 $ (7) (a) $ 798 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 58 5 1 (1) 63 Amortization of program contract costs 19 — — — 19 Corporate general and administrative expenses 41 1 16 — 58 Operating income (loss) 41 20 (19) — 42 Interest expense including amortization of debt discount and deferred financing costs 76 — — — 76 Income from equity method investments — (1) 15 — 14 For the three months ended March 31, 2023 Local Media Tennis Other & Corporate Eliminations Consolidated Revenue $ 705 $ 55 $ 17 $ (4) (a) $ 773 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 59 5 2 (1) 65 Amortization of program contract costs 22 — — — 22 Corporate general and administrative expenses 32 — 26 — 58 (Gain) loss on asset dispositions and other, net of impairment (1) — 7 — 6 Operating income (loss) 41 18 (38) — 21 Interest expense including amortization of debt discount and deferred financing costs 74 — — — 74 Income from equity method investments — — 31 — 31 (a) Includes $2 million and $1 million for the three months ended March 31, 2024 and 2023, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.
Sinclair Broadcast Group, LLC
Segment data
Schedule of Segment Financial Information	Segment financial information is included in the following tables for the periods presented (in millions): As of March 31, 2024 Local Media Corporate Consolidated Assets $ 4,752 $ 86 $ 4,838 For the three months ended March 31, 2024 Local Media Revenue $ 727 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 58 Amortization of program contract costs 19 Corporate general and administrative expenses 41 Operating income 41 Interest expense including amortization of debt discount and deferred financing costs 76 For the three months ended March 31, 2023 Local Media Other & Corporate (a) Eliminations Consolidated Revenue $ 705 $ 72 $ (4) $ 773 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 59 7 (1) 65 Amortization of program contract costs 22 — — 22 Corporate general and administrative expenses 32 26 — 58 (Gain) loss on asset dispositions and other, net of impairment (1) 7 — 6 Operating income (loss) 41 (20) — 21 Interest expense including amortization of debt discount and deferred financing costs 74 — — 74 Income from equity method investments — 31 — 31 (a) Represents the activity in tennis, non-broadcast digital and internet solutions, technical services, and non-media investments (collectively, other) prior to the Reorganization on June 1, 2023 and the activity in corporate prior and subsequent to the Reorganization. See Company Reorganization within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

VARIABLE INTEREST ENTITIES (T_2

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Variable Interest Entity [Line Items]
Schedule of Variable Interest Entities	The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets as of the dates presented, were as follows (in millions): As of March 31, As of December 31, ASSETS Current assets: Accounts receivable, net $ 20 $ 23 Other current assets 2 3 Total current assets 22 26 Property and equipment, net 10 11 Goodwill and indefinite-lived intangible assets 15 15 Definite-lived intangible assets, net 31 33 Total assets $ 78 $ 85 LIABILITIES Current liabilities: Other current liabilities $ 13 $ 14 Notes payable, finance leases and commercial bank financing, less current portion 6 6 Other long-term liabilities 3 3 Total liabilities $ 22 $ 23
Sinclair Broadcast Group, LLC
Variable Interest Entity [Line Items]
Schedule of Variable Interest Entities	The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in SBG's consolidated balance sheets as of the dates presented, were as follows (in millions): As of March 31, As of December 31, ASSETS Current assets: Accounts receivable, net $ 20 $ 23 Other current assets 2 3 Total current assets 22 26 Property and equipment, net 10 11 Goodwill and indefinite-lived intangible assets 15 15 Definite-lived intangible assets, net 31 33 Total assets $ 78 $ 85 LIABILITIES Current liabilities: Other current liabilities $ 13 $ 14 Notes payable, finance leases and commercial bank financing, less current portion 6 6 Other long-term liabilities 3 3 Total liabilities $ 22 $ 23

FAIR VALUE MEASUREMENTS (Tabl_2

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
FAIR VALUE MEASUREMENTS:
Schedule of Carrying Value and Fair Value of Notes and Debentures	The following table sets forth the face value and fair value of our financial assets and liabilities for the periods presented (in millions): As of March 31, 2024 As of December 31, 2023 Face Value Fair Value Face Value Fair Value Level 1: Investments in equity securities N/A $ — N/A $ 6 Money market funds N/A $ 514 N/A $ 588 Deferred compensation assets N/A $ 47 N/A $ 45 Deferred compensation liabilities N/A $ 46 N/A $ 44 Level 2: Investments in equity securities (a) N/A $ 110 N/A $ 110 Interest rate swap (b) N/A $ 7 N/A $ 1 STG (c): 5.500% Senior Notes due 2030 $ 485 $ 349 $ 485 $ 362 5.125% Senior Notes due 2027 $ 274 $ 252 $ 274 $ 248 4.125% Senior Secured Notes due 2030 $ 737 $ 536 $ 737 $ 521 Term Loan B-2, due September 30, 2026 $ 1,185 $ 1,125 $ 1,215 $ 1,124 Term Loan B-3, due April 1, 2028 $ 720 $ 569 $ 722 $ 595 Term Loan B-4, due April 21, 2029 $ 737 $ 575 $ 739 $ 602 Debt of variable interest entities (c) $ 7 $ 7 $ 7 $ 7 Debt of non-media subsidiaries (c) $ 15 $ 15 $ 15 $ 15 Level 3: Investments in equity securities (d) N/A $ 45 N/A $ 46 N/A - Not applicable (a) Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price. (b) We entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on SOFR. T he fair value of the interest rate swap was an asset as of March 31, 2024. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing. (c) Amounts are carried in our consolidated balance sheets net of debt discount, premium, and deferred financing cost, which are excluded in the above table, of $43 million and $46 million as of March 31, 2024 and December 31, 2023, respectively. (d)
Sinclair Broadcast Group, LLC
FAIR VALUE MEASUREMENTS:
Schedule of Carrying Value and Fair Value of Notes and Debentures	The following table sets forth the face value and fair value of SBG's financial assets and liabilities for the periods presented (in millions): As of March 31, 2024 As of December 31, 2023 Face Value Fair Value Face Value Fair Value Level 1: Money market funds N/A $ 278 N/A $ 309 Level 2: Interest rate swap (a) N/A $ 7 N/A $ 1 STG (b): 5.500% Senior Notes due 2030 $ 485 $ 349 $ 485 $ 362 5.125% Senior Notes due 2027 $ 274 $ 252 $ 274 $ 248 4.125% Senior Secured Notes due 2030 $ 737 $ 536 $ 737 $ 521 Term Loan B-2, due September 30, 2026 $ 1,185 $ 1,125 $ 1,215 $ 1,124 Term Loan B-3, due April 1, 2028 $ 720 $ 569 $ 722 $ 595 Term Loan B-4, due April 21, 2029 $ 737 $ 575 $ 739 $ 602 Debt of variable interest entities (b) $ 7 $ 7 $ 7 $ 7 N/A - Not applicable (a) SBG entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of SBG's exposure to variable interest rates. The swap agreement has a notional amount of $600 million , bears a fixed interest rate of 3.9%, and SBG receives a floating rate of interest based on SOFR. T he fair value of the interest rate swap was an asset as of March 31, 2024. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing. (b) Amounts are carried in SBG's consolidated balance sheets net of debt discount, premium, and deferred financing cost, which are excluded in the above table, of $43 million and $46 million as of March 31, 2024 and December 31, 2023, respectively.

NATURE OF OPERATIONS AND SUMM_6

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2024 channel segment station market
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment	2
Number of television stations owned | station	185
Number of markets | market	86
Number of channels | channel	639

NATURE OF OPERATIONS AND SUMM_7

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Company Reorganization (Details) - $ / shares	Mar. 31, 2024	Dec. 31, 2023	Jun. 01, 2023
Class A Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Conversion of stock, conversion ratio (in shares)			1
Class B Common Stock
Class of Stock [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Conversion of stock, conversion ratio (in shares)			1

NATURE OF OPERATIONS AND SUMM_8

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Broadcast Television Programming (Details) - Television Programming Contract Rights	3 Months Ended
	Mar. 31, 2024
Minimum
Finite-Lived Intangible Assets [Line Items]
Television programming contract period	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Television programming contract period	3 years
Contract period utilizing accelerated amortization method	3 years

NATURE OF OPERATIONS AND SUMM_9

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Hedge Accounting (Details) - Interest Rate Swap	Feb. 07, 2023 USD ($)
Debt Instrument [Line Items]
Notional amount	$ 600,000,000
Fixed interest rate	3.90%

NATURE OF OPERATIONS AND SUM_10

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Leased assets obtained in exchange for new operating lease liabilities	$ 2	$ 3
Leased assets obtained in exchange for new finance lease liabilities	7
Property and equipment purchases	$ 5	$ 6

NATURE OF OPERATIONS AND SUM_11

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 798	$ 773
Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	436	426
Core advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	297	306
Political advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	24	3
Other media, non-media, and intercompany revenues
Disaggregation of Revenue [Line Items]
Total revenues	41	38
Operating Segments | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	727	705
Operating Segments | Tennis
Disaggregation of Revenue [Line Items]
Total revenues	63	55
Operating Segments | Other
Disaggregation of Revenue [Line Items]
Total revenues	15	17
Operating Segments | Distribution revenue | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	384	381
Operating Segments | Distribution revenue | Tennis
Disaggregation of Revenue [Line Items]
Total revenues	52	45
Operating Segments | Distribution revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Operating Segments | Core advertising revenue | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	284	293
Operating Segments | Core advertising revenue | Tennis
Disaggregation of Revenue [Line Items]
Total revenues	10	9
Operating Segments | Core advertising revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	6	6
Operating Segments | Political advertising revenue | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	24	3
Operating Segments | Political advertising revenue | Tennis
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Operating Segments | Political advertising revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Operating Segments | Other media, non-media, and intercompany revenues | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	35	28
Operating Segments | Other media, non-media, and intercompany revenues | Tennis
Disaggregation of Revenue [Line Items]
Total revenues	1	1
Operating Segments | Other media, non-media, and intercompany revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	9	11
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(7)	(4)
Eliminations | Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Eliminations | Core advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	(3)	(2)
Eliminations | Political advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Eliminations | Other media, non-media, and intercompany revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ (4)	$ (2)

NATURE OF OPERATIONS AND SUM_12

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 187		$ 178
Deferred revenue, noncurrent	119		$ 124
Deferred revenue, revenue recognized	$ 18	$ 19
Customer Concentration Risk | Revenue Benchmark | Customer One
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	11%	11%
Customer Concentration Risk | Revenue Benchmark | Customer Two
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	11%	10%
Customer Concentration Risk | Accounts Receivable | Customer One
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	12%		10%
Customer Concentration Risk | Accounts Receivable | Customer Two
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	11%		10%
Customer Concentration Risk | Accounts Receivable | Customer Three
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10%
Customer Concentration Risk | Accounts Receivable | Customer Four
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10%

NATURE OF OPERATIONS AND SUM_13

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Adjustment related to prior years' pending income tax refund claims	$ 7.5

NATURE OF OPERATIONS AND SUM_14

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsequent Events (Details)	May 10, 2024 $ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in dollars per share)	$ 0.25

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Equity method investments	$ 113	$ 128
Other investments	368	387
Income tax receivable	140	131
Post-retirement plan assets	47	45
Other	57	51
Total other assets	$ 725	$ 742

OTHER ASSETS - Narrative (Detai

OTHER ASSETS - Narrative (Details) - USD ($)		3 Months Ended
	May 10, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 01, 2022
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments		$ 14,000,000	$ 31,000,000
Investments in equity securities measured at fair value		155,000,000		$ 162,000,000
Unrealized gain (loss) on FV-NI and NAV investments		2,000,000	(1,000,000)
Equity investments, net of cumulative impairment		39,000,000		36,000,000
Impairment recorded		0	0
A/R Facility | Notes Receivable of Diamond Sports Finance SPV, LLC | Related Party
Schedule of Equity Method Investments [Line Items]
Cash settlement for related party debt	$ 199,000,000
Fair Value Measured at Net Asset Value Per Share
Schedule of Equity Method Investments [Line Items]
Investments measured at NAV		174,000,000		189,000,000
Unfunded commitments related to investments valued using NAV practical expedient		73,000,000		$ 74,000,000
DSIH
Schedule of Equity Method Investments [Line Items]
Fair value of equity method investments		0	0		$ 0
Income (loss) from equity method investments		$ 0	$ 0

NOTES PAYABLE, FINANCE LEASES_3

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 07, 2023 USD ($)
Debt Instrument [Line Items]
Borrowings under revolving credit facility exceed total commitments (as a percent)	35%
Gain on extinguishment of debt	$ 1,000,000	$ 0
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount				$ 600,000,000
Fixed interest rate				3.90%
Fair value of interest rate swap	7,000,000		$ 1,000,000
Consolidated VIEs
Debt Instrument [Line Items]
Consolidated total debt	2,000,000		2,000,000
Guarantee Obligations
Debt Instrument [Line Items]
Unconditional and irrevocably guaranteed debt	2,000,000		2,000,000
Provide guarantee of certain obligations	$ 117,000,000
Annual escalations (as a percent)	4%
Debt term (year)	5 years
Affiliated Entity
Debt Instrument [Line Items]
Finance lease liabilities, current	$ 2,000,000		2,000,000
Finance lease liabilities, non-current	11,000,000		$ 5,000,000
Term Loan B-2, due September 30, 2026 | Term Loan
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	27,000,000
Repayment of term loan	25,000,000
Gain on extinguishment of debt	$ 1,000,000
STG Revolving Credit Facility
Debt Instrument [Line Items]
First lien leverage ratio	4.5
Borrowings outstanding	$ 0

REDEEMABLE NONCONTROLLING INT_3

REDEEMABLE NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions		3 Months Ended
	Feb. 10, 2023	Mar. 31, 2023
Temporary Equity [Line Items]
Aggregate redemption price	$ 190
Unreturned capital contribution, percentage	95%
Unreturned capital contribution	$ 175
Dividends accrued during the period		$ 3
Redeemable Preferred Stock
Temporary Equity [Line Items]
Redeemed units (in shares)	175,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Apr. 30, 2024 USD ($)

Jan. 17, 2024 USD ($)

Dec. 08, 2023 USD ($)

Jul. 19, 2023 USD ($)

Sep. 21, 2022 USD ($) station

Jul. 28, 2021 USD ($)

Oct. 15, 2020 USD ($)

Sep. 02, 2020 USD ($)

Aug. 19, 2020 USD ($)

Jun. 08, 2020 petition

May 22, 2020 USD ($)

Nov. 06, 2018 lawsuit

Dec. 31, 2017 USD ($)

Mar. 31, 2024 USD ($) station

Dec. 31, 2021 USD ($)

Oct. 03, 2018 broadcaster

Loss Contingencies [Line Items]

Number of television stations owned | station

185

Unfavorable Regulatory Action

Loss Contingencies [Line Items]

Proposed fine

$ 2,700

$ 9,000

$ 13,000

Proposed fine per station

$ 25

$ 500

Issuance of forfeiture penalty upheld

$ 500

Additional legal expenses accrued

$ 8,000

Number of television stations owned | station

83

Loss contingency, damages sought, total

$ 3,400

Loss contingency accrual

$ 3,400

Unfavorable Regulatory Action | Minimum

Loss Contingencies [Line Items]

Proposed fine per station

20

Unfavorable Regulatory Action | Maximum

Loss Contingencies [Line Items]

Proposed fine per station

$ 26

Management Services Agreement Misconduct

Loss Contingencies [Line Items]

Cash payments for legal settlements

50,000

Loss contingency accrual

$ 445,000

Loss contingency, allegations, payments received

$ 1,500,000

Loss contingency, settlement, value of claims released

$ 1,500,000

Loss contingency, damages awarded

$ 495,000

Management Services Agreement Misconduct | Subsequent Event

Loss Contingencies [Line Items]

Cash payments for legal settlements

$ 495,000

Management Services Agreement Misconduct | Sinclair Television Group, Inc. | Subsequent Event

Loss Contingencies [Line Items]

Cash payments for legal settlements

347,000

Management Services Agreement Misconduct | Sinclair Ventures, LLC | Subsequent Event

Loss Contingencies [Line Items]

Cash payments for legal settlements

$ 148,000

Breach of Merger Agreement

Loss Contingencies [Line Items]

Amount awarded to other party

$ 48,000

Cash payments for legal settlements

$ 48,000

Compliance plan term

4 years

Number of petitions filed | petition

2

Various Cases Alleging Violation of Sherman Antitrust Act

Loss Contingencies [Line Items]

Amount awarded to other party

$ 48,000

Loss contingency, new claims filed, number (lawsuit) | lawsuit

22

Loss contingency, number of other broadcasters | broadcaster

13

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Earnings per Share (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income (Numerator)
Net income	$ 25	$ 193
Net loss attributable to the redeemable noncontrolling interests	0	4
Net income attributable to the noncontrolling interests	(2)	(12)
Net (loss) income attributable to SBG	23	185
Numerator for diluted earnings per common share available to common shareholders	$ 23	$ 185
Shares (Denominator)
Basic weighted-average common shares outstanding (in shares)	64,156	69,744
Dilutive effect of stock-settled appreciation rights and outstanding stock options (in shares)	247	120
Diluted weighted-average common and common equivalent shares outstanding (in shares)	64,403	69,864
Antidilutive Securities Excluded from Computation
Weighted-average stock-settled appreciation rights and outstanding stock options excluded (in shares)	5,120	3,645

SEGMENT DATA - Narrative (Detai

SEGMENT DATA - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment Reporting [Abstract]
Number of reportable segments	2

SEGMENT DATA - Segment Financia

SEGMENT DATA - Segment Financial Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment data
Assets	[1]	$ 6,038		$ 6,085
Revenue		798	$ 773
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		63	65
Amortization of program contract costs		19	22
Corporate general and administrative expenses		58	58
(Gain) loss on asset dispositions and other, net of impairment		0	6
Operating income (loss)		42	21
Interest expense including amortization of debt discount and deferred financing costs		76	74
Income from equity method investments		14	31
Operating Segments | Local Media
Segment data
Assets		4,733
Revenue		727	705
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		58	59
Amortization of program contract costs		19	22
Corporate general and administrative expenses		41	32
(Gain) loss on asset dispositions and other, net of impairment			(1)
Operating income (loss)		41	41
Interest expense including amortization of debt discount and deferred financing costs		76	74
Income from equity method investments		0	0
Operating Segments | Tennis
Segment data
Assets		300
Revenue		63	55
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		5	5
Amortization of program contract costs		0	0
Corporate general and administrative expenses		1	0
(Gain) loss on asset dispositions and other, net of impairment			0
Operating income (loss)		20	18
Interest expense including amortization of debt discount and deferred financing costs		0	0
Income from equity method investments		(1)	0
Other & Corporate
Segment data
Assets		1,008
Revenue		15	17
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		1	2
Amortization of program contract costs		0	0
Corporate general and administrative expenses		16	26
(Gain) loss on asset dispositions and other, net of impairment			7
Operating income (loss)		(19)	(38)
Interest expense including amortization of debt discount and deferred financing costs		0	0
Income from equity method investments		15	31
Intersegment revenues		2	1
Eliminations
Segment data
Assets		(3)
Revenue		(7)	(4)
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		(1)	(1)
Amortization of program contract costs		0	0
Corporate general and administrative expenses		0	0
(Gain) loss on asset dispositions and other, net of impairment			0
Operating income (loss)		0	0
Interest expense including amortization of debt discount and deferred financing costs		0	0
Income from equity method investments		$ 0	$ 0
[1]Our consolidated total assets as of March 31, 2024 and December 31, 2023 include total assets of variable interest entities ("VIE") of $78 million and $85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2024 and December 31, 2023 include total liabilities of VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Assets	[1]	$ 6,038		$ 6,085
Equity method investments		$ 113		128
Consolidated VIEs
Variable Interest Entity [Line Items]
Variable interest entities outsourcing agreement initial term		5 years
Assets		$ 78		85
Consolidated VIEs | Eliminations
Variable Interest Entity [Line Items]
Liabilities associated with the certain outsourcing agreements and purchase options		130		130
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		171		$ 192
Loss (gain) from equity method investments		1	$ (35)
Variable Interest Entity, Not Primary Beneficiary | DSIH
Variable Interest Entity [Line Items]
Equity method investments		$ 0
[1]Our consolidated total assets as of March 31, 2024 and December 31, 2023 include total assets of variable interest entities ("VIE") of $78 million and $85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2024 and December 31, 2023 include total liabilities of VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities

VARIABLE INTEREST ENTITIES - Sc

VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities Assets and Liabilities (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Current assets:
Accounts receivable, net		$ 642	$ 616
Other current assets		177	189
Total current assets		1,481	1,475
Property and equipment, net		720	715
Total assets	[1]	6,038	6,085
Current liabilities:
Other current liabilities		70	57
Long-term liabilities:
Notes payable, finance leases, and commercial bank financing, less current portion		4,112	4,139
Other long-term liabilities		200	204
Total liabilities	[1]	5,769	5,864
Consolidated VIEs
Current assets:
Accounts receivable, net		20	23
Other current assets		2	3
Total current assets		22	26
Property and equipment, net		10	11
Goodwill and indefinite-lived intangible assets		15	15
Definite-lived intangible assets, net		31	33
Total assets		78	85
Current liabilities:
Other current liabilities		13	14
Long-term liabilities:
Notes payable, finance leases, and commercial bank financing, less current portion		6	6
Other long-term liabilities		3	3
Total liabilities		$ 22	$ 23
[1]Our consolidated total assets as of March 31, 2024 and December 31, 2023 include total assets of variable interest entities ("VIE") of $78 million and $85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2024 and December 31, 2023 include total liabilities of VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities

RELATED PERSON TRANSACTIONS - T

RELATED PERSON TRANSACTIONS - Transactions With Our Controlling Shareholders (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party
Related Party Transaction [Line Items]
Lease payments	$ 2	$ 2
Charter Aircraft
Related Party Transaction [Line Items]
Amounts of transaction		$ 0.1

RELATED PERSON TRANSACTIONS - C

RELATED PERSON TRANSACTIONS - Cunningham Broadcasting Corporation (Details) $ in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Aug. 31, 2016 USD ($)	Apr. 30, 2016 USD ($)	Mar. 31, 2024 USD ($) renewal	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Total revenues			$ 798	$ 773
Cunningham
Related Party Transaction [Line Items]
Right to acquire capital stock			100%
Remaining purchase price			$ 54		$ 54
Purchase options, broadcast stations			0.2
Cunningham | Related Party
Related Party Transaction [Line Items]
Total revenues			$ 34	36
Share service agreement, annual service consideration increasing rate ( as a percent)	3%
Cunningham | LMA
Related Party Transaction [Line Items]
Number of additional renewal terms | renewal			1
Agreement renewal period			5 years
Percentage of net broadcast revenue used to determine annual LMA fees required to be paid			3%
Amount used to determine annual LMA fees required to be paid			$ 6
Annual increase in aggregate purchase price			6%
Amounts of transaction			$ 66		$ 65
Amount paid			$ 3	3
Cunningham | Renewal Term
Related Party Transaction [Line Items]
Agreement renewal period			8 years
Cunningham | Initial Fee
Related Party Transaction [Line Items]
Amounts of transaction		$ 1
Cunningham | Annual Master Control And Maintenance Fee
Related Party Transaction [Line Items]
Amounts of transaction		$ 0.3
Cunningham | Annual Fee
Related Party Transaction [Line Items]
Amounts of transaction	$ 0.6
Cunningham | Multi-Cast Agreements
Related Party Transaction [Line Items]
Amount paid			$ 0.5	$ 0.5

RELATED PERSON TRANSACTIONS - L

RELATED PERSON TRANSACTIONS - Leased Property by Real Estate Ventures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lease Services | Related Party
Related Party Transaction [Line Items]
Amount received	$ 0.4	$ 0.4

RELATED PERSON TRANSACTIONS - D

RELATED PERSON TRANSACTIONS - Diamond Sports Intermediate Holdings LLC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Revenue	$ 798	$ 773
DSIH | Related Party
Related Party Transaction [Line Items]
Revenue	4	5
Management Services Agreement with Diamond Sports Group | Local Media
Related Party Transaction [Line Items]
Revenue	$ 13	9
Notes Receivable of Diamond Sports Finance SPV, LLC | Related Party
Related Party Transaction [Line Items]
Proceeds from collection of notes receivable		$ 3

RELATED PERSON TRANSACTIONS - E

RELATED PERSON TRANSACTIONS - Employees (Details) - Related Party - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee | Jason Smith
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.2	$ 0.2
Employee | Ethan White
Related Party Transaction [Line Items]
Total compensation (less than)	0.1	0.1
Employee | Amberly Thompson
Related Party Transaction [Line Items]
Total compensation (less than)	0.1	0.1
Employee | Edward Kim
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.1	$ 0.1
Employee | Restricted Stock | Jason Smith
Related Party Transaction [Line Items]
Granted (in shares)	37,566
Vesting period	2 years
Employee | Restricted Stock | Ethan White
Related Party Transaction [Line Items]
Granted (in shares)	1,503	1,252
Vesting period	2 years	2 years
Employee | Restricted Stock | Edward Kim
Related Party Transaction [Line Items]
Granted (in shares)	656	516
Vesting period	2 years	2 years
Employee | Stock Appreciation Rights (SARs) | Jason Smith
Related Party Transaction [Line Items]
Granted (in shares)	500,000
Vesting period	2 years
Vice President | Frederick Smith
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.2	$ 0.2
Director | J. Duncan Smith
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.2	$ 0.2

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Carrying Value and Fair Value of Notes and Debentures (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Feb. 07, 2023
FAIR VALUE MEASUREMENTS:
Investments in equity securities	$ 155,000,000		$ 162,000,000
Debt discount and deferred financing costs	$ 43,000,000		46,000,000
Interest Rate Swap
FAIR VALUE MEASUREMENTS:
Notional amount				$ 600,000,000
Fixed interest rate				3.90%
Senior Notes | 5.500% Senior Notes due 2030
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	5.50%
Senior Notes | 5.125% Senior Notes due 2027
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	5.125%
Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	4.125%
Bally's
FAIR VALUE MEASUREMENTS:
Option purchase price, minimum (in dollars per share)	$ 30
Option purchase price, maximum (in dollars per share)	$ 45
Bally's | Options and Warrants
FAIR VALUE MEASUREMENTS:
Measurement adjustments	$ (1,000,000)
Level 1 | Fair Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities	0		6,000,000
Deferred compensation assets	47,000,000		45,000,000
Deferred compensation liabilities	46,000,000		44,000,000
Level 1 | Fair Value | Money market funds
FAIR VALUE MEASUREMENTS:
Money market funds	514,000,000		588,000,000
Level 2 | Face Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	7,000,000		7,000,000
Level 2 | Face Value | Debt of non-media subsidiaries
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	15,000,000		15,000,000
Level 2 | Face Value | Senior Notes | 5.500% Senior Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	485,000,000		485,000,000
Level 2 | Face Value | Senior Notes | 5.125% Senior Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	274,000,000		274,000,000
Level 2 | Face Value | Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	737,000,000		737,000,000
Level 2 | Face Value | Term Loan | Term Loan B-2, due September 30, 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	1,185,000,000		1,215,000,000
Level 2 | Face Value | Term Loan | Term Loan B-3, due April 1, 2028
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	720,000,000		722,000,000
Level 2 | Face Value | Term Loan | Term Loan B-4, due April 21, 2029
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	737,000,000		739,000,000
Level 2 | Fair Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities	110,000,000		110,000,000
Level 2 | Fair Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	7,000,000		7,000,000
Level 2 | Fair Value | Debt of non-media subsidiaries
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	15,000,000		15,000,000
Level 2 | Fair Value | Senior Notes | 5.500% Senior Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	349,000,000		362,000,000
Level 2 | Fair Value | Senior Notes | 5.125% Senior Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	252,000,000		248,000,000
Level 2 | Fair Value | Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	536,000,000		521,000,000
Level 2 | Fair Value | Term Loan | Term Loan B-2, due September 30, 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	1,125,000,000		1,124,000,000
Level 2 | Fair Value | Term Loan | Term Loan B-3, due April 1, 2028
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	569,000,000		595,000,000
Level 2 | Fair Value | Term Loan | Term Loan B-4, due April 21, 2029
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	575,000,000		602,000,000
Level 2 | Fair Value | Interest Rate Swap
FAIR VALUE MEASUREMENTS:
Interest rate swap	7,000,000		1,000,000
Level 3 | Face Value | Options and Warrants
FAIR VALUE MEASUREMENTS:
Measurement adjustments	(1,000,000)	$ 0
Level 3 | Fair Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities	$ 45,000,000		$ 46,000,000

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Level 3 Activity (Details) - Level 3 - Carrying Value - Options and Warrants - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value at beginning of period	$ 46	$ 75
Measurement adjustments	(1)	0
Fair value at end of period	$ 45	$ 75

NATURE OF OPERATIONS AND SUM_15

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2024 channel station segment market
Segment data
Number of reportable segments | segment	2
Number of television stations owned | station	185
Number of markets | market	86
Number of channels | channel	639
Sinclair Broadcast Group, LLC
Segment data
Number of reportable segments | segment	1
Number of television stations owned | station	185
Number of markets | market	86
Number of channels | channel	639

NATURE OF OPERATIONS AND SUM_16

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Broadcast Television Programming (Details) - Television Programming Contract Rights	3 Months Ended
	Mar. 31, 2024
Minimum
Finite-Lived Intangible Assets [Line Items]
Television programming contract period	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Television programming contract period	3 years
Contract period utilizing accelerated amortization method	3 years
Sinclair Broadcast Group, LLC | Minimum
Finite-Lived Intangible Assets [Line Items]
Television programming contract period	1 year
Sinclair Broadcast Group, LLC | Maximum
Finite-Lived Intangible Assets [Line Items]
Television programming contract period	3 years
Contract period utilizing accelerated amortization method	3 years

NATURE OF OPERATIONS AND SUM_17

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Hedge Accounting (Details) - Interest Rate Swap	Feb. 07, 2023 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 600,000,000
Fixed interest rate	3.90%
Sinclair Broadcast Group, LLC
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount	$ 600,000,000
Fixed interest rate	3.90%

NATURE OF OPERATIONS AND SUM_18

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Lessee, Lease, Description [Line Items]
Leased assets obtained in exchange for new operating lease liabilities	$ 2	$ 3
Leased assets obtained in exchange for new finance lease liabilities	7
Property and equipment purchases	5	6
Sinclair Broadcast Group, LLC
Lessee, Lease, Description [Line Items]
Leased assets obtained in exchange for new operating lease liabilities	2	3
Leased assets obtained in exchange for new finance lease liabilities	7
Property and equipment purchases	$ 5	$ 6

NATURE OF OPERATIONS AND SUM_19

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Disaggregation of Revenue [Line Items]
Total revenues	$ 798	$ 773
Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	436	426
Core advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	297	306
Political advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	24	3
Other media, non-media, and intercompany revenues
Disaggregation of Revenue [Line Items]
Total revenues	41	38
Operating Segments | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	727	705
Operating Segments | Other
Disaggregation of Revenue [Line Items]
Total revenues	15	17
Operating Segments | Distribution revenue | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	384	381
Operating Segments | Distribution revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Operating Segments | Core advertising revenue | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	284	293
Operating Segments | Core advertising revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	6	6
Operating Segments | Political advertising revenue | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	24	3
Operating Segments | Political advertising revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Operating Segments | Other media, non-media, and intercompany revenues | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	35	28
Operating Segments | Other media, non-media, and intercompany revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	9	11
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(7)	(4)
Eliminations | Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Eliminations | Core advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	(3)	(2)
Eliminations | Political advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Eliminations | Other media, non-media, and intercompany revenues
Disaggregation of Revenue [Line Items]
Total revenues	(4)	(2)
Sinclair Broadcast Group, LLC
Disaggregation of Revenue [Line Items]
Total revenues	727	773
Sinclair Broadcast Group, LLC | Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues		426
Sinclair Broadcast Group, LLC | Core advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues		306
Sinclair Broadcast Group, LLC | Political advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues		3
Sinclair Broadcast Group, LLC | Other media, non-media, and intercompany revenues
Disaggregation of Revenue [Line Items]
Total revenues		38
Sinclair Broadcast Group, LLC | Operating Segments | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	727	705
Sinclair Broadcast Group, LLC | Operating Segments | Other
Disaggregation of Revenue [Line Items]
Total revenues		72
Sinclair Broadcast Group, LLC | Operating Segments | Distribution revenue | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	384	381
Sinclair Broadcast Group, LLC | Operating Segments | Distribution revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues		45
Sinclair Broadcast Group, LLC | Operating Segments | Core advertising revenue | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	284	293
Sinclair Broadcast Group, LLC | Operating Segments | Core advertising revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues		15
Sinclair Broadcast Group, LLC | Operating Segments | Political advertising revenue | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	24	3
Sinclair Broadcast Group, LLC | Operating Segments | Political advertising revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues		0
Sinclair Broadcast Group, LLC | Operating Segments | Other media, non-media, and intercompany revenues | Local Media
Disaggregation of Revenue [Line Items]
Total revenues	$ 35	28
Sinclair Broadcast Group, LLC | Operating Segments | Other media, non-media, and intercompany revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues		12
Sinclair Broadcast Group, LLC | Eliminations
Disaggregation of Revenue [Line Items]
Total revenues		(4)
Sinclair Broadcast Group, LLC | Eliminations | Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues		0
Sinclair Broadcast Group, LLC | Eliminations | Core advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues		(2)
Sinclair Broadcast Group, LLC | Eliminations | Political advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues		0
Sinclair Broadcast Group, LLC | Eliminations | Other media, non-media, and intercompany revenues
Disaggregation of Revenue [Line Items]
Total revenues		$ (2)

NATURE OF OPERATIONS AND SUM_20

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Narrative (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 187		$ 178
Deferred revenue, noncurrent	119		$ 124
Deferred revenue, revenue recognized	$ 18	$ 19
Customer Concentration Risk | Revenue Benchmark | Customer One
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	11%	11%
Customer Concentration Risk | Revenue Benchmark | Customer Two
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	11%	10%
Customer Concentration Risk | Accounts Receivable | Customer One
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	12%		10%
Customer Concentration Risk | Accounts Receivable | Customer Two
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	11%		10%
Customer Concentration Risk | Accounts Receivable | Customer Three
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10%
Customer Concentration Risk | Accounts Receivable | Customer Four
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10%
Sinclair Broadcast Group, LLC
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 180		$ 171
Deferred revenue, noncurrent	119		$ 124
Deferred revenue, revenue recognized	$ 15	$ 19
Sinclair Broadcast Group, LLC | Customer Concentration Risk | Revenue Benchmark | Customer One
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	11%	11%
Sinclair Broadcast Group, LLC | Customer Concentration Risk | Revenue Benchmark | Customer Two
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	11%	10%
Sinclair Broadcast Group, LLC | Customer Concentration Risk | Accounts Receivable | Customer One
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	12%		10%
Sinclair Broadcast Group, LLC | Customer Concentration Risk | Accounts Receivable | Customer Two
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	11%		10%
Sinclair Broadcast Group, LLC | Customer Concentration Risk | Accounts Receivable | Customer Three
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10%
Sinclair Broadcast Group, LLC | Customer Concentration Risk | Accounts Receivable | Customer Four
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)	10%

NATURE OF OPERATIONS AND SUM_21

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Adjustment related to prior years' pending income tax refund claims	$ 7.5
Sinclair Broadcast Group, LLC
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Adjustment related to prior years' pending income tax refund claims	$ 7.5

OTHER ASSETS - Schedule of Ot_2

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]
Equity method investments	$ 113	$ 128
Other investments	368	387
Income tax receivable	140	131
Other	57	51
Total other assets	725	742
Sinclair Broadcast Group, LLC
Schedule of Equity Method Investments [Line Items]
Equity method investments	1	1
Other investments	3	0
Income tax receivable	140	131
Other	55	52
Total other assets	$ 199	$ 184

OTHER ASSETS - Narrative (Det_2

OTHER ASSETS - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Mar. 01, 2022
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	$ 14,000,000	$ 31,000,000
Unrealized gain (loss) on FV-NI and NAV investments	2,000,000	(1,000,000)
Equity investments, net of cumulative impairment	39,000,000		$ 36,000,000
Impairment recorded	0	0
DSIH
Schedule of Equity Method Investments [Line Items]
Fair value of equity method investments	0	0		$ 0
Income (loss) from equity method investments	0	0
Sinclair Broadcast Group, LLC
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments	0	31,000,000
Unrealized gain (loss) on FV-NI and NAV investments		(1,000,000)
Equity investments, net of cumulative impairment	3,000,000
Impairment recorded	0	0
Sinclair Broadcast Group, LLC | DSIH
Schedule of Equity Method Investments [Line Items]
Fair value of equity method investments	0	0		$ 0
Income (loss) from equity method investments	$ 0	$ 0

NOTES PAYABLE, FINANCE LEASES_4

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING (Details)	3 Months Ended
	Mar. 31, 2024 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)	Feb. 07, 2023 USD ($)
Debt Instrument [Line Items]
Borrowings under revolving credit facility exceed total commitments (as a percent)	35%
Gain on extinguishment of debt	$ 1,000,000	$ 0
Consolidated VIEs
Debt Instrument [Line Items]
Consolidated total debt	2,000,000		$ 2,000,000
Interest Rate Swap
Debt Instrument [Line Items]
Notional amount				$ 600,000,000
Fixed interest rate				3.90%
Fair value of interest rate swap	7,000,000		1,000,000
Guarantee Obligations
Debt Instrument [Line Items]
Unconditional and irrevocably guaranteed debt	2,000,000		2,000,000
Provide guarantee of certain obligations	$ 117,000,000
Annual escalations (as a percent)	4%
Debt term (year)	5 years
Affiliated Entity
Debt Instrument [Line Items]
Finance lease liabilities, current	$ 2,000,000		2,000,000
Finance lease liabilities, non-current	11,000,000		5,000,000
Term Loan B-2, due September 30, 2026 | Term Loan
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	27,000,000
Repayment of term loan	25,000,000
Gain on extinguishment of debt	$ 1,000,000
STG Revolving Credit Facility
Debt Instrument [Line Items]
First lien leverage ratio	4.5
Borrowings outstanding	$ 0
Sinclair Broadcast Group, LLC
Debt Instrument [Line Items]
Borrowings under revolving credit facility exceed total commitments (as a percent)	35%
Gain on extinguishment of debt	$ 1,000,000	$ 0
Sinclair Broadcast Group, LLC | Consolidated VIEs
Debt Instrument [Line Items]
Consolidated total debt	2,000,000		2,000,000
Sinclair Broadcast Group, LLC | Interest Rate Swap
Debt Instrument [Line Items]
Notional amount				$ 600,000,000
Fixed interest rate				3.90%
Fair value of interest rate swap	7,000,000		1,000,000
Sinclair Broadcast Group, LLC | Guarantee Obligations
Debt Instrument [Line Items]
Unconditional and irrevocably guaranteed debt	2,000,000		2,000,000
Provide guarantee of certain obligations	$ 117,000,000
Annual escalations (as a percent)	4%
Debt term (year)	5 years
Sinclair Broadcast Group, LLC | Affiliated Entity
Debt Instrument [Line Items]
Finance lease liabilities, current	$ 2,000,000		2,000,000
Finance lease liabilities, non-current	11,000,000		$ 5,000,000
Sinclair Broadcast Group, LLC | Term Loan B-2, due September 30, 2026 | Term Loan
Debt Instrument [Line Items]
Debt instrument, repurchased face amount	27,000,000
Repayment of term loan	25,000,000
Gain on extinguishment of debt	$ 1,000,000
Sinclair Broadcast Group, LLC | STG Revolving Credit Facility
Debt Instrument [Line Items]
First lien leverage ratio	4.5
Borrowings outstanding	$ 0

REDEEMABLE NONCONTROLLING INT_4

REDEEMABLE NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions		3 Months Ended
	Feb. 10, 2023	Mar. 31, 2023
Temporary Equity [Line Items]
Aggregate redemption price	$ 190
Unreturned capital contribution, percentage	95%
Unreturned capital contribution	$ 175
Dividends accrued during the period		$ 3
Redeemable Preferred Stock
Temporary Equity [Line Items]
Redeemed units (in shares)	175,000
Sinclair Broadcast Group, LLC
Temporary Equity [Line Items]
Aggregate redemption price	$ 190
Unreturned capital contribution, percentage	95%
Unreturned capital contribution	$ 175
Dividends accrued during the period		$ 3
Sinclair Broadcast Group, LLC | Redeemable Preferred Stock
Temporary Equity [Line Items]
Redeemed units (in shares)	175,000

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

Apr. 30, 2024 USD ($)

Jan. 17, 2024 USD ($)

Dec. 08, 2023 USD ($)

Jul. 19, 2023 USD ($)

May 26, 2023 USD ($)

Sep. 21, 2022 USD ($) station

Jul. 28, 2021 USD ($)

Oct. 15, 2020 USD ($)

Sep. 02, 2020 USD ($)

Aug. 19, 2020 USD ($)

Jun. 08, 2020 petition

May 22, 2020 USD ($)

Nov. 06, 2018 lawsuit

Dec. 31, 2017 USD ($)

Mar. 31, 2024 USD ($) station

Dec. 31, 2021 USD ($)

Oct. 03, 2018 broadcaster

Loss Contingencies [Line Items]

Number of television stations owned | station

185

Unfavorable Regulatory Action

Loss Contingencies [Line Items]

Proposed fine

$ 2,700

$ 9,000

$ 13,000

Proposed fine per station

$ 25

500

Issuance of forfeiture penalty upheld

$ 500

Additional legal expenses accrued

$ 8,000

Number of television stations owned | station

83

Loss contingency, damages sought, total

$ 3,400

Loss contingency accrual

$ 3,400

Unfavorable Regulatory Action | Minimum

Loss Contingencies [Line Items]

Proposed fine per station

20

Unfavorable Regulatory Action | Maximum

Loss Contingencies [Line Items]

Proposed fine per station

26

Management Services Agreement Misconduct

Loss Contingencies [Line Items]

Cash payments for legal settlements

50,000

Loss contingency accrual

$ 445,000

Loss contingency, allegations, payments received

$ 1,500,000

Loss contingency, settlement, value of claims released

$ 1,500,000

Loss contingency, damages awarded

495,000

Management Services Agreement Misconduct | Subsequent Event

Loss Contingencies [Line Items]

Cash payments for legal settlements

$ 495,000

Management Services Agreement Misconduct | Subsequent Event | Sinclair Television Group, Inc.

Loss Contingencies [Line Items]

Cash payments for legal settlements

347,000

Management Services Agreement Misconduct | Subsequent Event | Sinclair Ventures, LLC

Loss Contingencies [Line Items]

Cash payments for legal settlements

148,000

Breach of Merger Agreement

Loss Contingencies [Line Items]

Amount awarded to other party

$ 48,000

Cash payments for legal settlements

$ 48,000

Compliance plan term

4 years

Number of petitions filed | petition

2

Various Cases Alleging Violation of Sherman Antitrust Act

Loss Contingencies [Line Items]

Amount awarded to other party

$ 48,000

Loss contingency, new claims filed, number (lawsuit) | lawsuit

22

Loss contingency, number of other broadcasters | broadcaster

13

Sinclair Broadcast Group, LLC

Loss Contingencies [Line Items]

Number of television stations owned | station

185

Sinclair Broadcast Group, LLC | Unfavorable Regulatory Action

Loss Contingencies [Line Items]

Proposed fine

$ 2,700

9,000

$ 13,000

Proposed fine per station

$ 25

$ 500

Issuance of forfeiture penalty upheld

$ 500

Additional legal expenses accrued

$ 8,000

Number of television stations owned | station

83

Loss contingency, damages sought, total

$ 3,400

Loss contingency accrual

$ 3,400

Sinclair Broadcast Group, LLC | Unfavorable Regulatory Action | Minimum

Loss Contingencies [Line Items]

Proposed fine per station

20

Sinclair Broadcast Group, LLC | Unfavorable Regulatory Action | Maximum

Loss Contingencies [Line Items]

Proposed fine per station

$ 26

Sinclair Broadcast Group, LLC | Management Services Agreement Misconduct

Loss Contingencies [Line Items]

Cash payments for legal settlements

50,000

Loss contingency accrual

$ 445,000

Loss contingency, allegations, payments received

$ 1,500,000

Loss contingency, settlement, value of claims released

1,500,000

Loss contingency, damages awarded

$ 495,000

Sinclair Broadcast Group, LLC | Management Services Agreement Misconduct | Subsequent Event

Loss Contingencies [Line Items]

Cash payments for legal settlements

495,000

Sinclair Broadcast Group, LLC | Management Services Agreement Misconduct | Subsequent Event | Sinclair Television Group, Inc.

Loss Contingencies [Line Items]

Cash payments for legal settlements

347,000

Sinclair Broadcast Group, LLC | Management Services Agreement Misconduct | Subsequent Event | Sinclair Ventures, LLC

Loss Contingencies [Line Items]

Cash payments for legal settlements

$ 148,000

Sinclair Broadcast Group, LLC | Breach of Merger Agreement

Loss Contingencies [Line Items]

Amount awarded to other party

$ 48,000

Cash payments for legal settlements

$ 48,000

Compliance plan term

4 years

Number of petitions filed | petition

2

Sinclair Broadcast Group, LLC | Various Cases Alleging Violation of Sherman Antitrust Act

Loss Contingencies [Line Items]

Amount awarded to other party

$ 48,000

Loss contingency, new claims filed, number (lawsuit) | lawsuit

22

Loss contingency, number of other broadcasters | broadcaster

13

SEGMENT DATA - Narrative (Det_2

SEGMENT DATA - Narrative (Details)	3 Months Ended
	Mar. 31, 2024 segment
Segment data
Number of reportable segments	2
Sinclair Broadcast Group, LLC
Segment data
Number of reportable segments	1

SEGMENT DATA - Segment Financ_2

SEGMENT DATA - Segment Financial Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Segment data
Assets	[1]	$ 6,038		$ 6,085
Revenue		798	$ 773
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		63	65
Amortization of program contract costs		19	22
Corporate general and administrative expenses		58	58
(Gain) loss on asset dispositions and other, net of impairment		0	6
Operating income (loss)		42	21
Interest expense including amortization of debt discount and deferred financing costs		76	74
Income from equity method investments		14	31
Operating Segments | Local Media
Segment data
Assets		4,733
Revenue		727	705
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		58	59
Amortization of program contract costs		19	22
Corporate general and administrative expenses		41	32
(Gain) loss on asset dispositions and other, net of impairment			(1)
Operating income (loss)		41	41
Interest expense including amortization of debt discount and deferred financing costs		76	74
Income from equity method investments		0	0
Other & Corporate
Segment data
Assets		1,008
Revenue		15	17
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		1	2
Amortization of program contract costs		0	0
Corporate general and administrative expenses		16	26
(Gain) loss on asset dispositions and other, net of impairment			7
Operating income (loss)		(19)	(38)
Interest expense including amortization of debt discount and deferred financing costs		0	0
Income from equity method investments		15	31
Eliminations
Segment data
Assets		(3)
Revenue		(7)	(4)
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		(1)	(1)
Amortization of program contract costs		0	0
Corporate general and administrative expenses		0	0
(Gain) loss on asset dispositions and other, net of impairment			0
Operating income (loss)		0	0
Interest expense including amortization of debt discount and deferred financing costs		0	0
Income from equity method investments		0	0
Sinclair Broadcast Group, LLC
Segment data
Assets	[2]	4,838		$ 4,837
Revenue		727	773
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets			65
Amortization of program contract costs		19	22
Corporate general and administrative expenses		41	58
(Gain) loss on asset dispositions and other, net of impairment		0	6
Operating income (loss)		41	21
Interest expense including amortization of debt discount and deferred financing costs		76	74
Income from equity method investments		0	31
Sinclair Broadcast Group, LLC | Operating Segments | Local Media
Segment data
Assets		4,752
Revenue		727	705
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		58	59
Amortization of program contract costs		19	22
Corporate general and administrative expenses		41	32
(Gain) loss on asset dispositions and other, net of impairment			(1)
Operating income (loss)		41	41
Interest expense including amortization of debt discount and deferred financing costs		76	74
Income from equity method investments			0
Sinclair Broadcast Group, LLC | Corporate
Segment data
Assets		$ 86
Sinclair Broadcast Group, LLC | Other & Corporate
Segment data
Revenue			72
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets			7
Amortization of program contract costs			0
Corporate general and administrative expenses			26
(Gain) loss on asset dispositions and other, net of impairment			7
Operating income (loss)			(20)
Interest expense including amortization of debt discount and deferred financing costs			0
Income from equity method investments			31
Sinclair Broadcast Group, LLC | Eliminations
Segment data
Revenue			(4)
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets			(1)
Amortization of program contract costs			0
Corporate general and administrative expenses			0
(Gain) loss on asset dispositions and other, net of impairment			0
Operating income (loss)			0
Interest expense including amortization of debt discount and deferred financing costs			0
Income from equity method investments			$ 0
[1]Our consolidated total assets as of March 31, 2024 and December 31, 2023 include total assets of variable interest entities ("VIE") of $78 million and $85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2024 and December 31, 2023 include total liabilities of VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities , respectively, for which the creditors of the VIEs have no recourse to SBG. See Note 7. Variable Interest Entities .

VARIABLE INTEREST ENTITIES - _2

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Variable Interest Entity [Line Items]
Equity method investments	$ 113		$ 128
Consolidated VIEs
Variable Interest Entity [Line Items]
Variable interest entities outsourcing agreement initial term	5 years
Consolidated VIEs | Eliminations
Variable Interest Entity [Line Items]
Liabilities associated with the certain outsourcing agreements and purchase options	$ 130		130
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Gain from related equity investments and other investments	(1)	$ 35
Variable Interest Entity, Not Primary Beneficiary | DSIH
Variable Interest Entity [Line Items]
Equity method investments	0
Sinclair Broadcast Group, LLC
Variable Interest Entity [Line Items]
Equity method investments	$ 1		1
Sinclair Broadcast Group, LLC | Consolidated VIEs
Variable Interest Entity [Line Items]
Variable interest entities outsourcing agreement initial term	5 years
Sinclair Broadcast Group, LLC | Consolidated VIEs | Eliminations
Variable Interest Entity [Line Items]
Liabilities associated with the certain outsourcing agreements and purchase options	$ 130		$ 130
Sinclair Broadcast Group, LLC | Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Gain from related equity investments and other investments		$ 35
Sinclair Broadcast Group, LLC | Variable Interest Entity, Not Primary Beneficiary | DSIH
Variable Interest Entity [Line Items]
Equity method investments	$ 0

VARIABLE INTEREST ENTITIES - _3

VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities Assets and Liabilities (Details) - USD ($) $ in Millions		Mar. 31, 2024	Dec. 31, 2023
Current assets:
Accounts receivable, net		$ 642	$ 616
Other current assets		177	189
Total current assets		1,481	1,475
Property and equipment, net		720	715
Total assets	[1]	6,038	6,085
Current liabilities:
Other current liabilities		70	57
Long-term liabilities:
Notes payable, finance leases, and commercial bank financing, less current portion		4,112	4,139
Other long-term liabilities		200	204
Total liabilities	[1]	5,769	5,864
Consolidated VIEs
Current assets:
Accounts receivable, net		20	23
Other current assets		2	3
Total current assets		22	26
Property and equipment, net		10	11
Goodwill and indefinite-lived intangible assets		15	15
Definite-lived intangible assets, net		31	33
Total assets		78	85
Current liabilities:
Other current liabilities		13	14
Long-term liabilities:
Notes payable, finance leases, and commercial bank financing, less current portion		6	6
Other long-term liabilities		3	3
Total liabilities		22	23
Sinclair Broadcast Group, LLC
Current assets:
Accounts receivable, net		577	568
Other current assets		129	139
Total current assets		1,050	1,033
Property and equipment, net		698	692
Total assets	[2]	4,838	4,837
Current liabilities:
Other current liabilities		69	50
Long-term liabilities:
Notes payable, finance leases, and commercial bank financing, less current portion		4,098	4,124
Other long-term liabilities		153	158
Total liabilities	[2]	5,693	5,765
Sinclair Broadcast Group, LLC | Consolidated VIEs
Current assets:
Accounts receivable, net		20	23
Other current assets		2	3
Total current assets		22	26
Property and equipment, net		10	11
Goodwill and indefinite-lived intangible assets		15	15
Definite-lived intangible assets, net		31	33
Total assets		78	85
Current liabilities:
Other current liabilities		13	14
Long-term liabilities:
Notes payable, finance leases, and commercial bank financing, less current portion		6	6
Other long-term liabilities		3	3
Total liabilities		$ 22	$ 23
[1]Our consolidated total assets as of March 31, 2024 and December 31, 2023 include total assets of variable interest entities ("VIE") of $78 million and $85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2024 and December 31, 2023 include total liabilities of VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities , respectively, for which the creditors of the VIEs have no recourse to SBG. See Note 7. Variable Interest Entities .

RELATED PERSON TRANSACTIONS -_2

RELATED PERSON TRANSACTIONS - Transactions With SBG's Indirect Controlling Shareholders (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party
Related Party Transaction [Line Items]
Lease payments	$ 2	$ 2
Charter Aircraft
Related Party Transaction [Line Items]
Amounts of transaction		0.1
Sinclair Broadcast Group, LLC | Related Party
Related Party Transaction [Line Items]
Lease payments	$ 2	2
Sinclair Broadcast Group, LLC | Charter Aircraft
Related Party Transaction [Line Items]
Amounts of transaction		$ 0.1

RELATED PERSON TRANSACTIONS -_3

RELATED PERSON TRANSACTIONS - Cunningham Broadcasting Corporation (Details) $ in Millions	1 Months Ended		3 Months Ended		12 Months Ended
	Aug. 31, 2016 USD ($)	Apr. 30, 2016 USD ($)	Mar. 31, 2024 USD ($) renewal	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Total revenues			$ 798	$ 773
Cunningham
Related Party Transaction [Line Items]
Right to acquire capital stock			100%
Remaining purchase price			$ 54		$ 54
Purchase options, broadcast stations			0.2
Cunningham | Related Party
Related Party Transaction [Line Items]
Total revenues			$ 34	36
Share service agreement, annual service consideration increasing rate ( as a percent)	3%
Cunningham | LMA
Related Party Transaction [Line Items]
Number of additional renewal terms | renewal			1
Agreement renewal period			5 years
Percentage of net broadcast revenue used to determine annual LMA fees required to be paid			3%
Amount used to determine annual LMA fees required to be paid			$ 6
Annual increase in aggregate purchase price			6%
Amounts of transaction			$ 66		65
Amount paid			$ 3	3
Cunningham | Renewal Term
Related Party Transaction [Line Items]
Agreement renewal period			8 years
Cunningham | Initial Fee
Related Party Transaction [Line Items]
Amounts of transaction		$ 1
Cunningham | Annual Master Control And Maintenance Fee
Related Party Transaction [Line Items]
Amounts of transaction		0.3
Cunningham | Annual Fee
Related Party Transaction [Line Items]
Amounts of transaction	$ 0.6
Cunningham | Multi-Cast Agreements
Related Party Transaction [Line Items]
Amount paid			$ 0.5	0.5
Sinclair Broadcast Group, LLC
Related Party Transaction [Line Items]
Total revenues			$ 727	773
Sinclair Broadcast Group, LLC | Cunningham
Related Party Transaction [Line Items]
Right to acquire capital stock			100%
Remaining purchase price			$ 54		54
Purchase options, broadcast stations			0.2
Sinclair Broadcast Group, LLC | Cunningham | Related Party
Related Party Transaction [Line Items]
Total revenues			$ 34	36
Share service agreement, annual service consideration increasing rate ( as a percent)	3%
Sinclair Broadcast Group, LLC | Cunningham | LMA
Related Party Transaction [Line Items]
Number of additional renewal terms | renewal			1
Agreement renewal period			5 years
Percentage of net broadcast revenue used to determine annual LMA fees required to be paid			3%
Amount used to determine annual LMA fees required to be paid			$ 6
Annual increase in aggregate purchase price			6%
Amounts of transaction			$ 66		$ 65
Amount paid			$ 3	3
Sinclair Broadcast Group, LLC | Cunningham | Renewal Term
Related Party Transaction [Line Items]
Agreement renewal period			8 years
Sinclair Broadcast Group, LLC | Cunningham | Initial Fee
Related Party Transaction [Line Items]
Amounts of transaction		1
Sinclair Broadcast Group, LLC | Cunningham | Annual Master Control And Maintenance Fee
Related Party Transaction [Line Items]
Amounts of transaction		$ 0.3
Sinclair Broadcast Group, LLC | Cunningham | Annual Fee
Related Party Transaction [Line Items]
Amounts of transaction	$ 0.6
Sinclair Broadcast Group, LLC | Cunningham | Multi-Cast Agreements
Related Party Transaction [Line Items]
Amount paid			$ 0.5	$ 0.5

RELATED PERSON TRANSACTIONS -_4

RELATED PERSON TRANSACTIONS - Leased Property by Real Estate Ventures (Details) - Lease Services - Related Party - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Amount received	$ 0.4	$ 0.4
Sinclair Broadcast Group, LLC
Related Party Transaction [Line Items]
Amount received		$ 0.4

RELATED PERSON TRANSACTIONS - S

RELATED PERSON TRANSACTIONS - Sinclair, Inc. (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Revenue	$ 798	$ 773
Other current liabilities	70		$ 57
Prepaid expenses and other current assets	177		189
Sinclair Broadcast Group, LLC
Related Party Transaction [Line Items]
Revenue	727	$ 773
Other current liabilities	69		50
Prepaid expenses and other current assets	129		139
Sinclair Broadcast Group, LLC | Sinclair, Inc. | Related Party
Related Party Transaction [Line Items]
Other current liabilities	6
Prepaid expenses and other current assets			$ 3
Sinclair Broadcast Group, LLC | Sinclair, Inc. | Related Party | Cash payments from Sinclair
Related Party Transaction [Line Items]
Amounts of transaction	15
Sinclair Broadcast Group, LLC | Sinclair, Inc. | Related Party | Local Media
Related Party Transaction [Line Items]
Revenue	2
Expenses	$ 2

RELATED PERSON TRANSACTIONS -_5

RELATED PERSON TRANSACTIONS - Diamond Sports Intermediate Holdings LLC (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Related Party Transaction [Line Items]
Revenue	$ 798	$ 773
DSIH | Related Party
Related Party Transaction [Line Items]
Revenue	4	5
Management Services Agreement with Diamond Sports Group | Local Media
Related Party Transaction [Line Items]
Revenue	13	9
Notes Receivable of Diamond Sports Finance SPV, LLC | Related Party
Related Party Transaction [Line Items]
Proceeds from collection of notes receivable		3
Sinclair Broadcast Group, LLC
Related Party Transaction [Line Items]
Revenue	727	773
Sinclair Broadcast Group, LLC | Local Media | DSIH | Related Party
Related Party Transaction [Line Items]
Revenue	1	5
Sinclair Broadcast Group, LLC | Management Services Agreement with Diamond Sports Group | Local Media
Related Party Transaction [Line Items]
Revenue	$ 13	9
Sinclair Broadcast Group, LLC | Notes Receivable of Diamond Sports Finance SPV, LLC | Related Party
Related Party Transaction [Line Items]
Proceeds from collection of notes receivable		$ 3

RELATED PERSON TRANSACTIONS -_6

RELATED PERSON TRANSACTIONS - Employees (Details) - Related Party - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Employee | Jason Smith
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.2	$ 0.2
Employee | Ethan White
Related Party Transaction [Line Items]
Total compensation (less than)	0.1	0.1
Employee | Amberly Thompson
Related Party Transaction [Line Items]
Total compensation (less than)	0.1	0.1
Employee | Edward Kim
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.1	$ 0.1
Employee | Restricted Stock | Jason Smith
Related Party Transaction [Line Items]
Granted (in shares)	37,566
Vesting period	2 years
Employee | Restricted Stock | Ethan White
Related Party Transaction [Line Items]
Granted (in shares)	1,503	1,252
Vesting period	2 years	2 years
Employee | Restricted Stock | Edward Kim
Related Party Transaction [Line Items]
Granted (in shares)	656	516
Vesting period	2 years	2 years
Employee | Stock Appreciation Rights (SARs) | Jason Smith
Related Party Transaction [Line Items]
Granted (in shares)	500,000
Vesting period	2 years
Vice President | Frederick Smith
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.2	$ 0.2
Director | J. Duncan Smith
Related Party Transaction [Line Items]
Total compensation (less than)	0.2	0.2
Sinclair Broadcast Group, LLC | Employee | Jason Smith
Related Party Transaction [Line Items]
Total compensation (less than)	0.2	0.2
Sinclair Broadcast Group, LLC | Employee | Ethan White
Related Party Transaction [Line Items]
Total compensation (less than)	0.1	0.1
Sinclair Broadcast Group, LLC | Employee | Amberly Thompson
Related Party Transaction [Line Items]
Total compensation (less than)	0.1	0.1
Sinclair Broadcast Group, LLC | Employee | Edward Kim
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.1	$ 0.1
Sinclair Broadcast Group, LLC | Employee | Restricted Stock | Jason Smith
Related Party Transaction [Line Items]
Granted (in shares)	37,566
Vesting period	2 years
Sinclair Broadcast Group, LLC | Employee | Restricted Stock | Ethan White
Related Party Transaction [Line Items]
Granted (in shares)	1,503	1,252
Vesting period	2 years	2 years
Sinclair Broadcast Group, LLC | Employee | Restricted Stock | Edward Kim
Related Party Transaction [Line Items]
Granted (in shares)	656	516
Vesting period	2 years	2 years
Sinclair Broadcast Group, LLC | Employee | Stock Appreciation Rights (SARs) | Jason Smith
Related Party Transaction [Line Items]
Granted (in shares)	500,000
Vesting period	2 years
Sinclair Broadcast Group, LLC | Vice President | Frederick Smith
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.2	$ 0.2
Sinclair Broadcast Group, LLC | Director | J. Duncan Smith
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.2	$ 0.2

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Carrying Value and Fair Value of Notes and Debentures (Details) - USD ($)	Mar. 31, 2024	Dec. 31, 2023	Feb. 07, 2023
FAIR VALUE MEASUREMENTS:
Debt discount and deferred financing costs	$ 43,000,000	$ 46,000,000
Interest Rate Swap
FAIR VALUE MEASUREMENTS:
Notional amount			$ 600,000,000
Fixed interest rate			3.90%
Senior Notes | 5.500% Senior Notes due 2030
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	5.50%
Senior Notes | 5.125% Senior Notes due 2027
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	5.125%
Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	4.125%
Level 1 | Fair Value | Money market funds
FAIR VALUE MEASUREMENTS:
Money market funds	$ 514,000,000	588,000,000
Level 2 | Face Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	7,000,000	7,000,000
Level 2 | Face Value | Senior Notes | 5.500% Senior Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	485,000,000	485,000,000
Level 2 | Face Value | Senior Notes | 5.125% Senior Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	274,000,000	274,000,000
Level 2 | Face Value | Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	737,000,000	737,000,000
Level 2 | Face Value | Term Loan | Term Loan B-2, due September 30, 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	1,185,000,000	1,215,000,000
Level 2 | Face Value | Term Loan | Term Loan B-3, due April 1, 2028
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	720,000,000	722,000,000
Level 2 | Face Value | Term Loan | Term Loan B-4, due April 21, 2029
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	737,000,000	739,000,000
Level 2 | Fair Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	7,000,000	7,000,000
Level 2 | Fair Value | Senior Notes | 5.500% Senior Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	349,000,000	362,000,000
Level 2 | Fair Value | Senior Notes | 5.125% Senior Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	252,000,000	248,000,000
Level 2 | Fair Value | Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	536,000,000	521,000,000
Level 2 | Fair Value | Term Loan | Term Loan B-2, due September 30, 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	1,125,000,000	1,124,000,000
Level 2 | Fair Value | Term Loan | Term Loan B-3, due April 1, 2028
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	569,000,000	595,000,000
Level 2 | Fair Value | Term Loan | Term Loan B-4, due April 21, 2029
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	575,000,000	602,000,000
Level 2 | Fair Value | Interest Rate Swap
FAIR VALUE MEASUREMENTS:
Interest rate swap	7,000,000	1,000,000
Sinclair Broadcast Group, LLC
FAIR VALUE MEASUREMENTS:
Debt discount and deferred financing costs	$ 43,000,000	46,000,000
Sinclair Broadcast Group, LLC | Interest Rate Swap
FAIR VALUE MEASUREMENTS:
Notional amount			$ 600,000,000
Fixed interest rate			3.90%
Sinclair Broadcast Group, LLC | Senior Notes | 5.500% Senior Notes due 2030
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	5.50%
Sinclair Broadcast Group, LLC | Senior Notes | 5.125% Senior Notes due 2027
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	5.125%
Sinclair Broadcast Group, LLC | Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	4.125%
Sinclair Broadcast Group, LLC | Level 1 | Fair Value | Money market funds
FAIR VALUE MEASUREMENTS:
Money market funds	$ 278,000,000	309,000,000
Sinclair Broadcast Group, LLC | Level 2 | Face Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	7,000,000	7,000,000
Sinclair Broadcast Group, LLC | Level 2 | Face Value | Senior Notes | 5.500% Senior Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	485,000,000	485,000,000
Sinclair Broadcast Group, LLC | Level 2 | Face Value | Senior Notes | 5.125% Senior Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	274,000,000	274,000,000
Sinclair Broadcast Group, LLC | Level 2 | Face Value | Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	737,000,000	737,000,000
Sinclair Broadcast Group, LLC | Level 2 | Face Value | Term Loan | Term Loan B-2, due September 30, 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	1,185,000,000	1,215,000,000
Sinclair Broadcast Group, LLC | Level 2 | Face Value | Term Loan | Term Loan B-3, due April 1, 2028
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	720,000,000	722,000,000
Sinclair Broadcast Group, LLC | Level 2 | Face Value | Term Loan | Term Loan B-4, due April 21, 2029
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	737,000,000	739,000,000
Sinclair Broadcast Group, LLC | Level 2 | Fair Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	7,000,000	7,000,000
Sinclair Broadcast Group, LLC | Level 2 | Fair Value | Senior Notes | 5.500% Senior Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	349,000,000	362,000,000
Sinclair Broadcast Group, LLC | Level 2 | Fair Value | Senior Notes | 5.125% Senior Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	252,000,000	248,000,000
Sinclair Broadcast Group, LLC | Level 2 | Fair Value | Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	536,000,000	521,000,000
Sinclair Broadcast Group, LLC | Level 2 | Fair Value | Term Loan | Term Loan B-2, due September 30, 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	1,125,000,000	1,124,000,000
Sinclair Broadcast Group, LLC | Level 2 | Fair Value | Term Loan | Term Loan B-3, due April 1, 2028
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	569,000,000	595,000,000
Sinclair Broadcast Group, LLC | Level 2 | Fair Value | Term Loan | Term Loan B-4, due April 21, 2029
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	575,000,000	602,000,000
Sinclair Broadcast Group, LLC | Level 2 | Fair Value | Interest Rate Swap
FAIR VALUE MEASUREMENTS:
Interest rate swap	$ 7,000,000	$ 1,000,000