Sinclair Broadcast (SBGI) 10-Q 8 Nov 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Nov. 05, 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
Entity Emerging Growth Company	false
Entity Small Business	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		71,792,701
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		Sep. 30, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents		$ 1,022,974	$ 681,326
Restricted cash, current		0	313,110
Accounts receivable, net of allowance for doubtful accounts of $2,367 and $2,590, respectively		609,742	566,464
Current portion of program contract costs		87,128	71,387
Income taxes receivable		0	28,150
Prepaid expenses and other current assets		70,891	54,310
Total current assets		1,790,735	1,714,747
Assets held for sale		5,590	0
Program contract costs, less current portion		13,080	3,202
Property and equipment, net		674,440	738,298
Restricted cash, less current portion		1,508	1,504
Goodwill		2,125,402	2,124,033
Indefinite-lived intangible assets		158,222	159,371
Definite-lived intangible assets, net		1,670,340	1,801,670
Other assets		188,097	241,645
Total assets	[1]	6,627,414	6,784,470
Current liabilities:
Accounts payable and accrued liabilities		428,471	370,403
Deferred spectrum auction proceeds		0	84,341
Income taxes payable		14,320	2,503
Current portion of notes payable, capital leases and commercial bank financing		43,698	161,049
Current portion of program contracts payable		114,115	108,053
Total current liabilities		600,604	726,349
Liabilities held for sale		4,083	0
Notes payable, capital leases and commercial bank financing, less current portion		3,858,558	3,887,601
Program contracts payable, less current portion		54,691	41,909
Deferred tax liabilities		444,940	515,236
Other long-term liabilities		78,984	79,009
Total liabilities	[1]	5,041,860	5,250,104
Commitments and contingencies (See Note 4)
Shareholders' Equity:
Additional paid-in capital		1,293,169	1,320,298
Retained earnings		330,780	248,845
Accumulated other comprehensive loss		(1,423)	(1,423)
Total Sinclair Broadcast Group shareholders’ equity		1,623,533	1,568,738
Noncontrolling interests		(37,979)	(34,372)
Total equity		1,585,554	1,534,366
Total liabilities and equity		6,627,414	6,784,470
Assets of variable interest entities		121,100	130,600
Liabilities of variable interest entities		22,900	27,000
Class A Common Stock
Shareholders' Equity:
Common Stock		750	761
Class B Common Stock
Shareholders' Equity:
Common Stock		$ 257	$ 257
[1]	Our consolidated total assets as of September 30, 2018 and December 31, 2017 include total assets of variable interest entities (VIEs) of $121.1 million and $130.6 million , respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2018 and December 31, 2017 include total liabilities of VIEs of $22.9 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	Sep. 30, 2018	Dec. 31, 2017
Accounts receivable, allowance for doubtful accounts	$ 2,367	$ 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)	74,978,424	76,071,145
Common Stock, shares outstanding (shares)	74,978,424	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		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
REVENUES:
Revenues		$ 766,260	$ 644,532	$ 2,161,756	$ 1,923,702
OPERATING EXPENSES:
Media production expenses		303,782	268,330	893,189	796,218
Media selling, general and administrative expenses		154,581	133,605	452,274	385,372
Amortization of program contract costs and net realizable value adjustments		24,482	28,047	76,142	87,962
Non-media expenses		32,476	17,496	84,720	51,974
Depreciation of property and equipment		25,035	24,442	75,477	72,026
Corporate general and administrative expenses		34,322	25,831	88,603	71,458
Amortization of definite-lived intangible and other assets		44,600	43,368	131,322	132,299
Gain on asset dispositions, net of impairment		(10,828)	(34)	(36,678)	(53,531)
Total operating expenses		608,450	541,085	1,765,049	1,543,778
Operating income		157,810	103,447	396,707	379,924
OTHER INCOME (EXPENSE):
Interest expense and amortization of debt discount and deferred financing costs		(75,753)	(51,743)	(237,766)	(160,020)
Loss from equity investments		(25,379)	(4,362)	(55,339)	(4,221)
Other income, net		5,674	2,342	13,129	4,197
Total other expense, net		(95,458)	(53,763)	(279,976)	(160,044)
Income before income taxes		62,352	49,684	116,731	219,880
INCOME TAX BENEFIT (PROVISION)		2,648	(17,118)	21,573	(70,577)
NET INCOME		65,000	32,566	138,304	149,303
Net income attributable to the noncontrolling interests		(1,125)	(1,929)	(3,264)	(16,820)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP		$ 63,875	$ 30,637	$ 135,040	$ 132,483
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:
Basic earnings per share (USD per share)		$ 0.63	$ 0.30	$ 1.32	$ 1.34
Diluted earnings per share (USD per share)		$ 0.62	$ 0.30	$ 1.31	$ 1.32
Weighted average common shares outstanding (shares)		102,083	102,245	102,069	99,210
Weighted average common and common equivalent shares outstanding (shares)		102,789	103,055	102,898	100,173
Media revenues
REVENUES:
Revenues	[1]	$ 730,361	$ 629,597	$ 2,069,874	$ 1,873,881
Non-media revenues
REVENUES:
Revenues		$ 35,899	$ 14,935	$ 91,882	$ 49,821
[1]	See Revenue Recognition within Note 1. Nature of Operations and Summary of Significant Accounting Policies

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 65,000	$ 32,566	$ 138,304	$ 149,303
Comprehensive income	65,000	32,566	138,304	149,303
Comprehensive income attributable to the noncontrolling interests	(1,125)	(1,929)	(3,264)	(16,820)
Comprehensive income attributable to Sinclair Broadcast Group	$ 63,875	$ 30,637	$ 135,040	$ 132,483

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	(53,049)		(53,049)
Repurchases of Class A Common Stock (in shares)							(997,300)
Repurchases of Class A Common Stock	(30,287)	30,277					$ (10)
Class A Common Stock issued pursuant to employee benefit plans (shares)							471,617
Class A Common Stock issued pursuant to employee benefit plans	16,982	16,978					$ 4
Distributions to noncontrolling interests, net	(20,469)				(20,469)
Net income	149,303		132,483		16,820
BALANCE (shares) at Sep. 30, 2017							76,032,524		25,670,684
BALANCE at Sep. 30, 2017	1,108,299	1,318,155	(176,370)	(807)	(33,696)		$ 760		$ 257
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
Increase (Decrease) in Stockholders' Equity
Dividends declared and paid on Class A and Class B Common Stock	(18,306)		(18,306)
Repurchases of Class A Common Stock (in shares)							(997,300)
Repurchases of Class A Common Stock	(30,287)	(30,277)					$ (10)
Class A Common Stock issued pursuant to employee benefit plans (shares)							35,998
Class A Common Stock issued pursuant to employee benefit plans	1,775	1,775
Distributions to noncontrolling interests, net	(2,421)				(2,421)
Net income	32,566		30,637		1,929
BALANCE (shares) at Sep. 30, 2017							76,032,524		25,670,684
BALANCE at Sep. 30, 2017	1,108,299	1,318,155	(176,370)	(807)	(33,696)		$ 760		$ 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	(55,205)		(55,205)
Repurchases of Class A Common Stock (in shares)							(1,636,019)
Repurchases of Class A Common Stock	(45,904)	(45,888)					$ (16)
Class A Common Stock issued pursuant to employee benefit plans (shares)							543,298
Class A Common Stock issued pursuant to employee benefit plans	18,764	18,759					$ 5
Distributions to noncontrolling interests, net	(6,871)				(6,871)
Net income	138,304		135,040		3,264
BALANCE (shares) at Sep. 30, 2018						74,978,424	74,978,424	25,670,684	25,670,684
BALANCE at Sep. 30, 2018	1,585,554	1,293,169	330,780	(1,423)	(37,979)		$ 750		$ 257
BALANCE (shares) at Jun. 30, 2018							76,576,980		25,670,684
BALANCE at Jun. 30, 2018	1,585,418	1,336,251	285,316	(1,423)	(35,749)		$ 766		$ 257
Increase (Decrease) in Stockholders' Equity
Dividends declared and paid on Class A and Class B Common Stock	(18,411)		(18,411)
Repurchases of Class A Common Stock (in shares)							(1,636,019)
Repurchases of Class A Common Stock	(45,904)	(45,888)					$ (16)
Class A Common Stock issued pursuant to employee benefit plans (shares)							37,463
Class A Common Stock issued pursuant to employee benefit plans	2,806	2,806
Distributions to noncontrolling interests, net	(3,355)				(3,355)
Net income	65,000		63,875		1,125
BALANCE (shares) at Sep. 30, 2018						74,978,424	74,978,424	25,670,684	25,670,684
BALANCE at Sep. 30, 2018	$ 1,585,554	$ 1,293,169	$ 330,780	$ (1,423)	$ (37,979)		$ 750		$ 257

CONSOLIDATED STATEMENT OF EQU_2

CONSOLIDATED STATEMENT OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Class A Common Stock
Dividends declared per share (USD per share)	$ 0.18	$ 0.18	$ 0.54	$ 0.54
Dividends paid per share (USD per share)	0.18	0.18	0.54	0.54
Class B Common Stock
Dividends declared per share (USD per share)	0.18	0.18	0.54	0.54
Dividends paid per share (USD per share)	$ 0.18	$ 0.18	$ 0.54	$ 0.54

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 138,304	$ 149,303
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation of property and equipment	75,477	72,026
Amortization of definite-lived intangible and other assets	131,322	132,299
Amortization of program contract costs and net realizable value adjustments	76,142	87,962
Stock-based compensation expense	20,832	12,905
Deferred tax benefit	(69,937)	(13,285)
Gain on asset disposition, net of impairment	(24,230)	(53,531)
Loss from equity investments	55,339	5,136
Change in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(47,923)	2,167
Increase in prepaid expenses and other current assets	(20,321)	(1,257)
Increase (decrease) in accounts payable and accrued liabilities	54,057	(28,237)
Net change in net income taxes payable/receivable	39,967	(21,571)
Decrease in program contracts payable	(82,993)	(84,499)
Other, net	26,869	18,793
Net cash flows from operating activities	372,905	278,211
CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	(77,618)	(55,463)
Acquisition of businesses, net of cash acquired	0	(269,799)
Proceeds from the sale of assets	1,087	195,182
Investments in equity investees	(25,624)	(22,302)
Distributions from equity investees	23,533	6,642
Spectrum auction proceeds	0	310,802
Other, net	(7,866)	(13,414)
Net cash flows (used in) from investing activities	(86,488)	151,648
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	3,343	166,041
Repayments of notes payable, commercial bank financing and capital leases	(154,244)	(318,309)
Net proceeds from the sale of Class A Common Stock	0	487,883
Dividends paid on Class A and Class B Common Stock	(55,205)	(53,049)
Distributions to noncontrolling interests	(6,871)	(20,469)
Repurchase of outstanding Class A Common Stock	(45,904)	(30,287)
Other, net	1,006	(5,357)
Net cash flows (used in) from financing activities	(257,875)	226,453
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	28,542	656,312
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	995,940	260,184
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 1,024,482	$ 916,496

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	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. 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 602 channels as of September 30, 2018 . For the purpose of this report, these 191 stations and 602 The consolidated financial statements for the three and nine months ended September 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 statements 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 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 of 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, Local Marketing Agreements, 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 September 30, As of December 31, ASSETS Current assets: Accounts receivable $ 17,514 $ 19,566 Other current assets 8,804 8,937 Total current assets 26,318 28,503 Program contract costs, less current portion 2,394 822 Property and equipment, net 5,575 6,215 Goodwill and indefinite-lived intangible assets 15,064 15,064 Definite-lived intangible assets, net 69,424 74,442 Other assets 2,374 5,601 Total assets $ 121,149 $ 130,647 LIABILITIES Current liabilities: Other current liabilities $ 19,720 $ 23,564 Notes payable, capital leases and commercial bank financing, less current portion 18,673 23,217 Program contracts payable, less current portion 9,279 11,213 Other long-term liabilities 650 650 Total liabilities $ 48,322 $ 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 $46.6 million and $44.0 million as of September 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 September 30, 2018 and December 31, 2017 . Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs excluded from above were $117.0 million and $116.5 million as of September 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 September 30, 2018 , all of the liabilities are non-recourse to us except for debt of certain VIEs. See Guarantees of third party debt 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 September 30, 2018 and December 31, 2017 were $74.9 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 losses for the three and nine months ended September 30, 2018 of $10.0 million and $33.5 million , respectively, and a loss of $1.3 million and income of $2.1 million for the three and nine months ended September 30, 2017 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. Equity investments without a readily determinable fair value measured utilizing the measurement alternative at cost, less impairment plus observable price changes were $20.7 million and $32.3 million , as of September 30, 2018 and December 31, 2017 , respectively. There was a $10.1 million impairment to the carrying amount of one investment accounted for using the measurement alternative during the three and nine months ended September 30, 2018 which is recorded within loss from equity investments within our consolidated statement of operations. We also had other investments recorded at fair value of $18.7 million and $12.2 million as of September 30, 2018 and December 31, 2017 , 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. We are still evaluating if this standard will have a material impact on our consolidated balance sheets, but we do not expect a material impact on our consolidated statements of operations. We plan to adopt using the optional transition method as well as the package of practical expedients on January 1, 2019. 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 nine months ended September 30, 2017 , the adoption of this guidance resulted in an increase in cash flows from investing and financing activities of $312.8 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. 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 Nine Months Ended September 30, 2017 September 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) $ 31,787 $ (26,359 ) $ 5,428 $ 91,817 $ (76,413 ) $ 15,404 Expenses realized from barter arrangements (b) $ 26,696 $ (26,359 ) $ 337 $ 77,491 $ (76,413 ) $ 1,078 Operating income $ 103,447 $ — $ 103,447 $ 379,924 $ — $ 379,924 Net income $ 30,637 $ — $ 30,637 $ 132,483 $ — $ 132,483 Basic EPS $ 0.30 $ — $ 0.30 $ 1.34 $ — $ 1.34 Diluted EPS $ 0.30 $ — $ 0.30 $ 1.32 $ — $ 1.32 (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 September 30, 2018 September 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue $ 365,617 $ 19,629 $ 385,246 $ 314,930 $ 16,056 $ 330,986 Distribution revenue 302,780 27,913 330,693 258,841 26,517 285,358 Other media and non-media revenues 10,274 40,047 50,321 11,170 17,018 28,188 Total revenues $ 678,671 $ 87,589 $ 766,260 $ 584,941 $ 59,591 $ 644,532 Nine Months Ended September 30, 2018 September 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue $ 1,002,734 $ 57,963 $ 1,060,697 $ 953,254 $ 38,830 $ 992,084 Distribution revenue 881,836 82,675 964,511 759,632 80,355 839,987 Other media and non-media revenues 32,274 104,274 136,548 32,891 58,740 91,631 Total revenues $ 1,916,844 $ 244,912 $ 2,161,756 $ 1,745,777 $ 177,925 $ 1,923,702 Advertising Revenue. 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 as of September 30, 2018 and December 31, 2017 were $127.6 million and $49.5 million , respectively. The increase in deferred revenues during the nine months ended September 30, 2018 was primarily driven by amounts received or due in advance of satisfying our performance obligations, offset by revenues recognized, including $28.8 million of revenues recognized that were included in the deferred revenues balance as of December 31, 2017 . Deferred revenues for the periods ended September 30, 2017 and December 31, 2016 were $31.3 million and $31.7 million , respectively. The decrease in deferred revenues as of the nine months ended September 30, 2017 was primarily driven by revenues recognized, including $17.2 million of revenues recognized that were included in the deferred revenue as of December 31, 2016 Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three and nine months ended September 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 September 30, 2018 was less than the statutory rate primarily due to $15.0 million of federal tax credits related to investments in sustainability initiatives. Our effective income tax rate for the nine months ended September 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 $21.2 million of federal tax credits related to investments in sustainability initiatives. Our effective income tax rate for the three and nine months ended September 30, 2017 approximated the statutory rate. On September 6, 2016 , the Board of Directors authorized a $150.0 million share repurchase authorization. On August 9, 2018 , the Board of Directors authorized an additional $1.0 billion share repurchase authorization. There is no expiration date and currently, management has no plans to terminate this program. For the three and nine months ended September 30, 2018 , we repurchased approximately 1.6 million shares of Class A Common Stock for $45.9 million . From October 1, 2018 through November 7, 2018, we repurchased an additional 3.4 million shares of Class A Common Stock for $96.7 million . As of November 7, 2018, the total remaining repurchase authorization was $946.4 million In August 2018, as a result of the termination of the Tribune transaction (including the sale of certain stations to FOX), FOX Broadcasting Company exercised its option to terminate the agreement entered May 8, 2018 which renewed affiliations with 22 of the Company's FOX affiliates, as well as affiliations with 4 In November 2018, our Board of Directors declared a quarterly dividend of $0.20

ACQUISITIONS AND DISPOSITIONS O

ACQUISITIONS AND DISPOSITIONS OF ASSETS	9 Months Ended
	Sep. 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 final 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. During the nine months ended September 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 $25.9 million and $6.0 million for the three months ended September 30, 2018 , and $71.3 million and $11.7 million for the nine months ended September 30, 2018 , respectively. Net revenues and operating income of the Bonten stations on our consolidated statements of operations were $7.6 million and $0.9 million for the three and nine months ended September 30, 2017 , respectively. 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. Pro Forma Information. The following table sets forth unaudited pro forma results of operations, assuming that Bonten, occurred at the beginning of the year preceding the year of acquisition. The pro forma results exclude the Other 2017 Acquisitions discussed above, as they are not material both individually and in the aggregate (in thousands, except per share data): Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Total revenues $ 659,023 $ 1,980,377 Net income $ 32,882 $ 151,183 Net income attributable to Sinclair Broadcast Group $ 30,953 $ 134,363 Basic earnings per share attributable to Sinclair Broadcast Group $ 0.30 $ 1.35 Diluted earnings per share attributable to Sinclair Broadcast Group $ 0.30 $ 1.34 This pro forma financial information is based on historical results of operations, adjusted for the allocation of the purchase price and other acquisition accounting adjustments, and is not indicative of what our results would have been had we operated Bonten for the period presented because the pro forma results do not reflect expected synergies. The pro forma adjustments reflect depreciation expense and amortization of intangible assets related to the fair value adjustments of the assets acquired and any adjustments to interest expense to reflect the debt financing of the transactions. Depreciation and amortization expense are higher than amounts recorded in the historical financial statements of acquiree due to the fair value adjustments recorded for long-lived tangible and intangible assets in purchase accounting. Termination of Material Definitive Agreement. In August 2018, we received a termination notice from Tribune Media Company (Tribune), terminating the Agreement and Plan of Merger entered into on May 8, 2017, between the Company and Tribune (Merger Agreement), which provided for the acquisition by the Company of all of the outstanding shares of Tribune Class A common stock and Tribune Class B common stock (Merger). See Litigation and other legal matters under Note 4. Commitments and Contingencies for further discussion on our pending litigation related to the Tribune acquisition. As part of the termination, we withdrew with prejudice our Federal Communication Commission (FCC) application to acquire Tribune and terminated all of the divestiture agreements entered into in anticipation of the Merger, as discussed in Assets and Liabilities Held for Sale below. For the three and nine months ended September 30, 2018, we incurred $33.5 million and $99.7 million , respectively, of costs in connection with this acquisition and termination. These amounts for the three and nine months ended September 30, 2018, included $11.3 million and $21.2 million , respectively, 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; and $22.2 million and $78.5 million , respectively, related to ticking fees and other capitalized costs associated with the financing commitments, which are recorded as interest expense on our consolidated statements of operations. 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 nine months ended September 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 100 of our stations have been assigned to new channels. Legislation has provided the FCC with a $2.75 billion fund to reimburse reasonable costs incurred by stations that are reassigned to new channels in the repack. We expect that the reimbursements from the fund will cover the majority of our expenses related to the repack. During the three and nine months ended September 30, 2018 , capital expenditures related to the spectrum repack were $9.2 million and $20.9 million 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 as part of Sinclair’s larger acquisition of Tribune. The assets and liabilities of these stations met the criteria for held for sale classification and were classified as held for sale in the consolidated balance sheet as of June 30, 2018. In connection with the termination of the Tribune acquisition, it is no longer our intent to divest of these assets and therefore the assets and liabilities are no longer classified as held for sale as of September 30, 2018. 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. The carrying value of these assets have been adjusted to fair value less costs to sell. We recorded impairment charges of $59.6 million for the nine months ending September 30, 2018, which is reflected in gains/losses on asset dispositions, net of impairments within our statements of operations. 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 a discounted cash flow model. Due to uncertainties in the estimation process, actual results could differ from the estimates used in our analysis. As of September 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 $ 411 Property and equipment 5,052 Definite-lived intangible assets 127 Assets held for sale $ 5,590 Current liabilities $ 1,167 Non-current liabilities 2,916 Liabilities held for sale $ 4,083

NOTES PAYABLE AND COMMERCIAL BA

NOTES PAYABLE AND COMMERCIAL BANK FINANCING	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
NOTES PAYABLE AND COMMERCIAL BANK FINANCING	NOTES PAYABLE AND COMMERCIAL BANK FINANCING: 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 $1.9 million and $1.7 million , net of deferred financing cost, as of September 30, 2018 and December 31, 2017 , respectively. 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 $11.1 million and $12.5 million , net of deferred financing cost, as of September 30, 2018 and December 31, 2017 , respectively. Bank Credit Agreement The balance of our Term Loan A-1 debt under the Bank Credit Agreement was $117.4 million as of December 31, 2017. This debt matured on April 9, 2018 and was paid with cash on hand. Guarantees of third party debt We jointly, severally, unconditionally, and irrevocably guarantee $78.5 million and $74.0 million of debt of certain third parties as of September 30, 2018 and December 31, 2017 , respectively, of which $25.4 million and $29.3 million , net of deferred financing costs, related to consolidated VIEs included on our consolidated balance sheets as of September 30, 2018 and December 31, 2017 , respectively. See Variable Interest Entities under Note 1. Nature of Operations and Summary of Significant Accounting Policies

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 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. 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. On November 6, 2018, the Company agreed to enter into a proposed consent decree with the Department of Justice (DOJ). This consent decree resolves the Department of Justice’s investigation into the sharing of pacing information among certain stations in some local markets. The Company expects that the Department of Justice will file the consent decree and related documents in the U.S. District Court for the District of Columbia in the near future. The consent decree is not an admission of any wrongdoing by the Company, and does not subject Sinclair to any monetary damages or penalties. The Company believes that even if the pacing information was shared as alleged, it would not have impacted any pricing of advertisements or the competitive nature of the market. The consent decree requires the Company to adopt certain antitrust compliance measures, including the appointment of an Antitrust Compliance Officer, consistent with what the Department of Justice has required in previous consent decrees in other industries. The consent decree also requires the Company stations not to exchange pacing and certain other information with other stations in their local markets, which the Company’s management has already instructed them not to do. The Company is aware of twenty-two putative class action lawsuits filed in United States District Court against the Company and Tribune (Tribune Media Company, Tribune Broadcasting Company, LLC, or both). Most of these lawsuits were also brought against other broadcasters and other defendants, including, in certain cases, unidentified “John Doe” defendants. 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, and, in one case, state consumer protection and tort laws. The lawsuits seek damages, attorneys’ fees, costs and interest, as well as injunctions against adopting practices or plans that would restrain competition in the ways the plaintiffs have alleged. The lawsuits followed published reports of a DOJ investigation earlier this year into the exchange of pacing data within the industry. The Company believes the class action lawsuits are without merit and intends to vigorously defend itself against all such claims. 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 proposed acquisition of Tribune. The HDO directed 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 asked 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 complied with the FCC’s rules, and strongly rejects any allegation of misrepresentation or lack of candor. The Merger Agreement was terminated by Tribune on August 9, 2018, on which date the Company subsequently filed a letter with the FCC to withdraw the merger applications and have them dismissed with prejudice and filed with the ALJ a Notice of Withdrawal of Applications and Motion to Terminate Hearing (Motion). On August 10, 2018, the FCC's Enforcement Bureau filed a responsive pleading with the ALJ stating that it did not oppose dismissal of the merger applications and concurrent termination of the hearing proceeding. Action on the Motion remains pending. We cannot predict how the ALJ will act on the Motion or 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. On August 9, 2018, Tribune filed a complaint (the Tribune Complaint) in the Court of Chancery of the State of Delaware against the Company, which action is captioned Tribune Media Company v. Sinclair Broadcast Group, Inc , Case No. 2018-0593-JTL. The Tribune Complaint alleges that the Company breached the Merger Agreement by, among other things, failing to use its reasonable best efforts to secure regulatory approval of the Merger, and that such breach resulted in the failure of the Merger to obtain regulatory approval and close. The Tribune Complaint seeks declaratory relief, money damages in an amount to be determined at trial (but which the Tribune Complaint suggests could be in excess $1 billion ), and attorney's fees and costs. On August 29, 2018, The Company filed its Answer, Affirmative Defenses, and Verified Counterclaim to the Verified Complaint. In its counterclaim, The Company alleges that Tribune breached the Merger Agreement and seeks declaratory relief, money damages in an amount to be determined at trial, and attorneys ' fees and costs. Sinclair believes that the allegations in the Tribune Complaint are without merit and intends to vigorously defend against such allegations. On August 9, 2018, Edward Komito, a putative Company shareholder, filed a class action complaint (the “Komito Complaint”) in the United States District Court for the District of Maryland against the Company, Christopher Ripley and Lucy Rutishauser, which action is captioned Komito vs. Sinclair Broadcast Group, Inc., et al. , Case No. 1:18-CV-02445-CCB. The Komito Complaint alleges that defendants violated the federal securities laws by issuing false or misleading disclosures concerning the Merger prior to the termination thereof. The Komito Complaint seeks declaratory relief, money damages in an amount to be determined at trial, and attorney’s fees and costs. On September 26, 2018, Hartej Singh, a putative Company shareholder, filed a substantially identical class action complaint (the “Singh Complaint”), which action was captioned Hartej Singh vs. Sinclair Broadcast Group, Inc. , Case No. 1:18-CV-02967-CCB. The Singh complaint was subsequently dismissed voluntarily. The Company believes that the allegations in the Komito Complaint are without merit and intends to vigorously defend against the allegations. In addition, beginning in late July 2018, Sinclair received letters from two putative Company shareholders requesting that the board of directors of the Company investigate whether any of the Company’s officers and directors committed nonexculpated breaches of fiduciary duties in connection with, or gross management with respect to: (i) seeking regulatory approval of the Tribune Merger and (ii) the HDO, and the allegations contained therein. A committee consisting of independent members of the board of directors has been formed to respond to these demands. 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, are currently pending in a consolidated proceeding before the U.S. Court of Appeals for the Third Circuit. 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 dismissed 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%

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 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 Nine Months Ended 2018 2017 2018 2017 Income (Numerator) Net income $ 65,000 $ 32,566 $ 138,304 $ 149,303 Net income attributable to noncontrolling interests (1,125 ) (1,929 ) (3,264 ) (16,820 ) Numerator for basic and diluted earnings per common share available to common shareholders $ 63,875 $ 30,637 $ 135,040 $ 132,483 Shares (Denominator) Weighted-average common shares outstanding 102,083 102,245 102,069 99,210 Dilutive effect of stock-settled appreciation rights and outstanding stock options 706 810 829 963 Weighted-average common and common equivalent shares outstanding 102,789 103,055 102,898 100,173 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 Nine Months Ended 2018 2017 2018 2017 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 1,600 1,150 1,233 383

SEGMENT DATA

SEGMENT DATA	9 Months Ended
	Sep. 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 $155.8 million and $172.7 million of intercompany loans between the broadcast segment, other, and corporate as of September 30, 2018 and 2017 , respectively. We had $3.9 million and $4.3 million in intercompany interest expense related to intercompany loans between the broadcast segment, other, and corporate for the three months ended September 30, 2018 and 2017 , respectively. We had $11.5 million and $14.2 million in intercompany interest expense related to intercompany loans between the broadcast segment, other, and corporate for the nine months ended September 30, 2018 and 2017 , respectively. Segment financial information is included in the following tables for the periods presented (in thousands): For the three months ended September 30, 2018 Broadcast Other Corporate Consolidated Revenue $ 678,671 $ 87,589 $ — $ 766,260 Depreciation of property and equipment 23,134 1,882 19 25,035 Amortization of definite-lived intangible assets and other assets 39,267 5,333 — 44,600 Amortization of program contract costs and net realizable value adjustments 24,482 — — 24,482 Corporate general and administrative expenses 31,537 132 2,653 34,322 Gain on asset dispositions, net of impairment (10,828 ) — — (10,828 ) Operating income (loss) 169,773 (9,291 ) (2,672 ) 157,810 Interest expense 1,523 200 74,030 75,753 Loss from equity investments — 24,893 486 25,379 Assets 4,854,780 730,888 1,041,746 6,627,414 For the three months ended September 30, 2017 Broadcast Other Corporate Consolidated Revenue (a) $ 584,941 $ 59,591 $ — $ 644,532 Depreciation of property and equipment 22,344 1,851 247 24,442 Amortization of definite-lived intangible assets and other assets 38,186 5,182 — 43,368 Amortization of program contract costs and net realizable value adjustments 28,047 — — 28,047 Corporate general and administrative expenses 23,582 224 2,025 25,831 Gain on asset dispositions, net of impairment (22 ) (12 ) — (34 ) Operating income (loss) 115,571 (9,852 ) (2,272 ) 103,447 Interest expense 1,281 204 50,258 51,743 Loss from equity investments — 4,362 — 4,362 For the nine months ended September 30, 2018 Broadcast Other Corporate Consolidated Revenue $ 1,916,844 $ 244,912 $ — $ 2,161,756 Depreciation of property and equipment 69,711 5,709 57 75,477 Amortization of definite-lived intangible assets and other assets 115,524 15,798 — 131,322 Amortization of program contract costs and net realizable value adjustments 76,142 — — 76,142 Corporate general and administrative overhead expenses 79,870 609 8,124 88,603 (Gain) loss on asset dispositions, net of impairment (96,229 ) (d) 59,629 (c) (78 ) (36,678 ) Operating income (loss) 486,546 (d) (81,735 ) (c) (8,104 ) 396,707 Interest expense 4,331 600 232,835 237,766 Loss from equity investments — 54,876 463 55,339 For the nine months ended September 30, 2017 Broadcast Other Corporate Consolidated Revenue (a) $ 1,745,777 $ 177,925 $ — $ 1,923,702 Depreciation of property and equipment 65,850 5,438 738 72,026 Amortization of definite-lived intangible assets and other assets 114,810 17,489 — 132,299 Amortization of program contract costs and net realizable value adjustments 87,962 — — 87,962 Corporate general and administrative overhead expenses 65,059 785 5,614 71,458 Gain on asset dispositions, net of impairment (402 ) (53,129 ) (b) — (53,531 ) Operating income (loss) 361,259 25,016 (b) (6,351 ) 379,924 Interest expense 3,976 1,633 154,411 160,020 Loss from equity investments — 4,221 — 4,221 (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. (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	9 Months Ended
	Sep. 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 our Class B Common Stock and some of our Class A Common Stock. We engaged in the following transactions with them and/or entities in which they have substantial interests. Leases. Certain assets used by us and our operating subsidiaries are leased from 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 $0.9 million and $1.3 million for the three months ended September 30, 2018 and 2017 , respectively, and $3.6 million and $3.9 million for the nine months ended September 30, 2018 and 2017 , respectively. Charter Aircraft. We lease aircraft owned by certain controlling shareholders. For all aircraft leases, we incurred expenses of $0.5 million and $0.4 million for the three months ended September 30, 2018 and 2017 , respectively, and $1.3 million for both the nine months ended September 30, 2018 and 2017 . 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 September 30, 2018 , we have jointly and severally, unconditionally and irrevocably guaranteed $51.4 million of Cunningham's debt, of which $10.3 million , net of $0.7 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 September 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 this station for $0.2 million . We paid Cunningham, under these agreements, $2.0 million and $2.4 million for the three months ended September 30, 2018 and 2017 , respectively, and $6.7 million and $6.4 million for the nine months ended September 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 $19.7 million and $6.6 million from the services we performed for these stations for the three months ended September 30, 2018 and 2017 , respectively, and $48.6 million and $10.9 million for the nine months ended September 30, 2018 and 2017 , respectively. Cunningham assumed the joint sales agreement under which we 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 $43.1 million and $31.4 million for the three months ended September 30, 2018 and 2017 , respectively, and $119.5 million and $84.5 million for the nine months ended September 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 $0.7 million for the three and nine months ended September 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 $0.1 million for the three months ended September 30, 2018 and 2017 , respectively, and $0.1 million and $0.4 million for the nine months ended September 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 $0.4 million in rent for the nine months ended September 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 $0.2 million and $0.1 million for the three months ended September 30, 2018 and 2017 , respectively, and $0.4 million for both the nine months ended September 30, 2018 and 2017 . Other transactions with equity method investees During the quarter ended September 30, 2018, 120 Sports Holding, LLC (120 Sports), an equity method investee, entered into a convertible promissory note to borrow $3.75 million from us, maturing on July 30, 2021 . The note bears interest at a fixed rate of 6.0%

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 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 September 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 $ 510,000 $ 500,000 $ 515,535 5.875% Senior Unsecured Notes due 2026 350,000 341,285 350,000 363,475 5.625% Senior Unsecured Notes due 2024 550,000 538,313 550,000 568,205 5.375% Senior Unsecured Notes due 2021 600,000 600,000 600,000 610,440 5.125% Senior Unsecured Notes due 2027 400,000 367,500 400,000 396,088 Term Loan A-1 (b) — — 117,370 117,370 Term Loan A-2 100,251 100,251 113,327 113,327 Term Loan B 1,346,025 1,349,390 1,356,300 1,357,995 Debt of variable interest entities 26,363 26,363 29,614 29,614 Debt of other operating divisions 21,269 21,269 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 $34.6 million and $39.0 million as of September 30, 2018 and December 31, 2017 , respectively. (b) Term Loan A-1 debt matured in April 2018. For additional information, see Note 3. Notes Payable and Commercial Bank Financing

CONDENSED CONSOLIDATING FINANCI

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	9 Months Ended
	Sep. 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 September 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 September 30, 2018 , our consolidated total debt, net of deferred financing costs and debt discounts, of $3,902.3 million included $3,881.2 million related to STG and its subsidiaries of which SBG guaranteed $3,838.3 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 nine months ended September 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 SEPTEMBER 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash $ — $ 946,760 $ 11,699 $ 64,515 $ — $ 1,022,974 Accounts receivable — — 542,740 67,002 — 609,742 Other current assets 4,392 5,695 137,104 39,885 (29,057 ) 158,019 Total current assets 4,392 952,455 691,543 171,402 (29,057 ) 1,790,735 Property and equipment, net 773 31,782 589,183 65,756 (13,054 ) 674,440 Investment in consolidated subsidiaries 1,587,271 3,707,696 4,179 — (5,299,146 ) — Goodwill — — 2,121,535 3,867 — 2,125,402 Indefinite-lived intangible assets — — 143,924 14,298 — 158,222 Definite-lived intangible assets — — 1,651,692 72,264 (53,616 ) 1,670,340 Other long-term assets 31,324 818,087 114,135 177,086 (932,357 ) 208,275 Total assets $ 1,623,760 $ 5,510,020 $ 5,316,191 $ 504,673 $ (6,327,230 ) $ 6,627,414 Accounts payable and accrued liabilities $ 99 $ 73,737 $ 287,513 $ 97,115 $ (29,993 ) $ 428,471 Current portion of long-term debt — 31,135 3,940 8,990 (367 ) 43,698 Other current liabilities — — 116,823 11,611 1 128,435 Total current liabilities 99 104,872 408,276 117,716 (30,359 ) 600,604 Long-term debt — 3,781,735 37,597 379,720 (340,494 ) 3,858,558 Other liabilities 128 43,064 1,161,978 174,407 (796,879 ) 582,698 Total liabilities 227 3,929,671 1,607,851 671,843 (1,167,732 ) 5,041,860 Total Sinclair Broadcast Group equity (deficit) 1,623,533 1,580,349 3,708,340 (124,742 ) (5,163,947 ) 1,623,533 Noncontrolling interests in consolidated subsidiaries — — — (42,428 ) 4,449 (37,979 ) Total liabilities and equity (deficit) $ 1,623,760 $ 5,510,020 $ 5,316,191 $ 504,673 $ (6,327,230 ) $ 6,627,414 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 SEPTEMBER 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 6 $ 714,387 $ 76,827 $ (24,960 ) $ 766,260 Media program and production expenses — 1 288,651 35,975 (20,845 ) 303,782 Selling, general and administrative 2,653 31,546 149,898 5,318 (512 ) 188,903 Depreciation, amortization and other operating expenses 19 1,227 77,851 38,863 (2,195 ) 115,765 Total operating expenses 2,672 32,774 516,400 80,156 (23,552 ) 608,450 Operating (loss) income (2,672 ) (32,768 ) 197,987 (3,329 ) (1,408 ) 157,810 Equity in earnings of consolidated subsidiaries 65,301 154,948 (611 ) — (219,638 ) — Interest expense — (74,031 ) (1,029 ) (4,740 ) 4,047 (75,753 ) Other income (expense) 296 (6,368 ) (15,048 ) 1,415 — (19,705 ) Total other income (expense) 65,597 74,549 (16,688 ) (3,325 ) (215,591 ) (95,458 ) Income tax benefit (provision) 950 27,660 (24,999 ) (963 ) — 2,648 Net income (loss) 63,875 69,441 156,300 (7,617 ) (216,999 ) 65,000 Net income attributable to the noncontrolling interests — — — (1,132 ) 7 (1,125 ) Net income (loss) attributable to Sinclair Broadcast Group $ 63,875 $ 69,441 $ 156,300 $ (8,749 ) $ (216,992 ) $ 63,875 Comprehensive income (loss) $ 63,875 $ 69,441 $ 156,300 $ (7,617 ) $ (216,999 ) $ 65,000 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 614,881 $ 47,676 $ (18,025 ) $ 644,532 Media program and production expenses — — 255,293 29,376 (16,339 ) 268,330 Selling, general and administrative 2,027 23,534 130,289 3,582 4 159,436 Depreciation, amortization and other operating expenses 247 1,591 88,293 24,018 (830 ) 113,319 Total operating expenses 2,274 25,125 473,875 56,976 (17,165 ) 541,085 Operating (loss) income (2,274 ) (25,125 ) 141,006 (9,300 ) (860 ) 103,447 Equity in earnings of consolidated subsidiaries 32,196 90,445 114 — (122,755 ) — Interest expense (10 ) (50,247 ) (1,013 ) (4,968 ) 4,495 (51,743 ) Other income (expense) (92 ) 1,869 (2,673 ) (1,124 ) — (2,020 ) Total other income (expense) 32,094 42,067 (3,572 ) (6,092 ) (118,260 ) (53,763 ) Income tax benefit (provision) 817 25,364 (46,987 ) 3,688 — (17,118 ) Net income (loss) 30,637 42,306 90,447 (11,704 ) (119,120 ) 32,566 Net income attributable to the noncontrolling interests — — — (1,730 ) (199 ) (1,929 ) Net income (loss) attributable to Sinclair Broadcast Group $ 30,637 $ 42,306 $ 90,447 $ (13,434 ) $ (119,319 ) $ 30,637 Comprehensive income (loss) $ 30,637 $ 42,306 $ 90,447 $ (11,704 ) $ (119,120 ) $ 32,566 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 6 $ 2,020,201 $ 206,568 $ (65,019 ) $ 2,161,756 Media program and production expenses — 1 848,005 101,170 (55,987 ) 893,189 Selling, general and administrative 8,124 79,885 440,380 13,954 (1,466 ) 540,877 Depreciation, amortization and other operating expenses 58 3,612 168,838 163,095 (4,620 ) 330,983 Total operating expenses 8,182 83,498 1,457,223 278,219 (62,073 ) 1,765,049 Operating (loss) income (8,182 ) (83,492 ) 562,978 (71,651 ) (2,946 ) 396,707 Equity in earnings of consolidated subsidiaries 139,684 454,881 (366 ) — (594,199 ) — Interest expense (1 ) (232,833 ) (2,991 ) (13,933 ) 11,992 (237,766 ) Other income (expense) 1,619 (817 ) (42,753 ) (259 ) — (42,210 ) Total other income (expense) 141,302 221,231 (46,110 ) (14,192 ) (582,207 ) (279,976 ) Income tax benefit (provision) 1,920 65,114 (58,283 ) 12,822 — 21,573 Net income (loss) 135,040 202,853 458,585 (73,021 ) (585,153 ) 138,304 Net income attributable to the noncontrolling interests — — — (3,456 ) 192 (3,264 ) Net income (loss) attributable to Sinclair Broadcast Group $ 135,040 $ 202,853 $ 458,585 $ (76,477 ) $ (584,961 ) $ 135,040 Comprehensive income (loss) $ 135,040 $ 202,853 $ 458,585 $ (73,021 ) $ (585,153 ) $ 138,304 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 1,833,208 $ 148,690 $ (58,196 ) $ 1,923,702 Media program and production expenses — — 761,720 88,296 (53,798 ) 796,218 Selling, general and administrative 5,615 64,903 377,177 9,135 — 456,830 Depreciation, amortization and other operating expenses 738 4,967 266,371 20,702 (2,048 ) 290,730 Total operating expenses 6,353 69,870 1,405,268 118,133 (55,846 ) 1,543,778 Operating (loss) income (6,353 ) (69,870 ) 427,940 30,557 (2,350 ) 379,924 Equity in earnings of consolidated subsidiaries 136,311 274,850 257 — (411,418 ) — Interest expense (81 ) (154,330 ) (3,557 ) (16,740 ) 14,688 (160,020 ) Other income (expense) 731 2,392 (4,071 ) 924 — (24 ) Total other income (expense) 136,961 122,912 (7,371 ) (15,816 ) (396,730 ) (160,044 ) Income tax benefit (provision) 1,875 75,105 (143,059 ) (4,498 ) — (70,577 ) Net income (loss) 132,483 128,147 277,510 10,243 (399,080 ) 149,303 Net income attributable to the noncontrolling interests — — — (16,608 ) (212 ) (16,820 ) Net income (loss) attributable to Sinclair Broadcast Group $ 132,483 $ 128,147 $ 277,510 $ (6,365 ) $ (399,292 ) $ 132,483 Comprehensive income (loss) $ 132,483 $ 128,147 $ 277,510 $ 10,243 $ (399,080 ) $ 149,303 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ (8,331 ) $ (232,158 ) $ 622,165 $ (18,789 ) $ 10,018 $ 372,905 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Acquisition of property and equipment (1 ) (5,315 ) (71,639 ) (3,352 ) 2,689 (77,618 ) Proceeds from the sale of assets — — 1,087 — — 1,087 Investments in equity investees (1,767 ) (1,488 ) (20,863 ) (1,506 ) — (25,624 ) Distributions from equity investees 6,398 — — 17,135 — 23,533 Loans to affiliates — — — — — — Other, net — (7,866 ) — — — (7,866 ) Net cash flows from (used in) investing activities 4,630 (14,669 ) (91,415 ) 12,277 2,689 (86,488 ) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Proceeds from notes payable and commercial bank financing — — — 3,343 — 3,343 Repayments of notes payable, commercial bank financing and capital leases — (140,721 ) (2,653 ) (11,159 ) 289 (154,244 ) Dividends paid on Class A and Class B Common Stock (55,205 ) — — — — (55,205 ) Repurchase of outstanding Class A Common Stock (45,904 ) — — — — (45,904 ) Distributions to noncontrolling interests — — — (6,871 ) — (6,871 ) Increase (decrease) in intercompany payables 102,927 688,478 (839,781 ) 61,372 (12,996 ) — Other, net 1,883 — — (877 ) — 1,006 Net cash flows from (used in) financing activities 3,701 547,757 (842,434 ) 45,808 (12,707 ) (257,875 ) NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 300,930 (311,684 ) 39,296 — 28,542 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 $ — $ 946,760 $ 11,699 $ 66,023 $ — $ 1,024,482 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ (5,605 ) $ (141,240 ) $ 433,236 $ (12,959 ) $ 4,779 $ 278,211 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Acquisition of property and equipment (131 ) (6,088 ) (47,564 ) (2,677 ) 997 (55,463 ) Acquisition of businesses, net of cash acquired — (8,308 ) (261,491 ) — — (269,799 ) Investments in equity investees (945 ) (1,101 ) (15,469 ) (4,787 ) — (22,302 ) Proceeds from the sale of assets — — 541 194,641 — 195,182 Distributions from equity investees 3,903 — — 2,739 — 6,642 Spectrum auction proceeds — — 187,854 122,948 — 310,802 Other, net — (7,732 ) — (5,682 ) — (13,414 ) Net cash flows from (used in) investing activities 2,827 (23,229 ) (136,129 ) 307,182 997 151,648 CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Proceeds from notes payable and commercial bank financing — 159,669 — 6,372 — 166,041 Repayments of notes payable, commercial bank financing and capital leases — (200,119 ) (1,367 ) (116,823 ) — (318,309 ) Proceeds from the sale of Class A Common Stock 487,883 — — — — 487,883 Dividends paid on Class A and Class B Common Stock (53,049 ) — — — — (53,049 ) Distributions to noncontrolling interests — — — (20,469 ) — (20,469 ) Repurchase of outstanding Class A Common Stock (30,287 ) — — — — (30,287 ) Increase (decrease) in intercompany payables (400,451 ) 524,016 (92,993 ) (24,750 ) (5,822 ) — Other, net (1,318 ) (45 ) (3,607 ) (433 ) 46 (5,357 ) Net cash flows from (used in) financing activities 2,778 483,521 (97,967 ) (156,103 ) (5,776 ) 226,453 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 319,052 199,140 138,120 — 656,312 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 $ — $ 551,349 $ 210,015 $ 155,132 $ — $ 916,496

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 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. 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 602 channels as of September 30, 2018 . For the purpose of this report, these 191 stations and 602
Principles of Consolidation and Interim Financial Statements	Principles of Consolidation
Variable Interest Entities	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 of the licensee’s acquisition financing. The terms of the agreements vary, but generally have initial terms of over five years
Use of Estimates	Use of 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. Equity investments without a readily determinable fair value measured utilizing the measurement alternative at cost, less impairment plus observable price changes were $20.7 million and $32.3 million , as of September 30, 2018 and December 31, 2017 , respectively. There was a $10.1 million impairment to the carrying amount of one investment accounted for using the measurement alternative during the three and nine months ended September 30, 2018 which is recorded within loss from equity investments within our consolidated statement of operations. We also had other investments recorded at fair value of $18.7 million and $12.2 million as of September 30, 2018 and December 31, 2017 , 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. We are still evaluating if this standard will have a material impact on our consolidated balance sheets, but we do not expect a material impact on our consolidated statements of operations. We plan to adopt using the optional transition method as well as the package of practical expedients on January 1, 2019. 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 nine months ended September 30, 2017 , the adoption of this guidance resulted in an increase in cash flows from investing and financing activities of $312.8 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 Nine Months Ended September 30, 2017 September 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) $ 31,787 $ (26,359 ) $ 5,428 $ 91,817 $ (76,413 ) $ 15,404 Expenses realized from barter arrangements (b) $ 26,696 $ (26,359 ) $ 337 $ 77,491 $ (76,413 ) $ 1,078 Operating income $ 103,447 $ — $ 103,447 $ 379,924 $ — $ 379,924 Net income $ 30,637 $ — $ 30,637 $ 132,483 $ — $ 132,483 Basic EPS $ 0.30 $ — $ 0.30 $ 1.34 $ — $ 1.34 Diluted EPS $ 0.30 $ — $ 0.30 $ 1.32 $ — $ 1.32 (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 September 30, 2018 September 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue $ 365,617 $ 19,629 $ 385,246 $ 314,930 $ 16,056 $ 330,986 Distribution revenue 302,780 27,913 330,693 258,841 26,517 285,358 Other media and non-media revenues 10,274 40,047 50,321 11,170 17,018 28,188 Total revenues $ 678,671 $ 87,589 $ 766,260 $ 584,941 $ 59,591 $ 644,532 Nine Months Ended September 30, 2018 September 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue $ 1,002,734 $ 57,963 $ 1,060,697 $ 953,254 $ 38,830 $ 992,084 Distribution revenue 881,836 82,675 964,511 759,632 80,355 839,987 Other media and non-media revenues 32,274 104,274 136,548 32,891 58,740 91,631 Total revenues $ 1,916,844 $ 244,912 $ 2,161,756 $ 1,745,777 $ 177,925 $ 1,923,702 Advertising Revenue. 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.
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 nine months ended September 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 September 30, 2018 was less than the statutory rate primarily due to $15.0 million of federal tax credits related to investments in sustainability initiatives. Our effective income tax rate for the nine months ended September 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 $21.2 million of federal tax credits related to investments in sustainability initiatives. Our effective income tax rate for the three and nine months ended September 30, 2017 approximated the statutory rate.
Reclassifications	Reclassifications
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. •

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 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 September 30, As of December 31, ASSETS Current assets: Accounts receivable $ 17,514 $ 19,566 Other current assets 8,804 8,937 Total current assets 26,318 28,503 Program contract costs, less current portion 2,394 822 Property and equipment, net 5,575 6,215 Goodwill and indefinite-lived intangible assets 15,064 15,064 Definite-lived intangible assets, net 69,424 74,442 Other assets 2,374 5,601 Total assets $ 121,149 $ 130,647 LIABILITIES Current liabilities: Other current liabilities $ 19,720 $ 23,564 Notes payable, capital leases and commercial bank financing, less current portion 18,673 23,217 Program contracts payable, less current portion 9,279 11,213 Other long-term liabilities 650 650 Total liabilities $ 48,322 $ 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 Nine Months Ended September 30, 2017 September 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) $ 31,787 $ (26,359 ) $ 5,428 $ 91,817 $ (76,413 ) $ 15,404 Expenses realized from barter arrangements (b) $ 26,696 $ (26,359 ) $ 337 $ 77,491 $ (76,413 ) $ 1,078 Operating income $ 103,447 $ — $ 103,447 $ 379,924 $ — $ 379,924 Net income $ 30,637 $ — $ 30,637 $ 132,483 $ — $ 132,483 Basic EPS $ 0.30 $ — $ 0.30 $ 1.34 $ — $ 1.34 Diluted EPS $ 0.30 $ — $ 0.30 $ 1.32 $ — $ 1.32 (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 September 30, 2018 September 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue $ 365,617 $ 19,629 $ 385,246 $ 314,930 $ 16,056 $ 330,986 Distribution revenue 302,780 27,913 330,693 258,841 26,517 285,358 Other media and non-media revenues 10,274 40,047 50,321 11,170 17,018 28,188 Total revenues $ 678,671 $ 87,589 $ 766,260 $ 584,941 $ 59,591 $ 644,532 Nine Months Ended September 30, 2018 September 30, 2017 Broadcast Other Total Broadcast Other Total Advertising revenue $ 1,002,734 $ 57,963 $ 1,060,697 $ 953,254 $ 38,830 $ 992,084 Distribution revenue 881,836 82,675 964,511 759,632 80,355 839,987 Other media and non-media revenues 32,274 104,274 136,548 32,891 58,740 91,631 Total revenues $ 1,916,844 $ 244,912 $ 2,161,756 $ 1,745,777 $ 177,925 $ 1,923,702

ACQUISITIONS AND DISPOSITION OF

ACQUISITIONS AND DISPOSITION OF ASSETS (Tables)	9 Months Ended
	Sep. 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
Business Acquisition, Pro Forma Information	The following table sets forth unaudited pro forma results of operations, assuming that Bonten, occurred at the beginning of the year preceding the year of acquisition. The pro forma results exclude the Other 2017 Acquisitions discussed above, as they are not material both individually and in the aggregate (in thousands, except per share data): Three Months Ended September 30, 2017 Nine Months Ended September 30, 2017 Total revenues $ 659,023 $ 1,980,377 Net income $ 32,882 $ 151,183 Net income attributable to Sinclair Broadcast Group $ 30,953 $ 134,363 Basic earnings per share attributable to Sinclair Broadcast Group $ 0.30 $ 1.35 Diluted earnings per share attributable to Sinclair Broadcast Group $ 0.30 $ 1.34
Disposal Groups, Including Discontinued Operations	As of September 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 $ 411 Property and equipment 5,052 Definite-lived intangible assets 127 Assets held for sale $ 5,590 Current liabilities $ 1,167 Non-current liabilities 2,916 Liabilities held for sale $ 4,083

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 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 Nine Months Ended 2018 2017 2018 2017 Income (Numerator) Net income $ 65,000 $ 32,566 $ 138,304 $ 149,303 Net income attributable to noncontrolling interests (1,125 ) (1,929 ) (3,264 ) (16,820 ) Numerator for basic and diluted earnings per common share available to common shareholders $ 63,875 $ 30,637 $ 135,040 $ 132,483 Shares (Denominator) Weighted-average common shares outstanding 102,083 102,245 102,069 99,210 Dilutive effect of stock-settled appreciation rights and outstanding stock options 706 810 829 963 Weighted-average common and common equivalent shares outstanding 102,789 103,055 102,898 100,173
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 Nine Months Ended 2018 2017 2018 2017 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 1,600 1,150 1,233 383

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 Broadcast Other Corporate Consolidated Revenue $ 678,671 $ 87,589 $ — $ 766,260 Depreciation of property and equipment 23,134 1,882 19 25,035 Amortization of definite-lived intangible assets and other assets 39,267 5,333 — 44,600 Amortization of program contract costs and net realizable value adjustments 24,482 — — 24,482 Corporate general and administrative expenses 31,537 132 2,653 34,322 Gain on asset dispositions, net of impairment (10,828 ) — — (10,828 ) Operating income (loss) 169,773 (9,291 ) (2,672 ) 157,810 Interest expense 1,523 200 74,030 75,753 Loss from equity investments — 24,893 486 25,379 Assets 4,854,780 730,888 1,041,746 6,627,414 For the three months ended September 30, 2017 Broadcast Other Corporate Consolidated Revenue (a) $ 584,941 $ 59,591 $ — $ 644,532 Depreciation of property and equipment 22,344 1,851 247 24,442 Amortization of definite-lived intangible assets and other assets 38,186 5,182 — 43,368 Amortization of program contract costs and net realizable value adjustments 28,047 — — 28,047 Corporate general and administrative expenses 23,582 224 2,025 25,831 Gain on asset dispositions, net of impairment (22 ) (12 ) — (34 ) Operating income (loss) 115,571 (9,852 ) (2,272 ) 103,447 Interest expense 1,281 204 50,258 51,743 Loss from equity investments — 4,362 — 4,362 For the nine months ended September 30, 2018 Broadcast Other Corporate Consolidated Revenue $ 1,916,844 $ 244,912 $ — $ 2,161,756 Depreciation of property and equipment 69,711 5,709 57 75,477 Amortization of definite-lived intangible assets and other assets 115,524 15,798 — 131,322 Amortization of program contract costs and net realizable value adjustments 76,142 — — 76,142 Corporate general and administrative overhead expenses 79,870 609 8,124 88,603 (Gain) loss on asset dispositions, net of impairment (96,229 ) (d) 59,629 (c) (78 ) (36,678 ) Operating income (loss) 486,546 (d) (81,735 ) (c) (8,104 ) 396,707 Interest expense 4,331 600 232,835 237,766 Loss from equity investments — 54,876 463 55,339 For the nine months ended September 30, 2017 Broadcast Other Corporate Consolidated Revenue (a) $ 1,745,777 $ 177,925 $ — $ 1,923,702 Depreciation of property and equipment 65,850 5,438 738 72,026 Amortization of definite-lived intangible assets and other assets 114,810 17,489 — 132,299 Amortization of program contract costs and net realizable value adjustments 87,962 — — 87,962 Corporate general and administrative overhead expenses 65,059 785 5,614 71,458 Gain on asset dispositions, net of impairment (402 ) (53,129 ) (b) — (53,531 ) Operating income (loss) 361,259 25,016 (b) (6,351 ) 379,924 Interest expense 3,976 1,633 154,411 160,020 Loss from equity investments — 4,221 — 4,221 (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. (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)	9 Months Ended
	Sep. 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 September 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 $ 510,000 $ 500,000 $ 515,535 5.875% Senior Unsecured Notes due 2026 350,000 341,285 350,000 363,475 5.625% Senior Unsecured Notes due 2024 550,000 538,313 550,000 568,205 5.375% Senior Unsecured Notes due 2021 600,000 600,000 600,000 610,440 5.125% Senior Unsecured Notes due 2027 400,000 367,500 400,000 396,088 Term Loan A-1 (b) — — 117,370 117,370 Term Loan A-2 100,251 100,251 113,327 113,327 Term Loan B 1,346,025 1,349,390 1,356,300 1,357,995 Debt of variable interest entities 26,363 26,363 29,614 29,614 Debt of other operating divisions 21,269 21,269 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 $34.6 million and $39.0 million as of September 30, 2018 and December 31, 2017 , respectively. (b) Term Loan A-1 debt matured in April 2018. For additional information, see Note 3. Notes Payable and Commercial Bank Financing

CONDENSED CONSOLIDATING FINAN_2

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)	9 Months Ended
	Sep. 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 SEPTEMBER 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash $ — $ 946,760 $ 11,699 $ 64,515 $ — $ 1,022,974 Accounts receivable — — 542,740 67,002 — 609,742 Other current assets 4,392 5,695 137,104 39,885 (29,057 ) 158,019 Total current assets 4,392 952,455 691,543 171,402 (29,057 ) 1,790,735 Property and equipment, net 773 31,782 589,183 65,756 (13,054 ) 674,440 Investment in consolidated subsidiaries 1,587,271 3,707,696 4,179 — (5,299,146 ) — Goodwill — — 2,121,535 3,867 — 2,125,402 Indefinite-lived intangible assets — — 143,924 14,298 — 158,222 Definite-lived intangible assets — — 1,651,692 72,264 (53,616 ) 1,670,340 Other long-term assets 31,324 818,087 114,135 177,086 (932,357 ) 208,275 Total assets $ 1,623,760 $ 5,510,020 $ 5,316,191 $ 504,673 $ (6,327,230 ) $ 6,627,414 Accounts payable and accrued liabilities $ 99 $ 73,737 $ 287,513 $ 97,115 $ (29,993 ) $ 428,471 Current portion of long-term debt — 31,135 3,940 8,990 (367 ) 43,698 Other current liabilities — — 116,823 11,611 1 128,435 Total current liabilities 99 104,872 408,276 117,716 (30,359 ) 600,604 Long-term debt — 3,781,735 37,597 379,720 (340,494 ) 3,858,558 Other liabilities 128 43,064 1,161,978 174,407 (796,879 ) 582,698 Total liabilities 227 3,929,671 1,607,851 671,843 (1,167,732 ) 5,041,860 Total Sinclair Broadcast Group equity (deficit) 1,623,533 1,580,349 3,708,340 (124,742 ) (5,163,947 ) 1,623,533 Noncontrolling interests in consolidated subsidiaries — — — (42,428 ) 4,449 (37,979 ) Total liabilities and equity (deficit) $ 1,623,760 $ 5,510,020 $ 5,316,191 $ 504,673 $ (6,327,230 ) $ 6,627,414 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 SEPTEMBER 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 6 $ 714,387 $ 76,827 $ (24,960 ) $ 766,260 Media program and production expenses — 1 288,651 35,975 (20,845 ) 303,782 Selling, general and administrative 2,653 31,546 149,898 5,318 (512 ) 188,903 Depreciation, amortization and other operating expenses 19 1,227 77,851 38,863 (2,195 ) 115,765 Total operating expenses 2,672 32,774 516,400 80,156 (23,552 ) 608,450 Operating (loss) income (2,672 ) (32,768 ) 197,987 (3,329 ) (1,408 ) 157,810 Equity in earnings of consolidated subsidiaries 65,301 154,948 (611 ) — (219,638 ) — Interest expense — (74,031 ) (1,029 ) (4,740 ) 4,047 (75,753 ) Other income (expense) 296 (6,368 ) (15,048 ) 1,415 — (19,705 ) Total other income (expense) 65,597 74,549 (16,688 ) (3,325 ) (215,591 ) (95,458 ) Income tax benefit (provision) 950 27,660 (24,999 ) (963 ) — 2,648 Net income (loss) 63,875 69,441 156,300 (7,617 ) (216,999 ) 65,000 Net income attributable to the noncontrolling interests — — — (1,132 ) 7 (1,125 ) Net income (loss) attributable to Sinclair Broadcast Group $ 63,875 $ 69,441 $ 156,300 $ (8,749 ) $ (216,992 ) $ 63,875 Comprehensive income (loss) $ 63,875 $ 69,441 $ 156,300 $ (7,617 ) $ (216,999 ) $ 65,000 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 614,881 $ 47,676 $ (18,025 ) $ 644,532 Media program and production expenses — — 255,293 29,376 (16,339 ) 268,330 Selling, general and administrative 2,027 23,534 130,289 3,582 4 159,436 Depreciation, amortization and other operating expenses 247 1,591 88,293 24,018 (830 ) 113,319 Total operating expenses 2,274 25,125 473,875 56,976 (17,165 ) 541,085 Operating (loss) income (2,274 ) (25,125 ) 141,006 (9,300 ) (860 ) 103,447 Equity in earnings of consolidated subsidiaries 32,196 90,445 114 — (122,755 ) — Interest expense (10 ) (50,247 ) (1,013 ) (4,968 ) 4,495 (51,743 ) Other income (expense) (92 ) 1,869 (2,673 ) (1,124 ) — (2,020 ) Total other income (expense) 32,094 42,067 (3,572 ) (6,092 ) (118,260 ) (53,763 ) Income tax benefit (provision) 817 25,364 (46,987 ) 3,688 — (17,118 ) Net income (loss) 30,637 42,306 90,447 (11,704 ) (119,120 ) 32,566 Net income attributable to the noncontrolling interests — — — (1,730 ) (199 ) (1,929 ) Net income (loss) attributable to Sinclair Broadcast Group $ 30,637 $ 42,306 $ 90,447 $ (13,434 ) $ (119,319 ) $ 30,637 Comprehensive income (loss) $ 30,637 $ 42,306 $ 90,447 $ (11,704 ) $ (119,120 ) $ 32,566 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 6 $ 2,020,201 $ 206,568 $ (65,019 ) $ 2,161,756 Media program and production expenses — 1 848,005 101,170 (55,987 ) 893,189 Selling, general and administrative 8,124 79,885 440,380 13,954 (1,466 ) 540,877 Depreciation, amortization and other operating expenses 58 3,612 168,838 163,095 (4,620 ) 330,983 Total operating expenses 8,182 83,498 1,457,223 278,219 (62,073 ) 1,765,049 Operating (loss) income (8,182 ) (83,492 ) 562,978 (71,651 ) (2,946 ) 396,707 Equity in earnings of consolidated subsidiaries 139,684 454,881 (366 ) — (594,199 ) — Interest expense (1 ) (232,833 ) (2,991 ) (13,933 ) 11,992 (237,766 ) Other income (expense) 1,619 (817 ) (42,753 ) (259 ) — (42,210 ) Total other income (expense) 141,302 221,231 (46,110 ) (14,192 ) (582,207 ) (279,976 ) Income tax benefit (provision) 1,920 65,114 (58,283 ) 12,822 — 21,573 Net income (loss) 135,040 202,853 458,585 (73,021 ) (585,153 ) 138,304 Net income attributable to the noncontrolling interests — — — (3,456 ) 192 (3,264 ) Net income (loss) attributable to Sinclair Broadcast Group $ 135,040 $ 202,853 $ 458,585 $ (76,477 ) $ (584,961 ) $ 135,040 Comprehensive income (loss) $ 135,040 $ 202,853 $ 458,585 $ (73,021 ) $ (585,153 ) $ 138,304 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 1,833,208 $ 148,690 $ (58,196 ) $ 1,923,702 Media program and production expenses — — 761,720 88,296 (53,798 ) 796,218 Selling, general and administrative 5,615 64,903 377,177 9,135 — 456,830 Depreciation, amortization and other operating expenses 738 4,967 266,371 20,702 (2,048 ) 290,730 Total operating expenses 6,353 69,870 1,405,268 118,133 (55,846 ) 1,543,778 Operating (loss) income (6,353 ) (69,870 ) 427,940 30,557 (2,350 ) 379,924 Equity in earnings of consolidated subsidiaries 136,311 274,850 257 — (411,418 ) — Interest expense (81 ) (154,330 ) (3,557 ) (16,740 ) 14,688 (160,020 ) Other income (expense) 731 2,392 (4,071 ) 924 — (24 ) Total other income (expense) 136,961 122,912 (7,371 ) (15,816 ) (396,730 ) (160,044 ) Income tax benefit (provision) 1,875 75,105 (143,059 ) (4,498 ) — (70,577 ) Net income (loss) 132,483 128,147 277,510 10,243 (399,080 ) 149,303 Net income attributable to the noncontrolling interests — — — (16,608 ) (212 ) (16,820 ) Net income (loss) attributable to Sinclair Broadcast Group $ 132,483 $ 128,147 $ 277,510 $ (6,365 ) $ (399,292 ) $ 132,483 Comprehensive income (loss) $ 132,483 $ 128,147 $ 277,510 $ 10,243 $ (399,080 ) $ 149,303
Schedule of condensed consolidating statement of cash flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ (8,331 ) $ (232,158 ) $ 622,165 $ (18,789 ) $ 10,018 $ 372,905 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Acquisition of property and equipment (1 ) (5,315 ) (71,639 ) (3,352 ) 2,689 (77,618 ) Proceeds from the sale of assets — — 1,087 — — 1,087 Investments in equity investees (1,767 ) (1,488 ) (20,863 ) (1,506 ) — (25,624 ) Distributions from equity investees 6,398 — — 17,135 — 23,533 Loans to affiliates — — — — — — Other, net — (7,866 ) — — — (7,866 ) Net cash flows from (used in) investing activities 4,630 (14,669 ) (91,415 ) 12,277 2,689 (86,488 ) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Proceeds from notes payable and commercial bank financing — — — 3,343 — 3,343 Repayments of notes payable, commercial bank financing and capital leases — (140,721 ) (2,653 ) (11,159 ) 289 (154,244 ) Dividends paid on Class A and Class B Common Stock (55,205 ) — — — — (55,205 ) Repurchase of outstanding Class A Common Stock (45,904 ) — — — — (45,904 ) Distributions to noncontrolling interests — — — (6,871 ) — (6,871 ) Increase (decrease) in intercompany payables 102,927 688,478 (839,781 ) 61,372 (12,996 ) — Other, net 1,883 — — (877 ) — 1,006 Net cash flows from (used in) financing activities 3,701 547,757 (842,434 ) 45,808 (12,707 ) (257,875 ) NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 300,930 (311,684 ) 39,296 — 28,542 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 $ — $ 946,760 $ 11,699 $ 66,023 $ — $ 1,024,482 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2017 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ (5,605 ) $ (141,240 ) $ 433,236 $ (12,959 ) $ 4,779 $ 278,211 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Acquisition of property and equipment (131 ) (6,088 ) (47,564 ) (2,677 ) 997 (55,463 ) Acquisition of businesses, net of cash acquired — (8,308 ) (261,491 ) — — (269,799 ) Investments in equity investees (945 ) (1,101 ) (15,469 ) (4,787 ) — (22,302 ) Proceeds from the sale of assets — — 541 194,641 — 195,182 Distributions from equity investees 3,903 — — 2,739 — 6,642 Spectrum auction proceeds — — 187,854 122,948 — 310,802 Other, net — (7,732 ) — (5,682 ) — (13,414 ) Net cash flows from (used in) investing activities 2,827 (23,229 ) (136,129 ) 307,182 997 151,648 CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Proceeds from notes payable and commercial bank financing — 159,669 — 6,372 — 166,041 Repayments of notes payable, commercial bank financing and capital leases — (200,119 ) (1,367 ) (116,823 ) — (318,309 ) Proceeds from the sale of Class A Common Stock 487,883 — — — — 487,883 Dividends paid on Class A and Class B Common Stock (53,049 ) — — — — (53,049 ) Distributions to noncontrolling interests — — — (20,469 ) — (20,469 ) Repurchase of outstanding Class A Common Stock (30,287 ) — — — — (30,287 ) Increase (decrease) in intercompany payables (400,451 ) 524,016 (92,993 ) (24,750 ) (5,822 ) — Other, net (1,318 ) (45 ) (3,607 ) (433 ) 46 (5,357 ) Net cash flows from (used in) financing activities 2,778 483,521 (97,967 ) (156,103 ) (5,776 ) 226,453 NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 319,052 199,140 138,120 — 656,312 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 $ — $ 551,349 $ 210,015 $ 155,132 $ — $ 916,496

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of Operations (Narrative) (Details)	Sep. 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	602

NATURE OF OPERATIONS AND SUMM_5

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Variable Interest Entities (Narrative) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Variable Interest Entity [Line Items]
Loss from equity investments	$ (25,379)	$ (4,362)	$ (55,339)	$ (4,221)
Consolidated VIEs, aggregated
Variable Interest Entity [Line Items]
Initial term of certain outsourcing agreements			5 years
Consolidated VIEs | Eliminations
Variable Interest Entity [Line Items]
Liabilities associated with the certain outsourcing agreements and purchase options	117,000		$ 117,000		$ 116,500
Consolidated VIEs | Cunningham | Eliminations
Variable Interest Entity [Line Items]
Total payments made under the LMA excluded from liabilities	46,600		46,600		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	74,900		74,900		$ 115,700
Loss from equity investments	$ (10,000)	$ (1,300)	$ (33,500)	$ 2,100

NATURE OF OPERATIONS AND SUMM_6

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Variable Interest Entities Assets and Liabilities (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
Current assets:
Accounts receivable		$ 609,742	$ 566,464
Other current assets		70,891	54,310
Total current assets		1,790,735	1,714,747
Assets held for sale		5,590	0
Program contract costs, less current portion		13,080	3,202
Property and equipment, net		674,440	738,298
Definite-lived intangible assets, net		1,670,340	1,801,670
Other assets		188,097	241,645
Total assets	[1]	6,627,414	6,784,470
Current liabilities:
Other current liabilities		128,435	194,897
Long-term liabilities:
Notes payable, capital leases and commercial bank financing, less current portion		3,858,558	3,887,601
Program contracts payable, less current portion		54,691	41,909
Other long-term liabilities		78,984	79,009
Total liabilities	[1]	5,041,860	5,250,104
Consolidated VIEs, aggregated
Current assets:
Accounts receivable		17,514	19,566
Other current assets		8,804	8,937
Total current assets		26,318	28,503
Program contract costs, less current portion		2,394	822
Property and equipment, net		5,575	6,215
Goodwill and indefinite-lived intangible assets		15,064	15,064
Definite-lived intangible assets, net		69,424	74,442
Other assets		2,374	5,601
Total assets		121,149	130,647
Current liabilities:
Other current liabilities		19,720	23,564
Long-term liabilities:
Notes payable, capital leases and commercial bank financing, less current portion		18,673	23,217
Program contracts payable, less current portion		9,279	11,213
Other long-term liabilities		650	650
Total liabilities		$ 48,322	$ 58,644
[1]	Our consolidated total assets as of September 30, 2018 and December 31, 2017 include total assets of variable interest entities (VIEs) of $121.1 million and $130.6 million , respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2018 and December 31, 2017 include total liabilities of VIEs of $22.9 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 SUMM_7

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Equity investments without readily determinable fair value	$ 20,700	$ 20,700		$ 32,300
Impairment to carrying amount	10,100	10,100
Equity investments, fair value	$ 18,700	18,700		12,200
Cumulative effect of adoption of new accounting standard				2,100
Net cash flows from (used in) investing activities		(86,488)	$ 151,648
Net cash flows from (used in) financing activities		$ (257,875)	226,453
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			312,800
Net cash flows from (used in) financing activities			$ 1,500

NATURE OF OPERATIONS AND SUMM_8

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Effects of Adoption (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues	$ 766,260	$ 644,532	$ 2,161,756	$ 1,923,702
Media production expenses	303,782	268,330	893,189	796,218
Operating income (loss)	157,810	103,447	396,707	379,924
Net income	$ 63,875	$ 30,637	$ 135,040	$ 132,483
Basic earnings per share (USD per share)	$ 0.63	$ 0.30	$ 1.32	$ 1.34
Diluted earnings per share (USD per share)	$ 0.62	$ 0.30	$ 1.31	$ 1.32
Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Operating income (loss)		$ 103,447		$ 379,924
Net income		$ 30,637		$ 132,483
Basic earnings per share (USD per share)		$ 0.30		$ 1.34
Diluted earnings per share (USD per share)		$ 0.30		$ 1.32
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		$ 5,428		$ 15,404
Media production expenses		337		1,078
Station Barter Arrangements | Previously Reported
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		31,787		91,817
Media production expenses		26,696		77,491
Station Barter Arrangements | Restatement Adjustment | Accounting Standards Update 2014-09
Revenue, Initial Application Period Cumulative Effect Transition [Line Items]
Revenues		(26,359)		(76,413)
Media production expenses		$ (26,359)		$ (76,413)

NATURE OF OPERATIONS AND SUMM_9

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Disaggregation of Revenue [Line Items]
Total revenues	$ 766,260	$ 644,532	$ 2,161,756	$ 1,923,702
Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	678,671	584,941	1,916,844	1,745,777
Other
Disaggregation of Revenue [Line Items]
Total revenues	87,589	59,591	244,912	177,925
Advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	385,246	330,986	1,060,697	992,084
Advertising revenue | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	365,617	314,930	1,002,734	953,254
Advertising revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	19,629	16,056	57,963	38,830
Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	330,693	285,358	964,511	839,987
Distribution revenue | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	302,780	258,841	881,836	759,632
Distribution revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	27,913	26,517	82,675	80,355
Other media and non-media revenues
Disaggregation of Revenue [Line Items]
Total revenues	50,321	28,188	136,548	91,631
Other media and non-media revenues | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	10,274	11,170	32,274	32,891
Other media and non-media revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 40,047	$ 17,018	$ 104,274	$ 58,740

NATURE OF OPERATIONS AND SUM_10

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Narrative (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Advertising arrangement contract terms	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.
Deferred revenue	$ 127.6	$ 31.3	$ 49.5	$ 31.7
Deferred revenue, revenue recognized	$ 28.8	$ 17.2

NATURE OF OPERATIONS AND SUM_11

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Federal tax credits related to investments in sustainability initiatives	$ 15	$ 21.2
Tax benefit from sale of spectrum		$ 17.7

NATURE OF OPERATIONS AND SUM_12

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share Repurchase Program (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 07, 2018	Sep. 30, 2018	Sep. 30, 2018	Aug. 09, 2018	Sep. 06, 2016
Class of Stock [Line Items]
Stock repurchase program, authorized amount					$ 150
Stock repurchase program, additional authorized repurchase amount				$ 1,000
Class A Common Stock
Class of Stock [Line Items]
Treasury stock, shares acquired (in shares)		1.6	1.6
Treasury stock, value acquired		$ 45.9	$ 45.9
Subsequent Event
Class of Stock [Line Items]
Treasury stock, shares acquired (in shares)	3.4
Treasury stock, value acquired	$ 96.7
Stock repurchase program, remaining authorized repurchase amount	$ 946.4

NATURE OF OPERATIONS AND SUM_13

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Network Affiliation Agreements (Details)	May 08, 2018affiliate
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of affiliations	22
Number of affiliates that are provided services	4

NATURE OF OPERATIONS AND SUM_14

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsequent Events (Details)	Nov. 08, 2018$ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (USD per share)	$ 0.20

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS OF ASSETS - Narrative (Details) $ in Thousands	Sep. 01, 2017USD ($)stationmarket	Sep. 30, 2018USD ($)stationmarket	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)stationmarket	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Business Acquisition [Line Items]
Number of television stations owned | station		191		191
Number of markets | market		89		89
Broadcast incentive auction, proceeds				$ 310,800
Gain (loss) on sale of assets and asset impairment charges		$ 10,828	$ 34	$ 36,678	$ 53,531
Number of stations assigned new channels | station				100
Broadcast incentive auction, total legislation funds to reimburse stations				$ 2,750,000
Broadcast incentive auction, total capital expenditure		9,200		20,900
Asset impairment charges				59,600
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
Net revenues		25,900	7,600	71,300	7,600
Operating income (loss)		6,000	$ 900	11,700	$ 900
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]
Acquisition related costs		33,500		99,700
General and Administrative Expense | Tribune Media Company
Business Acquisition [Line Items]
Acquisition related costs		11,300		21,200
Interest Expense | Tribune Media Company
Business Acquisition [Line Items]
Acquisition related costs		$ 22,200		78,500
Spectrum Auction
Business Acquisition [Line Items]
Gain (loss) on sale of assets and asset impairment charges				$ 83,300

ACQUISITIONS AND DISPOSITIONS_3

ACQUISITIONS AND DISPOSITIONS OF ASSETS - Fair Value of Acquired Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 01, 2017
Allocated fair value of acquired assets and assumed liabilities
Goodwill	$ 2,125,402	$ 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 DISPOSITIONS_4

ACQUISITIONS AND DISPOSITIONS OF ASSETS - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2017
Business Combinations [Abstract]
Total revenues	$ 659,023	$ 1,980,377
Net income	32,882	151,183
Net income attributable to Sinclair Broadcast Group	$ 30,953	$ 134,363
Basic earnings per share attributable to Sinclair (USD per share)	$ 0.30	$ 1.35
Diluted earnings per share attributable to Sinclair (USD per share)	$ 0.30	$ 1.34

ACQUISITIONS AND DISPOSITIONS_5

ACQUISITIONS AND DISPOSITIONS OF ASSETS - Schedule of Assets and Liabilities Held For Sale (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Non-current liabilities	$ 4,083	$ 0
Government Approval Disposal For Tribune Media Acquisition
Disposal Group, Including Discontinued Operation, Assets [Abstract]
Current assets	411
Property and equipment	5,052
Definite-lived intangible assets	127
Assets held for sale	5,590
Disposal Group, Including Discontinued Operation, Liabilities [Abstract]
Current liabilities	1,167
Non-current liabilities	2,916
Liabilities held for sale	$ 4,083

NOTES PAYABLE AND COMMERCIAL _2

NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Current portion of notes payable, capital leases and commercial bank financing	$ 43,698	$ 161,049
Notes payable, capital leases and commercial bank financing, less current portion	3,858,558	3,887,601
Consolidated total debt	3,902,300
Affiliated Entity
Debt Instrument [Line Items]
Current portion of notes payable, capital leases and commercial bank financing	1,900	1,700
Notes payable, capital leases and commercial bank financing, less current portion	11,100	12,500
Consolidated VIEs, aggregated
Debt Instrument [Line Items]
Notes payable, capital leases and commercial bank financing, less current portion	18,673	23,217
Consolidated total debt	25,400	29,300
Guarantee Obligations
Debt Instrument [Line Items]
Unconditional and irrevocably guaranteed debt	$ 78,500	74,000
Term Loan | Term Loan A-1
Debt Instrument [Line Items]
Outstanding balance		$ 117,400

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Aug. 09, 2018USD ($)	Aug. 07, 2018lawsuit	Dec. 21, 2017USD ($)	Jul. 29, 2016	Sep. 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
Various Cases Alleging Violation Of Sherman Antitrust Act
COMMITMENTS AND CONTINGENCIES
Loss Contingency, New Claims Filed, Number | lawsuit		22
Breach Of Merger Agreement
COMMITMENTS AND CONTINGENCIES
Proposed fine | $	$ 1,000
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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Income (Numerator)
Net income	$ 65,000	$ 32,566	$ 138,304	$ 149,303
Net income attributable to noncontrolling interests	(1,125)	(1,929)	(3,264)	(16,820)
Numerator for basic and diluted earnings per common share available to common shareholders	$ 63,875	$ 30,637	$ 135,040	$ 132,483
Shares (Denominator)
Weighted-average common shares outstanding (shares)	102,083	102,245	102,069	99,210
Dilutive effect of stock-settled appreciation rights, restricted stock awards and outstanding stock options (shares)	706	810	829	963
Weighted-average common and common equivalent shares outstanding (shares)	102,789	103,055	102,898	100,173

EARNINGS PER SHARE - SUMMARY OF

EARNINGS PER SHARE - SUMMARY OF ANTIDILUTIVE SECURITIES (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Earnings Per Share [Abstract]
Potentially antidilutive dilutive securities excluded from calculation of diluted earnings per share (shares)	1,600	1,150	1,233	383

SEGMENT DATA (Narrative) (Detai

SEGMENT DATA (Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)market	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)market	Sep. 30, 2017USD ($)
Segment data
Number of markets | market	89		89
Intercompany loans | $	$ 155.8	$ 172.7	$ 155.8	$ 172.7
Intercompany interest expense | $	$ 3.9	$ 4.3	$ 11.5	$ 14.2
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		9 Months Ended
		Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Segment data
Revenue		$ 766,260	$ 644,532	$ 2,161,756	$ 1,923,702
Depreciation of property and equipment		25,035	24,442	75,477	72,026
Amortization of definite-lived intangible assets and other assets		44,600	43,368	131,322	132,299
Amortization of program contract costs and net realizable value adjustments		24,482	28,047	76,142	87,962
Corporate general and administrative expenses		34,322	25,831	88,603	71,458
Gain (loss) on sale of assets and asset impairment charges		10,828	34	36,678	53,531
Operating income (loss)		157,810	103,447	396,707	379,924
Interest expense		75,753	51,743	237,766	160,020
Loss from equity investments		25,379	4,362	55,339	4,221
Assets	[1]	6,627,414		6,627,414		$ 6,784,470
Asset impairment charges				59,600
Broadcast
Segment data
Revenue		678,671	584,941	1,916,844	1,745,777
Other
Segment data
Revenue		87,589	59,591	244,912	177,925
Operating segments | Broadcast
Segment data
Revenue		678,671	584,941	1,916,844	1,745,777
Depreciation of property and equipment		23,134	22,344	69,711	65,850
Amortization of definite-lived intangible assets and other assets		39,267	38,186	115,524	114,810
Amortization of program contract costs and net realizable value adjustments		24,482	28,047	76,142	87,962
Corporate general and administrative expenses		31,537	23,582	79,870	65,059
Gain (loss) on sale of assets and asset impairment charges		10,828	22	96,229	402
Operating income (loss)		169,773	115,571	486,546	361,259
Interest expense		1,523	1,281	4,331	3,976
Loss from equity investments		0	0	0	0
Assets		4,854,780		4,854,780
Operating segments | Other
Segment data
Revenue		87,589	59,591	244,912	177,925
Depreciation of property and equipment		1,882	1,851	5,709	5,438
Amortization of definite-lived intangible assets and other assets		5,333	5,182	15,798	17,489
Amortization of program contract costs and net realizable value adjustments		0	0	0	0
Corporate general and administrative expenses		132	224	609	785
Gain (loss) on sale of assets and asset impairment charges		0	12	(59,629)	53,129
Operating income (loss)		(9,291)	(9,852)	(81,735)	25,016
Interest expense		200	204	600	1,633
Loss from equity investments		24,893	4,362	54,876	4,221
Assets		730,888		730,888
Asset impairment charges				59,600
Corporate
Segment data
Revenue		0	0	0	0
Depreciation of property and equipment		19	247	57	738
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		2,653	2,025	8,124	5,614
Gain (loss) on sale of assets and asset impairment charges		0	0	78	0
Operating income (loss)		(2,672)	(2,272)	(8,104)	(6,351)
Interest expense		74,030	50,258	232,835	154,411
Loss from equity investments		486	$ 0	463	0
Assets		$ 1,041,746		1,041,746
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
Spectrum Auction
Segment data
Gain (loss) on sale of assets and asset impairment charges				$ 83,300
[1]	Our consolidated total assets as of September 30, 2018 and December 31, 2017 include total assets of variable interest entities (VIEs) of $121.1 million and $130.6 million , respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2018 and December 31, 2017 include total liabilities of VIEs of $22.9 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		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Lease Services | Entities owned by the controlling shareholders
Related Party Transaction [Line Items]
Lease payments made to entities	$ 0.9	$ 1.3	$ 3.6	$ 3.9
Charter Aircraft | Controlling shareholders | Maximum
Related Party Transaction [Line Items]
Aircraft expenses	$ 0.5	$ 0.4	$ 1.3	$ 1.3

RELATED PERSON TRANSACTIONS - C

RELATED PERSON TRANSACTIONS - Cunningham Broadcasting Corporation (Details) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended
	Aug. 31, 2016USD ($)	Apr. 30, 2016USD ($)	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)renewal	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)
Related Party Transaction [Line Items]
Total revenues			$ 766,260	$ 644,532	$ 2,161,756	$ 1,923,702
Repayments of debt					$ 154,244	318,309
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		700
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			$ 2,000	2,400	$ 6,700	6,400
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			$ 19,700	6,600	$ 48,600	10,900
Total revenues			43,100	$ 31,400	119,500	$ 84,500
Guarantee Obligations
Related Party Transaction [Line Items]
Unconditional and irrevocably guaranteed debt			78,500		78,500		$ 74,000
Guarantee Obligations | Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Unconditional and irrevocably guaranteed debt			51,400		51,400
Consolidated VIEs | Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Long-term debt			10,300		10,300
Deferred financing costs			$ 700		$ 700

RELATED PERSON TRANSACTIONS - A

RELATED PERSON TRANSACTIONS - Atlantic Automotive Corporation (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)real_estate_venture	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)real_estate_venture	Sep. 30, 2017USD ($)
Lease Services | Atlantic Automotive Corporation
Related Party Transaction [Line Items]
Amount received				$ 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	$ 0.1	$ 0.1	$ 0.4

RELATED PERSON TRANSACTIONS - L

RELATED PERSON TRANSACTIONS - Leased Property by Real Estate Ventures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Maximum | Real estate ventures in Baltimore, MD | Lease Services | President and Chief Executive Officer
Related Party Transaction [Line Items]
Amount received	$ 0.2	$ 0.1	$ 0.4	$ 0.4

RELATED PERSON TRANSACTIONS - O

RELATED PERSON TRANSACTIONS - Other Transactions with Equity Method Investees (Details) - 120 Sports Holding, LLC $ in Thousands	3 Months Ended
	Sep. 30, 2018USD ($)
Related Party Transaction [Line Items]
Note receivable	$ 3,750
Fixed interest rate	6.00%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
FAIR VALUE MEASUREMENTS:
Debt discount and deferred financing costs	$ 34,600	$ 39,000
Level 2 | Carrying Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	26,363	29,614
Level 2 | Carrying Value | Debt of other operating divisions
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	21,269	25,238
Level 2 | Fair Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	26,363	29,614
Level 2 | Fair Value | Debt of other operating divisions
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	$ 21,269	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	510,000	515,535
Senior Unsecured Notes | Level 2 | Fair Value | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	341,285	363,475
Senior Unsecured Notes | Level 2 | Fair Value | 5.625% Senior Unsecured Notes due 2024
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	538,313	568,205
Senior Unsecured Notes | Level 2 | Fair Value | 5.375% Senior Unsecured Notes due 2021
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	600,000	610,440
Senior Unsecured Notes | Level 2 | Fair Value | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	367,500	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	100,251	113,327
Term Loan | Level 2 | Carrying Value | Term Loan B
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	1,346,025	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	100,251	113,327
Term Loan | Level 2 | Fair Value | Term Loan B
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	$ 1,349,390	$ 1,357,995

CONDENSED CONSOLIDATING FINAN_3

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Narrative) (Details) $ in Millions	Sep. 30, 2018USD ($)
Debt Instrument [Line Items]
Consolidated total debt	$ 3,902.3
Sinclair Television Group, Inc.
Debt Instrument [Line Items]
Consolidated total debt	3,881.2
Consolidated total debt, guaranteed	$ 3,838.3
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. | 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 FINAN_4

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Thousands		Sep. 30, 2018	Dec. 31, 2017
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		$ 1,022,974	$ 681,326
Restricted cash, current		0	313,110
Accounts receivable		609,742	566,464
Other current assets		158,019	153,847
Total current assets		1,790,735	1,714,747
Property and equipment, net		674,440	738,298
Investment in consolidated subsidiaries		0	0
Goodwill		2,125,402	2,124,033
Indefinite-lived intangible assets		158,222	159,371
Definite-lived intangible assets		1,670,340	1,801,670
Other long-term assets		208,275	246,351
Total assets	[1]	6,627,414	6,784,470
Accounts payable and accrued liabilities		428,471	370,403
Current portion of long-term debt		43,698	161,049
Other current liabilities		128,435	194,897
Total current liabilities		600,604	726,349
Long-term debt		3,858,558	3,887,601
Other liabilities		582,698	636,154
Total liabilities	[1]	5,041,860	5,250,104
Total Sinclair Broadcast Group equity (deficit)		1,623,533	1,568,738
Noncontrolling interests in consolidated subsidiaries		(37,979)	(34,372)
Total liabilities and equity		6,627,414	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		4,392	3,034
Total current assets		4,392	3,034
Property and equipment, net		773	829
Investment in consolidated subsidiaries		1,587,271	1,537,337
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets		0	0
Other long-term assets		31,324	31,757
Total assets		1,623,760	1,572,957
Accounts payable and accrued liabilities		99	1,100
Current portion of long-term debt		0	0
Other current liabilities		0	0
Total current liabilities		99	1,100
Long-term debt		0	0
Other liabilities		128	3,119
Total liabilities		227	4,219
Total Sinclair Broadcast Group equity (deficit)		1,623,533	1,568,738
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities and equity		1,623,760	1,572,957
Reportable legal entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		946,760	645,830
Restricted cash, current			0
Accounts receivable		0	0
Other current assets		5,695	5,758
Total current assets		952,455	651,588
Property and equipment, net		31,782	31,111
Investment in consolidated subsidiaries		3,707,696	4,116,241
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets		0	0
Other long-term assets		818,087	770,312
Total assets		5,510,020	5,569,252
Accounts payable and accrued liabilities		73,737	84,326
Current portion of long-term debt		31,135	148,505
Other current liabilities		0	0
Total current liabilities		104,872	232,831
Long-term debt		3,781,735	3,799,987
Other liabilities		43,064	38,282
Total liabilities		3,929,671	4,071,100
Total Sinclair Broadcast Group equity (deficit)		1,580,349	1,498,152
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities and equity		5,510,020	5,569,252
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		11,699	12,273
Restricted cash, current			311,110
Accounts receivable		542,740	530,273
Other current assets		137,104	145,637
Total current assets		691,543	999,293
Property and equipment, net		589,183	586,950
Investment in consolidated subsidiaries		4,179	4,179
Goodwill		2,121,535	2,120,166
Indefinite-lived intangible assets		143,924	145,073
Definite-lived intangible assets		1,651,692	1,781,045
Other long-term assets		114,135	104,363
Total assets		5,316,191	5,741,069
Accounts payable and accrued liabilities		287,513	261,266
Current portion of long-term debt		3,940	3,445
Other current liabilities		116,823	180,616
Total current liabilities		408,276	445,327
Long-term debt		37,597	39,730
Other liabilities		1,161,978	1,141,266
Total liabilities		1,607,851	1,626,323
Total Sinclair Broadcast Group equity (deficit)		3,708,340	4,114,746
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities and equity		5,316,191	5,741,069
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		64,515	23,223
Restricted cash, current			2,000
Accounts receivable		67,002	36,191
Other current assets		39,885	9,687
Total current assets		171,402	71,101
Property and equipment, net		65,756	132,010
Investment in consolidated subsidiaries		0	0
Goodwill		3,867	3,867
Indefinite-lived intangible assets		14,298	14,298
Definite-lived intangible assets		72,264	77,944
Other long-term assets		177,086	208,367
Total assets		504,673	507,587
Accounts payable and accrued liabilities		97,115	36,029
Current portion of long-term debt		8,990	9,645
Other current liabilities		11,611	14,281
Total current liabilities		117,716	59,955
Long-term debt		379,720	381,127
Other liabilities		174,407	187,569
Total liabilities		671,843	628,651
Total Sinclair Broadcast Group equity (deficit)		(124,742)	(82,051)
Noncontrolling interests in consolidated subsidiaries		(42,428)	(39,013)
Total liabilities and equity		504,673	507,587
Eliminations
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		0	0
Restricted cash, current			0
Accounts receivable		0	0
Other current assets		(29,057)	(10,269)
Total current assets		(29,057)	(10,269)
Property and equipment, net		(13,054)	(12,602)
Investment in consolidated subsidiaries		(5,299,146)	(5,657,757)
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets		(53,616)	(57,319)
Other long-term assets		(932,357)	(868,448)
Total assets		(6,327,230)	(6,606,395)
Accounts payable and accrued liabilities		(29,993)	(12,318)
Current portion of long-term debt		(367)	(546)
Other current liabilities		1	0
Total current liabilities		(30,359)	(12,864)
Long-term debt		(340,494)	(333,243)
Other liabilities		(796,879)	(734,082)
Total liabilities		(1,167,732)	(1,080,189)
Total Sinclair Broadcast Group equity (deficit)		(5,163,947)	(5,530,847)
Noncontrolling interests in consolidated subsidiaries		4,449	4,641
Total liabilities and equity		$ (6,327,230)	$ (6,606,395)
[1]	Our consolidated total assets as of September 30, 2018 and December 31, 2017 include total assets of variable interest entities (VIEs) of $121.1 million and $130.6 million , respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2018 and December 31, 2017 include total liabilities of VIEs of $22.9 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 FINAN_5

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	$ 766,260	$ 644,532	$ 2,161,756	$ 1,923,702
Media program and production expenses	303,782	268,330	893,189	796,218
Selling, general and administrative	188,903	159,436	540,877	456,830
Depreciation, amortization and other operating expenses	115,765	113,319	330,983	290,730
Total operating expenses	608,450	541,085	1,765,049	1,543,778
Operating income	157,810	103,447	396,707	379,924
Equity in earnings of consolidated subsidiaries	0	0	0	0
Interest expense	(75,753)	(51,743)	(237,766)	(160,020)
Other income (expense)	(19,705)	(2,020)	(42,210)	(24)
Total other expense, net	(95,458)	(53,763)	(279,976)	(160,044)
Income tax benefit (provision)	2,648	(17,118)	21,573	(70,577)
NET INCOME	65,000	32,566	138,304	149,303
Net income attributable to the noncontrolling interests	(1,125)	(1,929)	(3,264)	(16,820)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	63,875	30,637	135,040	132,483
Comprehensive income	65,000	32,566	138,304	149,303
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	2,653	2,027	8,124	5,615
Depreciation, amortization and other operating expenses	19	247	58	738
Total operating expenses	2,672	2,274	8,182	6,353
Operating income	(2,672)	(2,274)	(8,182)	(6,353)
Equity in earnings of consolidated subsidiaries	65,301	32,196	139,684	136,311
Interest expense	0	(10)	(1)	(81)
Other income (expense)	296	(92)	1,619	731
Total other expense, net	65,597	32,094	141,302	136,961
Income tax benefit (provision)	950	817	1,920	1,875
NET INCOME	63,875	30,637	135,040	132,483
Net income attributable to the noncontrolling interests	0	0	0	0
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	63,875	30,637	135,040	132,483
Comprehensive income	63,875	30,637	135,040	132,483
Reportable legal entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	6	0	6	0
Media program and production expenses	1	0	1	0
Selling, general and administrative	31,546	23,534	79,885	64,903
Depreciation, amortization and other operating expenses	1,227	1,591	3,612	4,967
Total operating expenses	32,774	25,125	83,498	69,870
Operating income	(32,768)	(25,125)	(83,492)	(69,870)
Equity in earnings of consolidated subsidiaries	154,948	90,445	454,881	274,850
Interest expense	(74,031)	(50,247)	(232,833)	(154,330)
Other income (expense)	(6,368)	1,869	(817)	2,392
Total other expense, net	74,549	42,067	221,231	122,912
Income tax benefit (provision)	27,660	25,364	65,114	75,105
NET INCOME	69,441	42,306	202,853	128,147
Net income attributable to the noncontrolling interests	0	0	0	0
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	69,441	42,306	202,853	128,147
Comprehensive income	69,441	42,306	202,853	128,147
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	714,387	614,881	2,020,201	1,833,208
Media program and production expenses	288,651	255,293	848,005	761,720
Selling, general and administrative	149,898	130,289	440,380	377,177
Depreciation, amortization and other operating expenses	77,851	88,293	168,838	266,371
Total operating expenses	516,400	473,875	1,457,223	1,405,268
Operating income	197,987	141,006	562,978	427,940
Equity in earnings of consolidated subsidiaries	(611)	114	(366)	257
Interest expense	(1,029)	(1,013)	(2,991)	(3,557)
Other income (expense)	(15,048)	(2,673)	(42,753)	(4,071)
Total other expense, net	(16,688)	(3,572)	(46,110)	(7,371)
Income tax benefit (provision)	(24,999)	(46,987)	(58,283)	(143,059)
NET INCOME	156,300	90,447	458,585	277,510
Net income attributable to the noncontrolling interests	0	0	0	0
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	156,300	90,447	458,585	277,510
Comprehensive income	156,300	90,447	458,585	277,510
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	76,827	47,676	206,568	148,690
Media program and production expenses	35,975	29,376	101,170	88,296
Selling, general and administrative	5,318	3,582	13,954	9,135
Depreciation, amortization and other operating expenses	38,863	24,018	163,095	20,702
Total operating expenses	80,156	56,976	278,219	118,133
Operating income	(3,329)	(9,300)	(71,651)	30,557
Equity in earnings of consolidated subsidiaries	0	0	0	0
Interest expense	(4,740)	(4,968)	(13,933)	(16,740)
Other income (expense)	1,415	(1,124)	(259)	924
Total other expense, net	(3,325)	(6,092)	(14,192)	(15,816)
Income tax benefit (provision)	(963)	3,688	12,822	(4,498)
NET INCOME	(7,617)	(11,704)	(73,021)	10,243
Net income attributable to the noncontrolling interests	(1,132)	(1,730)	(3,456)	(16,608)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(8,749)	(13,434)	(76,477)	(6,365)
Comprehensive income	(7,617)	(11,704)	(73,021)	10,243
Eliminations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	(24,960)	(18,025)	(65,019)	(58,196)
Media program and production expenses	(20,845)	(16,339)	(55,987)	(53,798)
Selling, general and administrative	(512)	4	(1,466)	0
Depreciation, amortization and other operating expenses	(2,195)	(830)	(4,620)	(2,048)
Total operating expenses	(23,552)	(17,165)	(62,073)	(55,846)
Operating income	(1,408)	(860)	(2,946)	(2,350)
Equity in earnings of consolidated subsidiaries	(219,638)	(122,755)	(594,199)	(411,418)
Interest expense	4,047	4,495	11,992	14,688
Other income (expense)	0	0	0	0
Total other expense, net	(215,591)	(118,260)	(582,207)	(396,730)
Income tax benefit (provision)	0	0	0	0
NET INCOME	(216,999)	(119,120)	(585,153)	(399,080)
Net income attributable to the noncontrolling interests	7	(199)	192	(212)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(216,992)	(119,319)	(584,961)	(399,292)
Comprehensive income	$ (216,999)	$ (119,120)	$ (585,153)	$ (399,080)

CONDENSED CONSOLIDATING FINAN_6

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	$ 372,905	$ 278,211
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(77,618)	(55,463)
Acquisition of businesses, net of cash acquired	0	(269,799)
Investments in equity investees	(25,624)	(22,302)
Proceeds from the sale of assets	1,087	195,182
Distributions from equity investees	23,533	6,642
Spectrum auction proceeds	0	310,802
Loans to affiliates	0
Other, net	(7,866)	(13,414)
Net cash flows (used in) from investing activities	(86,488)	151,648
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	3,343	166,041
Repayments of notes payable, commercial bank financing and capital leases	(154,244)	(318,309)
Net proceeds from the sale of Class A Common Stock	0	487,883
Dividends paid on Class A and Class B Common Stock	(55,205)	(53,049)
Distributions to noncontrolling interests	(6,871)	(20,469)
Repurchase of outstanding Class A Common Stock	(45,904)	(30,287)
Increase (decrease) in intercompany payables	0	0
Other, net	1,006	(5,357)
Net cash flows (used in) from financing activities	(257,875)	226,453
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	28,542	656,312
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	995,940	260,184
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	1,024,482	916,496
Reportable legal entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	(8,331)	(5,605)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(1)	(131)
Acquisition of businesses, net of cash acquired		0
Investments in equity investees	(1,767)	(945)
Proceeds from the sale of assets	0	0
Distributions from equity investees	6,398	3,903
Spectrum auction proceeds		0
Loans to affiliates	0
Other, net	0	0
Net cash flows (used in) from investing activities	4,630	2,827
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	(55,205)	(53,049)
Distributions to noncontrolling interests	0	0
Repurchase of outstanding Class A Common Stock	(45,904)	(30,287)
Increase (decrease) in intercompany payables	102,927	(400,451)
Other, net	1,883	(1,318)
Net cash flows (used in) from financing activities	3,701	2,778
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	(232,158)	(141,240)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(5,315)	(6,088)
Acquisition of businesses, net of cash acquired		(8,308)
Investments in equity investees	(1,488)	(1,101)
Proceeds from the sale of assets	0	0
Distributions from equity investees	0	0
Spectrum auction proceeds		0
Loans to affiliates	0
Other, net	(7,866)	(7,732)
Net cash flows (used in) from investing activities	(14,669)	(23,229)
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	(140,721)	(200,119)
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
Repurchase of outstanding Class A Common Stock	0	0
Increase (decrease) in intercompany payables	688,478	524,016
Other, net	0	(45)
Net cash flows (used in) from financing activities	547,757	483,521
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	300,930	319,052
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	645,830	232,297
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	946,760	551,349
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	622,165	433,236
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(71,639)	(47,564)
Acquisition of businesses, net of cash acquired		(261,491)
Investments in equity investees	(20,863)	(15,469)
Proceeds from the sale of assets	1,087	541
Distributions from equity investees	0	0
Spectrum auction proceeds		187,854
Loans to affiliates	0
Other, net	0	0
Net cash flows (used in) from investing activities	(91,415)	(136,129)
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	(2,653)	(1,367)
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
Repurchase of outstanding Class A Common Stock	0	0
Increase (decrease) in intercompany payables	(839,781)	(92,993)
Other, net	0	(3,607)
Net cash flows (used in) from financing activities	(842,434)	(97,967)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(311,684)	199,140
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	323,383	10,875
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	11,699	210,015
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	(18,789)	(12,959)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(3,352)	(2,677)
Acquisition of businesses, net of cash acquired		0
Investments in equity investees	(1,506)	(4,787)
Proceeds from the sale of assets	0	194,641
Distributions from equity investees	17,135	2,739
Spectrum auction proceeds		122,948
Loans to affiliates	0
Other, net	0	(5,682)
Net cash flows (used in) from investing activities	12,277	307,182
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	3,343	6,372
Repayments of notes payable, commercial bank financing and capital leases	(11,159)	(116,823)
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	(6,871)	(20,469)
Repurchase of outstanding Class A Common Stock	0	0
Increase (decrease) in intercompany payables	61,372	(24,750)
Other, net	(877)	(433)
Net cash flows (used in) from financing activities	45,808	(156,103)
NET INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	39,296	138,120
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	26,727	17,012
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	66,023	155,132
Eliminations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	10,018	4,779
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	2,689	997
Acquisition of businesses, net of cash acquired		0
Investments in equity investees	0	0
Proceeds from the sale of assets	0	0
Distributions from equity investees	0	0
Spectrum auction proceeds		0
Loans to affiliates	0
Other, net	0	0
Net cash flows (used in) from investing activities	2,689	997
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	289	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
Repurchase of outstanding Class A Common Stock	0	0
Increase (decrease) in intercompany payables	(12,996)	(5,822)
Other, net	0	46
Net cash flows (used in) from financing activities	(12,707)	(5,776)
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