Sinclair Broadcast (SBGI) 10-Q 10 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	May 06, 2019
Entity Information [Line Items]
Entity Registrant Name	SINCLAIR BROADCAST GROUP INC
Entity Central Index Key	0000912752
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	Mar. 31, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		65,826,328
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding (shares)		25,527,682

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 975,347	$ 1,060,330
Accounts receivable, net of allowance for doubtful accounts of $1,763 and $2,379, respectively		581,226	598,597
Current portion of program contract costs		42,092	64,247
Prepaid expenses and other current assets		84,337	60,732
Total current assets		1,683,002	1,783,906
Program contract costs, less current portion		9,369	11,217
Property and equipment, net		687,217	683,134
Operating lease assets		193,792
Goodwill		2,123,902	2,123,902
Indefinite-lived intangible assets		158,364	158,222
Definite-lived intangible assets, net		1,584,021	1,626,880
Other assets		194,541	184,831
Total assets	[1]	6,634,208	6,572,092
Current liabilities:
Accounts payable and accrued liabilities		376,287	413,227
Income taxes payable		24,738	23,314
Current portion of notes payable, finance leases and commercial bank financing		42,193	42,564
Current portion of operating lease liabilities		22,779
Current portion of program contracts payable		73,583	93,480
Total current liabilities		539,580	572,585
Notes payable, finance leases and commercial bank financing, less current portion		3,840,952	3,849,891
Operating lease liabilities, less current portion		193,970
Program contracts payable, less current portion		45,445	50,060
Deferred tax liabilities		414,873	413,253
Other long-term liabilities		80,235	85,983
Total liabilities	[1]	5,115,055	4,971,772
Commitments and contingencies (See Note 5)
Shareholders' Equity:
Additional paid-in capital		1,038,332	1,121,054
Retained earnings		520,936	517,620
Accumulated other comprehensive loss		(784)	(784)
Total Sinclair Broadcast Group shareholders’ equity		1,559,401	1,638,836
Noncontrolling interests		(40,248)	(38,516)
Total equity		1,519,153	1,600,320
Total liabilities and equity		6,634,208	6,572,092
Assets of variable interest entities		124,200	127,600
Liabilities of variable interest entities		17,500	22,300
Class A Common Stock
Shareholders' Equity:
Common Stock		662	689
Class B Common Stock
Shareholders' Equity:
Common Stock		$ 255	$ 257
[1]	Our consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (VIEs) of $124.2 million and $127.6 million , respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $17.5 million and $22.3 million , respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Accounts receivable, allowance for doubtful accounts	$ 1,763	$ 2,379
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)	66,241,852	68,897,723
Common Stock, shares outstanding (shares)	66,241,852	68,897,723
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)	25,527,682	25,670,684
Common Stock, shares outstanding (shares)	25,527,682	25,670,684

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES:
Revenues	$ 722,103	$ 665,352
OPERATING EXPENSES:
Media production expenses	319,044	288,549
Media selling, general and administrative expenses	159,923	146,899
Amortization of program contract costs and net realizable value adjustments	23,937	26,950
Non-media expenses	39,300	21,223
Depreciation of property and equipment	23,020	27,325
Corporate general and administrative expenses	27,726	24,596
Amortization of definite-lived intangible and other assets	43,464	43,605
Gain on asset dispositions and other, net of impairment	(7,909)	(21,109)
Total operating expenses	628,505	558,038
Operating income	93,598	107,314
OTHER INCOME (EXPENSE):
Interest expense and amortization of debt discount and deferred financing costs	(54,626)	(69,742)
(Loss) income from equity method investments	(13,637)	(12,587)
Other income, net	2,195	3,381
Total other expense, net	(66,068)	(78,948)
Income before income taxes	27,530	28,366
INCOME TAX (PROVISION) BENEFIT	(4,759)	15,628
NET INCOME	22,771	43,994
Net income attributable to the noncontrolling interests	(1,099)	(871)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	$ 21,672	$ 43,123
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:
Basic earnings per share (USD per share)	$ 0.23	$ 0.42
Diluted earnings per share (USD per share)	$ 0.23	$ 0.42
Weighted average common shares outstanding (shares)	92,302	101,899
Weighted average common and common equivalent shares outstanding (shares)	93,218	102,917
Media revenues
REVENUES:
Revenues	$ 673,364	$ 643,651
Non-media revenues
REVENUES:
Revenues	$ 48,739	$ 21,701

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Statement of Comprehensive Income [Abstract]
Net income	$ 22,771	$ 43,994
Comprehensive income	22,771	43,994
Comprehensive income attributable to the noncontrolling interests	(1,099)	(871)
Comprehensive income attributable to Sinclair Broadcast Group	$ 21,672	$ 43,123

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Additional Paid-In Capital	Retained Earnings	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, 2017							76,071,145		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	(18,392)		(18,392)
Class A Common Stock issued pursuant to employee benefit plans (shares)							438,429
Class A Common Stock issued pursuant to employee benefit plans	12,138	12,134					$ 4
Distributions to noncontrolling interests, net	(2,663)				(2,663)
Net income	43,994		43,123		871
BALANCE (shares) at Mar. 31, 2018							76,509,574		25,670,684
BALANCE at Mar. 31, 2018	1,571,543	1,332,432	275,676	(1,423)	(36,164)		$ 765		$ 257
BALANCE (shares) at Dec. 31, 2018						68,897,723	68,897,723	25,670,684	25,670,684
BALANCE at Dec. 31, 2018	1,600,320	1,121,054	517,620	(784)	(38,516)		$ 689		$ 257
Increase (Decrease) in Stockholders' Equity
Dividends declared and paid on Class A and Class B Common Stock	(18,356)		(18,356)
Class B Common Stock converted into Class A Common Stock (in shares)							143,002		(143,002)
Class B Common Stock converted into Class A Common Stock	0						$ 2		$ (2)
Repurchases of Class A Common Stock (in shares)							(3,493,194)
Repurchases of Class A Common Stock	(104,985)	(104,950)					$ (35)
Class A Common Stock issued pursuant to employee benefit plans (shares)							694,321
Class A Common Stock issued pursuant to employee benefit plans	22,234	22,228					$ 6
Distributions to noncontrolling interests, net	(2,831)				(2,831)
Net income	22,771		21,672		1,099
BALANCE (shares) at Mar. 31, 2019						66,241,852	66,241,852	25,527,682	25,527,682
BALANCE at Mar. 31, 2019	$ 1,519,153	$ 1,038,332	$ 520,936	$ (784)	$ (40,248)		$ 662		$ 255

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Class A Common Stock
Dividends declared per share (USD per share)	$ 0.20	$ 0.18
Dividends paid per share (USD per share)	0.20	0.18
Class B Common Stock
Dividends declared per share (USD per share)	0.20	0.18
Dividends paid per share (USD per share)	$ 0.20	$ 0.18

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 22,771	$ 43,994
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation of property and equipment	23,020	27,325
Amortization of definite-lived intangible and other assets	43,464	43,605
Amortization of program contract costs and net realizable value adjustments	23,937	26,950
Stock-based compensation	10,819	6,956
Deferred tax provision (benefit)	2,075	(16,342)
Gain on asset dispositions and other, net of impairment	(8,020)	(20,324)
Loss from equity method investments	13,637	12,703
Change in assets and liabilities, net of acquisitions:
Decrease in accounts receivable	15,987	26,504
Increase in prepaid expenses and other current assets	(23,236)	(18,353)
Decrease in accounts payable and accrued liabilities	(17,642)	(8,473)
Net change in net income taxes payable/receivable	1,424	241
Decrease in program contracts payable	(24,448)	(28,492)
Other, net	15,887	4,649
Net cash flows from operating activities	99,675	100,943
CASH FLOWS USED IN INVESTING ACTIVITIES:
Acquisition of property and equipment	(29,008)	(22,219)
Payments for debt and equity investments	(25,725)	(7,750)
Distributions from equity method investees	695	9,162
Other, net	6,883	(143)
Net cash flows used in investing activities	(47,155)	(20,950)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayments of notes payable, commercial bank financing and finance leases	(11,062)	(16,950)
Dividends paid on Class A and Class B Common Stock	(18,356)	(18,392)
Repurchase of outstanding Class A Common Stock	(104,985)	0
Other, net	(3,100)	(2,296)
Net cash flows used in financing activities	(137,503)	(37,638)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(84,983)	42,355
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	1,060,330	995,940
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 975,347	$ 1,038,295

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2019
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. As of March 31, 2019 , our broadcast distribution platform is a single reportable segment for accounting purposes. It consists primarily of our broadcast television stations, which we own, provide programming and operating services pursuant to agreements commonly referred to as local marketing agreements (LMAs), or provide sales services and other non-programming operating services pursuant to other outsourcing agreements (such as joint sales agreements (JSAs) and shared services agreements (SSAs)), to 191 stations in 89 markets. These stations broadcast 605 channels as of March 31, 2019 . For the purpose of this report, these 191 stations and 605 The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries and variable interest entities (VIEs) for which we are the primary beneficiary. Noncontrolling interest represents a minority owner’s proportionate share of the equity in certain of our consolidated entities. All intercompany transactions and account balances have been eliminated in consolidation. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by equity method investees. We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 8. Variable Interest Entities The consolidated financial statements for the three months ended March 31, 2019 and 2018 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, 2018 We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily determinable, we have the option to value investments at cost plus observable changes in value less impairment. Investments accounted for utilizing the measurement alternative were $22.9 million , net of $1.6 million of cumulative impairments, as of March 31, 2019 and $24.5 million as of December 31, 2018 . For the three months ended March 31, 2019 , we recorded a $1.6 million impairment related to one investment accounted for utilizing the measurement alternative, which is reflected in other income, net in our consolidated statements of operations. For the three months ended March 31, 2018 , there were no In February 2016, the Financial Accounting Standards Board (FASB) issued new guidance related to accounting for leases, Accounting Standards Codification Topic 842 (ASC 842). We adopted the new guidance on January 1, 2019 using the modified retrospective approach and the optional transition method. Under this adoption method, comparative prior periods were not adjusted and continue to be reported in accordance with our historical accounting policy. We elected to apply the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed us to carryforward our historical assessments of whether contracts are, or contain, leases and lease classification. The primary impact of adopting this standard was the recognition of $215.2 million of operating lease liabilities and $196.1 million of operating lease assets, upon adoption. The adoption did not have a material impact on how we account for finance leases. See Note 4. Leases for more information regarding our leasing arrangements. In August 2018, the FASB issued guidance which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software, with the capitalized implementation costs of a hosting arrangement that is a service contract expensed over the term of the hosting arrangement. The new standard is effective for interim and annual reporting periods beginning after December 15, 2019, applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In October 2018, the FASB issued guidance for determining whether a decision-making fee is a variable interest. The amendments require organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP). The new standard is effective for interim and annual reporting periods beginning after December 15, 2019, applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. The following table presents our revenue disaggregated by type and segment (in thousands): Three Months Ended March 31, 2019 March 31, 2018 Broadcast Other Total Broadcast Other Total Advertising revenue $ 287,850 $ 20,202 $ 308,052 $ 298,912 $ 17,416 $ 316,328 Distribution revenue 319,998 32,167 352,165 287,125 27,235 314,360 Other media and non-media revenues 10,653 51,233 61,886 9,855 24,809 34,664 Total revenues $ 618,501 $ 103,602 $ 722,103 $ 595,892 $ 69,460 $ 665,352 Advertising Revenue. We generate advertising revenue primarily from the sale of advertising spots/impressions on our broadcast television and digital platforms. 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. In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty. Deferred Revenues. We record deferred revenues when cash payments are received or due in advance of our performance, including amounts which are refundable. Deferred revenues were $75.1 million and $83.3 million as of March 31, 2019 and December 31, 2018 , respectively. Deferred revenues recognized during the three months ended March 31, 2019 and 2018 that were included in the deferred revenues balance as of December 31, 2018 and 2017 were $38.2 million and $23.2 million Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three months ended March 31, 2019 and 2018 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 March 31, 2019 was less than the statutory rate primarily due to $4.7 million of federal tax credits related to investments in sustainability initiatives offset by a $2.5 million increase in liability for unrecognized tax benefits. Our effective income tax rate for the three months ended March 31, 2018 was less than the statutory rate primarily due to a $21.3 million permanent tax benefit recognized from an IRS tax ruling on the treatment of the gain realized during the quarter from the sale of certain broadcast spectrum in connection with the Broadcast Incentive Auction. We believe it is reasonably possible that our liability for unrecognized tax benefits related to continuing operations could be reduced by up to $3.5 million 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 months ended March 31, 2019 , we repurchased approximately 3.5 million shares of Class A Common Stock for $105.0 million . As of March 31, 2019 , the total remaining purchase authorization was $763.1 million . During April 2019, we repurchased an additional 0.5 million shares of Class A Common Stock for $20.0 million In May 2019, our Board of Directors declared a quarterly dividend of $0.20 per share, payable on June 17, 2019 to holders of record at the close of business on May 31, 2019. In May 2019, we announced the acquisition of certain regional sports networks. See Pending Acquisitions under Note 2. Acquisitions and Dispositions of Assets

ACQUISITIONS AND DISPOSITIONS O

ACQUISITIONS AND DISPOSITIONS OF ASSETS	3 Months Ended
	Mar. 31, 2019
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS OF ASSETS	ACQUISITIONS AND DISPOSITIONS OF ASSETS: Pending Acquisitions In May 2019, Diamond Sports Group, LLC (Diamond), an indirect wholly-owned subsidiary of the Company, entered into a definitive agreement with The Walt Disney Company (Disney) to acquire the equity interests in 21 Regional Sports Networks and Fox College Sports (collectively the RSNs), which were acquired by Disney in its acquisition of Twenty-First Century Fox, Inc., for a purchase price of $9.6 billion , subject to certain adjustments. Completion of the transaction is subject to customary closing conditions, including the approval of the U.S. Department of Justice (DOJ). We expect to capitalize Diamond with $1.4 billion in cash equity, comprised of a combination of approximately $0.7 billion of cash on hand and a contribution of $0.7 billion in the form of new fully committed debt at Sinclair Television Group, Inc (STG). In addition, the purchase price will be funded with $1.0 billion of fully committed privately-placed preferred equity of a newly-formed indirect wholly-owned subsidiary of the Company and an indirect parent of Diamond. The remainder of the purchase price will be funded by $8.2 billion of fully committed secured and unsecured debt incurred by Diamond. The transaction will be treated as an asset sale for tax purposes, with the Company receiving a full step-up in basis. The secured and unsecured debt incurred by Diamond will be guaranteed by Diamond’s direct parent and certain wholly-owned subsidiaries of Diamond, and secured by certain assets of Diamond and the guarantors. However, the secured and unsecured debt incurred by Diamond will not be guaranteed by the Company, STG, or any of STG’s subsidiaries. In connection with the preferred equity, the Company will provide a guarantee of collection of distributions from Diamond. The newly committed debt at STG will be guaranteed by the Company, certain other subsidiaries of the Company, and certain subsidiaries of STG, and secured by certain assets of STG and the guarantors, consistent with existing terms loans under the existing bank credit facility. 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 under Note 5. Commitments and Contingencies for further discussion on our pending litigation related to the Tribune acquisition. For the three months ended March 31, 2018 , we recognized $21.7 million of costs in connection with this acquisition, which included $4.7 million primarily related to legal and other professional services, that we expensed as incurred and classified as corporate general and administrative expenses on our consolidated statements of operations; and $17.0 million related to ticking fees, which was 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. For the three months ended March 31, 2018 , we recognized a gain of $83.3 million which is included within gain loss on asset dispositions and other, 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 first quarter 2019 and 2018 , we recorded a gain of $8.0 million and $0.8 million , respectively, related to reimbursements for spectrum repack costs incurred, which are recorded within gain on asset dispositions and other, net of impairment on our consolidated financial statements. For the three months ended March 31, 2019 and 2018 , capital expenditures related to the spectrum repack were $12.7 million and $3.4 million

NOTES PAYABLE AND COMMERCIAL BA

NOTES PAYABLE AND COMMERCIAL BANK FINANCING	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
NOTES PAYABLE AND COMMERCIAL BANK FINANCING	NOTES PAYABLE AND COMMERCIAL BANK FINANCING: Notes payable and finance leases to affiliates The current portion of notes payable, finance leases, and commercial bank financing on our consolidated balance sheets includes finance leases to affiliates of $1.9 million as of both March 31, 2019 and December 31, 2018 . Notes payable, finance leases, and commercial bank financing, less current portion, on our consolidated balance sheets includes long-term finance leases to affiliates of $10.2 million and $10.6 million as of March 31, 2019 and December 31, 2018 , respectively. Debt of variable interest entities and guarantees of third-party debt We jointly, severally, unconditionally, and irrevocably guarantee $74.6 million and $76.5 million of debt of certain third parties as of March 31, 2019 and December 31, 2018 , respectively, of which $23.4 million and $24.4 million , net of deferred financing costs, related to consolidated VIEs is included on our consolidated balance sheets as of March 31, 2019 and December 31, 2018 , respectively. These guarantees primarily relate to the debt of Cunningham Broadcasting Corporation (Cunningham) as discussed under Cunningham Broadcasting Corporation within Note 9. Related Person Transactions . We have determined that, as of March 31, 2019 and December 31, 2018 , it is not probable that we would have to perform under any of these guarantees. Bank Credit Agreement On April 30, 2019, we paid in full the remaining principal balance of $91.5 million

LEASES

LEASES	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
LEASES	LEASES: As described in Note 1. Nature of Operations and Summary of Significant Accounting Policies , we adopted new lease accounting guidance effective January 1, 2019. We determine if a contractual arrangement is a lease at inception. Our lease arrangements provide the Company the right to utilize certain specified tangible assets for a period of time in exchange for consideration. Our leases primarily relate to building space, tower space, and equipment. We do not separate non-lease components from our building and tower leases for the purposes of measuring our lease liabilities and assets. Our leases consist of operating leases and finance leases which are presented separately within our consolidated balance sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize a lease liability and a right of use asset at the lease commencement date based on the present value of the future lease payments over the lease term discounted using our incremental borrowing rate. Implicit interest rates within our lease arrangements are rarely determinable. Right of use assets also include, if applicable, prepaid lease payments and initial direct costs, less incentives received. We recognize operating lease expense on a straight-line basis over the term of the lease within operating expenses. Expense associated with our finance leases consists of two components, including interest on our outstanding finance lease obligations and amortization of the related right of use assets. The interest component is recorded in interest expense, and amortization of the finance lease asset is recognized on a straight-line basis over the term of the lease in depreciation of property and equipment. Our leases do not contain any material residual value guarantees or material restrictive covenants. Some of our leases include optional renewal periods or termination provisions which we assess at inception to determine the term of the lease, subject to reassessment in certain circumstances. The following table presents lease expense we have recorded within our consolidated statements of operations for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Finance lease expense: Amortization of finance lease asset $ 719 Interest on lease liabilities 914 Total finance lease expense 1,633 Operating lease expense (a) 9,938 Total lease expense $ 11,571 (a) Includes variable lease expense of $1.1 million and short term lease expense of $0.3 million . The following table summarizes our outstanding operating and finance lease obligations as of March 31, 2019 (in thousands): Operating Leases Finance Leases Total 2019 $ 25,059 $ 6,068 $ 31,127 2020 31,392 7,938 39,330 2021 29,368 7,908 37,276 2022 26,572 7,166 33,738 2023 25,147 7,138 32,285 Thereafter 162,163 21,218 183,381 Total undiscounted obligations 299,701 57,436 357,137 Less imputed interest (82,952 ) (16,293 ) (99,245 ) Present value of lease obligations $ 216,749 $ 41,143 $ 257,892 Future minimum payments under operating leases as of December 31, 2018 were as follows (in thousands): 2019 $ 32,108 2020 31,287 2021 29,547 2022 26,702 2023 24,325 2024 and thereafter 157,816 Total $ 301,785 The following table summarizes supplemental balance sheet information related to leases as of March 31, 2019 (in thousands, except years): Operating Leases Finance Leases Lease assets, non-current $ 193,792 $ 16,151 (a) Lease liabilities, current $ 22,779 $ 4,478 Lease liabilities, non-current 193,970 36,665 Total lease liabilities $ 216,749 $ 41,143 Weighted average remaining term (in years) 10.94 7.74 Weighted average discount rate 5.6 % 9.0 % (a) Finance lease assets are reflected in property and equipment, net. The following table presents other information related to leases for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,218 Operating cash flows from finance leases 993 Financing cash flows from finance leases 1,101 Leased assets obtained in exchange for new lease liabilities 4,127
LEASES	LEASES: As described in Note 1. Nature of Operations and Summary of Significant Accounting Policies , we adopted new lease accounting guidance effective January 1, 2019. We determine if a contractual arrangement is a lease at inception. Our lease arrangements provide the Company the right to utilize certain specified tangible assets for a period of time in exchange for consideration. Our leases primarily relate to building space, tower space, and equipment. We do not separate non-lease components from our building and tower leases for the purposes of measuring our lease liabilities and assets. Our leases consist of operating leases and finance leases which are presented separately within our consolidated balance sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet. We recognize a lease liability and a right of use asset at the lease commencement date based on the present value of the future lease payments over the lease term discounted using our incremental borrowing rate. Implicit interest rates within our lease arrangements are rarely determinable. Right of use assets also include, if applicable, prepaid lease payments and initial direct costs, less incentives received. We recognize operating lease expense on a straight-line basis over the term of the lease within operating expenses. Expense associated with our finance leases consists of two components, including interest on our outstanding finance lease obligations and amortization of the related right of use assets. The interest component is recorded in interest expense, and amortization of the finance lease asset is recognized on a straight-line basis over the term of the lease in depreciation of property and equipment. Our leases do not contain any material residual value guarantees or material restrictive covenants. Some of our leases include optional renewal periods or termination provisions which we assess at inception to determine the term of the lease, subject to reassessment in certain circumstances. The following table presents lease expense we have recorded within our consolidated statements of operations for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Finance lease expense: Amortization of finance lease asset $ 719 Interest on lease liabilities 914 Total finance lease expense 1,633 Operating lease expense (a) 9,938 Total lease expense $ 11,571 (a) Includes variable lease expense of $1.1 million and short term lease expense of $0.3 million . The following table summarizes our outstanding operating and finance lease obligations as of March 31, 2019 (in thousands): Operating Leases Finance Leases Total 2019 $ 25,059 $ 6,068 $ 31,127 2020 31,392 7,938 39,330 2021 29,368 7,908 37,276 2022 26,572 7,166 33,738 2023 25,147 7,138 32,285 Thereafter 162,163 21,218 183,381 Total undiscounted obligations 299,701 57,436 357,137 Less imputed interest (82,952 ) (16,293 ) (99,245 ) Present value of lease obligations $ 216,749 $ 41,143 $ 257,892 Future minimum payments under operating leases as of December 31, 2018 were as follows (in thousands): 2019 $ 32,108 2020 31,287 2021 29,547 2022 26,702 2023 24,325 2024 and thereafter 157,816 Total $ 301,785 The following table summarizes supplemental balance sheet information related to leases as of March 31, 2019 (in thousands, except years): Operating Leases Finance Leases Lease assets, non-current $ 193,792 $ 16,151 (a) Lease liabilities, current $ 22,779 $ 4,478 Lease liabilities, non-current 193,970 36,665 Total lease liabilities $ 216,749 $ 41,143 Weighted average remaining term (in years) 10.94 7.74 Weighted average discount rate 5.6 % 9.0 % (a) Finance lease assets are reflected in property and equipment, net. The following table presents other information related to leases for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,218 Operating cash flows from finance leases 993 Financing cash flows from finance leases 1,101 Leased assets obtained in exchange for new lease liabilities 4,127

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: Litigation We are a party to lawsuits, claims, and regulatory matters from time to time in the ordinary course of business. Actions currently pending are in various stages and no material judgments or decisions have been rendered by hearing boards or courts in connection with such actions. Except as noted below, we do not believe the outcome of these matters, individually or in the aggregate, will have a material effect on the Company's financial statements. 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 DOJ filed the consent decree and related documents in the U.S. District Court for the District of Columbia on November 13, 2018. 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. 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 last 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 with Tribune 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. The ALJ granted the Motion and terminated the hearing on March 5, 2019. We cannot predict whether or how the issues raised in the now-terminated HDO might impact the Company's ability to acquire additional TV stations in the future. 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 “Initial Complaint”) in the United States District Court for the District of Maryland (the "District of Maryland") against the Company, Christopher Ripley and Lucy Rutishauser, which action is now captioned In re Sinclair Broadcast Group, Inc. Securities Litigation, case No. 1:18-CV-02445-CCB (the "Securities Action"). On March 1, 2019, lead counsel in the Securities Action filed an amended complaint, adding David Smith and Steven Marks as defendants, and alleging that defendants violated the federal securities laws by issuing false or misleading disclosures concerning (a) the Merger prior to the termination thereof; and (b) the DOJ investigation concerning the alleged exchange of pacing information. The Securities Action seeks declaratory relief, money damages in an amount to be determined at trial, and attorney’s fees and costs. The Company believes that the allegations in the Securities Action 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 mismanagement 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 (the "Special Litigation Committee"). The members of the Special Litigation Committee are Martin R. Leader, Larry E. McCanna, and the Honorable Benson Everett Legg, with Martin Leader as its designated Chair.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2019
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 2019 2018 Income (Numerator) Net income $ 22,771 $ 43,994 Net income attributable to noncontrolling interests (1,099 ) (871 ) Numerator for basic and diluted earnings per common share available to common shareholders $ 21,672 $ 43,123 Shares (Denominator) Weighted-average common shares outstanding 92,302 101,899 Dilutive effect of stock-settled appreciation rights and outstanding stock options 916 1,018 Weighted-average common and common equivalent shares outstanding 93,218 102,917 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 2019 2018 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 950 500

SEGMENT DATA

SEGMENT DATA	3 Months Ended
	Mar. 31, 2019
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 $3.7 million and $3.8 million in intercompany interest expense related to intercompany loans between the broadcast segment, other, and corporate for the three months ended March 31, 2019 and 2018 , respectively. Segment financial information is included in the following tables for the periods presented (in thousands): For the three months ended March 31, 2019 Broadcast Other Corporate Consolidated Revenue $ 618,501 $ 103,602 $ — $ 722,103 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 62,681 3,784 19 66,484 Amortization of program contract costs and net realizable value adjustments 23,937 — — 23,937 Corporate general and administrative expenses 25,760 157 1,809 27,726 (Gain) loss on asset dispositions and other, net of impairment (8,020 ) 213 (102 ) (7,909 ) Operating income (loss) 95,227 97 (1,726 ) 93,598 Interest expense 1,482 192 52,952 54,626 (Loss) income from equity method investments — (13,708 ) 71 (13,637 ) Assets 4,873,179 789,114 971,915 6,634,208 For the three months ended March 31, 2018 Broadcast Other Corporate Consolidated Revenue $ 595,892 $ 69,460 $ — $ 665,352 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 63,870 7,040 20 70,930 Amortization of program contract costs and net realizable value adjustments 26,950 — — 26,950 Corporate general and administrative expenses 21,744 255 2,597 24,596 (Gain) loss on asset dispositions and other, net of impairment (84,100 ) (b) 62,991 (a) — (21,109 ) Operating income (loss) 176,166 (b) (66,235 ) (a) (2,617 ) 107,314 Interest expense 1,372 202 68,168 69,742 (Loss) income from equity method investments — (14,360 ) 1,773 (12,587 ) (a) Includes a $63.0 million impairment to the carrying value of a consolidated real estate venture. (b) Includes a gain of $83.3 million related to the auction proceeds. See Note 2. Acquisitions and Dispositions of Assets

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES: Certain of our stations provide services to other station owners within the same respective market through agreements, such as LMAs, where we provide programming, sales, operational, and administrative services, and JSAs and SSAs, where we provide non-programming, sales, operational, and administrative services. In certain cases, we have also entered into purchase agreements or options to purchase the license related assets of the licensee. We typically own the majority of the non-license assets of the stations, and in some cases where the licensee acquired the license assets concurrent with our acquisition of the non-license assets of the station, we have provided guarantees to the bank for the licensee’s acquisition financing. The terms of the agreements vary, but generally have initial terms of over five years with several optional renewal terms. Based on the terms of the agreements and the significance of our investment in the stations, we are the primary beneficiary when, subject to the ultimate control of the licensees, we have the power to direct the activities which significantly impact the economic performance of the VIE through the services we provide and we absorb losses and returns that would be considered significant to the VIEs. The fees paid between us and the licensees pursuant to these arrangements are eliminated in consolidation. Several of these VIEs are owned by a related party, Cunningham. In February 2019, we entered into a joint venture with an affiliate of the Chicago Cubs to establish and operate Marquee Sports Network (MSN). MSN simultaneously entered into a long term telecast rights agreement with the Chicago Cubs, providing MSN with the rights to air certain live game telecasts and other content, which we guarantee. Pursuant to a management services agreement, we are responsible for several key functions of MSN, which most notably includes affiliate and advertising sales services. We have determined that we will consolidate MSN because it is a variable interest entity and we are the primary beneficiary. The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets as of the dates presented, were as follows (in thousands): As of March 31, As of December 31, ASSETS Current assets: Cash and cash equivalents $ 10,000 $ — Accounts receivable 16,177 28,276 Other current assets 4,612 6,773 Total current assets 30,789 35,049 Program contract costs, less current portion 1,726 2,058 Property and equipment, net 8,263 5,346 Goodwill and indefinite-lived intangible assets 15,064 15,064 Definite-lived intangible assets, net 65,956 67,680 Other assets 2,374 2,374 Total assets $ 124,172 $ 127,571 LIABILITIES Current liabilities: Other current liabilities $ 14,249 $ 18,298 Notes payable, finance leases and commercial bank financing, less current portion 18,262 19,278 Program contracts payable, less current portion 7,687 8,474 Other long-term liabilities 650 650 Total liabilities $ 40,848 $ 46,700 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. Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs, which are excluded from the above, were $125.3 million and $124.5 million as of March 31, 2019 and December 31, 2018 , 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 March 31, 2019 , all of the liabilities are non-recourse to us except for the debt of certain VIEs. See Debt of variable interest entities and guarantees of third-party debt under Note 3. Notes Payable and Commercial Bank Financing for further discussion. The risk and reward characteristics of the VIEs are similar. Other VIEs We have several investments in entities which are considered VIEs. However, we do not participate in the management of these entities, including the day-to-day operating decisions or other decisions which would allow us to control the entity, and therefore, we are not considered the primary beneficiary of these VIEs. The carrying amounts of our investments in these VIEs for which we are not the primary beneficiary were $71.3 million as of both March 31, 2019 and December 31, 2018 . Our maximum exposure is equal to the carrying value of our investments. The income and loss related to equity method investments and other investments are recorded in (loss) income from equity method investments and other income, net, respectively, on our consolidated statements of operations. We recorded losses of $13.1 million and $9.0 million for the three months ended March 31, 2019 and 2018

RELATED PERSON TRANSACTIONS

RELATED PERSON TRANSACTIONS	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
RELATED PERSON TRANSACTIONS	RELATED PERSON TRANSACTIONS: Transactions with our controlling shareholders David, Frederick, J. Duncan, and Robert Smith (collectively, the controlling shareholders) are brothers and hold substantially all of our Class B Common Stock and some of our Class A Common Stock. We engaged in the following transactions with them and/or entities in which they have substantial interests. Leases. Certain assets used by us and our operating subsidiaries are leased from entities owned by the controlling shareholders. Lease payments made to these entities were $0.9 million and $1.4 million for the three months ended March 31, 2019 and 2018 , respectively. Charter Aircraft. We lease aircraft owned by certain controlling shareholders. For all leases, we incurred expenses of $0.5 million and $0.4 million for the three months ended March 31, 2019 and 2018 , respectively. Cunningham Broadcasting Corporation Cunningham owns a portfolio of television stations, including: WNUV-TV Baltimore, Maryland; WRGT-TV Dayton, Ohio; WVAH-TV Charleston, West Virginia; WMYA-TV Anderson, South Carolina; WTTE-TV Columbus, Ohio; WDBB-TV Birmingham, Alabama; WBSF-TV Flint, Michigan; WGTU-TV/WGTQ-TV Traverse City/Cadillac, Michigan; WEMT-TV Tri-Cities, Tennessee; WYDO-TV Greenville, North Carolina; KBVU-TV/KCVU-TV Eureka/Chico-Redding, California; WPFO-TV Portland, Maine; and KRNV-DT/KENV-DT Reno, Nevada/Salt Lake City, Utah (collectively, the Cunningham Stations). Certain of our stations provide services to these Cunningham Stations pursuant to LMAs or JSAs and SSAs. See Note 8. Variable Interest Entities , for further discussion of the scope of services provided under these types of arrangements. As of March 31, 2019 , we have jointly and severally, unconditionally, and irrevocably guaranteed $49.1 million of Cunningham's debt, of which $9.8 million , net of $0.7 million deferred financing costs, relates to the Cunningham VIEs that we consolidate. The voting stock of the Cunningham Stations is owned by an unrelated party. 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. 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 there are 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 cumulative prepayments made under these purchase agreements were $48.3 million and $47.4 million as of March 31, 2019 and December 31, 2018 , respectively. The remaining aggregate purchase price of these stations, net of prepayments, as of both March 31, 2019 and December 31, 2018 , was approximately $53.6 million . Additionally, we provide services to WDBB-TV pursuant to an LMA, which expires April 22, 2025, and have a purchase option to acquire for $0.2 million . We paid Cunningham, under these agreements, $2.0 million and $2.6 million for the three months ended March 31, 2019 and 2018 , 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 between December 2020 and August 2025 and certain stations have renewal provisions for successive eight -year periods. As we consolidate the licensees as VIEs, the amounts we earn or pay under the arrangements are eliminated in consolidation and the gross revenues of the stations are reported on our consolidated statements of operations. Our consolidated revenues include $34.4 million and $37.6 million for the three months ended March 31, 2019 and 2018 , 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 May 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 . 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 for both the three months ended March 31, 2019 and 2018 . Leased property by real estate ventures Certain of our real estate ventures have entered into leases with entities owned by members of the Smith Family. Total rent received under these leases was $0.2 million and $0.1 million for the three months ended March 31, 2019 and 2018 , respectively. Other transactions with equity method investees In 2019, 120 Sports Holding, LLC (120 Sports), an equity method investee, entered into a secured promissory note to borrow $6.25 million from us, maturing on January 11, 2020 . The note bears interest at a fixed rate of 12.0%

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 As of December 31, 2018 Face Value (a) Fair Value Face Value (a) Fair Value Level 2: 6.125% Senior Unsecured Notes due 2022 $ 500,000 $ 508,750 $ 500,000 $ 503,750 5.875% Senior Unsecured Notes due 2026 350,000 352,625 350,000 326,375 5.625% Senior Unsecured Notes due 2024 550,000 554,813 550,000 515,625 5.375% Senior Unsecured Notes due 2021 600,000 600,000 600,000 598,500 5.125% Senior Unsecured Notes due 2027 400,000 383,000 400,000 353,000 Term Loan A 91,534 90,161 95,892 92,057 Term Loan B 1,339,175 1,322,435 1,342,600 1,275,470 Debt of variable interest entities 24,197 24,197 25,281 25,281 Debt of non-media subsidiaries 18,489 18,489 19,577 19,577 (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 $31.4 million and $33.0 million as of March 31, 2019 and December 31, 2018

CONDENSED CONSOLIDATING FINANCI

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 , 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 March 31, 2019 , our consolidated total debt, net of deferred financing costs and debt discounts, of $3,883.1 million included $3,864.7 million related to STG and its subsidiaries of which SBG guaranteed $3,823.7 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. AS OF MARCH 31, 2019 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash $ — $ 869,841 $ 3,431 $ 102,075 $ — $ 975,347 Accounts receivable — — 528,008 53,218 — 581,226 Other current assets 1,547 11,112 101,322 35,628 (23,180 ) 126,429 Total current assets 1,547 880,953 632,761 190,921 (23,180 ) 1,683,002 Property and equipment, net 734 31,698 596,048 74,012 (15,275 ) 687,217 Investment in consolidated subsidiaries 1,524,760 3,608,898 — — (5,133,658 ) — Goodwill — — 2,120,035 3,867 — 2,123,902 Indefinite-lived intangible assets — — 143,924 14,440 — 158,364 Definite-lived intangible assets, net — — 1,566,641 68,174 (50,794 ) 1,584,021 Other long-term assets 47,249 877,386 299,659 154,413 (981,005 ) 397,702 Total assets $ 1,574,290 $ 5,398,935 $ 5,359,068 $ 505,827 $ (6,203,912 ) $ 6,634,208 Accounts payable and accrued liabilities $ 99 $ 67,416 $ 255,009 $ 77,721 $ (23,958 ) $ 376,287 Current portion of long-term debt — 31,135 4,179 7,572 (693 ) 42,193 Other current liabilities 1,028 688 111,002 8,382 — 121,100 Total current liabilities 1,127 99,239 370,190 93,675 (24,651 ) 539,580 Long-term debt — 3,769,217 35,637 383,754 (347,656 ) 3,840,952 Other liabilities 13,762 45,132 1,345,029 173,335 (842,735 ) 734,523 Total liabilities 14,889 3,913,588 1,750,856 650,764 (1,215,042 ) 5,115,055 Total Sinclair Broadcast Group equity (deficit) 1,559,401 1,485,347 3,608,212 (101,131 ) (4,992,428 ) 1,559,401 Noncontrolling interests in consolidated subsidiaries — — — (43,806 ) 3,558 (40,248 ) Total liabilities and equity (deficit) $ 1,574,290 $ 5,398,935 $ 5,359,068 $ 505,827 $ (6,203,912 ) $ 6,634,208 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2018 (in thousands) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash $ — $ 961,963 $ 19,648 $ 78,719 $ — $ 1,060,330 Accounts receivable — — 530,543 68,054 — 598,597 Other current assets 3,235 5,548 103,111 37,157 (24,072 ) 124,979 Total current assets 3,235 967,511 653,302 183,930 (24,072 ) 1,783,906 Property and equipment, net 754 31,773 593,755 70,223 (13,371 ) 683,134 Investment in consolidated subsidiaries 1,604,234 3,654,263 4,179 — (5,262,676 ) — Goodwill — — 2,120,035 3,867 — 2,123,902 Indefinite-lived intangible assets — — 143,924 14,298 — 158,222 Definite-lived intangible assets, net — — 1,608,748 70,409 (52,277 ) 1,626,880 Other long-term assets 31,002 851,170 119,187 165,064 (970,375 ) 196,048 Total assets $ 1,639,225 $ 5,504,717 $ 5,243,130 $ 507,791 $ (6,322,771 ) $ 6,572,092 Accounts payable and accrued liabilities $ 100 $ 78,814 $ 273,444 $ 85,875 $ (25,006 ) $ 413,227 Current portion of long-term debt — 31,135 4,100 7,842 (513 ) 42,564 Other current liabilities — — 107,051 9,743 — 116,794 Total current liabilities 100 109,949 384,595 103,460 (25,519 ) 572,585 Long-term debt — 3,775,489 36,551 381,913 (344,062 ) 3,849,891 Other liabilities 289 40,132 1,169,184 173,197 (833,506 ) 549,296 Total liabilities 389 3,925,570 1,590,330 658,570 (1,203,087 ) 4,971,772 Total Sinclair Broadcast Group equity (deficit) 1,638,836 1,579,147 3,652,800 (107,825 ) (5,124,122 ) 1,638,836 Noncontrolling interests in consolidated subsidiaries — — — (42,954 ) 4,438 (38,516 ) Total liabilities and equity (deficit) $ 1,639,225 $ 5,504,717 $ 5,243,130 $ 507,791 $ (6,322,771 ) $ 6,572,092 FOR THE THREE MONTHS ENDED MARCH 31, 2019 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 4 $ 656,345 $ 83,193 $ (17,439 ) $ 722,103 Media program and production expenses — — 301,443 30,194 (12,593 ) 319,044 Selling, general and administrative 1,988 25,760 156,414 4,710 (1,223 ) 187,649 Depreciation, amortization and other operating expenses 232 1,208 78,190 43,676 (1,494 ) 121,812 Total operating expenses 2,220 26,968 536,047 78,580 (15,310 ) 628,505 Operating (loss) income (2,220 ) (26,964 ) 120,298 4,613 (2,129 ) 93,598 Equity in earnings of consolidated subsidiaries 23,235 89,283 — — (112,518 ) — Interest expense — (52,952 ) (1,049 ) (4,456 ) 3,831 (54,626 ) Other income (expense) 373 1,008 (11,671 ) (1,152 ) — (11,442 ) Total other income (expense) 23,608 37,339 (12,720 ) (5,608 ) (108,687 ) (66,068 ) Income tax benefit (provision) 284 11,634 (16,875 ) 198 — (4,759 ) Net income (loss) 21,672 22,009 90,703 (797 ) (110,816 ) 22,771 Net income attributable to the noncontrolling interests — — — (1,980 ) 881 (1,099 ) Net income (loss) attributable to Sinclair Broadcast Group $ 21,672 $ 22,009 $ 90,703 $ (2,777 ) $ (109,935 ) $ 21,672 Comprehensive income (loss) $ 22,771 $ 22,009 $ 90,703 $ (797 ) $ (111,915 ) $ 22,771 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 625,683 $ 58,011 $ (18,342 ) $ 665,352 Media program and production expenses — — 273,415 32,020 (16,886 ) 288,549 Selling, general and administrative 2,597 21,754 143,301 4,284 (441 ) 171,495 Depreciation, amortization and other operating expenses 19 1,250 6,416 91,008 (699 ) 97,994 Total operating expenses 2,616 23,004 423,132 127,312 (18,026 ) 558,038 Operating (loss) income (2,616 ) (23,004 ) 202,551 (69,301 ) (316 ) 107,314 Equity in earnings of consolidated subsidiaries 45,037 171,770 429 — (217,236 ) — Interest expense — (68,168 ) (972 ) (4,550 ) 3,948 (69,742 ) Other income (expense) 681 2,295 (13,361 ) 1,179 — (9,206 ) Total other income (expense) 45,718 105,897 (13,904 ) (3,371 ) (213,288 ) (78,948 ) Income tax benefit (provision) 21 15,398 (15,676 ) 15,885 — 15,628 Net income (loss) 43,123 98,291 172,971 (56,787 ) (213,604 ) 43,994 Net income attributable to the noncontrolling interests — — — (1,056 ) 185 (871 ) Net income (loss) attributable to Sinclair Broadcast Group $ 43,123 $ 98,291 $ 172,971 $ (57,843 ) $ (213,419 ) $ 43,123 Comprehensive income (loss) $ 43,123 $ 98,291 $ 172,971 $ (56,787 ) $ (213,604 ) $ 43,994 FOR THE THREE MONTHS ENDED MARCH 31, 2019 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ 218 $ (65,900 ) $ 154,104 $ 13,211 $ (1,958 ) $ 99,675 CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES: Acquisition of property and equipment — (2,919 ) (27,443 ) (608 ) 1,962 (29,008 ) Payments for debt and equity investments (1,900 ) (4,641 ) (17,274 ) (1,910 ) — (25,725 ) Distributions from equity method investees — — — 695 — 695 Other, net — (640 ) 7,514 9 — 6,883 Net cash flows (used in) from investing activities (1,900 ) (8,200 ) (37,203 ) (1,814 ) 1,962 (47,155 ) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Repayments of notes payable, commercial bank financing and finance leases — (7,784 ) (1,000 ) (2,390 ) 112 (11,062 ) Dividends paid on Class A and Class B Common Stock (18,356 ) — — — — (18,356 ) Repurchase of outstanding Class A Common Stock (104,985 ) — — — — (104,985 ) Increase (decrease) in intercompany payables 126,151 (10,238 ) (132,118 ) 16,162 43 — Other, net (1,128 ) — — (1,813 ) (159 ) (3,100 ) Net cash flows from (used in) financing activities 1,682 (18,022 ) (133,118 ) 11,959 (4 ) (137,503 ) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — (92,122 ) (16,217 ) 23,356 — (84,983 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 961,963 19,648 78,719 — 1,060,330 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 869,841 $ 3,431 $ 102,075 $ — $ 975,347 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ 1,304 $ (88,587 ) $ 193,725 $ (10,684 ) $ 5,185 $ 100,943 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Acquisition of property and equipment — (2,214 ) (18,505 ) (1,500 ) — (22,219 ) Payments for debt and equity investments (370 ) (31 ) (6,778 ) (571 ) — (7,750 ) Distributions from equity method investees 39 — — 9,123 — 9,162 Other, net 1,670 (1,862 ) 49 — — (143 ) Net cash flows from (used in) investing activities 1,339 (4,107 ) (25,234 ) 7,052 — (20,950 ) CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: Repayments of notes payable, commercial bank financing and finance leases — (13,800 ) (843 ) (2,400 ) 93 (16,950 ) Dividends paid on Class A and Class B Common Stock (18,392 ) — — — — (18,392 ) Increase (decrease) in intercompany payables 14,869 251,594 (256,169 ) (5,016 ) (5,278 ) — Other, net 880 — — (3,176 ) — (2,296 ) Net cash flows (used in) from financing activities (2,643 ) 237,794 (257,012 ) (10,592 ) (5,185 ) (37,638 ) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 145,100 (88,521 ) (14,224 ) — 42,355 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 $ — $ 790,930 $ 234,862 $ 12,503 $ — $ 1,038,295

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2019
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. As of March 31, 2019 , our broadcast distribution platform is a single reportable segment for accounting purposes. It consists primarily of our broadcast television stations, which we own, provide programming and operating services pursuant to agreements commonly referred to as local marketing agreements (LMAs), or provide sales services and other non-programming operating services pursuant to other outsourcing agreements (such as joint sales agreements (JSAs) and shared services agreements (SSAs)), to 191 stations in 89 markets. These stations broadcast 605 channels as of March 31, 2019 . For the purpose of this report, these 191 stations and 605
Principles of Consolidation and Interim Financial Statements	Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries and variable interest entities (VIEs) for which we are the primary beneficiary. Noncontrolling interest represents a minority owner’s proportionate share of the equity in certain of our consolidated entities. All intercompany transactions and account balances have been eliminated in consolidation. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by equity method investees. We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 8. Variable Interest Entities
Equity Investments	Equity Investments
Use of Estimates	Use of Estimates
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (FASB) issued new guidance related to accounting for leases, Accounting Standards Codification Topic 842 (ASC 842). We adopted the new guidance on January 1, 2019 using the modified retrospective approach and the optional transition method. Under this adoption method, comparative prior periods were not adjusted and continue to be reported in accordance with our historical accounting policy. We elected to apply the package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed us to carryforward our historical assessments of whether contracts are, or contain, leases and lease classification. The primary impact of adopting this standard was the recognition of $215.2 million of operating lease liabilities and $196.1 million of operating lease assets, upon adoption. The adoption did not have a material impact on how we account for finance leases. See Note 4. Leases for more information regarding our leasing arrangements. In August 2018, the FASB issued guidance which aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software, with the capitalized implementation costs of a hosting arrangement that is a service contract expensed over the term of the hosting arrangement. The new standard is effective for interim and annual reporting periods beginning after December 15, 2019, applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements. In October 2018, the FASB issued guidance for determining whether a decision-making fee is a variable interest. The amendments require organizations to consider indirect interests held through related parties under common control on a proportional basis rather than as the equivalent of a direct interest in its entirety (as currently required in GAAP). The new standard is effective for interim and annual reporting periods beginning after December 15, 2019, applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements.
Revenue Recognition	Advertising Revenue. We generate advertising revenue primarily from the sale of advertising spots/impressions on our broadcast television and digital platforms. 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. In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty. Deferred 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 months ended March 31, 2019 and 2018 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 March 31, 2019 was less than the statutory rate primarily due to $4.7 million of federal tax credits related to investments in sustainability initiatives offset by a $2.5 million increase in liability for unrecognized tax benefits. Our effective income tax rate for the three months ended March 31, 2018 was less than the statutory rate primarily due to a $21.3 million permanent tax benefit recognized from an IRS tax ruling on the treatment of the gain realized during the quarter from the sale of certain broadcast spectrum in connection with the Broadcast Incentive Auction. We believe it is reasonably possible that our liability for unrecognized tax benefits related to continuing operations could be reduced by up to $3.5 million
Reclassifications	Reclassifications
Fair Value Measurement	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)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Disaggregation of Revenue	The following table presents our revenue disaggregated by type and segment (in thousands): Three Months Ended March 31, 2019 March 31, 2018 Broadcast Other Total Broadcast Other Total Advertising revenue $ 287,850 $ 20,202 $ 308,052 $ 298,912 $ 17,416 $ 316,328 Distribution revenue 319,998 32,167 352,165 287,125 27,235 314,360 Other media and non-media revenues 10,653 51,233 61,886 9,855 24,809 34,664 Total revenues $ 618,501 $ 103,602 $ 722,103 $ 595,892 $ 69,460 $ 665,352

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Components of Lease Expense	The following table presents lease expense we have recorded within our consolidated statements of operations for the three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Finance lease expense: Amortization of finance lease asset $ 719 Interest on lease liabilities 914 Total finance lease expense 1,633 Operating lease expense (a) 9,938 Total lease expense $ 11,571 (a) Includes variable lease expense of $1.1 million and short term lease expense of $0.3 million . three months ended March 31, 2019 (in thousands): Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 7,218 Operating cash flows from finance leases 993 Financing cash flows from finance leases 1,101 Leased assets obtained in exchange for new lease liabilities 4,127
Maturity of Operating Leases	The following table summarizes our outstanding operating and finance lease obligations as of March 31, 2019 (in thousands): Operating Leases Finance Leases Total 2019 $ 25,059 $ 6,068 $ 31,127 2020 31,392 7,938 39,330 2021 29,368 7,908 37,276 2022 26,572 7,166 33,738 2023 25,147 7,138 32,285 Thereafter 162,163 21,218 183,381 Total undiscounted obligations 299,701 57,436 357,137 Less imputed interest (82,952 ) (16,293 ) (99,245 ) Present value of lease obligations $ 216,749 $ 41,143 $ 257,892
Maturity of Finance Leases	The following table summarizes our outstanding operating and finance lease obligations as of March 31, 2019 (in thousands): Operating Leases Finance Leases Total 2019 $ 25,059 $ 6,068 $ 31,127 2020 31,392 7,938 39,330 2021 29,368 7,908 37,276 2022 26,572 7,166 33,738 2023 25,147 7,138 32,285 Thereafter 162,163 21,218 183,381 Total undiscounted obligations 299,701 57,436 357,137 Less imputed interest (82,952 ) (16,293 ) (99,245 ) Present value of lease obligations $ 216,749 $ 41,143 $ 257,892
Future minimum payments under operating leases	Future minimum payments under operating leases as of December 31, 2018 were as follows (in thousands): 2019 $ 32,108 2020 31,287 2021 29,547 2022 26,702 2023 24,325 2024 and thereafter 157,816 Total $ 301,785
Supplemental Balance Sheet Information	The following table summarizes supplemental balance sheet information related to leases as of March 31, 2019 (in thousands, except years): Operating Leases Finance Leases Lease assets, non-current $ 193,792 $ 16,151 (a) Lease liabilities, current $ 22,779 $ 4,478 Lease liabilities, non-current 193,970 36,665 Total lease liabilities $ 216,749 $ 41,143 Weighted average remaining term (in years) 10.94 7.74 Weighted average discount rate 5.6 % 9.0 % (a) Finance lease assets are reflected in property and equipment, net.

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2019
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 2019 2018 Income (Numerator) Net income $ 22,771 $ 43,994 Net income attributable to noncontrolling interests (1,099 ) (871 ) Numerator for basic and diluted earnings per common share available to common shareholders $ 21,672 $ 43,123 Shares (Denominator) Weighted-average common shares outstanding 92,302 101,899 Dilutive effect of stock-settled appreciation rights and outstanding stock options 916 1,018 Weighted-average common and common equivalent shares outstanding 93,218 102,917
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 2019 2018 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 950 500

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 Broadcast Other Corporate Consolidated Revenue $ 618,501 $ 103,602 $ — $ 722,103 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 62,681 3,784 19 66,484 Amortization of program contract costs and net realizable value adjustments 23,937 — — 23,937 Corporate general and administrative expenses 25,760 157 1,809 27,726 (Gain) loss on asset dispositions and other, net of impairment (8,020 ) 213 (102 ) (7,909 ) Operating income (loss) 95,227 97 (1,726 ) 93,598 Interest expense 1,482 192 52,952 54,626 (Loss) income from equity method investments — (13,708 ) 71 (13,637 ) Assets 4,873,179 789,114 971,915 6,634,208 For the three months ended March 31, 2018 Broadcast Other Corporate Consolidated Revenue $ 595,892 $ 69,460 $ — $ 665,352 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 63,870 7,040 20 70,930 Amortization of program contract costs and net realizable value adjustments 26,950 — — 26,950 Corporate general and administrative expenses 21,744 255 2,597 24,596 (Gain) loss on asset dispositions and other, net of impairment (84,100 ) (b) 62,991 (a) — (21,109 ) Operating income (loss) 176,166 (b) (66,235 ) (a) (2,617 ) 107,314 Interest expense 1,372 202 68,168 69,742 (Loss) income from equity method investments — (14,360 ) 1,773 (12,587 ) (a) Includes a $63.0 million impairment to the carrying value of a consolidated real estate venture. (b) Includes a gain of $83.3 million related to the auction proceeds. See Note 2. Acquisitions and Dispositions of Assets

(Tables)

(Tables)	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets as of the dates presented, were as follows (in thousands): As of March 31, As of December 31, ASSETS Current assets: Cash and cash equivalents $ 10,000 $ — Accounts receivable 16,177 28,276 Other current assets 4,612 6,773 Total current assets 30,789 35,049 Program contract costs, less current portion 1,726 2,058 Property and equipment, net 8,263 5,346 Goodwill and indefinite-lived intangible assets 15,064 15,064 Definite-lived intangible assets, net 65,956 67,680 Other assets 2,374 2,374 Total assets $ 124,172 $ 127,571 LIABILITIES Current liabilities: Other current liabilities $ 14,249 $ 18,298 Notes payable, finance leases and commercial bank financing, less current portion 18,262 19,278 Program contracts payable, less current portion 7,687 8,474 Other long-term liabilities 650 650 Total liabilities $ 40,848 $ 46,700

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 As of December 31, 2018 Face Value (a) Fair Value Face Value (a) Fair Value Level 2: 6.125% Senior Unsecured Notes due 2022 $ 500,000 $ 508,750 $ 500,000 $ 503,750 5.875% Senior Unsecured Notes due 2026 350,000 352,625 350,000 326,375 5.625% Senior Unsecured Notes due 2024 550,000 554,813 550,000 515,625 5.375% Senior Unsecured Notes due 2021 600,000 600,000 600,000 598,500 5.125% Senior Unsecured Notes due 2027 400,000 383,000 400,000 353,000 Term Loan A 91,534 90,161 95,892 92,057 Term Loan B 1,339,175 1,322,435 1,342,600 1,275,470 Debt of variable interest entities 24,197 24,197 25,281 25,281 Debt of non-media subsidiaries 18,489 18,489 19,577 19,577 (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 $31.4 million and $33.0 million as of March 31, 2019 and December 31, 2018

CONDENSED CONSOLIDATING FINAN_2

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)	3 Months Ended
	Mar. 31, 2019
Condensed Financial Information Disclosure [Abstract]
Schedule of condensed consolidating balance sheet	CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2019 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash $ — $ 869,841 $ 3,431 $ 102,075 $ — $ 975,347 Accounts receivable — — 528,008 53,218 — 581,226 Other current assets 1,547 11,112 101,322 35,628 (23,180 ) 126,429 Total current assets 1,547 880,953 632,761 190,921 (23,180 ) 1,683,002 Property and equipment, net 734 31,698 596,048 74,012 (15,275 ) 687,217 Investment in consolidated subsidiaries 1,524,760 3,608,898 — — (5,133,658 ) — Goodwill — — 2,120,035 3,867 — 2,123,902 Indefinite-lived intangible assets — — 143,924 14,440 — 158,364 Definite-lived intangible assets, net — — 1,566,641 68,174 (50,794 ) 1,584,021 Other long-term assets 47,249 877,386 299,659 154,413 (981,005 ) 397,702 Total assets $ 1,574,290 $ 5,398,935 $ 5,359,068 $ 505,827 $ (6,203,912 ) $ 6,634,208 Accounts payable and accrued liabilities $ 99 $ 67,416 $ 255,009 $ 77,721 $ (23,958 ) $ 376,287 Current portion of long-term debt — 31,135 4,179 7,572 (693 ) 42,193 Other current liabilities 1,028 688 111,002 8,382 — 121,100 Total current liabilities 1,127 99,239 370,190 93,675 (24,651 ) 539,580 Long-term debt — 3,769,217 35,637 383,754 (347,656 ) 3,840,952 Other liabilities 13,762 45,132 1,345,029 173,335 (842,735 ) 734,523 Total liabilities 14,889 3,913,588 1,750,856 650,764 (1,215,042 ) 5,115,055 Total Sinclair Broadcast Group equity (deficit) 1,559,401 1,485,347 3,608,212 (101,131 ) (4,992,428 ) 1,559,401 Noncontrolling interests in consolidated subsidiaries — — — (43,806 ) 3,558 (40,248 ) Total liabilities and equity (deficit) $ 1,574,290 $ 5,398,935 $ 5,359,068 $ 505,827 $ (6,203,912 ) $ 6,634,208 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2018 (in thousands) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash $ — $ 961,963 $ 19,648 $ 78,719 $ — $ 1,060,330 Accounts receivable — — 530,543 68,054 — 598,597 Other current assets 3,235 5,548 103,111 37,157 (24,072 ) 124,979 Total current assets 3,235 967,511 653,302 183,930 (24,072 ) 1,783,906 Property and equipment, net 754 31,773 593,755 70,223 (13,371 ) 683,134 Investment in consolidated subsidiaries 1,604,234 3,654,263 4,179 — (5,262,676 ) — Goodwill — — 2,120,035 3,867 — 2,123,902 Indefinite-lived intangible assets — — 143,924 14,298 — 158,222 Definite-lived intangible assets, net — — 1,608,748 70,409 (52,277 ) 1,626,880 Other long-term assets 31,002 851,170 119,187 165,064 (970,375 ) 196,048 Total assets $ 1,639,225 $ 5,504,717 $ 5,243,130 $ 507,791 $ (6,322,771 ) $ 6,572,092 Accounts payable and accrued liabilities $ 100 $ 78,814 $ 273,444 $ 85,875 $ (25,006 ) $ 413,227 Current portion of long-term debt — 31,135 4,100 7,842 (513 ) 42,564 Other current liabilities — — 107,051 9,743 — 116,794 Total current liabilities 100 109,949 384,595 103,460 (25,519 ) 572,585 Long-term debt — 3,775,489 36,551 381,913 (344,062 ) 3,849,891 Other liabilities 289 40,132 1,169,184 173,197 (833,506 ) 549,296 Total liabilities 389 3,925,570 1,590,330 658,570 (1,203,087 ) 4,971,772 Total Sinclair Broadcast Group equity (deficit) 1,638,836 1,579,147 3,652,800 (107,825 ) (5,124,122 ) 1,638,836 Noncontrolling interests in consolidated subsidiaries — — — (42,954 ) 4,438 (38,516 ) Total liabilities and equity (deficit) $ 1,639,225 $ 5,504,717 $ 5,243,130 $ 507,791 $ (6,322,771 ) $ 6,572,092
Schedule of condensed consolidating statement of operations and comprehensive income	CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2019 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 4 $ 656,345 $ 83,193 $ (17,439 ) $ 722,103 Media program and production expenses — — 301,443 30,194 (12,593 ) 319,044 Selling, general and administrative 1,988 25,760 156,414 4,710 (1,223 ) 187,649 Depreciation, amortization and other operating expenses 232 1,208 78,190 43,676 (1,494 ) 121,812 Total operating expenses 2,220 26,968 536,047 78,580 (15,310 ) 628,505 Operating (loss) income (2,220 ) (26,964 ) 120,298 4,613 (2,129 ) 93,598 Equity in earnings of consolidated subsidiaries 23,235 89,283 — — (112,518 ) — Interest expense — (52,952 ) (1,049 ) (4,456 ) 3,831 (54,626 ) Other income (expense) 373 1,008 (11,671 ) (1,152 ) — (11,442 ) Total other income (expense) 23,608 37,339 (12,720 ) (5,608 ) (108,687 ) (66,068 ) Income tax benefit (provision) 284 11,634 (16,875 ) 198 — (4,759 ) Net income (loss) 21,672 22,009 90,703 (797 ) (110,816 ) 22,771 Net income attributable to the noncontrolling interests — — — (1,980 ) 881 (1,099 ) Net income (loss) attributable to Sinclair Broadcast Group $ 21,672 $ 22,009 $ 90,703 $ (2,777 ) $ (109,935 ) $ 21,672 Comprehensive income (loss) $ 22,771 $ 22,009 $ 90,703 $ (797 ) $ (111,915 ) $ 22,771 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ — $ 625,683 $ 58,011 $ (18,342 ) $ 665,352 Media program and production expenses — — 273,415 32,020 (16,886 ) 288,549 Selling, general and administrative 2,597 21,754 143,301 4,284 (441 ) 171,495 Depreciation, amortization and other operating expenses 19 1,250 6,416 91,008 (699 ) 97,994 Total operating expenses 2,616 23,004 423,132 127,312 (18,026 ) 558,038 Operating (loss) income (2,616 ) (23,004 ) 202,551 (69,301 ) (316 ) 107,314 Equity in earnings of consolidated subsidiaries 45,037 171,770 429 — (217,236 ) — Interest expense — (68,168 ) (972 ) (4,550 ) 3,948 (69,742 ) Other income (expense) 681 2,295 (13,361 ) 1,179 — (9,206 ) Total other income (expense) 45,718 105,897 (13,904 ) (3,371 ) (213,288 ) (78,948 ) Income tax benefit (provision) 21 15,398 (15,676 ) 15,885 — 15,628 Net income (loss) 43,123 98,291 172,971 (56,787 ) (213,604 ) 43,994 Net income attributable to the noncontrolling interests — — — (1,056 ) 185 (871 ) Net income (loss) attributable to Sinclair Broadcast Group $ 43,123 $ 98,291 $ 172,971 $ (57,843 ) $ (213,419 ) $ 43,123 Comprehensive income (loss) $ 43,123 $ 98,291 $ 172,971 $ (56,787 ) $ (213,604 ) $ 43,994
Schedule of condensed consolidating statement of cash flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2019 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ 218 $ (65,900 ) $ 154,104 $ 13,211 $ (1,958 ) $ 99,675 CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES: Acquisition of property and equipment — (2,919 ) (27,443 ) (608 ) 1,962 (29,008 ) Payments for debt and equity investments (1,900 ) (4,641 ) (17,274 ) (1,910 ) — (25,725 ) Distributions from equity method investees — — — 695 — 695 Other, net — (640 ) 7,514 9 — 6,883 Net cash flows (used in) from investing activities (1,900 ) (8,200 ) (37,203 ) (1,814 ) 1,962 (47,155 ) CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES: Repayments of notes payable, commercial bank financing and finance leases — (7,784 ) (1,000 ) (2,390 ) 112 (11,062 ) Dividends paid on Class A and Class B Common Stock (18,356 ) — — — — (18,356 ) Repurchase of outstanding Class A Common Stock (104,985 ) — — — — (104,985 ) Increase (decrease) in intercompany payables 126,151 (10,238 ) (132,118 ) 16,162 43 — Other, net (1,128 ) — — (1,813 ) (159 ) (3,100 ) Net cash flows from (used in) financing activities 1,682 (18,022 ) (133,118 ) 11,959 (4 ) (137,503 ) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — (92,122 ) (16,217 ) 23,356 — (84,983 ) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 961,963 19,648 78,719 — 1,060,330 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 869,841 $ 3,431 $ 102,075 $ — $ 975,347 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2018 (in thousands) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ 1,304 $ (88,587 ) $ 193,725 $ (10,684 ) $ 5,185 $ 100,943 CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES: Acquisition of property and equipment — (2,214 ) (18,505 ) (1,500 ) — (22,219 ) Payments for debt and equity investments (370 ) (31 ) (6,778 ) (571 ) — (7,750 ) Distributions from equity method investees 39 — — 9,123 — 9,162 Other, net 1,670 (1,862 ) 49 — — (143 ) Net cash flows from (used in) investing activities 1,339 (4,107 ) (25,234 ) 7,052 — (20,950 ) CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES: Repayments of notes payable, commercial bank financing and finance leases — (13,800 ) (843 ) (2,400 ) 93 (16,950 ) Dividends paid on Class A and Class B Common Stock (18,392 ) — — — — (18,392 ) Increase (decrease) in intercompany payables 14,869 251,594 (256,169 ) (5,016 ) (5,278 ) — Other, net 880 — — (3,176 ) — (2,296 ) Net cash flows (used in) from financing activities (2,643 ) 237,794 (257,012 ) (10,592 ) (5,185 ) (37,638 ) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 145,100 (88,521 ) (14,224 ) — 42,355 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 $ — $ 790,930 $ 234,862 $ 12,503 $ — $ 1,038,295

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of Operations (Details)	Mar. 31, 2019channelstationmarket
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of television stations owned | station	191
Number of markets | market	89
Number of channels | channel	605

NATURE OF OPERATIONS AND SUMM_5

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Equity Investments (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Equity investments, net of cumulative impairment	$ 22,900,000		$ 24,500,000
Cumulative impairment	1,600,000
Impairment recorded	$ 1,600,000	$ 0

NATURE OF OPERATIONS AND SUMM_6

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Jan. 01, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 216,749
Operating lease assets	$ 193,792
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities		$ 215,200
Operating lease assets		$ 196,100

NATURE OF OPERATIONS AND SUMM_7

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 722,103	$ 665,352
Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	618,501	595,892
Other
Disaggregation of Revenue [Line Items]
Total revenues	103,602	69,460
Advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	308,052	316,328
Advertising revenue | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	287,850	298,912
Advertising revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	20,202	17,416
Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	352,165	314,360
Distribution revenue | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	319,998	287,125
Distribution revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	32,167	27,235
Other media and non-media revenues
Disaggregation of Revenue [Line Items]
Total revenues	61,886	34,664
Other media and non-media revenues | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	10,653	9,855
Other media and non-media revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	$ 51,233	$ 24,809

NATURE OF OPERATIONS AND SUMM_8

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Deferred revenue	$ 75.1		$ 83.3
Deferred revenue, revenue recognized	$ 38.2	$ 23.2

NATURE OF OPERATIONS AND SUMM_9

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Federal tax credits related to investments in sustainability initiatives	$ 4.7
Increase in liability for unrecognized tax benefits	2.5
Tax benefit from sale of spectrum		$ 21.3
Reasonably possible reduction of unrecognized tax benefits liability	$ 3.5

NATURE OF OPERATIONS AND SUM_10

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share Repurchase Program (Details) - USD ($) shares in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2019	Mar. 31, 2019	Aug. 09, 2018	Sep. 06, 2016
Class of Stock [Line Items]
Stock repurchase program, authorized amount				$ 150,000,000
Stock repurchase program, additional authorized repurchase amount			$ 1,000,000,000
Stock repurchase program, remaining authorized repurchase amount		$ 763,100,000
Class A Common Stock
Class of Stock [Line Items]
Treasury stock, shares acquired (in shares)		3.5
Treasury stock, value acquired		$ 105,000,000
Subsequent Event
Class of Stock [Line Items]
Treasury stock, shares acquired (in shares)	0.5
Treasury stock, value acquired	$ 20,000,000

NATURE OF OPERATIONS AND SUM_11

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsequent Events (Details)	May 08, 2019$ / 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	May 03, 2019USD ($)regional_sport_network	Mar. 31, 2019USD ($)channel	Mar. 31, 2018USD ($)
Business Acquisition [Line Items]
Gain on asset dispositions, net of impairment		$ 7,909	$ 21,109
Number of stations assigned new channels | channel		100
Broadcast incentive auction, total legislation funds to reimburse stations		$ 2,750,000
Broadcast incentive auction, gain recognized on sale		8,000	800
Broadcast incentive auction, total capital expenditure		12,700	3,400
Spectrum Auction
Business Acquisition [Line Items]
Gain on asset dispositions, net of impairment		$ 83,300	83,300
Tribune Media Company
Business Acquisition [Line Items]
Acquisition related costs			21,700
Tribune Media Company | General and Administrative Expense
Business Acquisition [Line Items]
Acquisition related costs			4,700
Tribune Media Company | Interest Expense
Business Acquisition [Line Items]
Acquisition related costs			$ 17,000
Subsequent Event | RSNs
Business Acquisition [Line Items]
Number of regional sports networks | regional_sport_network	21
Total enterprise value	$ 10,600,000
Purchase price	9,600,000
Cash equity	1,400,000
Cash equity, cash on hand	700,000
Cash equity, debt	700,000
Full committed privately-placed preferred equity	1,000,000
Fully committed secured and unsecured debt	$ 8,200,000

NOTES PAYABLE AND COMMERCIAL _2

NOTES PAYABLE AND COMMERCIAL BANK FINANCING - Notes Payable and Finance Leases to Affiliates, Debt of VIEs and Guarantees of Third-Party Debt, and Bank Credit Agreement (Details) - USD ($) $ in Thousands	Apr. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Current portion of notes payable, finance leases and commercial bank financing		$ 42,193	$ 42,564
Notes payable, finance leases and commercial bank financing, less current portion		3,840,952	3,849,891
Consolidated total debt		3,883,100
Affiliated Entity
Debt Instrument [Line Items]
Current portion of notes payable, finance leases and commercial bank financing		1,900	1,900
Notes payable, finance leases and commercial bank financing, less current portion		10,200	10,600
Consolidated VIEs, aggregated
Debt Instrument [Line Items]
Notes payable, finance leases and commercial bank financing, less current portion		18,262	19,278
Consolidated total debt		23,400	24,400
Guarantee Obligations
Debt Instrument [Line Items]
Unconditional and irrevocably guaranteed debt		$ 74,600	$ 76,500
Subsequent Event | Term Loan | Term Loan A-2
Debt Instrument [Line Items]
Repayment of remaining principal balance	$ 91,500

LEASES - Narrative (Details)

LEASES - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Variable lease expense	$ 1.1
Short term lease expense	$ 0.3

LEASES - Schedule of Lease Expe

LEASES - Schedule of Lease Expense (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Amortization of finance lease asset	$ 719
Interest on lease liabilities	914
Total finance lease expense	1,633
Operating lease expense (a)	9,938
Total lease expense	$ 11,571

LEASES - Schedule of Outstandin

LEASES - Schedule of Outstanding Operating and Finance Obligations (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Leases
2019	$ 25,059
2020	31,392
2021	29,368
2022	26,572
2023	25,147
Thereafter	162,163
Total undiscounted obligations	299,701
Less imputed interest	(82,952)
Present value of lease obligations	216,749
Finance Leases
2019	6,068
2020	7,938
2021	7,908
2022	7,166
2023	7,138
Thereafter	21,218
Total undiscounted obligations	57,436
Less imputed interest	(16,293)
Present value of lease obligations	41,143
Total
2019	31,127
2020	39,330
2021	37,276
2022	33,738
2023	32,285
Thereafter	183,381
Total undiscounted obligations	357,137
Less imputed interest	99,245
Present value of lease obligations	$ 257,892

LEASES - Schedule of Future Min

LEASES - Schedule of Future Minimum Lease Payments Under Operating Leases (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 32,108
2020	31,287
2021	29,547
2022	26,702
2023	24,325
2024 and thereafter	157,816
Total	$ 301,785

LEASES - Supplemental Balance S

LEASES - Supplemental Balance Sheet Information (Details) $ in Thousands	Mar. 31, 2019USD ($)
Operating Leases
Lease assets, non-current	$ 193,792
Lease liabilities, current	22,779
Lease liabilities, non-current	193,970
Total lease liabilities	$ 216,749
Weighted average remaining term (in years)	10 years 11 months 8 days
Weighted average discount rate	5.60%
Finance Leases
Lease assets, non-current	$ 16,151
Lease liabilities, current	4,478
Lease liabilities, non-current	36,665
Total lease liabilities	$ 41,143
Weighted average remaining term (in years)	7 years 8 months 26 days
Weighted average discount rate	9.00%

LEASES - Cash Flow Information

LEASES - Cash Flow Information Related to Lease (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Leases [Abstract]
Operating cash flows from operating leases	$ 7,218
Operating cash flows from finance leases	993
Financing cash flows from finance leases	1,101
Leased assets obtained in exchange for new lease liabilities	$ 4,127

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	May 10, 2019lawsuit	Aug. 09, 2018USD ($)	Dec. 21, 2017USD ($)
Breach Of Merger Agreement
COMMITMENTS AND CONTINGENCIES
Proposed fine		$ 1,000
Unfavorable Regulatory Action
COMMITMENTS AND CONTINGENCIES
Proposed fine			$ 13.4
Subsequent Event | Various Cases Alleging Violation Of Sherman Antitrust Act
COMMITMENTS AND CONTINGENCIES
Loss contingency, new claims filed, number (lawsuit) | lawsuit	22

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Earnings per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income (Numerator)
Net income	$ 22,771	$ 43,994
Net income attributable to noncontrolling interests	(1,099)	(871)
Numerator for basic and diluted earnings per common share available to common shareholders	$ 21,672	$ 43,123
Shares (Denominator)
Weighted average common shares outstanding (shares)	92,302	101,899
Dilutive effect of stock-settled appreciation rights and outstanding stock options (shares)	916	1,018
Weighted average common and common equivalent shares outstanding (shares)	93,218	102,917

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Potentially antidilutive dilutive securities excluded from calculation of diluted earnings per share (shares)	950	500

SEGMENT DATA (Narrative) (Detai

SEGMENT DATA (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2019USD ($)market	Mar. 31, 2018USD ($)
Segment data
Number of markets	89
Intercompany interest expense | $	$ 3.7	$ 3.8
Operating segments | Broadcast
Segment data
Number of markets	89

SEGMENT DATA (Schedule of Segme

SEGMENT DATA (Schedule of Segment Information) (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment data
Revenue		$ 722,103	$ 665,352
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		66,484	70,930
Amortization of program contract costs and net realizable value adjustments		23,937	26,950
Corporate general and administrative expenses		27,726	24,596
(Gain) loss on asset dispositions and other, net of impairment		(7,909)	(21,109)
Operating income (loss)		93,598	107,314
Interest expense		54,626	69,742
(Loss) income from equity method investments		(13,637)	(12,587)
Assets	[1]	6,634,208		$ 6,572,092
Broadcast
Segment data
Revenue		618,501	595,892
Other
Segment data
Revenue		103,602	69,460
Operating segments | Broadcast
Segment data
Revenue		618,501	595,892
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		62,681	63,870
Amortization of program contract costs and net realizable value adjustments		23,937	26,950
Corporate general and administrative expenses		25,760	21,744
(Gain) loss on asset dispositions and other, net of impairment		(8,020)	(84,100)
Operating income (loss)		95,227	176,166
Interest expense		1,482	1,372
(Loss) income from equity method investments		0	0
Assets		4,873,179
Operating segments | Other
Segment data
Revenue		103,602	69,460
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		3,784	7,040
Amortization of program contract costs and net realizable value adjustments		0	0
Corporate general and administrative expenses		157	255
(Gain) loss on asset dispositions and other, net of impairment		213	62,991
Operating income (loss)		97	(66,235)
Interest expense		192	202
(Loss) income from equity method investments		(13,708)	(14,360)
Assets		789,114
Corporate
Segment data
Revenue		0	0
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		19	20
Amortization of program contract costs and net realizable value adjustments		0	0
Corporate general and administrative expenses		1,809	2,597
(Gain) loss on asset dispositions and other, net of impairment		(102)	0
Operating income (loss)		(1,726)	(2,617)
Interest expense		52,952	68,168
(Loss) income from equity method investments		71	1,773
Assets		971,915
Spectrum Auction
Segment data
(Gain) loss on asset dispositions and other, net of impairment		(83,300)	$ (83,300)
Consolidated Real Estate Development Project | Operating segments | Other
Segment data
Asset impairment charges		$ 63,000
[1]	Our consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (VIEs) of $124.2 million and $127.6 million , respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $17.5 million and $22.3 million , respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Consolidated VIEs, aggregated
Variable Interest Entity [Line Items]
Variable interest entities outsourcing agreement initial term	5 years
VIEs which are not primary beneficiary
Variable Interest Entity [Line Items]
Carrying amount	$ 71.3		$ 71.3
(Loss) income from equity method investments	(13.1)	$ (9)
Eliminations | Consolidated VIEs
Variable Interest Entity [Line Items]
Liabilities associated with the certain outsourcing agreements and purchase options	$ 125.3		$ 124.5

VARIABLE INTEREST ENTITIES - Sc

VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents		$ 975,347	$ 1,060,330
Accounts receivable		581,226	598,597
Other current assets		84,337	60,732
Total current assets		1,683,002	1,783,906
Program contract costs, less current portion		9,369	11,217
Property and equipment, net		687,217	683,134
Definite-lived intangible assets, net		1,584,021	1,626,880
Total assets	[1]	6,634,208	6,572,092
Current liabilities:
Other current liabilities		121,100	116,794
Notes payable, finance leases and commercial bank financing, less current portion		3,840,952	3,849,891
Program contracts payable, less current portion		45,445	50,060
Other long-term liabilities		80,235	85,983
Total liabilities	[1]	5,115,055	4,971,772
Consolidated VIEs, aggregated
Current assets:
Cash and cash equivalents		10,000	0
Accounts receivable		16,177	28,276
Other current assets		4,612	6,773
Total current assets		30,789	35,049
Program contract costs, less current portion		1,726	2,058
Property and equipment, net		8,263	5,346
Goodwill and indefinite-lived intangible assets		15,064	15,064
Definite-lived intangible assets, net		65,956	67,680
Other assets		2,374	2,374
Total assets		124,172	127,571
Current liabilities:
Other current liabilities		14,249	18,298
Notes payable, finance leases and commercial bank financing, less current portion		18,262	19,278
Program contracts payable, less current portion		7,687	8,474
Other long-term liabilities		650	650
Total liabilities		$ 40,848	$ 46,700
[1]	Our consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (VIEs) of $124.2 million and $127.6 million , respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $17.5 million and $22.3 million , respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities

RELATED PERSON TRANSACTIONS - T

RELATED PERSON TRANSACTIONS - Transactions with our Controlling Shareholders (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Lease Services | Entities owned by the controlling shareholders
Related Party Transaction [Line Items]
Lease payments made to entities	$ 0.9	$ 1.4
Charter Aircraft | Controlling shareholders | Maximum
Related Party Transaction [Line Items]
Aircraft expenses	$ 0.5	$ 0.4

RELATED PERSON TRANSACTIONS - C

RELATED PERSON TRANSACTIONS - Cunningham Broadcasting Corporation (Details) $ in Thousands	1 Months Ended		3 Months Ended
	Aug. 31, 2016USD ($)	Apr. 30, 2016USD ($)	Mar. 31, 2019USD ($)renewal	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Consolidated total debt			$ 3,883,100
Total payments made under the LMA excluded from liabilities			48,300		$ 47,400
Total revenues			722,103	$ 665,352
Repayments of debt			$ 11,062	16,950
Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Right to acquire capital stock			100.00%
Remaining purchase price			$ 53,600		53,600
Purchase options, broadcast stations			$ 200
Proceeds from sale of master control equipment		$ 700
Annual revenue from master control services		$ 200
Annual revenue for share service	$ 1,000
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	2,600
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%
Amount used to determine annual LMA fees required to be paid			$ 5,000
Annual increase in aggregate purchase price			6.00%
Cunningham license related assets | Cunningham
Related Party Transaction [Line Items]
Agreement renewal period			8 years
Total revenues			$ 34,400	$ 37,600
Guarantee Obligations
Related Party Transaction [Line Items]
Unconditional and irrevocably guaranteed debt			74,600		$ 76,500
Guarantee Obligations | Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Unconditional and irrevocably guaranteed debt			49,100
Consolidated VIEs | Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Consolidated total debt			9,800
Deferred financing costs			$ 700

RELATED PERSON TRANSACTIONS - A

RELATED PERSON TRANSACTIONS - Atlantic Automotive Corporation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Maximum | Atlantic Automotive Corporation | Advertising time | Affiliated Entity
Related Party Transaction [Line Items]
Amount received (less than)	$ 0.1	$ 0.1

RELATED PERSON TRANSACTIONS - L

RELATED PERSON TRANSACTIONS - Leased Property by Real Estate Ventures (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
President and Chief Executive Officer | Lease Services
Related Party Transaction [Line Items]
Amount received	$ 0.2	$ 0.1

RELATED PERSON TRANSACTIONS - O

RELATED PERSON TRANSACTIONS - Other Transactions with Equity Method Investees (Details) - 120 Sports Holding, LLC $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Related Party Transaction [Line Items]
Note receivable	$ 6,250
Fixed interest rate	12.00%

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
FAIR VALUE MEASUREMENTS:
Debt discount and deferred financing costs	$ 31,400	$ 33,000
Level 2 | Carrying Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	24,197	25,281
Level 2 | Carrying Value | Debt of non-media subsidiaries
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	18,489	19,577
Level 2 | Fair Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	24,197	25,281
Level 2 | Fair Value | Debt of non-media subsidiaries
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	$ 18,489	19,577
Senior Notes | 6.125% Senior Unsecured Notes due 2022
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	6.125%
Senior Notes | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	5.875%
Senior Notes | 5.625% Senior Unsecured Notes due 2024
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	5.625%
Senior Notes | 5.375% Senior Unsecured Notes due 2021
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	5.375%
Senior Notes | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)	5.125%
Senior Notes | Level 2 | Carrying Value | 6.125% Senior Unsecured Notes due 2022
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	$ 500,000	500,000
Senior Notes | Level 2 | Carrying Value | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	350,000	350,000
Senior Notes | Level 2 | Carrying Value | 5.625% Senior Unsecured Notes due 2024
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	550,000	550,000
Senior Notes | Level 2 | Carrying Value | 5.375% Senior Unsecured Notes due 2021
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	600,000	600,000
Senior Notes | Level 2 | Carrying Value | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	400,000	400,000
Senior Notes | Level 2 | Fair Value | 6.125% Senior Unsecured Notes due 2022
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	508,750	503,750
Senior Notes | Level 2 | Fair Value | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	352,625	326,375
Senior Notes | Level 2 | Fair Value | 5.625% Senior Unsecured Notes due 2024
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	554,813	515,625
Senior Notes | Level 2 | Fair Value | 5.375% Senior Unsecured Notes due 2021
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	600,000	598,500
Senior Notes | Level 2 | Fair Value | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	383,000	353,000
Term Loan | Level 2 | Carrying Value | Term Loan A
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	91,534	95,892
Term Loan | Level 2 | Carrying Value | Term Loan B
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	1,339,175	1,342,600
Term Loan | Level 2 | Fair Value | Term Loan A
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	90,161	92,057
Term Loan | Level 2 | Fair Value | Term Loan B
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure	$ 1,322,435	$ 1,275,470

CONDENSED CONSOLIDATING FINAN_3

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Narrative (Details) $ in Millions	Mar. 31, 2019USD ($)
Debt Instrument [Line Items]
Consolidated total debt	$ 3,883.1
Subsidiary Issuer
Debt Instrument [Line Items]
Consolidated total debt	3,864.7
Amount of debt guaranteed by parent	$ 3,823.7
5.375% Senior Unsecured Notes due 2021 | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.375%
5.375% Senior Unsecured Notes due 2021 | Sinclair Television Group, Inc. | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.375%
5.375% Senior Unsecured Notes due 2021 | Guarantor Subsidiaries and KDSM, LLC | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.375%
5.625% Senior Unsecured Notes Due 2021 | Sinclair Television Group, Inc. | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.625%
6.125% Senior Unsecured Notes due 2022 | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	6.125%
6.125% Senior Unsecured Notes due 2022 | Sinclair Television Group, Inc. | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	6.125%
6.125% Senior Unsecured Notes due 2022 | Guarantor Subsidiaries and KDSM, LLC | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	6.125%
5.875% Senior Unsecured Notes due 2026 | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.875%
5.875% Senior Unsecured Notes due 2026 | Sinclair Television Group, Inc. | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.875%
5.875% Senior Unsecured Notes due 2026 | Guarantor Subsidiaries and KDSM, LLC | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.875%
5.125% Senior Unsecured Notes due 2027 | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.125%
5.125% Senior Unsecured Notes due 2027 | Sinclair Television Group, Inc. | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.125%
5.125% Senior Unsecured Notes due 2027 | Guarantor Subsidiaries and KDSM, LLC | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.125%
5.625% Senior Unsecured Notes due 2024 | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.625%
5.625% Senior Unsecured Notes due 2024 | Guarantor Subsidiaries and KDSM, LLC | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.625%

CONDENSED CONSOLIDATING FINAN_4

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Thousands		Mar. 31, 2019	Dec. 31, 2018
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		$ 975,347	$ 1,060,330
Accounts receivable		581,226	598,597
Other current assets		126,429	124,979
Total current assets		1,683,002	1,783,906
Property and equipment, net		687,217	683,134
Investment in consolidated subsidiaries		0	0
Goodwill		2,123,902	2,123,902
Indefinite-lived intangible assets		158,364	158,222
Definite-lived intangible assets, net		1,584,021	1,626,880
Other long-term assets		397,702	196,048
Total assets	[1]	6,634,208	6,572,092
Accounts payable and accrued liabilities		376,287	413,227
Current portion of long-term debt		42,193	42,564
Other current liabilities		121,100	116,794
Total current liabilities		539,580	572,585
Long-term debt		3,840,952	3,849,891
Other liabilities		734,523	549,296
Total liabilities	[1]	5,115,055	4,971,772
Total Sinclair Broadcast Group equity (deficit)		1,559,401	1,638,836
Noncontrolling interests in consolidated subsidiaries		(40,248)	(38,516)
Total liabilities and equity		6,634,208	6,572,092
Reportable legal entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		0	0
Accounts receivable		0	0
Other current assets		1,547	3,235
Total current assets		1,547	3,235
Property and equipment, net		734	754
Investment in consolidated subsidiaries		1,524,760	1,604,234
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets, net		0	0
Other long-term assets		47,249	31,002
Total assets		1,574,290	1,639,225
Accounts payable and accrued liabilities		99	100
Current portion of long-term debt		0	0
Other current liabilities		1,028	0
Total current liabilities		1,127	100
Long-term debt		0	0
Other liabilities		13,762	289
Total liabilities		14,889	389
Total Sinclair Broadcast Group equity (deficit)		1,559,401	1,638,836
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities and equity		1,574,290	1,639,225
Reportable legal entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		869,841	961,963
Accounts receivable		0	0
Other current assets		11,112	5,548
Total current assets		880,953	967,511
Property and equipment, net		31,698	31,773
Investment in consolidated subsidiaries		3,608,898	3,654,263
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets, net		0	0
Other long-term assets		877,386	851,170
Total assets		5,398,935	5,504,717
Accounts payable and accrued liabilities		67,416	78,814
Current portion of long-term debt		31,135	31,135
Other current liabilities		688	0
Total current liabilities		99,239	109,949
Long-term debt		3,769,217	3,775,489
Other liabilities		45,132	40,132
Total liabilities		3,913,588	3,925,570
Total Sinclair Broadcast Group equity (deficit)		1,485,347	1,579,147
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities and equity		5,398,935	5,504,717
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		3,431	19,648
Accounts receivable		528,008	530,543
Other current assets		101,322	103,111
Total current assets		632,761	653,302
Property and equipment, net		596,048	593,755
Investment in consolidated subsidiaries		0	4,179
Goodwill		2,120,035	2,120,035
Indefinite-lived intangible assets		143,924	143,924
Definite-lived intangible assets, net		1,566,641	1,608,748
Other long-term assets		299,659	119,187
Total assets		5,359,068	5,243,130
Accounts payable and accrued liabilities		255,009	273,444
Current portion of long-term debt		4,179	4,100
Other current liabilities		111,002	107,051
Total current liabilities		370,190	384,595
Long-term debt		35,637	36,551
Other liabilities		1,345,029	1,169,184
Total liabilities		1,750,856	1,590,330
Total Sinclair Broadcast Group equity (deficit)		3,608,212	3,652,800
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities and equity		5,359,068	5,243,130
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		102,075	78,719
Accounts receivable		53,218	68,054
Other current assets		35,628	37,157
Total current assets		190,921	183,930
Property and equipment, net		74,012	70,223
Investment in consolidated subsidiaries		0	0
Goodwill		3,867	3,867
Indefinite-lived intangible assets		14,440	14,298
Definite-lived intangible assets, net		68,174	70,409
Other long-term assets		154,413	165,064
Total assets		505,827	507,791
Accounts payable and accrued liabilities		77,721	85,875
Current portion of long-term debt		7,572	7,842
Other current liabilities		8,382	9,743
Total current liabilities		93,675	103,460
Long-term debt		383,754	381,913
Other liabilities		173,335	173,197
Total liabilities		650,764	658,570
Total Sinclair Broadcast Group equity (deficit)		(101,131)	(107,825)
Noncontrolling interests in consolidated subsidiaries		(43,806)	(42,954)
Total liabilities and equity		505,827	507,791
Eliminations
CONDENSED CONSOLIDATING BALANCE SHEET
Cash		0	0
Accounts receivable		0	0
Other current assets		(23,180)	(24,072)
Total current assets		(23,180)	(24,072)
Property and equipment, net		(15,275)	(13,371)
Investment in consolidated subsidiaries		(5,133,658)	(5,262,676)
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets, net		(50,794)	(52,277)
Other long-term assets		(981,005)	(970,375)
Total assets		(6,203,912)	(6,322,771)
Accounts payable and accrued liabilities		(23,958)	(25,006)
Current portion of long-term debt		(693)	(513)
Other current liabilities		0	0
Total current liabilities		(24,651)	(25,519)
Long-term debt		(347,656)	(344,062)
Other liabilities		(842,735)	(833,506)
Total liabilities		(1,215,042)	(1,203,087)
Total Sinclair Broadcast Group equity (deficit)		(4,992,428)	(5,124,122)
Noncontrolling interests in consolidated subsidiaries		3,558	4,438
Total liabilities and equity		$ (6,203,912)	$ (6,322,771)
[1]	Our consolidated total assets as of March 31, 2019 and December 31, 2018 include total assets of variable interest entities (VIEs) of $124.2 million and $127.6 million , respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2019 and December 31, 2018 include total liabilities of VIEs of $17.5 million and $22.3 million , respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities

CONDENSED CONSOLIDATING FINAN_5

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	$ 722,103	$ 665,352
Media program and production expenses	319,044	288,549
Selling, general and administrative	187,649	171,495
Depreciation, amortization and other operating expenses	121,812	97,994
Total operating expenses	628,505	558,038
Operating income	93,598	107,314
Equity in earnings of consolidated subsidiaries	0	0
Interest expense	(54,626)	(69,742)
Other income (expense)	(11,442)	(9,206)
Total other expense, net	(66,068)	(78,948)
Income tax benefit (provision)	(4,759)	15,628
NET INCOME	22,771	43,994
Net income attributable to the noncontrolling interests	(1,099)	(871)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	21,672	43,123
Comprehensive income	22,771	43,994
Reportable legal entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	0	0
Media program and production expenses	0	0
Selling, general and administrative	1,988	2,597
Depreciation, amortization and other operating expenses	232	19
Total operating expenses	2,220	2,616
Operating income	(2,220)	(2,616)
Equity in earnings of consolidated subsidiaries	23,235	45,037
Interest expense	0	0
Other income (expense)	373	681
Total other expense, net	23,608	45,718
Income tax benefit (provision)	284	21
NET INCOME	21,672	43,123
Net income attributable to the noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	21,672	43,123
Comprehensive income	22,771	43,123
Reportable legal entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	4	0
Media program and production expenses	0	0
Selling, general and administrative	25,760	21,754
Depreciation, amortization and other operating expenses	1,208	1,250
Total operating expenses	26,968	23,004
Operating income	(26,964)	(23,004)
Equity in earnings of consolidated subsidiaries	89,283	171,770
Interest expense	(52,952)	(68,168)
Other income (expense)	1,008	2,295
Total other expense, net	37,339	105,897
Income tax benefit (provision)	11,634	15,398
NET INCOME	22,009	98,291
Net income attributable to the noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	22,009	98,291
Comprehensive income	22,009	98,291
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	656,345	625,683
Media program and production expenses	301,443	273,415
Selling, general and administrative	156,414	143,301
Depreciation, amortization and other operating expenses	78,190	6,416
Total operating expenses	536,047	423,132
Operating income	120,298	202,551
Equity in earnings of consolidated subsidiaries	0	429
Interest expense	(1,049)	(972)
Other income (expense)	(11,671)	(13,361)
Total other expense, net	(12,720)	(13,904)
Income tax benefit (provision)	(16,875)	(15,676)
NET INCOME	90,703	172,971
Net income attributable to the noncontrolling interests	0	0
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	90,703	172,971
Comprehensive income	90,703	172,971
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	83,193	58,011
Media program and production expenses	30,194	32,020
Selling, general and administrative	4,710	4,284
Depreciation, amortization and other operating expenses	43,676	91,008
Total operating expenses	78,580	127,312
Operating income	4,613	(69,301)
Equity in earnings of consolidated subsidiaries	0	0
Interest expense	(4,456)	(4,550)
Other income (expense)	(1,152)	1,179
Total other expense, net	(5,608)	(3,371)
Income tax benefit (provision)	198	15,885
NET INCOME	(797)	(56,787)
Net income attributable to the noncontrolling interests	(1,980)	(1,056)
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(2,777)	(57,843)
Comprehensive income	(797)	(56,787)
Eliminations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	(17,439)	(18,342)
Media program and production expenses	(12,593)	(16,886)
Selling, general and administrative	(1,223)	(441)
Depreciation, amortization and other operating expenses	(1,494)	(699)
Total operating expenses	(15,310)	(18,026)
Operating income	(2,129)	(316)
Equity in earnings of consolidated subsidiaries	(112,518)	(217,236)
Interest expense	3,831	3,948
Other income (expense)	0	0
Total other expense, net	(108,687)	(213,288)
Income tax benefit (provision)	0	0
NET INCOME	(110,816)	(213,604)
Net income attributable to the noncontrolling interests	881	185
NET INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(109,935)	(213,419)
Comprehensive income	$ (111,915)	$ (213,604)

CONDENSED CONSOLIDATING FINAN_6

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	$ 99,675	$ 100,943
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(29,008)	(22,219)
Payments for debt and equity investments	(25,725)	(7,750)
Distributions from equity method investees	695	9,162
Other, net	6,883	(143)
Net cash flows used in investing activities	(47,155)	(20,950)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayments of notes payable, commercial bank financing and finance leases	(11,062)	(16,950)
Dividends paid on Class A and Class B Common Stock	(18,356)	(18,392)
Repurchase of outstanding Class A Common Stock	(104,985)	0
Increase (decrease) in intercompany payables	0	0
Other, net	(3,100)	(2,296)
Net cash flows used in financing activities	(137,503)	(37,638)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(84,983)	42,355
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	1,060,330	995,940
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	975,347	1,038,295
Reportable legal entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	218	1,304
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	0	0
Payments for debt and equity investments	(1,900)	(370)
Distributions from equity method investees	0	39
Other, net	0	1,670
Net cash flows used in investing activities	(1,900)	1,339
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayments of notes payable, commercial bank financing and finance leases	0	0
Dividends paid on Class A and Class B Common Stock	(18,356)	(18,392)
Repurchase of outstanding Class A Common Stock	(104,985)
Increase (decrease) in intercompany payables	126,151	14,869
Other, net	(1,128)	880
Net cash flows used in financing activities	1,682	(2,643)
NET (DECREASE) 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	(65,900)	(88,587)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(2,919)	(2,214)
Payments for debt and equity investments	(4,641)	(31)
Distributions from equity method investees	0	0
Other, net	(640)	(1,862)
Net cash flows used in investing activities	(8,200)	(4,107)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayments of notes payable, commercial bank financing and finance leases	(7,784)	(13,800)
Dividends paid on Class A and Class B Common Stock	0	0
Repurchase of outstanding Class A Common Stock	0
Increase (decrease) in intercompany payables	(10,238)	251,594
Other, net	0	0
Net cash flows used in financing activities	(18,022)	237,794
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(92,122)	145,100
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	961,963	645,830
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	869,841	790,930
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	154,104	193,725
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(27,443)	(18,505)
Payments for debt and equity investments	(17,274)	(6,778)
Distributions from equity method investees	0	0
Other, net	7,514	49
Net cash flows used in investing activities	(37,203)	(25,234)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayments of notes payable, commercial bank financing and finance leases	(1,000)	(843)
Dividends paid on Class A and Class B Common Stock	0	0
Repurchase of outstanding Class A Common Stock	0
Increase (decrease) in intercompany payables	(132,118)	(256,169)
Other, net	0	0
Net cash flows used in financing activities	(133,118)	(257,012)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(16,217)	(88,521)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	19,648	323,383
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	3,431	234,862
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	13,211	(10,684)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(608)	(1,500)
Payments for debt and equity investments	(1,910)	(571)
Distributions from equity method investees	695	9,123
Other, net	9	0
Net cash flows used in investing activities	(1,814)	7,052
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayments of notes payable, commercial bank financing and finance leases	(2,390)	(2,400)
Dividends paid on Class A and Class B Common Stock	0	0
Repurchase of outstanding Class A Common Stock	0
Increase (decrease) in intercompany payables	16,162	(5,016)
Other, net	(1,813)	(3,176)
Net cash flows used in financing activities	11,959	(10,592)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	23,356	(14,224)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	78,719	26,727
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	102,075	12,503
Eliminations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	(1,958)	5,185
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	1,962	0
Payments for debt and equity investments	0	0
Distributions from equity method investees	0	0
Other, net	0	0
Net cash flows used in investing activities	1,962	0
CASH FLOWS USED IN FINANCING ACTIVITIES:
Repayments of notes payable, commercial bank financing and finance leases	112	93
Dividends paid on Class A and Class B Common Stock	0	0
Repurchase of outstanding Class A Common Stock	0
Increase (decrease) in intercompany payables	43	(5,278)
Other, net	(159)	0
Net cash flows used in financing activities	(4)	(5,185)
NET (DECREASE) 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