Sinclair Broadcast (SBGI) 10-Q 8 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 07, 2018
Entity Information [Line Items]
Entity Registrant Name	SINCLAIR BROADCAST GROUP INC
Entity Central Index Key	912,752
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		76,613,152
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		25,670,684

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents		$ 1,014,718	$ 681,326
Restricted cash, current		0	313,110
Accounts receivable, net of allowance for doubtful accounts of $2,332 and $2,590, respectively		566,170	566,464
Current portion of program contract costs		19,657	71,387
Income taxes receivable		0	28,150
Prepaid expenses and other current assets		78,214	54,310
Total current assets		1,678,759	1,714,747
Assets held for sale		149,604	0
Program contract costs, less current portion		1,590	3,202
Property and equipment, net		666,636	738,298
Restricted cash, less current portion		1,506	1,504
Goodwill		2,022,073	2,124,033
Indefinite-lived intangible assets		156,654	159,371
Definite-lived intangible assets, net		1,686,263	1,801,670
Other assets		218,458	241,645
Total assets	[1]	6,581,543	6,784,470
Current liabilities:
Accounts payable and accrued liabilities		455,463	370,403
Deferred spectrum auction proceeds		0	84,341
Income taxes payable		21,923	2,503
Current portion of notes payable, capital leases and commercial bank financing		44,191	161,049
Current portion of program contracts payable		46,440	108,053
Total current liabilities		568,017	726,349
Liabilities held for sale		11,310	0
Notes payable, capital leases and commercial bank financing, less current portion		3,864,048	3,887,601
Program contracts payable, less current portion		33,847	41,909
Deferred tax liabilities		441,707	515,236
Other long-term liabilities		77,196	79,009
Total liabilities	[1]	4,996,125	5,250,104
Commitments and contingencies (See Note 4)
Shareholders' Equity:
Additional paid-in capital		1,336,251	1,320,298
Retained earnings		285,316	248,845
Accumulated other comprehensive loss		(1,423)	(1,423)
Total Sinclair Broadcast Group shareholders’ equity		1,621,167	1,568,738
Noncontrolling interests		(35,749)	(34,372)
Total equity		1,585,418	1,534,366
Total liabilities and equity		6,581,543	6,784,470
Assets of variable interest entities		114,500	130,600
Liabilities of variable interest entities		15,100	27,000
Class A Common Stock
Shareholders' Equity:
Common Stock		766	761
Class B Common Stock
Shareholders' Equity:
Common Stock		$ 257	$ 257
[1]	Our consolidated total assets as of June 30, 2018 and December 31, 2017 include total assets of variable interest entities (VIEs) of $114.5 million and $130.6 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of June 30, 2018 and December 31, 2017 include total liabilities of VIEs of $15.1 million and $27.0 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 1. Nature of Operations and Summary of Significant Accounting Policies.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accounts receivable, allowance for doubtful accounts	$ 2,332	$ 2,590
Class A Common Stock
Common Stock, par value (USD per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (shares)	500,000,000	500,000,000
Common Stock, shares issued (shares)	76,576,980	76,071,145
Common Stock, shares outstanding (shares)	76,576,980	76,071,145
Class B Common Stock
Common Stock, par value (USD per share)	$ 0.01	$ 0.01
Common Stock, shares authorized (shares)	140,000,000	140,000,000
Common Stock, shares issued (shares)	25,670,684	25,670,684
Common Stock, shares outstanding (shares)	25,670,684	25,670,684

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
REVENUES:
Revenues		$ 730,143	$ 652,234	$ 1,395,496	$ 1,279,170
OPERATING EXPENSES:
Media production expenses		300,858	269,486	589,407	527,887
Media selling, general and administrative expenses		150,794	127,046	297,693	251,767
Amortization of program contract costs and net realizable value adjustments		24,710	28,896	51,660	59,915
Non-media expenses		31,021	16,076	52,244	34,478
Depreciation of property and equipment		23,117	23,603	50,442	47,584
Corporate general and administrative expenses		29,685	25,051	54,281	45,627
Amortization of definite-lived intangible and other assets		43,117	43,377	86,722	88,931
Gain on asset dispositions, net of impairment		(4,741)	(150)	(25,850)	(53,497)
Total operating expenses		598,561	533,385	1,156,599	1,002,692
Operating income		131,582	118,849	238,897	276,478
OTHER INCOME (EXPENSE):
Interest expense and amortization of debt discount and deferred financing costs		(92,271)	(50,959)	(162,013)	(108,277)
Loss from extinguishment of debt		0	0	0	(1,404)
Loss from equity investments		(17,483)	1,462	(29,960)	141
Other income, net		4,184	1,563	7,455	3,259
Total other expense, net		(105,570)	(47,934)	(184,518)	(106,281)
Income before income taxes		26,012	70,915	54,379	170,197
INCOME TAX BENEFIT (PROVISION)		3,297	(24,880)	18,925	(53,459)
NET INCOME		29,309	46,035	73,304	116,738
Net income attributable to the noncontrolling interests		(1,268)	(1,390)	(2,139)	(14,891)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP		$ 28,041	$ 44,645	$ 71,165	$ 101,847
Dividends declared per share (USD per share)		$ 0.18	$ 0.18	$ 0.36	$ 0.36
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:
Basic earnings per share (USD per share)		0.27	0.43	0.70	1.04
Diluted earnings per share (USD per share)		$ 0.27	$ 0.43	$ 0.69	$ 1.03
Weighted average common shares outstanding (shares)		102,224	102,649	102,062	97,668
Weighted average common and common equivalent shares outstanding (shares)		102,986	103,665	102,952	98,707
Media revenues
REVENUES:
Revenues	[1]	$ 695,862	$ 637,226	$ 1,339,513	$ 1,244,283
Non-media revenues
REVENUES:
Revenues		$ 34,281	$ 15,008	$ 55,983	$ 34,887
[1]	See Revenue Recognition within Note 1. Nature of Operations and Summary of Significant Accounting Policies for a discussion of the adoption of the new accounting principles for revenue recognition.

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 29,309	$ 46,035	$ 73,304	$ 116,738
Comprehensive income	29,309	46,035	73,304	116,738
Comprehensive income attributable to the noncontrolling interests	(1,268)	(1,390)	(2,139)	(14,891)
Comprehensive income attributable to Sinclair Broadcast Group	$ 28,041	$ 44,645	$ 71,165	$ 101,847

CONSOLIDATED STATEMENT OF EQUIT

CONSOLIDATED STATEMENT OF EQUITY - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Class A Common Stock	Class A Common StockCommon Stock	Class B Common Stock	Class B Common StockCommon Stock
BALANCE (shares) at Dec. 31, 2016							64,558,207		25,670,684
BALANCE at Dec. 31, 2016	$ 557,936	$ 843,691	$ (255,804)	$ (807)	$ (30,047)		$ 646		$ 257
Increase (Decrease) in Stockholders' Equity
Issuance of common stock, net of issuance costs (shares)							12,000,000
Issuance of common stock, net of issuance costs	487,883	487,763					$ 120
Dividends declared and paid on Class A and Class B Common Stock	(34,744)		(34,744)
Class A Common Stock issued pursuant to employee benefit plans (shares)							435,619
Repurchases of Class A Common Stock	15,207	15,203					$ 4
Distributions to noncontrolling interests, net	(18,048)				(18,048)
Net income	116,738		101,847		14,891
BALANCE (shares) at Jun. 30, 2017							76,993,826		25,670,684
BALANCE at Jun. 30, 2017	1,124,972	1,346,657	(188,701)	(807)	(33,204)		$ 770		$ 257
BALANCE (shares) at Dec. 31, 2017						76,071,145	76,071,145	25,670,684	25,670,684
BALANCE at Dec. 31, 2017	1,534,366	1,320,298	248,845	(1,423)	(34,372)		$ 761		$ 257
Cumulative effect of adoption of new accounting standard at Dec. 31, 2017	2,100		2,100
Increase (Decrease) in Stockholders' Equity
Dividends declared and paid on Class A and Class B Common Stock	(36,794)		(36,794)
Class A Common Stock issued pursuant to employee benefit plans (shares)							505,835
Repurchases of Class A Common Stock	15,958	15,953					$ 5
Distributions to noncontrolling interests, net	(3,516)				(3,516)
Net income	73,304		71,165		2,139
BALANCE (shares) at Jun. 30, 2018						76,576,980	76,576,980	25,670,684	25,670,684
BALANCE at Jun. 30, 2018	$ 1,585,418	$ 1,336,251	$ 285,316	$ (1,423)	$ (35,749)		$ 766		$ 257

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 73,304	$ 116,738
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation of property and equipment	50,442	47,584
Amortization of definite-lived intangible and other assets	86,722	88,931
Amortization of program contract costs and net realizable value adjustments	51,660	59,915
Loss on extinguishment of debt, non-cash portion	0	1,404
Stock-based compensation expense	13,740	11,448
Deferred tax benefit	(73,171)	(8,211)
Gain on asset disposition, net of impairment	(24,235)	(53,497)
Loss from equity investments	30,369	79
Change in assets and liabilities, net of acquisitions:
Increase in accounts receivable	(2,971)	(26,295)
Increase in prepaid expenses and other current assets	(27,796)	(894)
Increase (decrease) in accounts payable and accrued liabilities	85,064	(23,410)
Net change in net income taxes payable/receivable	47,570	(29,661)
Decrease in program contracts payable	(63,916)	(57,152)
Other, net	9,916	14,303
Net cash flows from operating activities	256,698	141,282
CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	(52,268)	(33,507)
Acquisition of businesses, net of cash acquired	0	(28,329)
Purchase of alarm monitoring contracts		0
Proceeds from the sale of assets	1,005	194,641
Investments in equity investees	(17,996)	(20,690)
Distributions from equity investees	15,175	4,295
Other, net	(3,331)	(13,041)
Net cash flows (used in) from investing activities	(57,415)	103,369
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	2,016	163,089
Repayments of notes payable, commercial bank financing and capital leases	(142,077)	(301,168)
Net proceeds from the sale of Class A Common Stock	0	487,883
Dividends paid on Class A and Class B Common Stock	(36,795)	(34,744)
Distributions to noncontrolling interests	(3,516)	(18,048)
Other, net	1,373	(2,304)
Net cash flows (used in) from financing activities	(178,999)	294,708
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	20,284	539,359
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	995,940	260,184
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 1,016,224	$ 799,543

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2018
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 Broadcast Group, Inc. (the Company) is a diversified television broadcasting 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, consists of programming provided by third-party networks and syndicators, local news, and other original programming produced by us. We also distribute our original programming, and owned and operated network affiliates, on other third-party platforms. Additionally, we own digital media products that are complementary to our extensive portfolio of television station related digital properties. Outside of our media related businesses, we operate technical services companies focused on supply and maintenance of broadcast transmission systems as well as research and development for the advancement of broadcast technology, and we manage other non-media related investments. Our broadcast distribution platform is a single reportable segment for accounting purposes. It consists primarily of our broadcast television stations, which we own, provide programming and operating services pursuant to agreements commonly referred to as local marketing agreements (LMAs), or provide sales services and other non-programming operating services pursuant to other outsourcing agreements (such as joint sales agreements (JSAs) and shared services agreements (SSAs)), to 191 stations in 89 markets. These stations broadcast 601 channels as of June 30, 2018 . For the purpose of this report, these 191 stations and 601 channels are referred to as “our” stations and channels. Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries and variable interest entities (VIEs) for which we are the primary beneficiary. Noncontrolling interest represents a minority owner’s proportionate share of the equity in certain of our consolidated entities. All intercompany transactions and account balances have been eliminated in consolidation. Interim Financial Statements The consolidated financial statements for the three and six months ended June 30, 2018 and 2017 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 statement of equity, and consolidated statements of cash flows for these periods as adjusted for the adoption of recent accounting pronouncements discussed below. As permitted under the applicable rules and regulations of the Securities and Exchange Commission (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, 2017 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. Variable Interest Entities In determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. We consolidate VIEs when we are the primary beneficiary. Third-party station licensees. 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. Several of these VIEs are owned by a related party, Cunningham Broadcasting Corporation (Cunningham). See Note 7. Related Person Transactions for more information about the arrangements with Cunningham. See Changes in the Rules of Television Ownership, Joint Sales Agreements, Retransmission Consent Negotiations, and National Ownership Cap under Note 4. Commitments and Contingencies for discussion of recent changes in Federal Communications Commission (FCC) rules related to JSAs. The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets for the periods presented, were as follows (in thousands): As of June 30, As of December 31, ASSETS Current assets: Accounts receivable $ 17,865 $ 19,566 Other current assets 1,918 8,937 Total current assets 19,783 28,503 Assets held for sale 535 — Program contract costs, less current portion 257 822 Property and equipment, net 5,804 6,215 Goodwill and indefinite-lived intangible assets 15,039 15,064 Definite-lived intangible assets, net 70,659 74,442 Other assets 2,374 5,601 Total assets $ 114,451 $ 130,647 LIABILITIES Current liabilities: Other current liabilities $ 15,268 $ 23,564 Notes payable, capital leases and commercial bank financing, less current portion 19,625 23,217 Program contracts payable, less current portion 5,992 11,213 Other long-term liabilities 650 650 Total liabilities $ 41,535 $ 58,644 The amounts above represent the consolidated assets and liabilities of the VIEs described above, for which we are the primary beneficiary, and have been aggregated as they all relate to our broadcast business. Excluded from the amounts above are payments made to Cunningham under the LMAs and certain outsourcing agreements, which are treated as a prepayment of the purchase price of the stations, and capital leases between us and Cunningham, which are eliminated in consolidation. The total payments made under these LMAs and certain JSAs, which are excluded from the liabilities above, were $45.7 million and $44.0 million as of June 30, 2018 and December 31, 2017 , respectively. The total capital lease liabilities, net of capital lease assets, which are excluded from the above, were $4.5 million as of both June 30, 2018 and December 31, 2017 . Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs excluded from above were $117.8 million and $116.5 million as of June 30, 2018 and December 31, 2017 , respectively, 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 June 30, 2018 , all of the liabilities are non-recourse to us except for debt of certain VIEs. See Debt of variable interest entities under Note 3. Notes Payable and Commercial Bank Financing for further discussion. The risk and reward characteristics of the VIEs are similar. Other investments. We have several investments 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. We account for these entities using the equity method of accounting; at cost, less impairment plus observable price changes; or at fair value. The carrying amounts of our investments in these VIEs for which we are not the primary beneficiary as of June 30, 2018 and December 31, 2017 were $91.3 million and $115.7 million , respectively, and are included in other assets on our consolidated balance sheets. Our maximum exposure is equal to the carrying value of our investments. The income and loss related to these investments are recorded in income from equity investments on our consolidated statements of operations. We recorded a loss for both the three and six months ended June 30, 2018 of $14.5 million and $23.5 million , respectively, and income for both the three and six months ended June 30, 2017 of $3.8 million and $3.5 million , respectively. 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 May 2014, the Financial Accounting Standards Board (FASB) issued guidance on revenue recognition for revenue from contracts with customers, Accounting Standards Codification Topic 606 (ASC 606). This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and will replace most existing revenue recognition guidance when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. Since Accounting Standards Update (ASU) 2014-09 was issued, several additional ASUs have been issued and incorporated within ASC 606 to clarify various elements of the guidance. We adopted this guidance retrospectively during the first quarter of 2018. The impact of the adoption did not have a material impact on our station advertising or distribution revenue. Under the new standard, certain barter revenue and expense related to syndicated programming is no longer recognized. See Revenue Recognition below for more information on the adoption. In January 2016, the FASB issued new guidance which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance requires entities to measure equity investments (except those accounted for under the equity method of accounting or those that resulted in consolidation of the investee) at fair value, with changes in fair value recognized in net income. The new standard is effective for the interim and annual periods beginning after December 15, 2017. We adopted this guidance during the first quarter of 2018. The impact of the adoption did not have a material impact on our financial statements. As of June 30, 2018 and December 31, 2017 , equity investments without a readily determinable fair value measured utilizing the measurement alternative at cost, less impairment plus observable price changes were $30.9 million and $32.3 million , respectively. During the three and six months ended June 30, 2018 , there were no adjustments to the carrying amount of investments accounted for using the measurement alternative. We also had other investments recorded at fair value at June 30, 2018 and December 31, 2017 of $18.5 million and $12.2 million , respectively. As a result of the adoption of this guidance, we recorded a cumulative effect adjustment to retained earnings of $2.1 million for these investments, within our consolidated statement of equity. In February 2016, the FASB issued new guidance related to accounting for leases, which requires the assets and liabilities that arise from leases to be recognized on the balance sheet. Currently, only capital leases are recorded on the balance sheet. This update will require the lessee to recognize a lease liability equal to the present value of the lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for all leases longer than 12 months. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election, by class of underlying asset, not to recognize lease assets and liabilities and recognize the lease expense for such leases, generally on a straight-line basis over the lease term. The new standard is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and cash payments. The new standard includes eight specific cash flow issues with the objective of reducing the existing diversity in practice as to how cash receipts and cash payments are represented in the statement of cash flows. In November 2016, the FASB issued new guidance related to the classification and presentation of changes in restricted cash on the statement of cash flows. This new guidance requires that the statement of cash flows explain changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. We adopted this guidance retrospectively during the first quarter of 2018. For the six months ended June 30, 2017 , the adoption of this guidance resulted in an increase in cash flows from investing and financing activities of $2.0 million and $1.5 million , respectively. In January 2017, the FASB issued guidance which clarifies the definition of a business with additional guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard should be applied prospectively and is effective for interim and annual reporting periods beginning after December 15, 2017. We adopted this guidance during the first quarter of 2018. The impact of the adoption did not have a material impact on our consolidated financial statements. In March 2018, the FASB issued guidance, effective in the first quarter of 2018, for situations where the accounting under Accounting Standards Codification Topic 740 is incomplete for certain income tax effects of the 2017 Tax Cuts and Jobs Act (TCJA) upon issuance of an entity’s financial statements for the reporting period in which the TCJA was enacted. Any provisional amounts or adjustments to provisional amounts as a result of obtaining, preparing, or analyzing additional information about facts and circumstances related to the provisional amounts should be included in income (loss) from continuing operations as an adjustment to income tax expense in the reporting period the amounts are determined. As discussed in Income Taxes below, adjustments to the provisional amounts that are identified within a subsequent measurement period of up to one year from the enactment date will be included as an adjustment to tax expense from continuing operations in the period the amounts are determined. Revenue Recognition On January 1, 2018, we adopted ASC 606 using the retrospective adoption method. The following table presents the effects of adoption on our consolidated financial statements for the comparative periods presented (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2017 As Reported Adoption of ASC 606 As Adjusted As Reported Adoption of ASC 606 As Adjusted Revenues realized from station barter arrangements (a) $ 32,460 $ (27,055 ) $ 5,405 $ 60,030 $ (50,055 ) $ 9,975 Expenses realized from barter arrangements (b) $ 27,550 $ (27,055 ) $ 495 $ 50,795 $ (50,055 ) $ 740 Operating income $ 118,849 $ — $ 118,849 $ 276,478 $ — $ 276,478 Net income $ 44,645 $ — $ 44,645 $ 101,847 $ — $ 101,847 Basic EPS $ 0.43 $ — $ 0.43 $ 1.04 $ — $ 1.04 Diluted EPS $ 0.43 $ — $ 0.43 $ 1.03 $ — $ 1.03 (a) The remaining balance in the "as adjusted" column relates to trade revenue, which was unaffected by the adoption and has been reclassified to media revenue. (b) The remaining balance in the "as adjusted" column relates to trade expense, which was unaffected by the adoption and has been reclassified to media production expense. The following table presents our revenue disaggregated by type and segment (in thousands): Three Months Ended June 30, 2018 June 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue, net of agency commissions $ 338,204 $ 20,918 $ 359,122 $ 328,252 $ 14,394 $ 342,646 Distribution revenue 291,931 27,527 319,458 251,730 26,989 278,719 Other media and non-media revenues 12,144 39,419 51,563 10,985 19,884 30,869 Total revenues $ 642,279 $ 87,864 $ 730,143 $ 590,967 $ 61,267 $ 652,234 Six Months Ended June 30, 2018 June 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue, net of agency commissions $ 637,116 $ 38,334 $ 675,450 $ 638,323 $ 22,774 $ 661,097 Distribution revenue 579,056 54,762 633,818 500,792 53,838 554,630 Other media and non-media revenues 22,000 64,228 86,228 21,721 41,722 63,443 Total revenues $ 1,238,172 $ 157,324 $ 1,395,496 $ 1,160,836 $ 118,334 $ 1,279,170 Advertising Revenue, net of agency commissions. We generate advertising revenue primarily from the sale of advertising spots/impressions on our broadcast television and digital platforms. Advertising revenue is recognized in the period in which the advertising spots/impressions are delivered. In arrangements where we provide audience ratings guarantees; to the extent that there is a ratings shortfall, we will defer a portion of revenue until the ratings shortfall is settled. The term of our advertising arrangements is generally less than one year and the timing between when an advertisement is aired and when payment is due is not significant. In certain circumstances, we require customers to pay in advance; payments received in advance of satisfying our performance obligations are reflected as deferred revenue. Distribution Revenue. The Company generates distribution revenue through fees received from multi-channel video programming distributors (MVPDs) and virtual MVPDs for the right to distribute our stations and other properties on their respective distribution platforms. We have determined that these arrangements represent licenses of intellectual property. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a monthly amount per subscriber. We recognize revenue associated with these licensing arrangements when our customers distribute our stations and other properties on their respective distribution platforms, which is when our performance obligation has been satisfied. The term between invoicing and when payment is due is not significant. Practical Expedients and Exemptions. We expense sales commissions when incurred because the period of benefit for these costs is one year or less. These costs are recorded within media selling, general and administrative expenses. 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. Arrangements with Multiple Performance Obligations. Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenues to each performance obligation based on its relative standalone selling price which is generally based on the prices charged to customers. Deferred Revenues. We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. Deferred revenues for the periods ended June 30, 2018 and December 31, 2017 were $84.0 million and $49.5 million , respectively. The increase in deferred revenues for the six months ended June 30, 2018 was primarily driven by amounts received or due in advance of satisfying our performance obligations, offset by $21.5 million of revenues recognized that were included in the deferred revenues balance as of December 31, 2017 . Deferred revenues for the periods ended June 30, 2017 and December 31, 2016 were $32.3 million and $31.7 million , respectively. The increase in deferred revenues for the six months ended June 30, 2017 was primarily driven by amounts received or due in advance of satisfying our performance obligations offset by $13.7 million of revenues recognized that were included in the deferred revenues balance as of December 31, 2016 . Income Taxes Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three and six months ended June 30, 2018 and 2017 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, 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 portion of our available state net operating loss (NOL) carryforwards, based on past operating results, expected timing of the reversals of existing temporary book/tax basis differences, alternative tax strategies, and projected future taxable income. Our effective income tax rate for the three months ended June 30, 2018 was less than the statutory rate primarily due to $5.2 million federal tax credits related to investments in sustainability initiatives and a $4.2 million state benefit related to a change in apportionment estimates on recognition of previously deferred tax gain from the sale of certain broadcast spectrum in connection with the Broadcast Incentive Auction, as discussed in Note 2. Acquisitions and Dispositions of Assets . Our effective income tax rate for the six months ended June 30, 2018 was less than the statutory rate primarily due to a $17.7 million permanent tax benefit recognized from an IRS tax ruling on the treatment of the gain from the sale of certain broadcast spectrum in connection with the Broadcast Incentive Auction, as discussed in Note 2. Acquisitions and Dispositions of Assets , and $6.3 million federal tax credits related to investments in sustainability initiatives. Our effective income tax rate for the three and six months ended June 30, 2017 approximated the statutory rate. Pursuant to the guidance within SEC Staff Accounting Bulletin No. 118 (SAB 118), as of June 30, 2018, the Company continues to analyze certain aspects of the TCJA and refine its assessment. The ultimate impact of the TCJA differ from the provisional amounts recorded by the Company at December 31, 2017 due to its continued analysis or further regulatory guidance that may be issued as a result of the TCJA. Pursuant to SAB 118, adjustments to the provisional amounts that are identified within a subsequent measurement period of up to one year from the enactment date will be included as an adjustment to tax expense from continuing operations in the period the amounts are determined. Network Affiliation Agreements On May 8, 2018, we entered into an agreement with Fox Broadcasting Company for the renewal of our Fox affiliates. The agreement expires on December 31, 2020. In the event that the Tribune acquisition discussed in Pending Acquisitions within Note 2. Acquisitions and Dispositions of Assets does not close before December 31, 2018, Fox will have a right to terminate this agreement with 30 days notice. Subsequent Events In August 2018, our Board of Directors declared a quarterly dividend of $0.18 per share, payable on September 17, 2018 to holders of record at the close of business on August 31, 2018. Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.

ACQUISITIONS AND DISPOSITIONS O

ACQUISITIONS AND DISPOSITIONS OF ASSETS	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS OF ASSETS	ACQUISITIONS AND DISPOSITIONS OF ASSETS: Acquisitions Bonten. On September 1, 2017, we acquired the stock of Bonten Media Group Holdings, Inc. (Bonten) and Cunningham acquired the membership interest of Esteem Broadcasting LLC for an aggregate purchase price of $240.0 million plus a working capital adjustment, excluding cash acquired, of $2.2 million accounted for as a business combination under the acquisition method of accounting. As a result of the transaction, we added 14 television stations in 8 markets: Tri-Cities, TN/VA; Greensville/New Bern/Washington, NC; Chico/Redding, CA; Abilene/Sweetwater, TX; Missoula, MT; Butte/Bozeman, MT; San Angelo, TX; and Eureka, CA. Cunningham assumed the joint sales agreement under which we will provide services to 4 additional stations. The transaction was funded with cash on hand. The acquisition will expand our regional presence in several states where we already operate and help us bring improvements to small market stations. The following table summarizes the allocated fair value of acquired assets and assumed liabilities (in thousands): Accounts receivable $ 14,536 Prepaid expenses and other current assets 699 Program contract costs 988 Property and equipment 27,295 Definite-lived intangible assets 161,936 Indefinite-lived intangible assets 425 Other assets 3,609 Accounts payable and accrued liabilities (8,846 ) Program contracts payable (988 ) Deferred tax liability (66,158 ) Other long term liabilities (12,265 ) Fair value of identifiable, net assets acquired 121,231 Goodwill 120,921 Total purchase price, net of cash acquired $ 242,152 The preliminary purchase price allocation presented above is based upon management’s estimate of the fair value of the acquired assets and assumed liabilities using valuation techniques including income, cost, and market approaches. The fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates. The allocation is preliminary pending a final determination of the fair value of the assets and liabilities. During the six months ended June 30, 2018, we made certain measurement period adjustments to the initial Bonten purchase price allocation resulting in reclassifications between certain non-current assets and liabilities, including an increase to goodwill of $1.5 million . The definite-lived intangible assets of $161.9 million are comprised of network affiliations of $53.3 million and customer relationships of $108.6 million . These intangible assets will be amortized over a weighted average useful life of 15 and 14 years for network affiliations and customer relationships, respectively. Acquired property and equipment will be depreciated on a straight-line basis over the respective estimated remaining useful lives. Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce and noncontractual relationships, as well as expected future synergies. We expect that goodwill deductible for tax purposes will be approximately $5.6 million . Net revenues and operating income of the Bonten stations on our consolidated statements of operations were $23.4 million and $4.1 million , respectively, for the three months ended June 30, 2018 and $45.4 million and $5.7 million , respectively, for the six months ended June 30, 2018 . Other 2017 Acquisitions. During 2017, we acquired certain media assets for an aggregated purchase price of $27.4 million , less working capital of $2.7 million . The transaction was funded with cash on hand. Pending Acquisitions. In May 2017, we entered into a definitive agreement to acquire the stock of Tribune Media Company (Tribune). Under the terms of the agreement, Tribune stockholders will receive $35.00 in cash and 0.23 shares of Sinclair Class A common stock for each share of Tribune Class A common stock and Class B common stock they own. As part of this acquisition we would assume approximately $1.1 billion of outstanding debt held by Tribune. Tribune owns or operates 42 television stations in 33 markets, cable network WGN America, digital multicast network Antenna TV, minority stakes in the TV Food Network, ThisTV, and CareerBuilder, and a variety of real estate assets. Tribune’s stations consist of 14 FOX, 12 CW, 6 CBS, 3 ABC, 2 NBC, 3 MyNetworkTV affiliates, and 2 independent stations. In October 2017, Tribune shareholders approved the merger agreement and bondholders consented to the assignment of the notes under the change of control. In April and May 2018, in order to obtain necessary governmental approval for the acquisition of Tribune, and for other business purposes, we entered into definitive agreements with third parties to divest 14 Tribune television stations in 14 markets and the stations discussed in Assets and Liabilities Held for Sale below. The divestitures are contingent upon the closing of the Tribune acquisition and are expected to close concurrent with the Tribune acquisition. We expect to fund the purchase price through a combination of cash on hand and debt financing. On July 19, 2018, the FCC released a Hearing Designation Order (HDO) to commence a hearing before an Administrative Law Judge (ALJ) with respect to the Company’s acquisition of Tribune. We cannot predict the timeframe for completion or the outcome of the ALJ hearing. In addition, in light of the release of the HDO, there can be no assurance that the transaction with Tribune will be consummated. The failure to complete the transaction may adversely affect Sinclair’s business and operations. See Litigation and other legal matters within Note 4. Commitments and Contingencies for further discussion. For the three and six months ended June 30, 2018, we incurred $5.2 million and $9.9 million , respectively, of costs in connection with this acquisition, primarily related to legal and other professional services, which we expensed as incurred and classified as corporate general and administrative expenses on our consolidated statements of operations. As of June 30, 2018, we capitalized approximately $12.1 million in costs associated with the financing of the acquisition. In the event that the acquisition does not close, these capitalized fees would be recognized as expense. See Assets and Liabilities Held for Sale below for further discussion of divestitures related to this transaction. See Note 3. Notes Payable and Commercial Bank Financing for further discussion on debt financing. Dispositions Broadcast Incentive Auction. Congress authorized the FCC to conduct so-called “incentive auctions” to auction and re-purpose broadcast television spectrum for mobile broadband use. Pursuant to the auction, television broadcasters submitted bids to receive compensation for relinquishing all or a portion of its rights in the television spectrum of their full-service and Class A stations. Low power stations were not eligible to participate in the auction and are not protected and therefore may be displaced or forced to go off the air as a result of the post-auction repacking process. We received total proceeds of $310.8 million from the auction. For the six months ended June 30, 2018, we recognized a gain of $83.3 million which is included within gain on asset dispositions, net of impairment on our consolidated statements of operations. This gain relates to the auction proceeds associated with one market where the underlying spectrum was vacated during the first quarter of 2018. The results of the auction are not expected to produce any material change in operations of the Company as there is no change in on air operations. In the repacking process associated with the auction, the FCC has reassigned some stations to new post-auction channels. We do not expect reassignment to new channels to have a material impact on our coverage. We have received notification from the FCC that 98 of our stations have been assigned to new channels. The legislation authorizing the incentive auction provided the FCC with a $1.75 billion fund to reimburse reasonable costs incurred by stations that are reassigned to new channels in the repack. The 2018 Consolidated Appropriations Act appropriated an additional $600 million to the fund for the fiscal year 2018, and an additional $400 million for the fiscal year 2019. The 2018 Consolidated Appropriations Act also enlarged the number of stations eligible to receive reimbursement to include low power television stations and television translator stations. We expect that the reimbursements from the fund will cover the majority of our expenses related to the repack. During the three and six months ended June 30, 2018 , capital expenditures related to the spectrum repack were $8.3 million and $11.7 million , respectively. Assets and Liabilities Held for Sale. We classify assets and liabilities separately on our consolidated balance sheets at the lower of carrying value or fair value less costs to sell when the criteria for held for sale classification are met. Once assets are classified as held for sale, we do not record depreciation or amortization expense. We agreed to sell the assets of certain consolidated television stations within our broadcast segment including WXLV in Greensboro, NC; WRLH in Richmond, VA; WOLF/WQMY/WSWB in Wilkes-Barre, PA; KOKH in Oklahoma City, OK; and KDSM in Des Moines, IA. The sale is part of Sinclair’s larger acquisition of Tribune, in order to obtain necessary governmental approval of the Tribune transaction and for other business purposes. The sale of these stations is contingent upon the closing of the Tribune acquisition. See Pending Acquisitions within Note 2. Acquisitions and Dispositions of Assets for further discussion of Tribune acquisition. The assets and liabilities of these stations met the criteria for held for sale classification as of June 30, 2018 and are classified as held for sale on our consolidated balance sheet. We have also classified one of our consolidated real estate development projects as held for sale based upon a pending transaction which is currently expected to close in 2018. During the first quarter the carrying value of these assets have been adjusted to fair value less costs to sell which resulted in an impairment of approximately $63.0 million which is reflected in gains/losses on asset dispositions, net of impairments within our statement of operations. During the second quarter, the Company recorded a $3.4 million correcting adjustment to reduce the impairment to $59.6 million . This adjustment was not material to either the first quarter or second quarter results. The fair value of the real estate investment was determined based on both observable and unobservable inputs, including the expected sales price as supported by discounted cash flow model. Due to uncertainties in the estimation process, actual results could differ from the estimates used in our analysis. As of June 30, 2018 , the major classes of assets and liabilities reported as held for sale on the accompanying consolidated balance sheets are shown below (in thousands): Current assets $ 1,234 Property and equipment 14,651 Goodwill and indefinite-lived intangible assets 104,897 Definite-lived intangible assets 28,788 Other non-current assets 34 Assets held for sale $ 149,604 Current liabilities $ 3,668 Non-current liabilities 7,642 Liabilities held for sale $ 11,310

NOTES PAYABLE AND COMMERCIAL BA

NOTES PAYABLE AND COMMERCIAL BANK FINANCING	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
NOTES PAYABLE AND COMMERCIAL BANK FINANCING	NOTES PAYABLE AND COMMERCIAL BANK FINANCING: Incremental Term B Facility related to Tribune acquisition In connection with the pending acquisition of Tribune, discussed in Note 2. Acquisitions and Dispositions of Assets , in May 2017, we entered into financing commitment letters with certain financial institutions (the “Committed Lenders”). In December 2017, the Term Loan B commitments provided in the commitment letters were syndicated, providing $3.7 billion of Term B loans to be issued and drawn at closing of the acquisition, which mature in 2024 and are priced at LIBOR plus 2.50% , under our Bank Credit Agreement, which will be amended at closing. The financing and amendment of our Bank Credit Agreement is contingent upon the closing of the Tribune acquisition. We began to expense a ticking fee on undrawn amounts under the new term B loans beginning on January 12, 2018 of 1.25% for the first 30 days, 2.50% for the next 60 days, and LIBOR plus 2.50% thereafter. Ticking fees expensed were $39.3 million and $56.3 million for the three and six months ended June 30, 2018 , respectively, and are included in interest expense on our consolidated statements of operations. The existing commitments expire on August 8, 2018. We are working with the Committed Lenders to extend the financing commitments. See Litigation and other legal matters under Note 4. Commitments and Contingencies for further discussion of the Tribune acquisition. Notes payable and capital leases to affiliates The current portion of notes payable, capital leases, and commercial bank financing on our consolidated balance sheets includes notes payable and capital leases to affiliates of $2.0 million and $1.7 million , net of deferred financing cost, as of June 30, 2018 and December 31, 2017 . Notes payable, capital leases, and commercial bank financing, less current portion, on our consolidated balance sheets includes long-term notes payable and capital leases to affiliates of $11.3 million and $12.5 million , net of deferred financing cost, as of June 30, 2018 and December 31, 2017 , respectively. Bank Credit Agreement Approximately $111.4 million of Term Loan A-1 debt under the Bank Credit Agreement matured on April 9, 2018 and was paid with cash on hand. Debt of variable interest entities The proceeds of the outstanding debt of our consolidated VIEs were used to purchase the license assets of certain stations. See Variable Interest Entities under Note 1. Nature of Operations and Summary of Significant Accounting Policies for more information. We have jointly and severally, unconditionally and irrevocably guaranteed the debt of the VIEs, as a primary obligor, including the payment of all unpaid principal of and interest on the loans. We guaranteed $67.5 million and $62.3 million of debt, net of deferred financing costs, related to VIEs as of June 30, 2018 and December 31, 2017 , respectively, of which $26.4 million and $29.3 million , net of deferred financing costs, is included on our consolidated balance sheets as of June 30, 2018 and December 31, 2017 , respectively.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: Litigation and other legal matters We are a party to lawsuits and claims 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. After reviewing developments to date with legal counsel, our management is of the opinion that none of our pending and threatened matters is material. On December 21, 2017, the FCC issued a Notice of Apparent Liability for Forfeiture proposing a $13.4 million fine for alleged violations of the FCC's sponsorship identification rules by the Company and certain of its subsidiaries. Based on a review of the current facts and circumstances, management has provided for what is believed to be a reasonable estimate of the loss exposure for this matter. We have responded to dispute the Commission's findings and the proposed fine; however, we cannot predict the outcome of any potential FCC action related to this matter. We do not believe that the ultimate outcome of this matter will have a material effect on the Company's financial statements. As of August 7, 2018, the Company is aware of three putative class action lawsuits filed in United States District Court against the Company, Tribune Media Company, Tribune Broadcasting Company, LLC and other defendants, including some that are unnamed. The lawsuits allege that the defendants conspired to fix prices for commercials to be aired on broadcast television stations throughout the United States, in violation of the Sherman Antitrust Act. The lawsuits seek damages, attorney’s fees, costs and interest, as well as enjoinment from adopting practices or plans which would restrain competition in a similar manner as alleged in the lawsuits. The Company believes the lawsuits may have been related to media reports of a Civil Investigative Demand (CID) the Company received from the Department of Justice earlier this year, which regarded an investigation to determine whether there had been a violation of the Sherman Act by sharing of pace data within the industry. The CID indicated that it was issued in connection with the Company’s acquisition of Tribune. The Company believes these class action lawsuits are without merit and intends to vigorously defend against the allegations. On July 19, 2018, the FCC released a Hearing Designation Order (HDO) to commence a hearing before an Administrative Law Judge (ALJ) with respect to the Company’s acquisition of Tribune, discussed under Pending Acquisitions within Note 2. Acquisitions and Dispositions of Assets . The HDO directs the FCC's Media Bureau to hold in abeyance all other pending applications and amendments thereto related to the proposed merger until the issues that are the subject of the HDO have been resolved with finality. The HDO asks the ALJ to determine (i) whether Sinclair was the real party in interest to the sale of WGN-TV, KDAF(TV), and KIAH(TV), (ii) if so, whether the Company engaged in misrepresentation and/or lack of candor in its applications with the FCC and (iii) whether consummation of the overall transaction would be in the public interest and compliance with the FCC’s ownership rules. The Company maintains that the overall transaction and the proposed divestitures comply with the FCC’s rules, and strongly rejects any allegation of misrepresentation or lack of candor; however, we cannot predict the timing for completion or the outcome of the ALJ hearing. While review of the issues raised by the HDO remains pending, the Company's ability to acquire additional TV stations may be impacted. In addition, in light of the release of the HDO, there can be no assurance that the transaction with Tribune will be consummated. The failure to complete the transaction may adversely affect Sinclair’s business and operations. Changes in the Rules of Television Ownership, Local Marketing Agreements, Joint Sales Agreements, Retransmission Consent Negotiations, and National Ownership Cap Certain of our stations have entered into what have commonly been referred to as local marketing agreements or LMAs. One typical type of LMA is a programming agreement between two separately owned television stations serving the same market, whereby the licensee of one station programs substantial portions of the broadcast day and sells advertising time during such programming segments on the other licensee’s station subject to the latter licensee’s ultimate editorial and other controls. We believe these arrangements allow us to reduce our operating expenses and enhance profitability. In 1999, the FCC established a new local television ownership rule which made LMAs attributable. However, the rule grandfathered LMAs that were entered into prior to November 5, 1996, and permitted the applicable stations to continue operations pursuant to the LMAs until the conclusion of the FCC’s 2004 biennial review. The FCC stated it would conduct a case-by-case review of grandfathered LMAs and assess the appropriateness of extending the grandfathering periods. The FCC did not initiate any review of grandfathered LMAs in 2004 or as part of its subsequent quadrennial reviews. We do not know when, or if, the FCC will conduct any such review of grandfathered LMAs. Currently, all of our LMAs are grandfathered under the local television ownership rule because they were entered into prior to November 5, 1996. If the FCC were to eliminate the grandfathering of these LMAs, we would have to terminate or modify these LMAs. In February 2015, the FCC issued an order implementing certain statutorily required changes to its rules governing the duty to negotiate retransmission consent agreements in good faith. With these changes, a television broadcast station is prohibited from negotiating retransmission consent jointly with another television station in the same market unless the “stations are directly or indirectly under common de jure control permitted under the regulations of the Commission.” During a 2015 retransmission consent negotiation, a MVPD filed a complaint with the FCC accusing us of violating this rule. Although we reached agreement with the MVPD, the FCC initiated an investigation. In order to resolve the investigation and all other pending matters before the FCC's Media Bureau (including the grant of all outstanding renewals and dismissal or cancellation of all outstanding adversarial pleadings or forfeitures before the Media Bureau), the Company, on July 29, 2016, without any admission of liability, entered into a consent decree with the FCC pursuant to which the Company paid a settlement payment and agreed to be subject to ongoing compliance monitoring by the FCC for a period of 36 months . In September 2015, the FCC released a Notice of Proposed Rulemaking in response to a Congressional directive in STELAR to examine the “totality of the circumstances test” for good-faith negotiations of retransmission consent. The proposed rulemaking sought comment on new factors and evidence to consider in the FCC's evaluation of claims of bad faith negotiation, including service interruptions prior to a “marquee sports or entertainment event,” restrictions on online access to broadcast programming during negotiation impasses, broadcasters’ ability to offer bundles of broadcast signals with other broadcast stations or cable networks, and broadcasters’ ability to invoke the FCC’s exclusivity rules during service interruptions. On July 14, 2016, then-Chairman Wheeler announced that the FCC would not, at such time, proceed to adopt additional rules governing good faith negotiations of retransmission consent. No formal action has yet been taken on this Proposed Rulemaking, and we cannot predict if the full Commission will agree to terminate the Rulemaking without action. In August 2016, the FCC completed both its 2010 and 2014 quadrennial reviews of its media ownership rules and issued an order (Ownership Order) which left most of the existing multiple ownership rules intact, but amended the rules to provide for the attribution of JSAs where two television stations are located in the same market, and a party with an attributable interest in one station sells more than 15% of the advertising time per week of the other station. JSAs existing as of March 31, 2014, were grandfathered until October 1, 2025, at which point they would have to be terminated, amended or otherwise come into compliance with the JSA attribution rule. On November 20, 2017, the FCC released an Ownership Order on Reconsideration that, among other things, eliminated the JSA attribution rule. The rule changes adopted in the Ownership Order on Reconsideration became effective on February 7, 2018. A Petition for Review of the Ownership Order on Reconsideration, including the elimination of the JSA attribution rule, was filed in the U.S. Court of Appeals for the Third Circuit. On February 7, 2018, the court denied, among other things, Petitioners' request to stay the effective date of the Ownership Order on Reconsideration and instead issued a stay of the appeal for a period of 6 months. A Petition for Review of the Ownership Order on Reconsideration was subsequently filed in the U.S. District Court of Appeals for the District of Columbia Circuit, and was transferred to the Third Circuit and is subject to the stay. We cannot predict the outcome of this proceeding. If we are required to terminate or modify our LMAs or JSAs, our business could be adversely affected in several ways, including losses on investments and termination penalties. If we are required to terminate or modify our LMAs or JSAs, our business could be affected in the following ways: Losses on investments . In some cases, we own the non-license assets used by the stations we operate under LMAs and JSAs. If certain of these arrangements are no longer permitted, we could be forced to sell these assets, restructure our agreements or find another use for them. If this happens, the market for such assets may not be as good as when we purchased them and, therefore, we cannot be certain of a favorable return on our original investments. Termination penalties . If the FCC requires us to modify or terminate existing LMAs or JSAs before the terms of the agreements expire, or under certain circumstances, we elect not to extend the terms of the agreements, we may be forced to pay termination penalties under the terms of some of our agreements. Any such termination penalties could be material. On September 6, 2016, the FCC released the UHF Discount Order, eliminating the UHF Discount. The UHF discount allowed television station owners to discount the coverage of UHF stations when calculating compliance with the FCC’s national ownership cap, which prohibits a single entity from owning television stations that reach, in total, more than 39% of all the television households in the nation. All but 34 of the stations we currently own and operate, or to which we provide programming services are UHF. On April 20, 2017, the FCC acted on a Petition for Reconsideration of the UHF Discount Order and adopted the UHF Discount Order on Reconsideration which reinstated the UHF discount, which became effective June 15, 2017 and is currently in effect. A Petition for Review of the UHF Discount Order on Reconsideration was filed in the U.S. Court of Appeals for the D.C. Circuit on May 12, 2017. The court denied the Petition for Review on July 25, 2018. On December 18, 2017, the Commission released a Notice of Proposed Rulemaking to examine the national audience reach cap, including the UHF discount. We cannot predict the outcome of the rulemaking proceeding. With the application of the UHF discount counting all our present stations we reach approximately 25% of U.S. households.With the pending Tribune transaction, absent divestitures, we would exceed the 39% cap, even with the application of the UHF discount. We have filed FCC applications to divest stations in certain markets, which would bring our national audience reach under the 39% cap (including the UHF discount) upon closing. Changes to the national ownership cap could limit our ability to make television station acquisitions.

EARNINGS PER SHARE

EARNINGS PER SHARE	6 Months Ended
	Jun. 30, 2018
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 thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Income (Numerator) Net income $ 29,309 $ 46,035 $ 73,304 $ 116,738 Net income attributable to noncontrolling interests (1,268 ) (1,390 ) (2,139 ) (14,891 ) Numerator for basic and diluted earnings per common share available to common shareholders $ 28,041 $ 44,645 $ 71,165 $ 101,847 Shares (Denominator) Weighted-average common shares outstanding 102,224 102,649 102,062 97,668 Dilutive effect of stock-settled appreciation rights and outstanding stock options 762 1,016 890 1,039 Weighted-average common and common equivalent shares outstanding 102,986 103,665 102,952 98,707 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 Six Months Ended 2018 2017 2018 2017 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 1,600 — 1,050 —

SEGMENT DATA

SEGMENT DATA	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA: We measure segment performance based on operating income (loss). Our broadcast segment includes stations in 89 markets located throughout the continental United States. Other primarily consists of original networks and content, non-broadcast digital and internet solutions, technical services, and other non-media investments. All of our businesses are located within the United States. Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location. Other and Corporate are not reportable segments but are included for reconciliation purposes. We had approximately $160.1 million and $172.7 million of intercompany loans between the broadcast segment, other, and corporate as of June 30, 2018 and 2017 , respectively. We had $3.8 million and $4.2 million in intercompany interest expense related to intercompany loans between the broadcast segment, other, and corporate for the three months ended June 30, 2018 and 2017 , respectively. We had $7.6 million and $9.9 million in intercompany interest expense related to intercompany loans between the broadcast segment, other, and corporate for the six months ended June 30, 2018 and 2017 . Segment financial information is included in the following tables for the periods presented (in thousands): For the three months ended June 30, 2018 Broadcast Other Corporate Consolidated Revenue $ 642,279 $ 87,864 $ — $ 730,143 Depreciation of property and equipment 21,178 1,920 19 23,117 Amortization of definite-lived intangible assets and other assets 37,786 5,331 — 43,117 Amortization of program contract costs and net realizable value adjustments 24,710 — — 24,710 Corporate general and administrative expenses 26,590 221 2,874 29,685 Gain on asset dispositions, net of impairment (1,301 ) (3,440 ) — (4,741 ) Operating income (loss) 140,607 (6,132 ) (2,893 ) 131,582 Interest expense 1,438 198 90,635 92,271 Loss from equity investments — (17,483 ) — (17,483 ) Assets 4,787,400 734,075 1,060,068 6,581,543 For the three months ended June 30, 2017 Broadcast Other Corporate Consolidated Revenue (a) $ 590,967 $ 61,267 $ — $ 652,234 Depreciation of property and equipment 21,559 1,819 225 23,603 Amortization of definite-lived intangible assets and other assets 38,298 5,079 — 43,377 Amortization of program contract costs and net realizable value adjustments 28,896 — — 28,896 Corporate general and administrative expenses 22,349 273 2,429 25,051 Gain on asset dispositions, net of impairment (22 ) (128 ) — (150 ) Operating income (loss) 131,284 (9,781 ) (2,654 ) 118,849 Interest expense 1,329 216 49,414 50,959 Income from equity investments — 1,462 — 1,462 For the six months ended June 30, 2018 Broadcast Other Corporate Consolidated Revenue $ 1,238,172 $ 157,324 $ — $ 1,395,496 Depreciation of property and equipment 46,577 3,827 38 50,442 Amortization of definite-lived intangible assets and other assets 76,256 10,466 — 86,722 Amortization of program contract costs and net realizable value adjustments 51,660 — — 51,660 Corporate general and administrative overhead expenses 48,334 476 5,471 54,281 (Gain) loss on asset dispositions, net of impairment (85,400 ) (d) 59,550 (c) — (25,850 ) Operating income (loss) 316,774 (d) (72,368 ) (c) (5,509 ) 238,897 Interest expense 2,809 400 158,804 162,013 Income (loss) from equity investments — (29,983 ) 23 (29,960 ) For the six months ended June 30, 2017 Broadcast Other Corporate Consolidated Revenue (a) $ 1,160,836 $ 118,334 $ — $ 1,279,170 Depreciation of property and equipment 43,505 3,588 491 47,584 Amortization of definite-lived intangible assets and other assets 76,624 12,307 — 88,931 Amortization of program contract costs and net realizable value adjustments 59,915 — — 59,915 Corporate general and administrative overhead expenses 41,340 561 3,726 45,627 (Gain) on asset dispositions, net of impairment (380 ) (53,117 ) (b) — (53,497 ) Operating income (loss) 245,827 34,868 (b) (4,217 ) 276,478 Interest expense 2,695 1,429 104,153 108,277 Income from equity investments — 141 — 141 (a) Revenue has been adjusted for the adoption of ASC 606. See Note 1. Nature of Operations and Summary of Significant Accounting Policies . (b) Includes a gain on the sale of Alarm of $53.0 million , of which $12.3 million was attributable to noncontrolling interests. See Note 2. Acquisitions and Dispositions of Assets . (c) Includes a $59.6 million impairment to the carrying value of a consolidated real estate venture. See Note 2. Acquisitions and Dispositions of Assets . (d) Includes a gain of $83.3 million related to the auction proceeds. See Note 2. Acquisitions and Dispositions of Assets .

RELATED PERSON TRANSACTIONS

RELATED PERSON TRANSACTIONS	6 Months Ended
	Jun. 30, 2018
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 the 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 Cunningham Communications Inc. (an owner of broadcast towers), Keyser Investment Group, Gerstell Development Limited Partnership, and Beaver Dam, LLC (entities owned by the controlling shareholders). Lease payments made to these entities were $1.3 million and $1.2 million for the three months ended June 30, 2018 and 2017 , respectively, and $2.7 million and $2.5 million for the six months ended June 30, 2018 and 2017 , respectively. Charter Aircraft. We lease aircraft owned by certain controlling shareholders. For all aircraft leases, we incurred expenses of $0.4 million for both the three months ended June 30, 2018 and 2017 , and $0.8 million and $0.9 million for the six months ended June 30, 2018 and 2017 , respectively. 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; and KRNV-DT/KENV-DT Reno, Nevada/Salt Lake City, Utah (collectively, the Cunningham Stations). Certain of our stations provide services to these Cunningham Stations pursuant to LMAs or JSAs and SSAs. See Note 1. Nature of Operations and Summary of Significant Accounting Policies , for further discussion of the scope of services provided under these types of arrangements. As of June 30, 2018 , we have jointly and severally, unconditionally and irrevocably guaranteed $52.5 million of Cunningham's debt, of which $10.5 million , net of $0.8 million deferred financing costs, relates to the Cunningham VIEs that we consolidate, as discussed further below. The voting stock of the Cunningham Stations was owned by the estate of Carolyn C. Smith, the mother of our controlling shareholders, until January 2018, when the voting stock was purchased by an unrelated party after receiving FCC approval. All of the non-voting stock 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, as discussed further below. 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, 2023 and we have two additional 5 -year renewal terms 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) $5.0 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 remaining aggregate purchase price of these stations as of June 30, 2018 was approximately $53.6 million . Additionally, we provide services to WDBB-TV pursuant to an LMA, which expires April 22, 2025, and own a purchase option to acquire for $0.2 million . We paid Cunningham, under these agreements, $2.1 million and $1.9 million for the three months ended June 30, 2018 and 2017 , respectively, and $4.7 million and $3.9 million for the six months ended June 30, 2018 and 2017 , respectively. The agreements with KBVU-TV/KCVU-TV, KRNV-DT/KENV-DT, WBSF-TV, WEMT-TV, WGTU-TV/WGTQ-TV, WPFO-TV, and WYDO-TV expire in December 2020, November 2021, November 2021, May 2023, August 2023, December 2023, and August 2025, respectively, and each has renewal provisions for successive eight year periods. We earned $15.5 million and $1.4 million from the services we performed for these stations for the three months ended June 30, 2018 and 2017 , respectively, and $28.9 million and $2.8 million for the six months ended June 30, 2018 and 2017 , respectively. Cunningham assumed the joint sales agreement under which we will provide services to WEMT-TV, WYDO-TV, and KBVU-TV/KCVU-TV in September 2017 with the acquisition of the membership interest of Esteem Broadcasting LLC in connection with our acquisition of Bonten Media Group, as discussed in Note 2. Acquisitions and Dispositions of Assets . As we consolidate the licensees as VIEs, certain amounts we earn or pay under the arrangements are eliminated in consolidation and the gross revenues of the stations are reported on our consolidated statements of operations. Our consolidated revenues include $38.8 million and $26.9 million for the three months ended June 30, 2018 and 2017 , respectively, and $76.3 million and $53.0 million for the six months ended June 30, 2018 and 2017 , respectively, related to the Cunningham Stations. In April 2016, we entered into 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 April 2019 . Under the agreement, Cunningham paid us an initial fee of $0.7 million and pays us $0.2 million annually for master control services plus the cost to maintain and repair the equipment. In August 2016, we entered into an agreement, expiring in October 2021, with Cunningham to provide a news share service with the Johnstown, PA station beginning in October 2016 for an annual fee of $1.0 million . In 2017, Cunningham repaid, in its entirety, a January 2016 promissory note to borrow $19.5 million from us. Interest income from the note receivable was $0.2 million and $0.5 million for the three and six months ended June 30, 2017 , respectively. Atlantic Automotive Corporation We sell advertising time to Atlantic Automotive Corporation (Atlantic Automotive), a holding company that owns automobile dealerships and an automobile leasing company. David D. Smith, our Executive Chairman, has a controlling interest in, and is a member of the Board of Directors of, Atlantic Automotive. We received payments for advertising totaling less than $0.1 million and $0.2 million for the three months ended June 30, 2018 and 2017 , respectively, and $0.1 million and $0.3 million for the six months ended June 30, 2018 and 2017 , respectively. Additionally, Atlantic Automotive leased office space owned by one of our non-media investments accounted for under the equity method. This investment was sold in May 2017. Atlantic Automotive paid $0.1 million and $0.4 million in rent for the three and six months ended June 30, 2017 . Leased property by real estate ventures Certain of our real estate ventures have entered into property leases with entities owned by members of the Smith Family. Total rent received under these leases was $0.1 million and $0.1 million for the three months ended June 30, 2018 and 2017 , respectively, and $0.2 million and $0.3 million for the six months ended June 30, 2018 and 2017 , respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2018
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 notes and debentures for the periods presented (in thousands): As of June 30, 2018 As of December 31, 2017 Face Value (a) Fair Value Face Value (a) Fair Value Level 2: 6.125% Senior Unsecured Notes due 2022 $ 500,000 $ 508,750 $ 500,000 $ 515,535 5.875% Senior Unsecured Notes due 2026 350,000 343,438 350,000 363,475 5.625% Senior Unsecured Notes due 2024 550,000 545,188 550,000 568,205 5.375% Senior Unsecured Notes due 2021 600,000 603,000 600,000 610,440 5.125% Senior Unsecured Notes due 2027 400,000 368,000 400,000 396,088 Term Loan A-1 (b) — — 117,370 117,370 Term Loan A-2 104,610 104,610 113,327 113,327 Term Loan B 1,349,450 1,339,329 1,356,300 1,357,995 Debt of variable interest entities 27,447 27,447 29,614 29,614 Debt of other operating divisions 22,197 22,197 25,238 25,238 (a) Amounts are carried on our consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $36.6 million and $39.0 million as of June 30, 2018 and December 31, 2017 , respectively. (b) Term Loan A-1 debt matured during the quarter ended June 30, 2018. For additional information, see Note 3. Notes Payable and Commercial Bank Financing .

CONDENSED CONSOLIDATING FINANCI

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	CONDENSED CONSOLIDATING FINANCIAL STATEMENTS: STG, a wholly-owned subsidiary and the television operating subsidiary of Sinclair Broadcast Group, Inc. (SBG), is the primary obligor under the Bank Credit Agreement, the 5.375% Notes, 5.625% Notes, 6.125% Notes, 5.875% Notes, and 5.125% Notes. Our Class A Common Stock and Class B Common Stock as of June 30, 2018 , were obligations or securities of SBG and not obligations or securities of STG. SBG is a guarantor under the Bank Credit Agreement, the 5.375% Notes, 5.625% Notes, 6.125% Notes, 5.875% Notes, and 5.125% Notes. As of June 30, 2018 , our consolidated total debt, net of deferred financing costs and debt discounts, of $3,908.2 million included $3,889.8 million related to STG and its subsidiaries of which SBG guaranteed $3,845.1 million . SBG, KDSM, LLC, a wholly-owned subsidiary of SBG, and STG’s wholly-owned subsidiaries (guarantor subsidiaries) have fully and unconditionally guaranteed, subject to certain customary automatic release provisions, all of STG’s obligations. Those guarantees are joint and several. There are certain contractual restrictions on the ability of SBG, STG, or KDSM, LLC to obtain funds from their subsidiaries in the form of dividends or loans. The following condensed consolidating financial statements present the consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows of SBG, STG, KDSM, LLC, and the guarantor subsidiaries, the direct and indirect non-guarantor subsidiaries of SBG and the eliminations necessary to arrive at our information on a consolidated basis. The year-end condensed balance sheet data was derived from audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. The consolidating financial statements for the three and six months ended June 30, 2018 , have been revised for the adoption of ASC 606 as discussion under Recent Accounting Pronouncements and Revenue Recognition within Note 1. Nature of Operations and Summary of Significant Accounting Policies . These statements are presented in accordance with the disclosure requirements under SEC Regulation S-X, Rule 3-10. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash $ — $ 956,412 $ 10,475 $ 47,831 $ — $ 1,014,718 Accounts receivable — — 507,328 58,842 — 566,170 Other current assets 4,105 10,162 81,843 28,362 (26,601 ) 97,871 Total current assets 4,105 966,574 599,646 135,035 (26,601 ) 1,678,759 Property and equipment, net 791 32,196 574,942 70,419 (11,712 ) 666,636 Investment in consolidated subsidiaries 1,589,959 3,756,415 4,179 — (5,350,553 ) — Goodwill — — 2,018,206 3,867 — 2,022,073 Indefinite-lived intangible assets — — 142,381 14,273 — 156,654 Definite-lived intangible assets — — 1,666,827 74,405 (54,969 ) 1,686,263 Other long-term assets 30,066 836,596 257,882 180,629 (934,015 ) 371,158 Total assets $ 1,624,921 $ 5,591,781 $ 5,264,063 $ 478,628 $ (6,377,850 ) $ 6,581,543 Accounts payable and accrued liabilities $ 88 $ 137,104 $ 260,779 $ 85,009 $ (27,517 ) $ 455,463 Current portion of long-term debt — 31,135 4,254 9,291 (489 ) 44,191 Other current liabilities — — 61,437 6,927 (1 ) 68,363 Total current liabilities 88 168,239 326,470 101,227 (28,007 ) 568,017 Long-term debt — 3,787,552 35,446 381,986 (340,936 ) 3,864,048 Other liabilities 3,666 41,369 1,144,822 171,178 (796,975 ) 564,060 Total liabilities 3,754 3,997,160 1,506,738 654,391 (1,165,918 ) 4,996,125 Total Sinclair Broadcast Group equity (deficit) 1,621,167 1,594,621 3,757,325 (135,558 ) (5,216,388 ) 1,621,167 Noncontrolling interests in consolidated subsidiaries — — — (40,205 ) 4,456 (35,749 ) Total liabilities and equity (deficit) $ 1,624,921 $ 5,591,781 $ 5,264,063 $ 478,628 $ (6,377,850 ) $ 6,581,543 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2017 (in thousands) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash $ — $ 645,830 $ 12,273 $ 23,223 $ — $ 681,326 Restricted Cash — — 311,110 2,000 — 313,110 Accounts receivable — — 530,273 36,191 — 566,464 Other current assets 3,034 5,758 145,637 9,687 (10,269 ) 153,847 Total current assets 3,034 651,588 999,293 71,101 (10,269 ) 1,714,747 Property and equipment, net 829 31,111 586,950 132,010 (12,602 ) 738,298 Investment in consolidated subsidiaries 1,537,337 4,116,241 4,179 — (5,657,757 ) — Goodwill — — 2,120,166 3,867 — 2,124,033 Indefinite-lived intangible assets — — 145,073 14,298 — 159,371 Definite-lived intangible assets — — 1,781,045 77,944 (57,319 ) 1,801,670 Other long-term assets 31,757 770,312 104,363 208,367 (868,448 ) 246,351 Total assets $ 1,572,957 $ 5,569,252 $ 5,741,069 $ 507,587 $ (6,606,395 ) $ 6,784,470 Accounts payable and accrued liabilities $ 1,100 $ 84,326 $ 261,266 $ 36,029 $ (12,318 ) $ 370,403 Current portion of long-term debt — 148,505 3,445 9,645 (546 ) 161,049 Other current liabilities — — 180,616 14,281 — 194,897 Total current liabilities 1,100 232,831 445,327 59,955 (12,864 ) 726,349 Long-term debt — 3,799,987 39,730 381,127 (333,243 ) 3,887,601 Other liabilities 3,119 38,282 1,141,266 187,569 (734,082 ) 636,154 Total liabilities 4,219 4,071,100 1,626,323 628,651 (1,080,189 ) 5,250,104 Total Sinclair Broadcast Group equity (deficit) 1,568,738 1,498,152 4,114,746 (82,051 ) (5,530,847 ) 1,568,738 Noncontrolling interests in consolidated subsidiaries — — — (39,013 ) 4,641 (34,372 ) Total liabilities and equity (deficit) $ 1,572,957 $ 5,569,252 $ 5,741,069 $ 507,587 $ (6,606,395 ) $ 6,784,470 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 680,130 $ 71,730 $ (21,717 ) $ 730,143 Media program and production expenses — — 285,940 33,175 (18,257 ) 300,858 Selling, general and administrative 2,874 26,585 147,180 4,352 (512 ) 180,479 Depreciation, amortization and other operating expenses 19 1,134 84,573 33,223 (1,725 ) 117,224 Total operating expenses 2,893 27,719 517,693 70,750 (20,494 ) 598,561 Operating (loss) income (2,893 ) (27,719 ) 162,437 980 (1,223 ) 131,582 Equity in earnings of consolidated subsidiaries 29,345 128,164 (185 ) — (157,324 ) — Interest expense (1 ) (90,635 ) (989 ) (4,643 ) 3,997 (92,271 ) Other income (expense) 642 3,256 (14,345 ) (2,852 ) — (13,299 ) Loss from extinguishment of debt — — — — — — Total other income (expense) 29,986 40,785 (15,519 ) (7,495 ) (153,327 ) (105,570 ) Income tax benefit (provision) 948 22,056 (17,607 ) (2,100 ) — 3,297 Net income (loss) 28,041 35,122 129,311 (8,615 ) (154,550 ) 29,309 Net income attributable to the noncontrolling interests — — — (1,268 ) — (1,268 ) Net income (loss) attributable to Sinclair Broadcast Group $ 28,041 $ 35,122 $ 129,311 $ (9,883 ) $ (154,550 ) $ 28,041 Comprehensive income (loss) $ 28,041 $ 35,122 $ 129,311 $ (8,615 ) $ (154,550 ) $ 29,309 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 623,087 $ 50,158 $ (21,011 ) $ 652,234 Media program and production expenses — — 257,977 30,476 (18,967 ) 269,486 Selling, general and administrative 2,292 22,412 124,450 2,919 24 152,097 Depreciation, amortization and other operating expenses 225 1,651 87,564 23,136 (774 ) 111,802 Total operating expenses 2,517 24,063 469,991 56,531 (19,717 ) 533,385 Operating (loss) income (2,517 ) (24,063 ) 153,096 (6,373 ) (1,294 ) 118,849 Equity in earnings of consolidated subsidiaries 45,927 96,600 93 — (142,620 ) — Interest expense (34 ) (49,379 ) (1,425 ) (4,149 ) 4,028 (50,959 ) Other income (expense) 723 1,128 (1,895 ) 3,069 — 3,025 Total other income (expense) 46,616 48,349 (3,227 ) (1,080 ) (138,592 ) (47,934 ) Income tax benefit (provision) 546 24,636 (51,842 ) 1,780 — (24,880 ) Net income (loss) 44,645 48,922 98,027 (5,673 ) (139,886 ) 46,035 Net income attributable to the noncontrolling interests — — — (1,386 ) (4 ) (1,390 ) Net income (loss) attributable to Sinclair Broadcast Group $ 44,645 $ 48,922 $ 98,027 $ (7,059 ) $ (139,890 ) $ 44,645 Comprehensive income (loss) $ 44,645 $ 48,922 $ 98,027 $ (5,673 ) $ (139,886 ) $ 46,035 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 1,305,814 $ 129,741 $ (40,059 ) $ 1,395,496 Media program and production expenses — — 559,355 65,195 (35,143 ) 589,407 Selling, general and administrative 5,471 48,339 290,481 8,636 (953 ) 351,974 Depreciation, amortization and other operating expenses 38 2,384 90,989 124,231 (2,424 ) 215,218 Total operating expenses 5,509 50,723 940,825 198,062 (38,520 ) 1,156,599 Operating (loss) income (5,509 ) (50,723 ) 364,989 (68,321 ) (1,539 ) 238,897 Equity in earnings of consolidated subsidiaries 74,383 299,934 245 — (374,562 ) — Interest expense (1 ) (158,803 ) (1,961 ) (9,193 ) 7,945 (162,013 ) Loss from the extinguishment of debt — — — — — — Other income (expense) 1,323 5,551 (27,706 ) (1,673 ) — (22,505 ) Total other income (expense) 75,705 146,682 (29,422 ) (10,866 ) (366,617 ) (184,518 ) Income tax benefit (provision) 969 37,454 (33,283 ) 13,785 — 18,925 Net income (loss) 71,165 133,413 302,284 (65,402 ) (368,156 ) 73,304 Net income attributable to the noncontrolling interests — — — (2,324 ) 185 (2,139 ) Net income (loss) attributable to Sinclair Broadcast Group $ 71,165 $ 133,413 $ 302,284 $ (67,726 ) $ (367,971 ) $ 71,165 Comprehensive income (loss) $ 71,165 $ 133,413 $ 302,284 $ (65,402 ) $ (368,156 ) $ 73,304 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 1,218,326 $ 101,014 $ (40,170 ) $ 1,279,170 Media program and production expenses — — 506,426 58,920 (37,459 ) 527,887 Selling, general and administrative 3,588 41,370 246,884 5,552 — 297,394 Depreciation, amortization and other operating expenses 491 3,376 178,078 (3,315 ) (1,219 ) 177,411 Total operating expenses 4,079 44,746 931,388 61,157 (38,678 ) 1,002,692 Operating (loss) income (4,079 ) (44,746 ) 286,938 39,857 (1,492 ) 276,478 Equity in earnings of consolidated subsidiaries 104,116 184,405 143 — (288,664 ) — Interest expense (71 ) (104,083 ) (2,545 ) (11,772 ) 10,194 (108,277 ) Loss from extinguishment of debt — (1,404 ) — — — (1,404 ) Other income (expense) 824 1,928 (1,399 ) 2,047 — 3,400 Total other income (expense) 104,869 80,846 (3,801 ) (9,725 ) (278,470 ) (106,281 ) Income tax benefit (provision) 1,057 49,741 (96,071 ) (8,186 ) — (53,459 ) Net income (loss) 101,847 85,841 187,066 21,946 (279,962 ) 116,738 Net income attributable to the noncontrolling interests — — — (14,879 ) (12 ) (14,891 ) Net income (loss) attributable to Sinclair Broadcast Group $ 101,847 $ 85,841 $ 187,066 $ 7,067 $ (279,974 ) $ 101,847 Comprehensive income (loss) $ 101,847 $ 85,841 $ 187,066 $ 21,946 $ (279,962 ) $ 116,738 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ (1,196 ) $ (154,476 ) $ 414,379 $ (9,691 ) $ 7,682 $ 256,698 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Acquisition of property and equipment — (4,250 ) (46,803 ) (2,463 ) 1,248 (52,268 ) Proceeds from the sale of assets — — 1,005 — — 1,005 Investments in equity investees (1,735 ) (1,221 ) (13,586 ) (1,454 ) — (17,996 ) Distributions from equity investees 4,168 — — 11,007 — 15,175 Loans to affiliates — — — — — — Other, net — (3,331 ) — — — (3,331 ) Net cash flows from (used in) investing activities 2,433 (8,802 ) (59,384 ) 7,090 1,248 (57,415 ) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Proceeds from notes payable and commercial bank financing — — — 2,016 — 2,016 Repayments of notes payable, commercial bank financing and capital leases — (132,937 ) (1,715 ) (7,612 ) 187 (142,077 ) Dividends paid on Class A and Class B Common Stock (36,795 ) — — — — (36,795 ) Distributions to noncontrolling interests — — — (3,516 ) — (3,516 ) Increase (decrease) in intercompany payables 33,309 606,796 (666,187 ) 35,199 (9,117 ) — Other, net 2,249 — — (876 ) — 1,373 Net cash flows from (used in) financing activities (1,237 ) 473,859 (667,902 ) 25,211 (8,930 ) (178,999 ) NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 310,581 (312,907 ) 22,610 — 20,284 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 645,830 323,383 26,727 — 995,940 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 956,411 $ 10,476 $ 49,337 $ — $ 1,016,224 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ 2,030 $ (91,863 ) $ 232,478 $ (4,671 ) $ 3,308 $ 141,282 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Acquisition of property and equipment (117 ) (3,913 ) (27,596 ) (1,881 ) — (33,507 ) Acquisition of businesses, net of cash acquired — (8,308 ) (20,021 ) — — (28,329 ) Purchase of alarm monitoring contracts — — — — — — Investments in equity investees (945 ) (481 ) (15,046 ) (4,218 ) — (20,690 ) Proceeds from the sale of assets — — — 194,641 — 194,641 Distributions from equity investees 2,266 — — 2,029 — 4,295 Other, net — (8,189 ) 830 (5,682 ) — (13,041 ) Net cash flows from (used in) investing activities 1,204 (20,891 ) (61,833 ) 184,889 — 103,369 CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Proceeds from notes payable and commercial bank financing — 159,669 — 3,420 — 163,089 Repayments of notes payable, commercial bank financing and capital leases — (186,319 ) (731 ) (114,118 ) — (301,168 ) Proceeds from the sale of Class A Common Stock 487,883 — — — — 487,883 Dividends paid on Class A and Class B Common Stock (34,744 ) — — — — (34,744 ) Distributions to noncontrolling interests — — — (18,048 ) — (18,048 ) Increase (decrease) in intercompany payables (453,712 ) 662,973 (165,240 ) (40,563 ) (3,458 ) — Other, net (2,661 ) (25 ) 707 (475 ) 150 (2,304 ) Net cash flows from (used in) financing activities (3,234 ) 636,298 (165,264 ) (169,784 ) (3,308 ) 294,708 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 523,544 5,381 10,434 — 539,359 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 232,297 10,875 17,012 — 260,184 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 755,841 $ 16,256 $ 27,446 $ — $ 799,543

NATURE OF OPERATIONS AND SUMM17

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Sinclair Broadcast Group, Inc. (the Company) is a diversified television broadcasting 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, consists of programming provided by third-party networks and syndicators, local news, and other original programming produced by us. We also distribute our original programming, and owned and operated network affiliates, on other third-party platforms. Additionally, we own digital media products that are complementary to our extensive portfolio of television station related digital properties. Outside of our media related businesses, we operate technical services companies focused on supply and maintenance of broadcast transmission systems as well as research and development for the advancement of broadcast technology, and we manage other non-media related investments. Our broadcast distribution platform is a single reportable segment for accounting purposes. It consists primarily of our broadcast television stations, which we own, provide programming and operating services pursuant to agreements commonly referred to as local marketing agreements (LMAs), or provide sales services and other non-programming operating services pursuant to other outsourcing agreements (such as joint sales agreements (JSAs) and shared services agreements (SSAs)), to 191 stations in 89 markets. These stations broadcast 601 channels as of June 30, 2018 . For the purpose of this report, these 191 stations and 601 channels are referred to as “our” stations and channels.
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 variable interest entities (VIEs) for which we are the primary beneficiary. Noncontrolling interest represents a minority owner’s proportionate share of the equity in certain of our consolidated entities. All intercompany transactions and account balances have been eliminated in consolidation.
Variable Interest Entities	Other investments. We have several investments 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. We account for these entities using the equity method of accounting; at cost, less impairment plus observable price changes; or at fair value. Variable Interest Entities In determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. We consolidate VIEs when we are the primary beneficiary. Third-party station licensees. 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. Several of these VIEs are owned by a related party, Cunningham Broadcasting Corporation (Cunningham).
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 May 2014, the Financial Accounting Standards Board (FASB) issued guidance on revenue recognition for revenue from contracts with customers, Accounting Standards Codification Topic 606 (ASC 606). This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and will replace most existing revenue recognition guidance when it becomes effective. The standard permits the use of either the retrospective or cumulative effect transition method. Since Accounting Standards Update (ASU) 2014-09 was issued, several additional ASUs have been issued and incorporated within ASC 606 to clarify various elements of the guidance. We adopted this guidance retrospectively during the first quarter of 2018. The impact of the adoption did not have a material impact on our station advertising or distribution revenue. Under the new standard, certain barter revenue and expense related to syndicated programming is no longer recognized. See Revenue Recognition below for more information on the adoption. In January 2016, the FASB issued new guidance which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The new guidance requires entities to measure equity investments (except those accounted for under the equity method of accounting or those that resulted in consolidation of the investee) at fair value, with changes in fair value recognized in net income. The new standard is effective for the interim and annual periods beginning after December 15, 2017. We adopted this guidance during the first quarter of 2018. The impact of the adoption did not have a material impact on our financial statements. As of June 30, 2018 and December 31, 2017 , equity investments without a readily determinable fair value measured utilizing the measurement alternative at cost, less impairment plus observable price changes were $30.9 million and $32.3 million , respectively. During the three and six months ended June 30, 2018 , there were no adjustments to the carrying amount of investments accounted for using the measurement alternative. We also had other investments recorded at fair value at June 30, 2018 and December 31, 2017 of $18.5 million and $12.2 million , respectively. As a result of the adoption of this guidance, we recorded a cumulative effect adjustment to retained earnings of $2.1 million for these investments, within our consolidated statement of equity. In February 2016, the FASB issued new guidance related to accounting for leases, which requires the assets and liabilities that arise from leases to be recognized on the balance sheet. Currently, only capital leases are recorded on the balance sheet. This update will require the lessee to recognize a lease liability equal to the present value of the lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term for all leases longer than 12 months. For leases with a term of 12 months or less, a lessee is permitted to make an accounting policy election, by class of underlying asset, not to recognize lease assets and liabilities and recognize the lease expense for such leases, generally on a straight-line basis over the lease term. The new standard is effective for interim and annual reporting periods beginning after December 15, 2018. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In August 2016, the FASB issued new guidance related to the classification of certain cash receipts and cash payments. The new standard includes eight specific cash flow issues with the objective of reducing the existing diversity in practice as to how cash receipts and cash payments are represented in the statement of cash flows. In November 2016, the FASB issued new guidance related to the classification and presentation of changes in restricted cash on the statement of cash flows. This new guidance requires that the statement of cash flows explain changes during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. We adopted this guidance retrospectively during the first quarter of 2018. For the six months ended June 30, 2017 , the adoption of this guidance resulted in an increase in cash flows from investing and financing activities of $2.0 million and $1.5 million , respectively. In January 2017, the FASB issued guidance which clarifies the definition of a business with additional guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The new standard should be applied prospectively and is effective for interim and annual reporting periods beginning after December 15, 2017. We adopted this guidance during the first quarter of 2018. The impact of the adoption did not have a material impact on our consolidated financial statements. In March 2018, the FASB issued guidance, effective in the first quarter of 2018, for situations where the accounting under Accounting Standards Codification Topic 740 is incomplete for certain income tax effects of the 2017 Tax Cuts and Jobs Act (TCJA) upon issuance of an entity’s financial statements for the reporting period in which the TCJA was enacted. Any provisional amounts or adjustments to provisional amounts as a result of obtaining, preparing, or analyzing additional information about facts and circumstances related to the provisional amounts should be included in income (loss) from continuing operations as an adjustment to income tax expense in the reporting period the amounts are determined. As discussed in Income Taxes below, adjustments to the provisional amounts that are identified within a subsequent measurement period of up to one year from the enactment date will be included as an adjustment to tax expense from continuing operations in the period the amounts are determined.
Revenue Recognition	Revenue Recognition On January 1, 2018, we adopted ASC 606 using the retrospective adoption method. The following table presents the effects of adoption on our consolidated financial statements for the comparative periods presented (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2017 As Reported Adoption of ASC 606 As Adjusted As Reported Adoption of ASC 606 As Adjusted Revenues realized from station barter arrangements (a) $ 32,460 $ (27,055 ) $ 5,405 $ 60,030 $ (50,055 ) $ 9,975 Expenses realized from barter arrangements (b) $ 27,550 $ (27,055 ) $ 495 $ 50,795 $ (50,055 ) $ 740 Operating income $ 118,849 $ — $ 118,849 $ 276,478 $ — $ 276,478 Net income $ 44,645 $ — $ 44,645 $ 101,847 $ — $ 101,847 Basic EPS $ 0.43 $ — $ 0.43 $ 1.04 $ — $ 1.04 Diluted EPS $ 0.43 $ — $ 0.43 $ 1.03 $ — $ 1.03 (a) The remaining balance in the "as adjusted" column relates to trade revenue, which was unaffected by the adoption and has been reclassified to media revenue. (b) The remaining balance in the "as adjusted" column relates to trade expense, which was unaffected by the adoption and has been reclassified to media production expense. The following table presents our revenue disaggregated by type and segment (in thousands): Three Months Ended June 30, 2018 June 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue, net of agency commissions $ 338,204 $ 20,918 $ 359,122 $ 328,252 $ 14,394 $ 342,646 Distribution revenue 291,931 27,527 319,458 251,730 26,989 278,719 Other media and non-media revenues 12,144 39,419 51,563 10,985 19,884 30,869 Total revenues $ 642,279 $ 87,864 $ 730,143 $ 590,967 $ 61,267 $ 652,234 Six Months Ended June 30, 2018 June 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue, net of agency commissions $ 637,116 $ 38,334 $ 675,450 $ 638,323 $ 22,774 $ 661,097 Distribution revenue 579,056 54,762 633,818 500,792 53,838 554,630 Other media and non-media revenues 22,000 64,228 86,228 21,721 41,722 63,443 Total revenues $ 1,238,172 $ 157,324 $ 1,395,496 $ 1,160,836 $ 118,334 $ 1,279,170 Advertising Revenue, net of agency commissions. We generate advertising revenue primarily from the sale of advertising spots/impressions on our broadcast television and digital platforms. Advertising revenue is recognized in the period in which the advertising spots/impressions are delivered. In arrangements where we provide audience ratings guarantees; to the extent that there is a ratings shortfall, we will defer a portion of revenue until the ratings shortfall is settled. The term of our advertising arrangements is generally less than one year and the timing between when an advertisement is aired and when payment is due is not significant. In certain circumstances, we require customers to pay in advance; payments received in advance of satisfying our performance obligations are reflected as deferred revenue. Distribution Revenue. The Company generates distribution revenue through fees received from multi-channel video programming distributors (MVPDs) and virtual MVPDs for the right to distribute our stations and other properties on their respective distribution platforms. We have determined that these arrangements represent licenses of intellectual property. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a monthly amount per subscriber. We recognize revenue associated with these licensing arrangements when our customers distribute our stations and other properties on their respective distribution platforms, which is when our performance obligation has been satisfied. The term between invoicing and when payment is due is not significant. Practical Expedients and Exemptions. We expense sales commissions when incurred because the period of benefit for these costs is one year or less. These costs are recorded within media selling, general and administrative expenses. 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. Arrangements with Multiple Performance Obligations. Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenues to each performance obligation based on its relative standalone selling price which is generally based on the prices charged to customers. Deferred Revenues. We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable.
Income Taxes	Income Taxes Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three and six months ended June 30, 2018 and 2017 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, 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 portion of our available state net operating loss (NOL) carryforwards, based on past operating results, expected timing of the reversals of existing temporary book/tax basis differences, alternative tax strategies, and projected future taxable income. Our effective income tax rate for the three months ended June 30, 2018 was less than the statutory rate primarily due to $5.2 million federal tax credits related to investments in sustainability initiatives and a $4.2 million state benefit related to a change in apportionment estimates on recognition of previously deferred tax gain from the sale of certain broadcast spectrum in connection with the Broadcast Incentive Auction, as discussed in Note 2. Acquisitions and Dispositions of Assets . Our effective income tax rate for the six months ended June 30, 2018 was less than the statutory rate primarily due to a $17.7 million permanent tax benefit recognized from an IRS tax ruling on the treatment of the gain from the sale of certain broadcast spectrum in connection with the Broadcast Incentive Auction, as discussed in Note 2. Acquisitions and Dispositions of Assets , and $6.3 million federal tax credits related to investments in sustainability initiatives. Our effective income tax rate for the three and six months ended June 30, 2017 approximated the statutory rate. Pursuant to the guidance within SEC Staff Accounting Bulletin No. 118 (SAB 118), as of June 30, 2018, the Company continues to analyze certain aspects of the TCJA and refine its assessment. The ultimate impact of the TCJA differ from the provisional amounts recorded by the Company at December 31, 2017 due to its continued analysis or further regulatory guidance that may be issued as a result of the TCJA. Pursuant to SAB 118, adjustments to the provisional amounts that are identified within a subsequent measurement period of up to one year from the enactment date will be included as an adjustment to tax expense from continuing operations in the period the amounts are determined.
Reclassifications	Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.
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 SUMM18

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Carrying Amounts and Classification of Assets and Liabilities of VIEs	The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets for the periods presented, were as follows (in thousands): As of June 30, As of December 31, ASSETS Current assets: Accounts receivable $ 17,865 $ 19,566 Other current assets 1,918 8,937 Total current assets 19,783 28,503 Assets held for sale 535 — Program contract costs, less current portion 257 822 Property and equipment, net 5,804 6,215 Goodwill and indefinite-lived intangible assets 15,039 15,064 Definite-lived intangible assets, net 70,659 74,442 Other assets 2,374 5,601 Total assets $ 114,451 $ 130,647 LIABILITIES Current liabilities: Other current liabilities $ 15,268 $ 23,564 Notes payable, capital leases and commercial bank financing, less current portion 19,625 23,217 Program contracts payable, less current portion 5,992 11,213 Other long-term liabilities 650 650 Total liabilities $ 41,535 $ 58,644
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table presents the effects of adoption on our consolidated financial statements for the comparative periods presented (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2017 As Reported Adoption of ASC 606 As Adjusted As Reported Adoption of ASC 606 As Adjusted Revenues realized from station barter arrangements (a) $ 32,460 $ (27,055 ) $ 5,405 $ 60,030 $ (50,055 ) $ 9,975 Expenses realized from barter arrangements (b) $ 27,550 $ (27,055 ) $ 495 $ 50,795 $ (50,055 ) $ 740 Operating income $ 118,849 $ — $ 118,849 $ 276,478 $ — $ 276,478 Net income $ 44,645 $ — $ 44,645 $ 101,847 $ — $ 101,847 Basic EPS $ 0.43 $ — $ 0.43 $ 1.04 $ — $ 1.04 Diluted EPS $ 0.43 $ — $ 0.43 $ 1.03 $ — $ 1.03 (a) The remaining balance in the "as adjusted" column relates to trade revenue, which was unaffected by the adoption and has been reclassified to media revenue. (b) The remaining balance in the "as adjusted" column relates to trade expense, which was unaffected by the adoption and has been reclassified to media production expense.
Disaggregation of Revenue	The following table presents our revenue disaggregated by type and segment (in thousands): Three Months Ended June 30, 2018 June 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue, net of agency commissions $ 338,204 $ 20,918 $ 359,122 $ 328,252 $ 14,394 $ 342,646 Distribution revenue 291,931 27,527 319,458 251,730 26,989 278,719 Other media and non-media revenues 12,144 39,419 51,563 10,985 19,884 30,869 Total revenues $ 642,279 $ 87,864 $ 730,143 $ 590,967 $ 61,267 $ 652,234 Six Months Ended June 30, 2018 June 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue, net of agency commissions $ 637,116 $ 38,334 $ 675,450 $ 638,323 $ 22,774 $ 661,097 Distribution revenue 579,056 54,762 633,818 500,792 53,838 554,630 Other media and non-media revenues 22,000 64,228 86,228 21,721 41,722 63,443 Total revenues $ 1,238,172 $ 157,324 $ 1,395,496 $ 1,160,836 $ 118,334 $ 1,279,170

ACQUISITIONS AND DISPOSITION OF

ACQUISITIONS AND DISPOSITION OF ASSETS (Tables)	6 Months Ended
	Jun. 30, 2018
Business Combinations [Abstract]
Schedule of allocated fair value of acquired assets and liabilities assumed	The following table summarizes the allocated fair value of acquired assets and assumed liabilities (in thousands): Accounts receivable $ 14,536 Prepaid expenses and other current assets 699 Program contract costs 988 Property and equipment 27,295 Definite-lived intangible assets 161,936 Indefinite-lived intangible assets 425 Other assets 3,609 Accounts payable and accrued liabilities (8,846 ) Program contracts payable (988 ) Deferred tax liability (66,158 ) Other long term liabilities (12,265 ) Fair value of identifiable, net assets acquired 121,231 Goodwill 120,921 Total purchase price, net of cash acquired $ 242,152
Disposal Groups, Including Discontinued Operations	As of June 30, 2018 , the major classes of assets and liabilities reported as held for sale on the accompanying consolidated balance sheets are shown below (in thousands): Current assets $ 1,234 Property and equipment 14,651 Goodwill and indefinite-lived intangible assets 104,897 Definite-lived intangible assets 28,788 Other non-current assets 34 Assets held for sale $ 149,604 Current liabilities $ 3,668 Non-current liabilities 7,642 Liabilities held for sale $ 11,310

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2018
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 thousands): Three Months Ended Six Months Ended 2018 2017 2018 2017 Income (Numerator) Net income $ 29,309 $ 46,035 $ 73,304 $ 116,738 Net income attributable to noncontrolling interests (1,268 ) (1,390 ) (2,139 ) (14,891 ) Numerator for basic and diluted earnings per common share available to common shareholders $ 28,041 $ 44,645 $ 71,165 $ 101,847 Shares (Denominator) Weighted-average common shares outstanding 102,224 102,649 102,062 97,668 Dilutive effect of stock-settled appreciation rights and outstanding stock options 762 1,016 890 1,039 Weighted-average common and common equivalent shares outstanding 102,986 103,665 102,952 98,707
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 Six Months Ended 2018 2017 2018 2017 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 1,600 — 1,050 —

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Schedule of segment financial information	Segment financial information is included in the following tables for the periods presented (in thousands): For the three months ended June 30, 2018 Broadcast Other Corporate Consolidated Revenue $ 642,279 $ 87,864 $ — $ 730,143 Depreciation of property and equipment 21,178 1,920 19 23,117 Amortization of definite-lived intangible assets and other assets 37,786 5,331 — 43,117 Amortization of program contract costs and net realizable value adjustments 24,710 — — 24,710 Corporate general and administrative expenses 26,590 221 2,874 29,685 Gain on asset dispositions, net of impairment (1,301 ) (3,440 ) — (4,741 ) Operating income (loss) 140,607 (6,132 ) (2,893 ) 131,582 Interest expense 1,438 198 90,635 92,271 Loss from equity investments — (17,483 ) — (17,483 ) Assets 4,787,400 734,075 1,060,068 6,581,543 For the three months ended June 30, 2017 Broadcast Other Corporate Consolidated Revenue (a) $ 590,967 $ 61,267 $ — $ 652,234 Depreciation of property and equipment 21,559 1,819 225 23,603 Amortization of definite-lived intangible assets and other assets 38,298 5,079 — 43,377 Amortization of program contract costs and net realizable value adjustments 28,896 — — 28,896 Corporate general and administrative expenses 22,349 273 2,429 25,051 Gain on asset dispositions, net of impairment (22 ) (128 ) — (150 ) Operating income (loss) 131,284 (9,781 ) (2,654 ) 118,849 Interest expense 1,329 216 49,414 50,959 Income from equity investments — 1,462 — 1,462 For the six months ended June 30, 2018 Broadcast Other Corporate Consolidated Revenue $ 1,238,172 $ 157,324 $ — $ 1,395,496 Depreciation of property and equipment 46,577 3,827 38 50,442 Amortization of definite-lived intangible assets and other assets 76,256 10,466 — 86,722 Amortization of program contract costs and net realizable value adjustments 51,660 — — 51,660 Corporate general and administrative overhead expenses 48,334 476 5,471 54,281 (Gain) loss on asset dispositions, net of impairment (85,400 ) (d) 59,550 (c) — (25,850 ) Operating income (loss) 316,774 (d) (72,368 ) (c) (5,509 ) 238,897 Interest expense 2,809 400 158,804 162,013 Income (loss) from equity investments — (29,983 ) 23 (29,960 ) For the six months ended June 30, 2017 Broadcast Other Corporate Consolidated Revenue (a) $ 1,160,836 $ 118,334 $ — $ 1,279,170 Depreciation of property and equipment 43,505 3,588 491 47,584 Amortization of definite-lived intangible assets and other assets 76,624 12,307 — 88,931 Amortization of program contract costs and net realizable value adjustments 59,915 — — 59,915 Corporate general and administrative overhead expenses 41,340 561 3,726 45,627 (Gain) on asset dispositions, net of impairment (380 ) (53,117 ) (b) — (53,497 ) Operating income (loss) 245,827 34,868 (b) (4,217 ) 276,478 Interest expense 2,695 1,429 104,153 108,277 Income from equity investments — 141 — 141 (a) Revenue has been adjusted for the adoption of ASC 606. See Note 1. Nature of Operations and Summary of Significant Accounting Policies . (b) Includes a gain on the sale of Alarm of $53.0 million , of which $12.3 million was attributable to noncontrolling interests. See Note 2. Acquisitions and Dispositions of Assets . (c) Includes a $59.6 million impairment to the carrying value of a consolidated real estate venture. See Note 2. Acquisitions and Dispositions of Assets . (d) Includes a gain of $83.3 million related to the auction proceeds. See Note 2. Acquisitions and Dispositions of Assets .

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
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 notes and debentures for the periods presented (in thousands): As of June 30, 2018 As of December 31, 2017 Face Value (a) Fair Value Face Value (a) Fair Value Level 2: 6.125% Senior Unsecured Notes due 2022 $ 500,000 $ 508,750 $ 500,000 $ 515,535 5.875% Senior Unsecured Notes due 2026 350,000 343,438 350,000 363,475 5.625% Senior Unsecured Notes due 2024 550,000 545,188 550,000 568,205 5.375% Senior Unsecured Notes due 2021 600,000 603,000 600,000 610,440 5.125% Senior Unsecured Notes due 2027 400,000 368,000 400,000 396,088 Term Loan A-1 (b) — — 117,370 117,370 Term Loan A-2 104,610 104,610 113,327 113,327 Term Loan B 1,349,450 1,339,329 1,356,300 1,357,995 Debt of variable interest entities 27,447 27,447 29,614 29,614 Debt of other operating divisions 22,197 22,197 25,238 25,238 (a) Amounts are carried on our consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $36.6 million and $39.0 million as of June 30, 2018 and December 31, 2017 , respectively. (b) Term Loan A-1 debt matured during the quarter ended June 30, 2018. For additional information, see Note 3. Notes Payable and Commercial Bank Financing .

CONDENSED CONSOLIDATING FINAN23

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)	6 Months Ended
	Jun. 30, 2018
Condensed Financial Information Disclosure [Abstract]
Schedule of condensed consolidating balance sheet	These statements are presented in accordance with the disclosure requirements under SEC Regulation S-X, Rule 3-10. CONDENSED CONSOLIDATING BALANCE SHEET AS OF JUNE 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash $ — $ 956,412 $ 10,475 $ 47,831 $ — $ 1,014,718 Accounts receivable — — 507,328 58,842 — 566,170 Other current assets 4,105 10,162 81,843 28,362 (26,601 ) 97,871 Total current assets 4,105 966,574 599,646 135,035 (26,601 ) 1,678,759 Property and equipment, net 791 32,196 574,942 70,419 (11,712 ) 666,636 Investment in consolidated subsidiaries 1,589,959 3,756,415 4,179 — (5,350,553 ) — Goodwill — — 2,018,206 3,867 — 2,022,073 Indefinite-lived intangible assets — — 142,381 14,273 — 156,654 Definite-lived intangible assets — — 1,666,827 74,405 (54,969 ) 1,686,263 Other long-term assets 30,066 836,596 257,882 180,629 (934,015 ) 371,158 Total assets $ 1,624,921 $ 5,591,781 $ 5,264,063 $ 478,628 $ (6,377,850 ) $ 6,581,543 Accounts payable and accrued liabilities $ 88 $ 137,104 $ 260,779 $ 85,009 $ (27,517 ) $ 455,463 Current portion of long-term debt — 31,135 4,254 9,291 (489 ) 44,191 Other current liabilities — — 61,437 6,927 (1 ) 68,363 Total current liabilities 88 168,239 326,470 101,227 (28,007 ) 568,017 Long-term debt — 3,787,552 35,446 381,986 (340,936 ) 3,864,048 Other liabilities 3,666 41,369 1,144,822 171,178 (796,975 ) 564,060 Total liabilities 3,754 3,997,160 1,506,738 654,391 (1,165,918 ) 4,996,125 Total Sinclair Broadcast Group equity (deficit) 1,621,167 1,594,621 3,757,325 (135,558 ) (5,216,388 ) 1,621,167 Noncontrolling interests in consolidated subsidiaries — — — (40,205 ) 4,456 (35,749 ) Total liabilities and equity (deficit) $ 1,624,921 $ 5,591,781 $ 5,264,063 $ 478,628 $ (6,377,850 ) $ 6,581,543 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2017 (in thousands) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash $ — $ 645,830 $ 12,273 $ 23,223 $ — $ 681,326 Restricted Cash — — 311,110 2,000 — 313,110 Accounts receivable — — 530,273 36,191 — 566,464 Other current assets 3,034 5,758 145,637 9,687 (10,269 ) 153,847 Total current assets 3,034 651,588 999,293 71,101 (10,269 ) 1,714,747 Property and equipment, net 829 31,111 586,950 132,010 (12,602 ) 738,298 Investment in consolidated subsidiaries 1,537,337 4,116,241 4,179 — (5,657,757 ) — Goodwill — — 2,120,166 3,867 — 2,124,033 Indefinite-lived intangible assets — — 145,073 14,298 — 159,371 Definite-lived intangible assets — — 1,781,045 77,944 (57,319 ) 1,801,670 Other long-term assets 31,757 770,312 104,363 208,367 (868,448 ) 246,351 Total assets $ 1,572,957 $ 5,569,252 $ 5,741,069 $ 507,587 $ (6,606,395 ) $ 6,784,470 Accounts payable and accrued liabilities $ 1,100 $ 84,326 $ 261,266 $ 36,029 $ (12,318 ) $ 370,403 Current portion of long-term debt — 148,505 3,445 9,645 (546 ) 161,049 Other current liabilities — — 180,616 14,281 — 194,897 Total current liabilities 1,100 232,831 445,327 59,955 (12,864 ) 726,349 Long-term debt — 3,799,987 39,730 381,127 (333,243 ) 3,887,601 Other liabilities 3,119 38,282 1,141,266 187,569 (734,082 ) 636,154 Total liabilities 4,219 4,071,100 1,626,323 628,651 (1,080,189 ) 5,250,104 Total Sinclair Broadcast Group equity (deficit) 1,568,738 1,498,152 4,114,746 (82,051 ) (5,530,847 ) 1,568,738 Noncontrolling interests in consolidated subsidiaries — — — (39,013 ) 4,641 (34,372 ) Total liabilities and equity (deficit) $ 1,572,957 $ 5,569,252 $ 5,741,069 $ 507,587 $ (6,606,395 ) $ 6,784,470
Schedule of condensed consolidating statement of operations and comprehensive income	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 680,130 $ 71,730 $ (21,717 ) $ 730,143 Media program and production expenses — — 285,940 33,175 (18,257 ) 300,858 Selling, general and administrative 2,874 26,585 147,180 4,352 (512 ) 180,479 Depreciation, amortization and other operating expenses 19 1,134 84,573 33,223 (1,725 ) 117,224 Total operating expenses 2,893 27,719 517,693 70,750 (20,494 ) 598,561 Operating (loss) income (2,893 ) (27,719 ) 162,437 980 (1,223 ) 131,582 Equity in earnings of consolidated subsidiaries 29,345 128,164 (185 ) — (157,324 ) — Interest expense (1 ) (90,635 ) (989 ) (4,643 ) 3,997 (92,271 ) Other income (expense) 642 3,256 (14,345 ) (2,852 ) — (13,299 ) Loss from extinguishment of debt — — — — — — Total other income (expense) 29,986 40,785 (15,519 ) (7,495 ) (153,327 ) (105,570 ) Income tax benefit (provision) 948 22,056 (17,607 ) (2,100 ) — 3,297 Net income (loss) 28,041 35,122 129,311 (8,615 ) (154,550 ) 29,309 Net income attributable to the noncontrolling interests — — — (1,268 ) — (1,268 ) Net income (loss) attributable to Sinclair Broadcast Group $ 28,041 $ 35,122 $ 129,311 $ (9,883 ) $ (154,550 ) $ 28,041 Comprehensive income (loss) $ 28,041 $ 35,122 $ 129,311 $ (8,615 ) $ (154,550 ) $ 29,309 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED JUNE 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 623,087 $ 50,158 $ (21,011 ) $ 652,234 Media program and production expenses — — 257,977 30,476 (18,967 ) 269,486 Selling, general and administrative 2,292 22,412 124,450 2,919 24 152,097 Depreciation, amortization and other operating expenses 225 1,651 87,564 23,136 (774 ) 111,802 Total operating expenses 2,517 24,063 469,991 56,531 (19,717 ) 533,385 Operating (loss) income (2,517 ) (24,063 ) 153,096 (6,373 ) (1,294 ) 118,849 Equity in earnings of consolidated subsidiaries 45,927 96,600 93 — (142,620 ) — Interest expense (34 ) (49,379 ) (1,425 ) (4,149 ) 4,028 (50,959 ) Other income (expense) 723 1,128 (1,895 ) 3,069 — 3,025 Total other income (expense) 46,616 48,349 (3,227 ) (1,080 ) (138,592 ) (47,934 ) Income tax benefit (provision) 546 24,636 (51,842 ) 1,780 — (24,880 ) Net income (loss) 44,645 48,922 98,027 (5,673 ) (139,886 ) 46,035 Net income attributable to the noncontrolling interests — — — (1,386 ) (4 ) (1,390 ) Net income (loss) attributable to Sinclair Broadcast Group $ 44,645 $ 48,922 $ 98,027 $ (7,059 ) $ (139,890 ) $ 44,645 Comprehensive income (loss) $ 44,645 $ 48,922 $ 98,027 $ (5,673 ) $ (139,886 ) $ 46,035 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 1,305,814 $ 129,741 $ (40,059 ) $ 1,395,496 Media program and production expenses — — 559,355 65,195 (35,143 ) 589,407 Selling, general and administrative 5,471 48,339 290,481 8,636 (953 ) 351,974 Depreciation, amortization and other operating expenses 38 2,384 90,989 124,231 (2,424 ) 215,218 Total operating expenses 5,509 50,723 940,825 198,062 (38,520 ) 1,156,599 Operating (loss) income (5,509 ) (50,723 ) 364,989 (68,321 ) (1,539 ) 238,897 Equity in earnings of consolidated subsidiaries 74,383 299,934 245 — (374,562 ) — Interest expense (1 ) (158,803 ) (1,961 ) (9,193 ) 7,945 (162,013 ) Loss from the extinguishment of debt — — — — — — Other income (expense) 1,323 5,551 (27,706 ) (1,673 ) — (22,505 ) Total other income (expense) 75,705 146,682 (29,422 ) (10,866 ) (366,617 ) (184,518 ) Income tax benefit (provision) 969 37,454 (33,283 ) 13,785 — 18,925 Net income (loss) 71,165 133,413 302,284 (65,402 ) (368,156 ) 73,304 Net income attributable to the noncontrolling interests — — — (2,324 ) 185 (2,139 ) Net income (loss) attributable to Sinclair Broadcast Group $ 71,165 $ 133,413 $ 302,284 $ (67,726 ) $ (367,971 ) $ 71,165 Comprehensive income (loss) $ 71,165 $ 133,413 $ 302,284 $ (65,402 ) $ (368,156 ) $ 73,304 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE SIX MONTHS ENDED JUNE 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 1,218,326 $ 101,014 $ (40,170 ) $ 1,279,170 Media program and production expenses — — 506,426 58,920 (37,459 ) 527,887 Selling, general and administrative 3,588 41,370 246,884 5,552 — 297,394 Depreciation, amortization and other operating expenses 491 3,376 178,078 (3,315 ) (1,219 ) 177,411 Total operating expenses 4,079 44,746 931,388 61,157 (38,678 ) 1,002,692 Operating (loss) income (4,079 ) (44,746 ) 286,938 39,857 (1,492 ) 276,478 Equity in earnings of consolidated subsidiaries 104,116 184,405 143 — (288,664 ) — Interest expense (71 ) (104,083 ) (2,545 ) (11,772 ) 10,194 (108,277 ) Loss from extinguishment of debt — (1,404 ) — — — (1,404 ) Other income (expense) 824 1,928 (1,399 ) 2,047 — 3,400 Total other income (expense) 104,869 80,846 (3,801 ) (9,725 ) (278,470 ) (106,281 ) Income tax benefit (provision) 1,057 49,741 (96,071 ) (8,186 ) — (53,459 ) Net income (loss) 101,847 85,841 187,066 21,946 (279,962 ) 116,738 Net income attributable to the noncontrolling interests — — — (14,879 ) (12 ) (14,891 ) Net income (loss) attributable to Sinclair Broadcast Group $ 101,847 $ 85,841 $ 187,066 $ 7,067 $ (279,974 ) $ 101,847 Comprehensive income (loss) $ 101,847 $ 85,841 $ 187,066 $ 21,946 $ (279,962 ) $ 116,738
Schedule of condensed consolidating statement of cash flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ (1,196 ) $ (154,476 ) $ 414,379 $ (9,691 ) $ 7,682 $ 256,698 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Acquisition of property and equipment — (4,250 ) (46,803 ) (2,463 ) 1,248 (52,268 ) Proceeds from the sale of assets — — 1,005 — — 1,005 Investments in equity investees (1,735 ) (1,221 ) (13,586 ) (1,454 ) — (17,996 ) Distributions from equity investees 4,168 — — 11,007 — 15,175 Loans to affiliates — — — — — — Other, net — (3,331 ) — — — (3,331 ) Net cash flows from (used in) investing activities 2,433 (8,802 ) (59,384 ) 7,090 1,248 (57,415 ) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Proceeds from notes payable and commercial bank financing — — — 2,016 — 2,016 Repayments of notes payable, commercial bank financing and capital leases — (132,937 ) (1,715 ) (7,612 ) 187 (142,077 ) Dividends paid on Class A and Class B Common Stock (36,795 ) — — — — (36,795 ) Distributions to noncontrolling interests — — — (3,516 ) — (3,516 ) Increase (decrease) in intercompany payables 33,309 606,796 (666,187 ) 35,199 (9,117 ) — Other, net 2,249 — — (876 ) — 1,373 Net cash flows from (used in) financing activities (1,237 ) 473,859 (667,902 ) 25,211 (8,930 ) (178,999 ) NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 310,581 (312,907 ) 22,610 — 20,284 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 645,830 323,383 26,727 — 995,940 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 956,411 $ 10,476 $ 49,337 $ — $ 1,016,224 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ 2,030 $ (91,863 ) $ 232,478 $ (4,671 ) $ 3,308 $ 141,282 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Acquisition of property and equipment (117 ) (3,913 ) (27,596 ) (1,881 ) — (33,507 ) Acquisition of businesses, net of cash acquired — (8,308 ) (20,021 ) — — (28,329 ) Purchase of alarm monitoring contracts — — — — — — Investments in equity investees (945 ) (481 ) (15,046 ) (4,218 ) — (20,690 ) Proceeds from the sale of assets — — — 194,641 — 194,641 Distributions from equity investees 2,266 — — 2,029 — 4,295 Other, net — (8,189 ) 830 (5,682 ) — (13,041 ) Net cash flows from (used in) investing activities 1,204 (20,891 ) (61,833 ) 184,889 — 103,369 CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Proceeds from notes payable and commercial bank financing — 159,669 — 3,420 — 163,089 Repayments of notes payable, commercial bank financing and capital leases — (186,319 ) (731 ) (114,118 ) — (301,168 ) Proceeds from the sale of Class A Common Stock 487,883 — — — — 487,883 Dividends paid on Class A and Class B Common Stock (34,744 ) — — — — (34,744 ) Distributions to noncontrolling interests — — — (18,048 ) — (18,048 ) Increase (decrease) in intercompany payables (453,712 ) 662,973 (165,240 ) (40,563 ) (3,458 ) — Other, net (2,661 ) (25 ) 707 (475 ) 150 (2,304 ) Net cash flows from (used in) financing activities (3,234 ) 636,298 (165,264 ) (169,784 ) (3,308 ) 294,708 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 523,544 5,381 10,434 — 539,359 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 232,297 10,875 17,012 — 260,184 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 755,841 $ 16,256 $ 27,446 $ — $ 799,543

NATURE OF OPERATIONS AND SUMM24

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of Operations (Narrative) (Details)	Jun. 30, 2018channelstationmarket
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of television stations owned | station	191
Number of markets | market	89
Number of channels | channel	601

NATURE OF OPERATIONS AND SUMM25

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Variable Interest Entity [Line Items]
Consolidated total debt	$ 3,908,200		$ 3,908,200
Loss from equity investments	(17,483)	$ 1,462	$ (29,960)	$ 141
Consolidated VIEs, aggregated
Variable Interest Entity [Line Items]
Initial term of certain outsourcing agreements			5 years
Consolidated total debt	26,400		$ 26,400		$ 29,300
Consolidated VIEs | Eliminations
Variable Interest Entity [Line Items]
Liabilities associated with the certain outsourcing agreements and purchase options	117,800		117,800		116,500
Consolidated VIEs | Cunningham | Eliminations
Variable Interest Entity [Line Items]
Total payments made under the LMA excluded from liabilities	45,700		45,700		44,000
Total capital leased liabilities excluded from VIE consolidation	4,500		4,500		4,500
VIEs which are not primary beneficiary
Variable Interest Entity [Line Items]
Carrying amount	91,300		91,300		$ 115,700
Loss from equity investments	$ (14,500)	$ 3,800	$ (23,500)	$ 3,500

NATURE OF OPERATIONS AND SUMM26

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Variable Interest Entities Assets and Liabilities (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
Current assets:
Accounts receivable		$ 566,170	$ 566,464
Other current assets		78,214	54,310
Total current assets		1,678,759	1,714,747
Assets held for sale		149,604	0
Program contract costs, less current portion		1,590	3,202
Property and equipment, net		666,636	738,298
Definite-lived intangible assets, net		1,686,263	1,801,670
Other assets		218,458	241,645
Total assets	[1]	6,581,543	6,784,470
Current liabilities:
Other current liabilities		68,363	194,897
Long-term liabilities:
Notes payable, capital leases and commercial bank financing, less current portion		3,864,048	3,887,601
Program contracts payable, less current portion		33,847	41,909
Other long-term liabilities		77,196	79,009
Total liabilities	[1]	4,996,125	5,250,104
Consolidated VIEs, aggregated
Current assets:
Accounts receivable		17,865	19,566
Other current assets		1,918	8,937
Total current assets		19,783	28,503
Assets held for sale		535	0
Program contract costs, less current portion		257	822
Property and equipment, net		5,804	6,215
Goodwill and indefinite-lived intangible assets		15,039	15,064
Definite-lived intangible assets, net		70,659	74,442
Other assets		2,374	5,601
Total assets		114,451	130,647
Current liabilities:
Other current liabilities		15,268	23,564
Long-term liabilities:
Notes payable, capital leases and commercial bank financing, less current portion		19,625	23,217
Program contracts payable, less current portion		5,992	11,213
Other long-term liabilities		650	650
Total liabilities		$ 41,535	$ 58,644
[1]	Our consolidated total assets as of June 30, 2018 and December 31, 2017 include total assets of variable interest entities (VIEs) of $114.5 million and $130.6 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of June 30, 2018 and December 31, 2017 include total liabilities of VIEs of $15.1 million and $27.0 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 1. Nature of Operations and Summary of Significant Accounting Policies.

NATURE OF OPERATIONS AND SUMM27

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity investments without readily determinable fair value	$ 30,900		$ 32,300
Equity investments, fair value	18,500		12,200
Cumulative effect of adoption of new accounting standard			2,100
Net cash flows from (used in) investing activities	(57,415)	$ 103,369
Net cash flows from (used in) financing activities	$ (178,999)	294,708
Accounting Standards Update 2016-01
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of adoption of new accounting standard			$ 2,100
Accounting Standards Update 2016-15
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash flows from (used in) investing activities		2,000
Net cash flows from (used in) financing activities		$ 1,500

NATURE OF OPERATIONS AND SUMM28

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Effects of Adoption (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 730,143	$ 652,234	$ 1,395,496	$ 1,279,170
Media production expenses	300,858	269,486	589,407	527,887
Operating income (loss)	131,582	118,849	238,897	276,478
Net income	$ 28,041	$ 44,645	$ 71,165	$ 101,847
Basic earnings per share (USD per share)	$ 0.27	$ 0.43	$ 0.70	$ 1.04
Diluted earnings per share (USD per share)	$ 0.27	$ 0.43	$ 0.69	$ 1.03
Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating income (loss)		$ 118,849		$ 276,478
Net income		$ 44,645		$ 101,847
Basic earnings per share (USD per share)		$ 0.43		$ 1.04
Diluted earnings per share (USD per share)		$ 0.43		$ 1.03
Restatement Adjustment | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating income (loss)		$ 0		$ 0
Net income		$ 0		$ 0
Basic earnings per share (USD per share)		$ 0		$ 0
Diluted earnings per share (USD per share)		$ 0		$ 0
Station Barter Arrangements
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		$ 5,405		$ 9,975
Media production expenses		495		740
Station Barter Arrangements | Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		32,460		60,030
Media production expenses		27,550		50,795
Station Barter Arrangements | Restatement Adjustment | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		(27,055)		(50,055)
Media production expenses		$ (27,055)		$ (50,055)

NATURE OF OPERATIONS AND SUMM29

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Disaggregation of Revenue [Line Items]
Total revenues	$ 730,143	$ 652,234	$ 1,395,496	$ 1,279,170
Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	642,279	590,967	1,238,172	1,160,836
Other
Disaggregation of Revenue [Line Items]
Total revenues	87,864	61,267	157,324	118,334
Advertising revenue, net of agency commissions
Disaggregation of Revenue [Line Items]
Total revenues	359,122	342,646	675,450	661,097
Advertising revenue, net of agency commissions | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	338,204	328,252	637,116	638,323
Advertising revenue, net of agency commissions | Other
Disaggregation of Revenue [Line Items]
Total revenues	20,918	14,394	38,334	22,774
Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	319,458	278,719	633,818	554,630
Distribution revenue | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	291,931	251,730	579,056	500,792
Distribution revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	27,527	26,989	54,762	53,838
Other media and non-media revenues
Disaggregation of Revenue [Line Items]
Total revenues	51,563	30,869	86,228	63,443
Other media and non-media revenues | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	12,144	10,985	22,000	21,721
Other media and non-media revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 39,419	$ 19,884	$ 64,228	$ 41,722

NATURE OF OPERATIONS AND SUMM30

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Narrative (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue	$ 84	$ 32.3	$ 49.5	$ 31.7
Deferred revenue, revenue recognized	$ 21.5	$ 13.7

NATURE OF OPERATIONS AND SUMM31

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Federal tax credits related to investments in sustainability initiatives	$ 5.2	$ 6.3
State benefit related to change in apportionment estimates	$ 4.2
Tax benefit from sale of spectrum		$ 17.7

NATURE OF OPERATIONS AND SUMM32

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsequent Events (Details) - $ / shares	Aug. 09, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Subsequent Event [Line Items]
Dividends declared per share (USD per share)		$ 0.18	$ 0.18	$ 0.36	$ 0.36
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (USD per share)	$ 0.18

ACQUISITIONS AND DISPOSITIONS33

ACQUISITIONS AND DISPOSITIONS OF ASSETS - Narrative (Details) $ / shares in Units, $ in Thousands	Sep. 01, 2017USD ($)stationmarket	Jun. 30, 2018USD ($)stationmarket	Mar. 31, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)stationmarket	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Oct. 31, 2017stationmarket	May 31, 2017USD ($)stationmarket$ / sharesshares
Business Acquisition [Line Items]
Number of television stations owned | station		191			191
Number of markets | market		89			89
Operating income (loss)		$ 131,582		$ 118,849	$ 238,897	$ 276,478
Broadcast incentive auction, proceeds					310,800
Gain (loss) on sale of assets and asset impairment charges					$ 83,300
Number of stations assigned new channels | station					98
Broadcast incentive auction, total legislation funds to reimburse stations					$ 1,750,000
Broadcast incentive auction, total capital expenditure		8,300			11,700
Asset impairment charges			$ 63,000		59,600
Correcting adjustment to reduce impairment charges		3,400
Bonten
Business Acquisition [Line Items]
Aggregate purchase price	$ 240,000
Working capital adjustment	$ 2,200
Number of television stations owned | station	14
Number of markets | market	8
Number of stations to which sales services were provided | station	4
Measurement period adjustments, increase to goodwill			$ 1,500
Finite-lived intangible assets acquired	$ 161,900
Goodwill, expected to be deductible for tax purposes	5,600
Media revenues		23,400			45,400
Operating income (loss)		4,100			5,700
Bonten | Network Affiliations
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 53,300
Acquired finite-lived intangible assets, weighted average useful life	15 years
Bonten | Customer relationships
Business Acquisition [Line Items]
Finite-lived intangible assets acquired	$ 108,600
Acquired finite-lived intangible assets, weighted average useful life	14 years
Other Acquisitions
Business Acquisition [Line Items]
Working capital adjustment							$ 2,700
Business combination purchase price							$ 27,400
Tribune Media Company
Business Acquisition [Line Items]
Number of television stations owned | station									42
Number of markets | market									33
Outstanding debt assumed									$ 1,100,000
Number of television stations to divest | station								14
Number of markets with divested stations | market								14
Acquisition related costs		5,200			9,900
Deferred financing costs		$ 12,100			$ 12,100
FOX | Tribune Media Company
Business Acquisition [Line Items]
Number of television stations owned | station									14
CW | Tribune Media Company
Business Acquisition [Line Items]
Number of television stations owned | station									12
CBS | Tribune Media Company
Business Acquisition [Line Items]
Number of television stations owned | station									6
ABC | Tribune Media Company
Business Acquisition [Line Items]
Number of television stations owned | station									3
NBC | Tribune Media Company
Business Acquisition [Line Items]
Number of television stations owned | station									2
MyNetworkTV | Tribune Media Company
Business Acquisition [Line Items]
Number of television stations owned | station									3
Independent Station | Tribune Media Company
Business Acquisition [Line Items]
Number of television stations owned | station									2
Tribune Media Company, Stockholders | Tribune Media Company
Business Acquisition [Line Items]
Cash stockholders will receive (in dollars per share) | $ / shares									$ 35
Tribune Media Company, Stockholders | Class A Common Stock | Tribune Media Company
Business Acquisition [Line Items]
Number of shares to be received for a share of acquired stock (in shares) | shares									0.23

ACQUISITIONS AND DISPOSITIONS34

ACQUISITIONS AND DISPOSITIONS OF ASSETS - Fair Value of Acquired Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Sep. 01, 2017
Allocated fair value of acquired assets and assumed liabilities
Goodwill	$ 2,022,073	$ 2,124,033
Bonten
Allocated fair value of acquired assets and assumed liabilities
Accounts receivable			$ 14,536
Prepaid expenses and other current assets			699
Program contract costs			988
Property and equipment			27,295
Definite-lived intangible assets			161,936
Indefinite-lived intangible assets			425
Other assets			3,609
Accounts payable and accrued liabilities			(8,846)
Program contracts payable			(988)
Deferred tax liability			(66,158)
Other long term liabilities			(12,265)
Fair value of identifiable net assets acquired			121,231
Goodwill			120,921
Total purchase price, net of cash acquired			$ 242,152

ACQUISITIONS AND DISPOSITIONS35

ACQUISITIONS AND DISPOSITIONS OF ASSETS - Schedule of Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Non-current liabilities	$ 11,310	$ 0
Government Approval Disposal For Tribune Media Acquisition
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Current assets	1,234
Property and equipment	14,651
Goodwill and indefinite-lived intangible assets	104,897
Definite-lived intangible assets	28,788
Other non-current assets	34
Assets held for sale	149,604
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Current liabilities	3,668
Non-current liabilities	7,642
Liabilities held for sale	$ 11,310

NOTES PAYABLE AND COMMERCIAL 36

NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Details) - USD ($) $ in Thousands	Apr. 09, 2018	Dec. 31, 2017	Jun. 30, 2018	Jun. 30, 2018	Jun. 30, 2017
Debt Instrument [Line Items]
Current portion of notes payable, capital leases and commercial bank financing		$ 161,049	$ 44,191	$ 44,191
Notes payable, capital leases and commercial bank financing, less current portion		$ 3,887,601	3,864,048	3,864,048
Repayments of debt				142,077	$ 301,168
Consolidated total debt			3,908,200	3,908,200
Term Loan A-1
Debt Instrument [Line Items]
Repayments of debt	$ 111,400
Secured Debt | New Term B Loans, Maturing 2024
Debt Instrument [Line Items]
Unused capacity, commitment fee percentage, 30-60 days		1.25%
Unused capacity, commitment fee percentage, 61-120 days		2.50%
London Interbank Offered Rate (LIBOR) | Secured Debt | New Term B Loans, Maturing 2024
Debt Instrument [Line Items]
Basis spread on variable rate		2.50%
Unused capacity, commitment fee percentage, basis spread on variable rate, after 120 days		2.50%
Tribune Media Company | Secured Debt | New Term B Loans, Maturing 2024
Debt Instrument [Line Items]
Face amount of debt		$ 3,700,000
Unused borrowing capacity, fee			39,300	56,300
Affiliated Entity
Debt Instrument [Line Items]
Current portion of notes payable, capital leases and commercial bank financing		1,700	2,000	2,000
Notes payable, capital leases and commercial bank financing, less current portion		12,500	11,300	11,300
Consolidated VIEs, aggregated
Debt Instrument [Line Items]
Notes payable, capital leases and commercial bank financing, less current portion		23,217	19,625	19,625
Consolidated total debt		29,300	26,400	26,400
Guarantee Obligations | Consolidated VIEs, aggregated
Debt Instrument [Line Items]
Unconditional and irrevocably guaranteed debt		$ 62,300	$ 67,500	$ 67,500

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Dec. 21, 2017USD ($)	Jul. 29, 2016	Jun. 30, 2018station	Sep. 06, 2016station
COMMITMENTS AND CONTINGENCIES
Period subject to ongoing compliance monitoring by the FCC		36 months
FCC national ownership cap, percentage of domestic households reached				39.00%
Number of television stations owned and operated			191
FCC Consent Decree Settlement
COMMITMENTS AND CONTINGENCIES
Number of television stations owned and operated				34
Percentage of domestic households reached, UHF discount applied				25.00%
LMA
COMMITMENTS AND CONTINGENCIES
Number of separately owned television stations having programming agreement			2
Number of stations that programs substantial portions of broadcast day and sells advertising time			1
Unfavorable Regulatory Action
COMMITMENTS AND CONTINGENCIES
Proposed fine | $	$ 13.4

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Income (Numerator)
Net income	$ 29,309	$ 46,035	$ 73,304	$ 116,738
Net income attributable to noncontrolling interests	(1,268)	(1,390)	(2,139)	(14,891)
Numerator for basic and diluted earnings per common share available to common shareholders	$ 28,041	$ 44,645	$ 71,165	$ 101,847
Shares (Denominator)
Weighted-average common shares outstanding (shares)	102,224	102,649	102,062	97,668
Dilutive effect of stock-settled appreciation rights, restricted stock awards and outstanding stock options (shares)	762	1,016	890	1,039
Weighted-average common and common equivalent shares outstanding (shares)	102,986	103,665	102,952	98,707

EARNINGS PER SHARE - SUMMARY OF

EARNINGS PER SHARE - SUMMARY OF ANTIDILUTIVE SECURITIES (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Earnings Per Share [Abstract]
Potentially antidilutive dilutive securities excluded from calculation of diluted earnings per share (shares)	1,600	0	1,050	0

SEGMENT DATA (Narrative) (Detai

SEGMENT DATA (Narrative) (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)market	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)market	Jun. 30, 2017USD ($)
Segment data
Number of markets | market	89		89
Intercompany loans | $	$ 160.1	$ 172.7	$ 160.1	$ 172.7
Intercompany interest expense | $	$ 3.8	$ 4.2	$ 7.6	$ 9.9
Operating segments | Broadcast
Segment data
Number of markets | market	89		89

SEGMENT DATA (Schedule of Segme

SEGMENT DATA (Schedule of Segment Information) (Details) - USD ($) $ in Thousands		3 Months Ended			6 Months Ended
		Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Segment data
Revenue		$ 730,143		$ 652,234	$ 1,395,496	$ 1,279,170
Depreciation of property and equipment		23,117		23,603	50,442	47,584
Amortization of definite-lived intangible assets and other assets		43,117		43,377	86,722	88,931
Amortization of program contract costs and net realizable value adjustments		24,710		28,896	51,660	59,915
Corporate general and administrative expenses		29,685		25,051	54,281	45,627
Gain on asset dispositions, net of impairment		(4,741)		(150)	(25,850)	(53,497)
Operating income (loss)		131,582		118,849	238,897	276,478
Interest expense		92,271		50,959	162,013	108,277
Loss from equity investments		(17,483)		1,462	(29,960)	141
Assets	[1]	6,581,543			6,581,543		$ 6,784,470
Asset impairment charges			$ 63,000		59,600
Gain (loss) on sale of assets and asset impairment charges					83,300
Broadcast
Segment data
Revenue		642,279		590,967	1,238,172	1,160,836
Other
Segment data
Revenue		87,864		61,267	157,324	118,334
Operating segments | Broadcast
Segment data
Revenue		642,279		590,967	1,238,172	1,160,836
Depreciation of property and equipment		21,178		21,559	46,577	43,505
Amortization of definite-lived intangible assets and other assets		37,786		38,298	76,256	76,624
Amortization of program contract costs and net realizable value adjustments		24,710		28,896	51,660	59,915
Corporate general and administrative expenses		26,590		22,349	48,334	41,340
Gain on asset dispositions, net of impairment		(1,301)		(22)	(85,400)	(380)
Operating income (loss)		140,607		131,284	316,774	245,827
Interest expense		1,438		1,329	2,809	2,695
Loss from equity investments		0		0	0	0
Assets		4,787,400			4,787,400
Operating segments | Other
Segment data
Revenue		87,864		61,267	157,324	118,334
Depreciation of property and equipment		1,920		1,819	3,827	3,588
Amortization of definite-lived intangible assets and other assets		5,331		5,079	10,466	12,307
Amortization of program contract costs and net realizable value adjustments		0		0	0	0
Corporate general and administrative expenses		221		273	476	561
Gain on asset dispositions, net of impairment		(3,440)		(128)	59,550	(53,117)
Operating income (loss)		(6,132)		(9,781)	(72,368)	34,868
Interest expense		198		216	400	1,429
Loss from equity investments		(17,483)		1,462	(29,983)	141
Assets		734,075			734,075
Asset impairment charges					59,600
Corporate
Segment data
Revenue		0		0	0	0
Depreciation of property and equipment		19		225	38	491
Amortization of definite-lived intangible assets and other assets		0		0	0	0
Amortization of program contract costs and net realizable value adjustments		0		0	0	0
Corporate general and administrative expenses		2,874		2,429	5,471	3,726
Gain on asset dispositions, net of impairment		0		0	0	0
Operating income (loss)		(2,893)		(2,654)	(5,509)	(4,217)
Interest expense		90,635		49,414	158,804	104,153
Loss from equity investments		0		$ 0	23	0
Assets		$ 1,060,068			$ 1,060,068
Alarm Funding Associates | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Segment data
Gain on sale of consolidated non-media business						53,000
Gain on sale attributable to non-controlling interest						$ 12,300
[1]	Our consolidated total assets as of June 30, 2018 and December 31, 2017 include total assets of variable interest entities (VIEs) of $114.5 million and $130.6 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of June 30, 2018 and December 31, 2017 include total liabilities of VIEs of $15.1 million and $27.0 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 1. Nature of Operations and Summary of Significant Accounting Policies.

RELATED PERSON TRANSACTIONS - T

RELATED PERSON TRANSACTIONS - Transactions with our Controlling Shareholders (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Lease Services | Entities owned by the controlling shareholders
Related Party Transaction [Line Items]
Lease payments made to entities	$ 1.3	$ 1.2	$ 2.7	$ 2.5
Charter Aircraft | Controlling shareholders | Maximum
Related Party Transaction [Line Items]
Aircraft expenses	$ 0.4		$ 0.8	$ 0.9

RELATED PERSON TRANSACTIONS - C

RELATED PERSON TRANSACTIONS - Cunningham Broadcasting Corporation (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Aug. 31, 2016USD ($)	Apr. 30, 2016USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)renewal	Jun. 30, 2017USD ($)
Related Party Transaction [Line Items]
Total revenues			$ 730,143	$ 652,234	$ 1,395,496	$ 1,279,170
Repayments of debt					$ 142,077	301,168
Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Right to acquire capital stock			100.00%		100.00%
Remaining purchase price			$ 53,600		$ 53,600
Purchase options, broadcast stations			200		$ 200
Proceeds from sale of master control equipment		$ 700
Annual revenue from master control services		$ 200
Annual revenue for share service	$ 1,000
Repayments of debt						19,500
Related party interest income				200		500
Affiliated Entity | Cunningham | LMA
Related Party Transaction [Line Items]
Number of additional renewal terms | renewal					2
Agreement renewal period					5 years
Lease payments made to entities			$ 2,100	1,900	$ 4,700	3,900
Affiliated Entity | Cunningham | LMA | Minimum
Related Party Transaction [Line Items]
Percentage of net broadcast revenue used to determine annual LMA fees required to be paid			3.00%		3.00%
Amount used to determine annual LMA fees required to be paid			$ 5,000		$ 5,000
Annual increase in aggregate purchase price			6.00%		6.00%
Cunningham license related assets | Cunningham
Related Party Transaction [Line Items]
Agreement renewal period					8 years
Amount received			$ 15,500	1,400	$ 28,900	2,800
Total revenues			38,800	$ 26,900	76,300	$ 53,000
Guarantee Obligations | Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Unconditional and irrevocably guaranteed debt			52,500		52,500
Consolidated VIEs | Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Long-term debt			10,500		10,500
Deferred financing costs			$ 800		$ 800

RELATED PERSON TRANSACTIONS - A

RELATED PERSON TRANSACTIONS - Atlantic Automotive Corporation (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)real_estate_venture	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)real_estate_venture	Jun. 30, 2017USD ($)
Lease Services | Atlantic Automotive Corporation
Related Party Transaction [Line Items]
Amount received		$ 0.1		$ 0.4
Atlantic Automotive Corporation | Lease Services | Affiliated Entity | Real estate ventures in Towson, MD
Related Party Transaction [Line Items]
Number of consolidated real estate ventures | real_estate_venture	1		1
Maximum | Atlantic Automotive Corporation | Advertising time | Affiliated Entity
Related Party Transaction [Line Items]
Amount received	$ 0.1	$ 0.2	$ 0.1	$ 0.3

RELATED PERSON TRANSACTIONS - L

RELATED PERSON TRANSACTIONS - Leased Property by Real Estate Ventures (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Maximum | Real estate ventures in Baltimore, MD | Lease Services | President and Chief Executive Officer
Related Party Transaction [Line Items]
Amount received	$ 0.1	$ 0.1	$ 0.2	$ 0.3

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
FAIR VALUE MEASUREMENTS:
Debt discount and deferred financing costs	$ 36,600	$ 39,000
Level 2 | Carrying Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	27,447	29,614
Level 2 | Carrying Value | Debt of other operating divisions
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	22,197	25,238
Level 2 | Fair Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	27,447	29,614
Level 2 | Fair Value | Debt of other operating divisions
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	$ 22,197	25,238
Senior Unsecured Notes | 6.125% Senior Unsecured Notes due 2022
FAIR VALUE MEASUREMENTS:
Interest rate	6.125%
Senior Unsecured Notes | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Interest rate	5.875%
Senior Unsecured Notes | 5.625% Senior Unsecured Notes due 2024
FAIR VALUE MEASUREMENTS:
Interest rate	5.625%
Senior Unsecured Notes | 5.375% Senior Unsecured Notes due 2021
FAIR VALUE MEASUREMENTS:
Interest rate	5.375%
Senior Unsecured Notes | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Interest rate	5.125%
Senior Unsecured Notes | Level 2 | Carrying Value | 6.125% Senior Unsecured Notes due 2022
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	$ 500,000	500,000
Senior Unsecured Notes | Level 2 | Carrying Value | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	350,000	350,000
Senior Unsecured Notes | Level 2 | Carrying Value | 5.625% Senior Unsecured Notes due 2024
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	550,000	550,000
Senior Unsecured Notes | Level 2 | Carrying Value | 5.375% Senior Unsecured Notes due 2021
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	600,000	600,000
Senior Unsecured Notes | Level 2 | Carrying Value | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	400,000	400,000
Senior Unsecured Notes | Level 2 | Fair Value | 6.125% Senior Unsecured Notes due 2022
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	508,750	515,535
Senior Unsecured Notes | Level 2 | Fair Value | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	343,438	363,475
Senior Unsecured Notes | Level 2 | Fair Value | 5.625% Senior Unsecured Notes due 2024
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	545,188	568,205
Senior Unsecured Notes | Level 2 | Fair Value | 5.375% Senior Unsecured Notes due 2021
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	603,000	610,440
Senior Unsecured Notes | Level 2 | Fair Value | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	368,000	396,088
Term Loan | Level 2 | Carrying Value | Term Loan A-1
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	0	117,370
Term Loan | Level 2 | Carrying Value | Term Loan A-2
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	104,610	113,327
Term Loan | Level 2 | Carrying Value | Term Loan B
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	1,349,450	1,356,300
Term Loan | Level 2 | Fair Value | Term Loan A-1
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	0	117,370
Term Loan | Level 2 | Fair Value | Term Loan A-2
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	104,610	113,327
Term Loan | Level 2 | Fair Value | Term Loan B
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	$ 1,339,329	$ 1,357,995

CONDENSED CONSOLIDATING FINAN47

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Narrative) (Details) $ in Millions	Jun. 30, 2018USD ($)
Debt Instrument [Line Items]
Consolidated total debt	$ 3,908.2
Sinclair Television Group, Inc.
Debt Instrument [Line Items]
Amount of debt guaranteed by parent	$ 3,889.8
Sinclair Television Group, Inc. | 5.375% Senior Unsecured Notes due 2021
Debt Instrument [Line Items]
Interest rate	5.375%
Sinclair Television Group, Inc. | 5.625% Senior Unsecured Notes, due 2024
Debt Instrument [Line Items]
Interest rate	5.625%
Sinclair Television Group, Inc. | 6.125% Senior Unsecured Notes due 2022
Debt Instrument [Line Items]
Interest rate	6.125%
Sinclair Television Group, Inc. | 5.875% Senior Unsecured Notes due 2026
Debt Instrument [Line Items]
Interest rate	5.875%
Sinclair Television Group, Inc. | 5.125% Senior Unsecured Notes due 2027
Debt Instrument [Line Items]
Interest rate	5.125%
Sinclair Broadcast Group, Inc.
Debt Instrument [Line Items]
Amount of debt guaranteed by parent	$ 3,845.1
Sinclair Broadcast Group, Inc. | 5.375% Senior Unsecured Notes due 2021
Debt Instrument [Line Items]
Interest rate	5.375%
Sinclair Broadcast Group, Inc. | 5.625% Senior Unsecured Notes, due 2024
Debt Instrument [Line Items]
Interest rate	5.625%
Sinclair Broadcast Group, Inc. | 6.125% Senior Unsecured Notes due 2022
Debt Instrument [Line Items]
Interest rate	6.125%
Sinclair Broadcast Group, Inc. | 5.875% Senior Unsecured Notes due 2026
Debt Instrument [Line Items]
Interest rate	5.875%
Sinclair Broadcast Group, Inc. | 5.125% Senior Unsecured Notes due 2027
Debt Instrument [Line Items]
Interest rate	5.125%

CONDENSED CONSOLIDATING FINAN48

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Thousands		Jun. 30, 2018	Dec. 31, 2017
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		$ 1,014,718	$ 681,326
Restricted cash, current		0	313,110
Accounts receivable		566,170	566,464
Other current assets		97,871	153,847
Total current assets		1,678,759	1,714,747
Property and equipment, net		666,636	738,298
Investment in consolidated subsidiaries		0	0
Goodwill		2,022,073	2,124,033
Indefinite-lived intangible assets		156,654	159,371
Definite-lived intangible assets		1,686,263	1,801,670
Other long-term assets		371,158	246,351
Total assets	[1]	6,581,543	6,784,470
Accounts payable and accrued liabilities		455,463	370,403
Deferred spectrum auction proceeds		0	84,341
Current portion of long-term debt		44,191	161,049
Other current liabilities		68,363	194,897
Total current liabilities		568,017	726,349
Long-term debt		3,864,048	3,887,601
Other liabilities		564,060	636,154
Total liabilities	[1]	4,996,125	5,250,104
Total Sinclair Broadcast Group equity (deficit)		1,621,167	1,568,738
Noncontrolling interests in consolidated subsidiaries		(35,749)	(34,372)
Total liabilities and equity		6,581,543	6,784,470
Reportable legal entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		0	0
Restricted cash, current			0
Accounts receivable		0	0
Other current assets		4,105	3,034
Total current assets		4,105	3,034
Property and equipment, net		791	829
Investment in consolidated subsidiaries		1,589,959	1,537,337
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets		0	0
Other long-term assets		30,066	31,757
Total assets		1,624,921	1,572,957
Accounts payable and accrued liabilities		88	1,100
Current portion of long-term debt		0	0
Other current liabilities		0	0
Total current liabilities		88	1,100
Long-term debt		0	0
Other liabilities		3,666	3,119
Total liabilities		3,754	4,219
Total Sinclair Broadcast Group equity (deficit)		1,621,167	1,568,738
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities and equity		1,624,921	1,572,957
Reportable legal entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		956,412	645,830
Restricted cash, current			0
Accounts receivable		0	0
Other current assets		10,162	5,758
Total current assets		966,574	651,588
Property and equipment, net		32,196	31,111
Investment in consolidated subsidiaries		3,756,415	4,116,241
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets		0	0
Other long-term assets		836,596	770,312
Total assets		5,591,781	5,569,252
Accounts payable and accrued liabilities		137,104	84,326
Current portion of long-term debt		31,135	148,505
Other current liabilities		0	0
Total current liabilities		168,239	232,831
Long-term debt		3,787,552	3,799,987
Other liabilities		41,369	38,282
Total liabilities		3,997,160	4,071,100
Total Sinclair Broadcast Group equity (deficit)		1,594,621	1,498,152
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities and equity		5,591,781	5,569,252
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		10,475	12,273
Restricted cash, current			311,110
Accounts receivable		507,328	530,273
Other current assets		81,843	145,637
Total current assets		599,646	999,293
Property and equipment, net		574,942	586,950
Investment in consolidated subsidiaries		4,179	4,179
Goodwill		2,018,206	2,120,166
Indefinite-lived intangible assets		142,381	145,073
Definite-lived intangible assets		1,666,827	1,781,045
Other long-term assets		257,882	104,363
Total assets		5,264,063	5,741,069
Accounts payable and accrued liabilities		260,779	261,266
Current portion of long-term debt		4,254	3,445
Other current liabilities		61,437	180,616
Total current liabilities		326,470	445,327
Long-term debt		35,446	39,730
Other liabilities		1,144,822	1,141,266
Total liabilities		1,506,738	1,626,323
Total Sinclair Broadcast Group equity (deficit)		3,757,325	4,114,746
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities and equity		5,264,063	5,741,069
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		47,831	23,223
Restricted cash, current			2,000
Accounts receivable		58,842	36,191
Other current assets		28,362	9,687
Total current assets		135,035	71,101
Property and equipment, net		70,419	132,010
Investment in consolidated subsidiaries		0	0
Goodwill		3,867	3,867
Indefinite-lived intangible assets		14,273	14,298
Definite-lived intangible assets		74,405	77,944
Other long-term assets		180,629	208,367
Total assets		478,628	507,587
Accounts payable and accrued liabilities		85,009	36,029
Current portion of long-term debt		9,291	9,645
Other current liabilities		6,927	14,281
Total current liabilities		101,227	59,955
Long-term debt		381,986	381,127
Other liabilities		171,178	187,569
Total liabilities		654,391	628,651
Total Sinclair Broadcast Group equity (deficit)		(135,558)	(82,051)
Noncontrolling interests in consolidated subsidiaries		(40,205)	(39,013)
Total liabilities and equity		478,628	507,587
Eliminations
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		0	0
Restricted cash, current			0
Accounts receivable		0	0
Other current assets		(26,601)	(10,269)
Total current assets		(26,601)	(10,269)
Property and equipment, net		(11,712)	(12,602)
Investment in consolidated subsidiaries		(5,350,553)	(5,657,757)
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets		(54,969)	(57,319)
Other long-term assets		(934,015)	(868,448)
Total assets		(6,377,850)	(6,606,395)
Accounts payable and accrued liabilities		(27,517)	(12,318)
Current portion of long-term debt		(489)	(546)
Other current liabilities		(1)	0
Total current liabilities		(28,007)	(12,864)
Long-term debt		(340,936)	(333,243)
Other liabilities		(796,975)	(734,082)
Total liabilities		(1,165,918)	(1,080,189)
Total Sinclair Broadcast Group equity (deficit)		(5,216,388)	(5,530,847)
Noncontrolling interests in consolidated subsidiaries		4,456	4,641
Total liabilities and equity		$ (6,377,850)	$ (6,606,395)
[1]	Our consolidated total assets as of June 30, 2018 and December 31, 2017 include total assets of variable interest entities (VIEs) of $114.5 million and $130.6 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of June 30, 2018 and December 31, 2017 include total liabilities of VIEs of $15.1 million and $27.0 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 1. Nature of Operations and Summary of Significant Accounting Policies.

CONDENSED CONSOLIDATING FINAN49

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	$ 730,143	$ 652,234	$ 1,395,496	$ 1,279,170
Media program and production expenses	300,858	269,486	589,407	527,887
Selling, general and administrative	180,479	152,097	351,974	297,394
Depreciation, amortization and other operating expenses	117,224	111,802	215,218	177,411
Total operating expenses	598,561	533,385	1,156,599	1,002,692
Operating income	131,582	118,849	238,897	276,478
Equity in earnings of consolidated subsidiaries	0	0	0	0
Interest expense	(92,271)	(50,959)	(162,013)	(108,277)
Loss from extinguishment of debt	0	0	0	(1,404)
Other income (expense)	(13,299)	3,025	(22,505)	3,400
Total other expense, net	(105,570)	(47,934)	(184,518)	(106,281)
Income tax benefit (provision)	3,297	(24,880)	18,925	(53,459)
NET INCOME	29,309	46,035	73,304	116,738
Net income attributable to the noncontrolling interests	(1,268)	(1,390)	(2,139)	(14,891)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	28,041	44,645	71,165	101,847
Comprehensive income	29,309	46,035	73,304	116,738
Reportable legal entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	0	0	0	0
Media program and production expenses	0	0	0	0
Selling, general and administrative	2,874	2,292	5,471	3,588
Depreciation, amortization and other operating expenses	19	225	38	491
Total operating expenses	2,893	2,517	5,509	4,079
Operating income	(2,893)	(2,517)	(5,509)	(4,079)
Equity in earnings of consolidated subsidiaries	29,345	45,927	74,383	104,116
Interest expense	(1)	(34)	(1)	(71)
Loss from extinguishment of debt	0		0	0
Other income (expense)	642	723	1,323	824
Total other expense, net	29,986	46,616	75,705	104,869
Income tax benefit (provision)	948	546	969	1,057
NET INCOME	28,041	44,645	71,165	101,847
Net income attributable to the noncontrolling interests	0	0	0	0
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	28,041	44,645	71,165	101,847
Comprehensive income	28,041	44,645	71,165	101,847
Reportable legal entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	0	0	0	0
Media program and production expenses	0	0	0	0
Selling, general and administrative	26,585	22,412	48,339	41,370
Depreciation, amortization and other operating expenses	1,134	1,651	2,384	3,376
Total operating expenses	27,719	24,063	50,723	44,746
Operating income	(27,719)	(24,063)	(50,723)	(44,746)
Equity in earnings of consolidated subsidiaries	128,164	96,600	299,934	184,405
Interest expense	(90,635)	(49,379)	(158,803)	(104,083)
Loss from extinguishment of debt	0		0	(1,404)
Other income (expense)	3,256	1,128	5,551	1,928
Total other expense, net	40,785	48,349	146,682	80,846
Income tax benefit (provision)	22,056	24,636	37,454	49,741
NET INCOME	35,122	48,922	133,413	85,841
Net income attributable to the noncontrolling interests	0	0	0	0
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	35,122	48,922	133,413	85,841
Comprehensive income	35,122	48,922	133,413	85,841
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	680,130	623,087	1,305,814	1,218,326
Media program and production expenses	285,940	257,977	559,355	506,426
Selling, general and administrative	147,180	124,450	290,481	246,884
Depreciation, amortization and other operating expenses	84,573	87,564	90,989	178,078
Total operating expenses	517,693	469,991	940,825	931,388
Operating income	162,437	153,096	364,989	286,938
Equity in earnings of consolidated subsidiaries	(185)	93	245	143
Interest expense	(989)	(1,425)	(1,961)	(2,545)
Loss from extinguishment of debt	0		0	0
Other income (expense)	(14,345)	(1,895)	(27,706)	(1,399)
Total other expense, net	(15,519)	(3,227)	(29,422)	(3,801)
Income tax benefit (provision)	(17,607)	(51,842)	(33,283)	(96,071)
NET INCOME	129,311	98,027	302,284	187,066
Net income attributable to the noncontrolling interests	0	0	0	0
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	129,311	98,027	302,284	187,066
Comprehensive income	129,311	98,027	302,284	187,066
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	71,730	50,158	129,741	101,014
Media program and production expenses	33,175	30,476	65,195	58,920
Selling, general and administrative	4,352	2,919	8,636	5,552
Depreciation, amortization and other operating expenses	33,223	23,136	124,231	(3,315)
Total operating expenses	70,750	56,531	198,062	61,157
Operating income	980	(6,373)	(68,321)	39,857
Equity in earnings of consolidated subsidiaries	0	0	0	0
Interest expense	(4,643)	(4,149)	(9,193)	(11,772)
Loss from extinguishment of debt	0		0	0
Other income (expense)	(2,852)	3,069	(1,673)	2,047
Total other expense, net	(7,495)	(1,080)	(10,866)	(9,725)
Income tax benefit (provision)	(2,100)	1,780	13,785	(8,186)
NET INCOME	(8,615)	(5,673)	(65,402)	21,946
Net income attributable to the noncontrolling interests	(1,268)	(1,386)	(2,324)	(14,879)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(9,883)	(7,059)	(67,726)	7,067
Comprehensive income	(8,615)	(5,673)	(65,402)	21,946
Eliminations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	(21,717)	(21,011)	(40,059)	(40,170)
Media program and production expenses	(18,257)	(18,967)	(35,143)	(37,459)
Selling, general and administrative	(512)	24	(953)	0
Depreciation, amortization and other operating expenses	(1,725)	(774)	(2,424)	(1,219)
Total operating expenses	(20,494)	(19,717)	(38,520)	(38,678)
Operating income	(1,223)	(1,294)	(1,539)	(1,492)
Equity in earnings of consolidated subsidiaries	(157,324)	(142,620)	(374,562)	(288,664)
Interest expense	3,997	4,028	7,945	10,194
Loss from extinguishment of debt	0		0	0
Other income (expense)	0	0	0	0
Total other expense, net	(153,327)	(138,592)	(366,617)	(278,470)
Income tax benefit (provision)	0	0	0	0
NET INCOME	(154,550)	(139,886)	(368,156)	(279,962)
Net income attributable to the noncontrolling interests	0	(4)	185	(12)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(154,550)	(139,890)	(367,971)	(279,974)
Comprehensive income	$ (154,550)	$ (139,886)	$ (368,156)	$ (279,962)

CONDENSED CONSOLIDATING FINAN50

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	$ 256,698	$ 141,282
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(52,268)	(33,507)
Acquisition of businesses, net of cash acquired	0	(28,329)
Purchase of alarm monitoring contracts		0
Investments in equity investees	(17,996)	(20,690)
Proceeds from the sale of assets	1,005	194,641
Distributions from equity investees	15,175	4,295
Loans to affiliates	0
Other, net	(3,331)	(13,041)
Net cash flows (used in) from investing activities	(57,415)	103,369
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	2,016	163,089
Repayments of notes payable, commercial bank financing and capital leases	(142,077)	(301,168)
Net proceeds from the sale of Class A Common Stock	0	487,883
Dividends paid on Class A and Class B Common Stock	(36,795)	(34,744)
Distributions to noncontrolling interests	(3,516)	(18,048)
Increase (decrease) in intercompany payables	0	0
Other, net	1,373	(2,304)
Net cash flows (used in) from financing activities	(178,999)	294,708
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	20,284	539,359
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	995,940	260,184
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	1,016,224	799,543
Reportable legal entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	(1,196)	2,030
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	0	(117)
Acquisition of businesses, net of cash acquired		0
Purchase of alarm monitoring contracts		0
Investments in equity investees	(1,735)	(945)
Proceeds from the sale of assets	0	0
Distributions from equity investees	4,168	2,266
Loans to affiliates	0
Other, net	0	0
Net cash flows (used in) from investing activities	2,433	1,204
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	0	0
Repayments of notes payable, commercial bank financing and capital leases	0	0
Net proceeds from the sale of Class A Common Stock		487,883
Dividends paid on Class A and Class B Common Stock	(36,795)	(34,744)
Distributions to noncontrolling interests	0	0
Increase (decrease) in intercompany payables	33,309	(453,712)
Other, net	2,249	(2,661)
Net cash flows (used in) from financing activities	(1,237)	(3,234)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	0	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	0	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	0	0
Reportable legal entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	(154,476)	(91,863)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(4,250)	(3,913)
Acquisition of businesses, net of cash acquired		(8,308)
Purchase of alarm monitoring contracts		0
Investments in equity investees	(1,221)	(481)
Proceeds from the sale of assets	0	0
Distributions from equity investees	0	0
Loans to affiliates	0
Other, net	(3,331)	(8,189)
Net cash flows (used in) from investing activities	(8,802)	(20,891)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	0	159,669
Repayments of notes payable, commercial bank financing and capital leases	(132,937)	(186,319)
Net proceeds from the sale of Class A Common Stock		0
Dividends paid on Class A and Class B Common Stock	0	0
Distributions to noncontrolling interests	0	0
Increase (decrease) in intercompany payables	606,796	662,973
Other, net	0	(25)
Net cash flows (used in) from financing activities	473,859	636,298
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	310,581	523,544
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	645,830	232,297
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	956,411	755,841
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	414,379	232,478
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(46,803)	(27,596)
Acquisition of businesses, net of cash acquired		(20,021)
Purchase of alarm monitoring contracts		0
Investments in equity investees	(13,586)	(15,046)
Proceeds from the sale of assets	1,005	0
Distributions from equity investees	0	0
Loans to affiliates	0
Other, net	0	830
Net cash flows (used in) from investing activities	(59,384)	(61,833)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	0	0
Repayments of notes payable, commercial bank financing and capital leases	(1,715)	(731)
Net proceeds from the sale of Class A Common Stock		0
Dividends paid on Class A and Class B Common Stock	0	0
Distributions to noncontrolling interests	0	0
Increase (decrease) in intercompany payables	(666,187)	(165,240)
Other, net	0	707
Net cash flows (used in) from financing activities	(667,902)	(165,264)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(312,907)	5,381
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	323,383	10,875
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	10,476	16,256
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	(9,691)	(4,671)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(2,463)	(1,881)
Acquisition of businesses, net of cash acquired		0
Purchase of alarm monitoring contracts		0
Investments in equity investees	(1,454)	(4,218)
Proceeds from the sale of assets	0	194,641
Distributions from equity investees	11,007	2,029
Loans to affiliates	0
Other, net	0	(5,682)
Net cash flows (used in) from investing activities	7,090	184,889
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	2,016	3,420
Repayments of notes payable, commercial bank financing and capital leases	(7,612)	(114,118)
Net proceeds from the sale of Class A Common Stock		0
Dividends paid on Class A and Class B Common Stock	0	0
Distributions to noncontrolling interests	(3,516)	(18,048)
Increase (decrease) in intercompany payables	35,199	(40,563)
Other, net	(876)	(475)
Net cash flows (used in) from financing activities	25,211	(169,784)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	22,610	10,434
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	26,727	17,012
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	49,337	27,446
Eliminations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	7,682	3,308
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	1,248	0
Acquisition of businesses, net of cash acquired		0
Purchase of alarm monitoring contracts		0
Investments in equity investees	0	0
Proceeds from the sale of assets	0	0
Distributions from equity investees	0	0
Loans to affiliates	0
Other, net	0	0
Net cash flows (used in) from investing activities	1,248	0
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	0	0
Repayments of notes payable, commercial bank financing and capital leases	187	0
Net proceeds from the sale of Class A Common Stock		0
Dividends paid on Class A and Class B Common Stock	0	0
Distributions to noncontrolling interests	0	0
Increase (decrease) in intercompany payables	(9,117)	(3,458)
Other, net	0	150
Net cash flows (used in) from financing activities	(8,930)	(3,308)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	0	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	0	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 0	$ 0