Sinclair Broadcast (SBGI) 10-Q 10 May 21 2021 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2021	May 06, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2021
Document Transition Report	false
Entity File Number	000-26076
Entity Registrant Name	SINCLAIR BROADCAST GROUP, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	52-1494660
Entity Address, Address Line One	10706 Beaver Dam Road
Entity Address, City or Town	Hunt Valley
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	21030
City Area Code	410
Local Phone Number	568-1500
Title of 12(b) Security	Class A Common Stock, par value $ 0.01 per share
Trading Symbol	SBGI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0000912752
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		51,554,363
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		23,775,056

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 941,000	$ 1,259,000
Accounts receivable, net of allowance for doubtful accounts of $4 and $5, respectively		1,058,000	1,060,000
Income taxes receivable		235,000	230,000
Prepaid sports rights		542,000	498,000
Prepaid expenses and other current assets		194,000	170,000
Total current assets		2,970,000	3,217,000
Property and equipment, net		804,000	823,000
Operating lease assets		189,000	197,000
Deferred tax assets		202,000	197,000
Restricted cash		4,000	3,000
Goodwill		2,091,000	2,092,000
Indefinite-lived intangible assets		150,000	171,000
Definite-lived intangible assets, net		5,500,000	5,624,000
Other assets		1,222,000	1,058,000
Total assets	[1]	13,132,000	13,382,000
Current liabilities:
Accounts payable and accrued liabilities		469,000	533,000
Current portion of notes payable, finance leases, and commercial bank financing		58,000	58,000
Current portion of operating lease liabilities		30,000	34,000
Current portion of program contracts payable		77,000	92,000
Other current liabilities		288,000	317,000
Total current liabilities		922,000	1,034,000
Notes payable, finance leases, and commercial bank financing, less current portion		12,482,000	12,493,000
Operating lease liabilities, less current portion		194,000	198,000
Program contracts payable, less current portion		26,000	30,000
Other long-term liabilities		506,000	622,000
Total liabilities	[1]	14,130,000	14,377,000
Commitments and contingencies (See Note 6)
Redeemable noncontrolling interests		188,000	190,000
Shareholders' equity:
Additional paid-in capital		735,000	721,000
Accumulated deficit		(2,013,000)	(1,986,000)
Accumulated other comprehensive loss		(2,000)	(10,000)
Total Sinclair Broadcast Group shareholders’ deficit		(1,279,000)	(1,274,000)
Noncontrolling interests		93,000	89,000
Total deficit		(1,186,000)	(1,185,000)
Total liabilities, redeemable noncontrolling interests, and deficit		13,132,000	13,382,000
Class A Common Stock
Shareholders' equity:
Common Stock		$ 1,000	$ 1,000
Common Stock, shares issued (shares)		51,118,350	49,252,671
Class B Common Stock
Shareholders' equity:
Common Stock		$ 0	$ 0
Common Stock, shares issued (shares)		24,217,682	24,727,682
Customer relationships, net
Current assets:
Definite-lived intangible assets, net		$ 4,189,000	$ 4,286,000
Other definite-lived intangible assets, net
Current assets:
Definite-lived intangible assets, net		$ 1,311,000	$ 1,338,000
[1]	Our consolidated total assets as of March 31, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $241 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2021 and December 31, 2020 include total liabilities of VIEs of $57 million and $60 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 9. Variable Interest Entities .

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Accounts receivable, allowance for doubtful accounts		$ 4	$ 5
Assets	[1]	13,132	13,382
Liabilities	[1]	14,130	14,377
Consolidated VIEs
Assets		241	233
Liabilities		73	76
Consolidated VIEs | Nonrecourse
Liabilities		$ 57	$ 60
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)		51,118,350	49,252,671
Common Stock, shares outstanding (shares)		51,118,350	49,252,671
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)		24,217,682	24,727,682
Common Stock, shares outstanding (shares)		24,217,682	24,727,682
[1]	Our consolidated total assets as of March 31, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $241 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2021 and December 31, 2020 include total liabilities of VIEs of $57 million and $60 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 9. Variable Interest Entities .

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
REVENUES:
Revenues	$ 1,511	$ 1,609
OPERATING EXPENSES:
Media programming and production expenses	1,023	828
Media selling, general and administrative expenses	213	210
Amortization of program contract costs	23	23
Non-media expenses	17	30
Depreciation of property and equipment	28	24
Corporate general and administrative expenses	61	49
Amortization of definite-lived intangible and other assets	125	150
Gain on asset dispositions and other, net of impairment	(14)	(32)
Total operating expenses	1,476	1,282
Operating income	35	327
OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred financing costs	(151)	(180)
Gain on extinguishment of debt	0	2
Income (loss) from equity method investments	9	(6)
Other income (expense), net	124	(4)
Total other expense, net	(18)	(188)
Income before income taxes	17	139
INCOME TAX BENEFIT	9	12
NET INCOME	26	151
Net income attributable to the redeemable noncontrolling interests	(4)	(20)
Net income attributable to the noncontrolling interests	(34)	(8)
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	$ (12)	$ 123
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:
Basic (loss) earnings per share (USD per share)	$ (0.16)	$ 1.36
Diluted (loss) earnings per share (USD per share)	$ (0.16)	$ 1.35
Basic weighted average common shares outstanding (shares)	74,389	90,609
Diluted weighted average common and common equivalent shares outstanding (shares)	74,389	91,226
Media revenues
REVENUES:
Revenues	$ 1,497	$ 1,574
Non-media revenues
REVENUES:
Revenues	$ 14	$ 35

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statement of Comprehensive Income [Abstract]
Net income	$ 26	$ 151
Share of other comprehensive income of equity method investments	8	0
Comprehensive income	34	151
Comprehensive income attributable to the redeemable noncontrolling interests	(4)	(20)
Comprehensive income attributable to the noncontrolling interests	(34)	(8)
Comprehensive (loss) income attributable to Sinclair Broadcast Group	$ (4)	$ 123

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Millions	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
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2019	$ 1,078
Increase (Decrease) in Temporary Equity
Distributions to redeemable noncontrolling interests	378
Redemption of redeemable subsidiary preferred equity, net of fees	(198)
Net income	20
Redeemable noncontrolling interest, ending balance at Mar. 31, 2020	522
Beginning balance (shares) at Dec. 31, 2019							66,830,110		24,727,682
Beginning balance at Dec. 31, 2019	1,694	$ 1,011	$ 492	$ (2)	$ 192		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity
Dividends, Common Stock	(19)		(19)
Repurchases of Class A Common Stock	(176)	(176)
Repurchases of Class A Common Stock (shares)							(9,957,297)
Class A Common Stock issued pursuant to employee benefit plans (shares)							1,479,684
Class A Common Stock issued pursuant to employee benefit plans	29	29
Distributions to noncontrolling interests, net	(3)				(3)
Redemption of redeemable subsidiary preferred equity, net of fees	(198)
Net income	131		123		8
Ending balance (shares) at Mar. 31, 2020							58,352,497		24,727,682
Ending balance at Mar. 31, 2020	1,656	864	596	(2)	197		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity
Dividends declared per share (USD per share)						$ 0.20		$ 0.20
Dividends paid per share (USD per share)						$ 0.20		$ 0.20
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020	190
Increase (Decrease) in Temporary Equity
Distributions to noncontrolling interests, net	(6)
Net income	4
Redeemable noncontrolling interest, ending balance at Mar. 31, 2021	188
Beginning balance (shares) at Dec. 31, 2020						49,252,671	49,252,671	24,727,682	24,727,682
Beginning balance at Dec. 31, 2020	(1,185)	721	(1,986)	(10)	89		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity
Dividends, Common Stock	(15)		(15)
Class B Common Stock converted into Class A Common Stock (shares)							510,000		(510,000)
Class B Common Stock converted into Class A Common Stock	0
Class A Common Stock issued pursuant to employee benefit plans (shares)							1,355,679
Class A Common Stock issued pursuant to employee benefit plans	14	14
Distributions to noncontrolling interests, net	(30)				(30)
Other comprehensive income	8			8
Net income	22		(12)		34
Ending balance (shares) at Mar. 31, 2021						51,118,350	51,118,350	24,217,682	24,217,682
Ending balance at Mar. 31, 2021	$ (1,186)	$ 735	$ (2,013)	$ (2)	$ 93		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity
Dividends declared per share (USD per share)						$ 0.20		$ 0.20
Dividends paid per share (USD per share)						$ 0.20		$ 0.20

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Class A Common Stock
Dividends declared per share (USD per share)	$ 0.20	$ 0.20
Dividends paid per share (USD per share)	0.20	0.20
Class B Common Stock
Dividends declared per share (USD per share)	0.20	0.20
Dividends paid per share (USD per share)	$ 0.20	$ 0.20

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CASH FLOWS USED IN OPERATING ACTIVITIES:
Net income	$ 26	$ 151
Adjustments to reconcile net income to net cash flows used in operating activities:
Amortization of sports programming rights	552	391
Amortization of definite-lived intangible and other assets	125	150
Depreciation of property and equipment	28	24
Amortization of program contract costs	23	23
Stock-based compensation	33	17
Deferred tax benefit	(3)	22
Gain on asset dispositions and other, net of impairment	(14)	(32)
(Income) loss from equity method investments	(9)	6
(Gain) loss from investments	(123)	2
Distributions from investments	14	24
Sports programming rights payments	(607)	(612)
Rebate payments to distributors	(133)	0
Gain on extinguishment of debt	0	(2)
Change in assets and liabilities, net of acquisitions:
Decrease in accounts receivable	6	34
(Increase) decrease in prepaid expenses and other current assets	(37)	44
Decrease in accounts payable and accrued and other current liabilities	(72)	(240)
Net change in net income taxes payable/receivable	(4)	(34)
Decrease in program contracts payable	(25)	(23)
Other, net	14	16
Net cash flows used in operating activities	(206)	(39)
CASH FLOWS USED IN INVESTING ACTIVITIES:
Acquisition of property and equipment	(20)	(46)
Acquisition of businesses, net of cash acquired	(2)	0
Spectrum repack reimbursements	14	24
Proceeds from sale of assets	28	18
Purchases of investments	(49)	(25)
Other, net	3	6
Net cash flows used in investing activities	(26)	(23)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	6	873
Repayments of notes payable, commercial bank financing and finance leases	(26)	(20)
Repurchase of outstanding Class A Common Stock	0	(176)
Dividends paid on Class A and Class B Common Stock	(15)	(18)
Dividends paid on redeemable subsidiary preferred equity	(4)	0
Redemption of redeemable subsidiary preferred equity	0	(198)
Distributions to noncontrolling interests, net	(30)	(3)
Distributions to redeemable noncontrolling interests	(2)	(378)
Other, net	(14)	(9)
Net cash flows (used in) from financing activities	(85)	71
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(317)	9
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	1,262	1,333
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 945	$ 1,342

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Nature of Operations Sinclair Broadcast Group, Inc. (the Company) is a diversified television media company with national reach and a strong focus on providing high-quality content on our local television stations, regional sports networks, and digital platforms. The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, college and professional sports, and other original programming produced by us. 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, 2021, we had two reportable segments for accounting purposes, broadcast and local sports. The broadcast segment consists primarily of our 186 broadcast television stations in 87 markets, 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)). These stations broadcast 628 channels as of March 31, 2021. For the purpose of this report, these 186 stations and 628 channels are referred to as "our" stations and channels. The local sports segment consists primarily of our Bally Sports network brands (the Bally RSNs), the Marquee Sports Network (Marquee) joint venture and a minority equity interest in the Yankee Entertainment and Sports Network, LLC (YES Network). We refer to the Bally RSNs and Marquee as "the RSNs". The RSNs and YES Network own the exclusive rights to air, among other sporting events, the games of professional sports teams in designated local viewing areas. Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries, and VIEs for which we are the primary beneficiary. Noncontrolling interests represent a minority owner’s proportionate share of the equity in certain of our consolidated entities. Noncontrolling interests which may be redeemed by the holder, and the redemption is outside of our control, are presented as redeemable noncontrolling interests. All intercompany transactions and account balances have been eliminated in consolidation. We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 9. Variable Interest Entities for more information on our VIEs. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by equity method investees. Interim Financial Statements The consolidated financial statements for the three months ended March 31, 2021 and 2020 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 (deficit) and redeemable noncontrolling interests, 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, 2020 filed with the SEC. The consolidated statements of operations presented in the accompanying consolidated financial statements are not necessarily representative of operations for an entire year. Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results could differ from those estimates. The impact of the outbreak of the novel coronavirus (COVID-19) continues to create significant uncertainty and disruption in the global economy and financial markets. It is reasonably possible that these uncertainties could further materially impact our estimates related to, but not limited to, revenue recognition, goodwill and intangible assets, program contract costs, sports programming rights, and income taxes. As a result, many of our estimates and assumptions require increased judgment and carry a higher degree of variability and volatility. Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in our consolidated financial statements. Recent Accounting Pronouncements In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective for all entities immediately upon issuance of the update and may be applied prospectively to applicable transactions existing as of or entered into from the date of adoption through December 31, 2022. We are currently evaluating the impact of this guidance, if elected, but do not expect a material impact on our consolidated financial statements. Broadcast Television Programming We have agreements with multi-channel video programming distributors (MVPDs) and virtual MVPDs (vMVPDs, and together with MVPDs, "Distributors") for the rights to television programming over contract periods, which generally run from one The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management’s expectation of future advertising revenues, net of sales commissions, to be generated by the program material. We assess our program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value. Sports Programming Rights We have multi-year program rights agreements that provide the Company with the right to produce and telecast professional live sports games within a specified territory in exchange for a rights fee. A prepaid asset is recorded for rights acquired related to future games upon payment of the contracted fee. The assets recorded for the acquired rights are classified as current or non-current based on the period when the games are expected to be aired. Liabilities are recorded for any program rights obligations that have been incurred but not yet paid at period end. We amortize these programming rights as an expense over each season based upon contractually stated rates. Amortization is accelerated in the event that the stated contractual rates over the term of the rights agreement results in an expense recognition pattern that is inconsistent with the projected growth of revenue over the contractual term. During the three months ended March 31, 2020, the National Basketball Association (NBA), the National Hockey League (NHL), and Major League Baseball (MLB) suspended or delayed the start of their seasons as a result of the COVID-19 pandemic. On that date, the Company suspended the recognition of amortization expense associated with prepaid program rights agreements with teams within these leagues. Amortization expense resumed for the NBA, NHL, and MLB over the modified seasons when the games commenced during the third quarter of 2020. The NBA and NHL also delayed the start of their 2020-2021 seasons until December 22, 2020 and January 13, 2021, respectively; sports rights expense associated with these seasons will be recognized over the modified term of these seasons. Certain rights agreements with professional teams contain provisions which require the rebate of rights fees paid by the Company if a contractual minimum number of live games are not delivered. As of March 31, 2021, we have estimated rebates due from teams of $42 million which we expect to receive in the second quarter of 2021. The actual amount of rebates to be received will vary depending on changes in the final game counts of each leagues' respective season. Rights fees paid in advance of expense recognition, inclusive of any contractual rebates due to the Company, are included within prepaid sports rights in our consolidated balance sheets. Non-cash Investing and Financing Activities Non-cash transactions related to finance lease obligations were $6 million during the three months ended March 31, 2020. Leased assets obtained in exchange for new operating lease liabilities were $3 million and $8 million during the three months ended March 31, 2021 and 2020, respectively. Revenue Recognition The following table presents our revenue disaggregated by type and segment (in millions): For the three months ended March 31, 2021 Broadcast Local sports Other Eliminations Total Distribution revenue $ 361 $ 698 $ 50 $ — $ 1,109 Advertising revenue 267 65 40 (1) 371 Other media, non-media, and intercompany revenues 37 5 18 (29) 31 Total revenues $ 665 $ 768 $ 108 $ (30) $ 1,511 For the three months ended March 31, 2020 Broadcast Local sports Other Eliminations Total Distribution revenue $ 355 $ 752 $ 49 $ — $ 1,156 Advertising revenue 310 55 35 — 400 Other media, non-media, and intercompany revenues 36 5 44 (32) 53 Total revenues $ 701 $ 812 $ 128 $ (32) $ 1,609 Distribution Revenue. We generate distribution revenue through fees received from Distributors for the right to distribute our stations, RSNs, and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to our customers (as usage occurs) which corresponds with the satisfaction of our performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. Our customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material. Certain of our distribution arrangements contain provisions that require the Company to deliver a minimum number of live professional sports games or tournaments during a defined period which usually corresponds with a calendar year. If the minimum threshold is not met, we may be obligated to refund a portion of the distribution fees received if shortfalls are not cured within a specified period of time. Our ability to meet these requirements is primarily driven by the delivery of games by the professional sports leagues. Prior to the COVID-19 pandemic, the Company had not historically paid any material rebates under these contractual provisions as it is unusual for there to be an event which is significant enough to preclude the Company from meeting or exceeding these thresholds. The COVID-19 pandemic has resulted in significant disruptions to the normal operations of the professional sports leagues resulting in delays and uncertainty with respect to regularly scheduled games. Decisions made by the leagues during the second quarter of 2020 regarding the timing and format of the revised 2020 season and decisions made by the NHL and NBA during the fourth quarter of 2020 and first quarter of 2021 regarding the timing and format of their revised 2020-2021 seasons have resulted, in some cases, in our inability to meet these minimum game requirements and the need to reduce revenue based upon estimated rebates due to our distribution customers. Accrued rebates as of March 31, 2021 and December 31, 2020 were $268 million and $420 million, respectively. The decrease in accrued rebates during the three-month period ending March 31, 2021 includes $133 million of payments and $19 million of adjustments related primarily to increases in estimated game counts. As of March 31, 2021, $183 million is reflected in other current liabilities and $85 million is reflected in other long-term liabilities in our consolidated balance sheets. We expect these rebates to be paid during 2021 and 2022 . There were no rebates accrued during the three-month period ending March 31, 2021. See Subsequent Events within Note 1. Nature of Operations and Summary of Significant Accounting Policies . Advertising Revenue. We generate advertising revenue primarily from the sale of advertising spots/impressions within our broadcast television, RSN, and digital platforms. In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty. Deferred Revenue. We record deferred revenue when cash payments are received or due in advance of our performance, including amounts which are refundable. We classify deferred revenue as either current in other current liabilities or long-term in other long-term liabilities in our consolidated balance sheets based on the timing of when we expect to satisfy our performance obligations. Deferred revenue was $233 million as of both March 31, 2021 and December 31, 2020, of which $179 million and $184 million, respectively, was reflected in other long-term liabilities in our consolidated balance sheets. Deferred revenue recognized during the three months ended March 31, 2021 and 2020, included in the deferred revenue balance as of December 31, 2020 and 2019, was $17 million and $30 million, respectively. On November 18, 2020, the Company and Diamond Sports Group, LLC (DSG) entered into an enterprise-wide commercial agreement with Bally's Corporation (Bally's), including providing certain branding integrations in our RSNs, broadcast networks and other properties. These branding integrations include naming rights associated with the majority of our RSNs (other than Marquee). The initial term of this arrangement is 10 years and we expect to begin performing under this arrangement in 2021. The Company received non-cash consideration initially valued at $199 million which is reflected as a contract liability and will be recognized as revenue as the performance obligations under the arrangement are satisfied. No revenue was recognized under this arrangement during the three months ended March 31, 2021. See Note 3. Other Assets for more information. For the three months ended March 31, 2021, three customers accounted for 20%, 19%, and 15%, respectively, of our total revenues. For the three months ended March 31, 2020, three customers accounted for 20%, 17%, and 12%, respectively, of our total revenues. As of March 31, 2021, three customers accounted for 20%, 17%, and 15%, respectively, of our accounts receivable, net. For purposes of this disclosure, a single customer may include multiple entities under common control. Income Taxes Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three months ended March 31, 2021 and 2020 is based on the estimated effective tax rate applicable for the full year after taking into account discrete tax items and the effects of the noncontrolling interests. We provide a valuation allowance for deferred tax assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating our ability to realize net deferred tax assets, we consider all available evidence, both positive and negative, including our past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, we must make certain judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term basis. A valuation allowance has been provided for deferred tax assets related to certain temporary basis differences, interest expense carryforwards under the Internal Revenue Code (IRC) Section 163(j) and a substantial amount of our available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing temporary basis differences, alternative tax strategies and projected future taxable income. Our effective income tax rate for the three months ended March 31, 2021 was less than the statutory rate primarily due to substantially magnified impact of discrete items as a result of small pre-tax income. Our effective income tax rate for the three months ended March 31, 2020 was less than the statutory rate primarily due to $27 million of federal tax credits related to investments in sustainability initiatives and a $13 million discrete benefit as a result of the CARES Act allowing for the 2020 federal net operating loss to be carried back to pre-2018 years when the federal tax rate was 35%. We do not believe that our liability for unrecognized tax benefits would be materially impacted in the next twelve months, as a result of expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities. Subsequent Events In May 2021, our Board of Directors declared a quarterly dividend of $0.20 per share, payable on June 15, 2021 to holders of record at the close of business on June 1, 2021. Other than those noted in Note 3. Other Assets and Note 4. Notes Payable, Finance Leases, and Commercial Bank Financing , no other subsequent events were noted. The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, including how it has already impacted, and will impact, its advertisers, Distributors, and agreements with professional sports leagues. While the NBA, NHL, and MLB were able to complete modified season schedules during 2020, there can be no assurance that the MLB, NBA, or NHL will complete full or abbreviated seasons in the future. The NBA and NHL delayed the start of their 2020-2021 seasons until December 22, 2020 and January 13, 2021, respectively, however both under reduced game counts. The MLB began their season on time in April 2021 under a full game schedule. The NBA and NHL have not announced their 2021-2022 season schedules yet. Any reduction in the number of games played by the leagues may have an adverse impact on our operations and cash flows. The Company is currently unable to predict the full extent that the COVID-19 pandemic will have on its financial condition, results of operations, and cash flows in future periods due to numerous uncertainties. Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.

ACQUISITIONS AND DISPOSITIONS O

ACQUISITIONS AND DISPOSITIONS OF ASSETS	3 Months Ended
	Mar. 31, 2021
Business Combinations [Abstract]
ACQUISITIONS AND DISPOSITIONS OF ASSETS	DISPOSITIONS OF ASSETS: Acquisitions. In February 2021, we acquired ZypMedia for approximately $7 million in cash. The acquired assets and liabilities were recorded at fair value as of the closing date of the transaction. Dispositions . In February 2021, we sold two of our television broadcast stations, WDKA-TV in Paducah, KY, and KBSI-TV in Cape Girardeau, MO, for an aggregate purchase price of $28 million. We recorded a gain of $12 million which is included within gain on asset dispositions and other, net of impairment in our consolidated statements of operations. Broadcast Incentive Auction. In 2012, Congress authorized the Federal Communications Commission (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 their 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. In March 2016, the FCC began the repacking process associated with the auction, in which the FCC 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 $3 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. We recorded gains related to reimbursements for spectrum repack costs incurred of $14 million and $24 million for the three months ended March 31, 2021 and 2020, respectively, which are included within gain on asset dispositions and other, net of impairment in our consolidated statements of operations. Capital expenditures related to the spectrum repack were $4 million and $21 million for the three months ended March 31, 2021 and 2020, respectively.

OTHER ASSETS

OTHER ASSETS	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS: Other assets as of March 31, 2021 and December 31, 2020 consisted of the following (in millions): As of March 31, As of December 31, Equity method investments $ 492 $ 451 Other investments 575 450 Post-retirement plan assets 48 44 Other 107 113 Total other assets $ 1,222 $ 1,058 Equity Method Investments We have a portfolio of investments, including our investment in the YES Network and entities that are primarily focused on the development of real estate, sustainability initiatives, and other non-media businesses. For the periods ended March 31, 2021 and December 31, 2020, none of our investments were individually significant. YES Network Investment . We account for our investment in the YES Network as an equity method investment, which is recorded within other assets in our consolidated balance sheets, and in which our proportionate share of the net income generated by the investment is included within income (loss) from equity method investments in our consolidated statements of operations. During the three months ended March 31, 2021 and 2020, we recorded income of $13 million and $5 million, respectively, related to our investment. Other Investments We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily determinable, we have the option to value investments at cost plus observable changes in value, less impairment. As of March 31, 2021 and December 31, 2020, we held $88 million and $68 million, respectively, in equity securities which are classified as level 1 securities in the fair value hierarchy. During the three months ended March 31, 2021 and 2020 we recognized fair value adjustment gains of $20 million and losses of $1 million, respectively, associated with these securities, which are reflected in other income, net in our consolidated statements of operations. Investments accounted for utilizing the measurement alternative were $22 million, net of $7 million of cumulative impairments, as of March 31, 2021, and $26 million, net of $7 million of cumulative impairments, as of December 31, 2020. There were no adjustments to the carrying amount of investments accounted for utilizing the measurement alternative for the three months ended March 31, 2021 or 2020. On November 18, 2020, we entered into a commercial agreement with Bally's. As part of this agreement, we received warrants to acquire up to 8.2 million shares of Bally's common stock for a penny per share, of which 3.3 million are exercisable upon meeting certain performance metrics. We also received options to purchase up to 1.6 million shares of Bally's common stock with exercise prices between $30 and $45 per share, exercisable after four years. These investments are reflected at fair value within our financial statements. For the three months ended March 31, 2021 we recorded an increase in value of $103 million which is reflected in other income, net in our consolidated statements of operations. The value of these investments was $435 million and $332 million as of March 31, 2021 and December 31, 2020, respectively. See Note 11. Fair Value Measurements for further discussion. In April 2021, we made an incremental investment of $93 million in Bally's in the form of non-voting perpetual warrants. These warrants are convertible into 1.7 million shares of Bally's common stock at an exercise price of $0.01 per share, subject to certain adjustments.

NOTES PAYABLE, FINANCE LEASES,

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING	3 Months Ended
	Mar. 31, 2021
Debt Disclosure [Abstract]
NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING	NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING: Bank Credit Agreements Each of the bank credit agreements of Sinclair Television Group, Inc. (STG), a wholly owned subsidiary of the Company, and DSG (collectively, the Bank Credit Agreements) include a financial maintenance covenant, the first lien leverage ratio (as defined in the respective Bank Credit Agreements), which requires such applicable ratio not to exceed 4.5x and 6.25x, measured as of the end of each fiscal quarter, for STG and DSG, respectively. The respective financial maintenance covenant is only applicable if 35% or more of the capacity (as a percentage of total commitments) under the respective revolving credit facility, measured as of the last day of each quarter, is utilized under such revolving credit facility as of such date. Since there was no utilization under either of the revolving credit facilities as of March 31, 2021, neither STG nor DSG was subject to the respective financial maintenance covenant under their applicable Bank Credit Agreement. As of March 31, 2021, the STG first lien leverage ratio was below 4.5x and the DSG first lien leverage ratio exceeded 6.25x. We expect that the DSG first lien leverage ratio will remain above 6.25x for at least the next 12 months, which will restrict our ability to utilize the full DSG revolving credit facility. We do not currently expect to have more than 35% of the capacity of the DSG revolving credit facility outstanding as of any quarterly measurement date during the next twelve months, therefore we do not expect DSG will be subject to the financial maintenance covenant. The Bank Credit Agreements contain other restrictions and covenants with which the respective entities were in compliance as of March 31, 2021. On April 1, 2021, STG amended the STG Bank Credit Agreement to raise term loans in an aggregate principal amount of $740 million (STG Term Loan B-3), the proceeds of which were used to refinance a portion of STG's term loan maturing in January 2024. The STG Term Loan B-3 matures in April 2028 and bears interest at LIBOR (or successor rate) plus 3.00%. Accounts receivable securitization facility On September 23, 2020, the Company's and DSG's indirect wholly-owned subsidiary, Diamond Sports Finance SPV, LLC (DSPV), entered into a $250 million accounts receivable securitization facility (the A/R Facility) which matures on September 23, 2023, in order to enable DSG to raise incremental funding for the ongoing business needs of the local sports segment. The outstanding balance under the A/R Facility was $173 million and $177 million as of March 31, 2021 and December 31, 2020, respectively. Accounts receivable held by DSPV were $229 million and $228 million as of March 31, 2021 and December 31, 2020, respectively. DSG's ability to make scheduled payments on its debt obligations depends on its financial condition and operating performance, which are subject to prevailing economic and competitive conditions and to certain financial, business, competitive, legislative, regulatory and other factors beyond its control. The impact of the outbreak of COVID-19 continues to create significant uncertainty and disruption in the global economy and financial markets. Further, DSG’s success is dependent upon the existence and terms of its agreements with distributors, OTT and other streaming providers. We anticipate DSG’s existing cash and cash equivalents, cash flow from our operations, and borrowing capacity will be sufficient to satisfy its debt service obligations, capital expenditure requirements, and working capital needs for the next twelve months. However, certain factors, including but not limited to, the severity and duration of the COVID-19 pandemic and resulting effect on the economy, our advertisers, Distributors, and their subscribers, could affect DSG’s liquidity and ability to maintain a level of cash flows from operating activities sufficient to permit DSG to pay the principal, premium, if any, and interest on its debt. Notes payable and finance leases to affiliates The current portion of notes payable, finance leases, and commercial bank financing in our consolidated balance sheets includes finance leases to affiliates of $2 million as of March 31, 2021 and December 31, 2020. Notes payable, finance leases, and commercial bank financing, less current portion, in our consolidated balance sheets includes finances leases to affiliates of $6 million as of March 31, 2021 and December 31, 2020. See Note 10. Related Person Transactions for further discussion. Debt of variable interest entities and guarantees of third-party debt STG jointly, severally, unconditionally, and irrevocably guaranteed $48 million and $49 million of debt of certain third parties as of March 31, 2021 and December 31, 2020, respectively, of which $15 million and $16 million, net of deferred financing costs, related to consolidated VIEs that are included in our consolidated balance sheets as of March 31, 2021 and December 31, 2020, respectively. These guarantees primarily relate to the debt of Cunningham Broadcasting Corporation (Cunningham) as discussed under Cunningham Broadcasting Corporation within Note 10. Related Person Transactions . We have determined that, as of March 31, 2021, it is not probable that we would have to perform under any of these guarantees.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	3 Months Ended
	Mar. 31, 2021
Temporary Equity Disclosure [Abstract]
REDEEMABLE NONCONTROLLING INTERESTS	REDEEMABLE NONCONTROLLING INTERESTS: We account for redeemable noncontrolling interests in accordance with ASC 480, Distinguishing Liabilities from Equity , and classify them as mezzanine equity in our consolidated balance sheets because their possible redemption is outside of the control of the Company. Our redeemable non-controlling interests consist of the following: Redeemable Subsidiary Preferred Equity . On August 23, 2019, Diamond Sports Holdings LLC (DSH), an indirect parent of DSG and indirect wholly-owned subsidiary of the Company, issued preferred equity (the Redeemable Subsidiary Preferred Equity). Dividends accrued during the three months ended March 31, 2021 and 2020 were $4 million and $13 million, respectively, and are reflected in net income attributable to the redeemable noncontrolling interests in our consolidated statements of operations. The dividends paid in cash accrue at a rate equal to 1-month LIBOR (with a 0.75% floor) plus 7.5%, which is 0.5% lower than the rate payable if the dividends were paid-in-kind during the quarter. The balance of the Redeemable Subsidiary Preferred Equity was $170 million, net of issuance costs, as of both March 31, 2021 and December 31, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES: Sports Programming Rights We are contractually obligated to make payments to purchase sports programming rights. The following table presents our annual non-cancellable commitments relating to our local sports segment's sports programming rights agreements as of March 31, 2021. These commitments assume that sports teams fully deliver the contractually committed games, and do not reflect the impact of rebates expected to be paid by the teams. (in millions) 2021 (remainder) $ 1,233 2022 1,655 2023 1,608 2024 1,540 2025 1,420 2026 and thereafter 7,008 Total $ 14,464 Other Liabilities In connection with our acquisition of the Bally RSNs, we assumed certain fixed payment obligations which are payable through 2027. We recorded these obligations in purchase accounting at estimated fair value. As of March 31, 2021 and December 31, 2020, $31 million was recorded within other current liabilities and $98 million and $97 million, respectively, was recorded within other long-term liabilities in our consolidated balance sheets. Interest expense of $2 million was recorded for both the three months ended March 31, 2021 and 2020. In connection with our acquisition of the Bally RSNs, we assumed certain variable payment obligations which are payable through 2030. These contractual obligations are based upon the excess cash flow of certain Bally RSNs. We recorded these obligations in purchase accounting at estimated fair value. As of March 31, 2021 and December 31, 2020, $14 million and $12 million, respectively, was recorded within other current liabilities and $41 million was recorded within other long-term liabilities in our consolidated balance sheets. These obligations are measured at the present value of the estimated amount of cash to be paid over the term of the contracts. We recorded a measurement adjustment loss of $1 million for the three months ended March 31, 2021 within other income, net in our consolidated statements of operations. 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. FCC Litigation Matters On December 21, 2017, the FCC issued a Notice of Apparent Liability for Forfeiture (NAL) proposing a $13 million fine for alleged violations of the FCC's sponsorship identification rules by the Company and certain of its subsidiaries. We filed a response disputing the Commission's findings and the proposed fine. On May 22, 2020, the FCC released an Order and Consent Decree pursuant to which the Company agreed to pay $48 million to resolve the matters covered by the NAL, the FCC’s investigation of the allegations raised in a Hearing Designation Order, and a retransmission related matter. The Company submitted the $48 million payment on August 19, 2020. As part of the consent decree, the Company also agreed to implement a 4-year compliance plan. Two petitions were filed on June 8, 2020 seeking reconsideration of the Order and Consent Decree. The Company filed an opposition to the petitions on June 18, 2020, and the petitions remain pending. On September 1, 2020, one of the individuals who filed a petition for reconsideration of the Order and Consent Decree filed a petition to deny the license renewal application of WBFF(TV), Baltimore, MD, and the license renewal applications of two other Baltimore, MD stations with which the Company has a JSA or LMA, Deerfield Media station WUTB(TV) and Cunningham station WNUV(TV). The Company filed an opposition to the petition on October 1, 2020, and the petition remains pending. On September 2, 2020, the FCC adopted a Memorandum Opinion and Order and Notice of Apparent Liability for Forfeiture (NAL) against the licensees of several stations with whom the Company has LMAs, JSAs, and/or SSAs in response to a complaint regarding those stations’ retransmission consent negotiations. The NAL proposed a $0.5 million penalty for each station, totaling $9 million. The licensees filed a response to the NAL on October 15, 2020, asking the Commission to dismiss the proceeding or, alternatively, to reduce the proposed forfeiture to $25,000 per station. The Company is not a party to that proceeding and cannot predict whether or how the proceeding will affect the Company’s financial statements. However, we accrued an expense for the above legal matters during 2020, as we consolidate these stations as VIEs. Other Litigation Matters On November 6, 2018, the Company agreed to enter into a proposed consent decree with the Department of Justice (DOJ). This consent decree resolves the DOJ’s investigation into the sharing of pacing information among certain stations in some local markets. The DOJ filed the consent decree and related documents in the U.S. District Court for the District of Columbia on November 13, 2018. The U.S. District Court for the District of Columbia entered the consent decree on May 22, 2019. The consent decree is not an admission of any wrongdoing by the Company and does not subject 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's 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 that were filed against the Company following published reports of the DOJ investigation into the exchange of pacing data within the industry. On October 3, 2018, these lawsuits were consolidated in the Northern District of Illinois. The consolidated action alleges that the Company and thirteen other broadcasters conspired to fix prices for commercials to be aired on broadcast television stations throughout the United States and engaged in unlawful information sharing, in violation of the Sherman Antitrust Act. The consolidated action seeks damages, attorneys’ fees, costs and interest, as well as injunctions against adopting practices or plans that would restrain competition in the ways the plaintiffs have alleged. The Court denied the Defendants’ motion to dismiss on November 6, 2020. Since then, the Plaintiffs have served the Defendants with written discovery requests, and the Court has set a pretrial schedule requiring discovery to be completed by July 1, 2022, and briefing on class certification to be completed by November 14, 2022. The Company believes the lawsuits are without merit and intends to vigorously defend itself against all such claims.

EARNINGS PER SHARE

EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHARE: The following table reconciles income (numerator) and shares (denominator) used in our computations of basic and diluted earnings per share for the periods presented (in millions, except share amounts which are reflected in thousands): Three Months Ended 2021 2020 Income (Numerator) Net income $ 26 $ 151 Net income attributable to the redeemable noncontrolling interests (4) (20) Net income attributable to the noncontrolling interests (34) (8) Numerator for basic and diluted (loss) earnings per common share available to common shareholders $ (12) $ 123 Shares (Denominator) Basic weighted-average common shares outstanding 74,389 90,609 Dilutive effect of stock-settled appreciation rights and outstanding stock options — 617 Diluted weighted-average common and common equivalent shares outstanding 74,389 91,226 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 2021 2020 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 1,703 2,814

SEGMENT DATA

SEGMENT DATA	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
SEGMENT DATA	SEGMENT DATA: We measure segment performance based on operating income (loss). We have two reportable segments: broadcast and local sports. Our broadcast segment, previously referred to as our local news and marketing services segment, provides free over-the-air programming to television viewing audiences and includes stations in 87 markets located throughout the continental United States. Our local sports segment, previously referred to as our sports segment, provides viewers with live professional sports content and includes our Bally RSNs, Marquee, and our investment in the YES Network. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of original networks and content, including Tennis, non-broadcast digital and internet solutions, technical services, and other non-media investments. Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location. All of our businesses are located within the United States. Segment financial information is included in the following tables for the periods presented (in millions): As of March 31, 2021 Broadcast Local sports Other & Corporate Eliminations Consolidated Assets $ 4,800 $ 6,222 $ 2,121 $ (11) $ 13,132 For the three months ended March 31, 2021 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 665 $ 768 $ 108 $ (30) (a) $ 1,511 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 62 84 8 (1) 153 Amortization of sports programming rights — 552 — — 552 Amortization of program contract costs 21 — 2 — 23 Corporate general and administrative expenses 55 3 3 — 61 (Gain) loss on asset dispositions and other, net of impairment (14) — — — (14) Operating income (loss) 63 (41) 13 — 35 Interest expense including amortization of debt discount and deferred financing costs 1 108 45 (3) 151 Income (loss) from equity method investments — 13 (4) — 9 For the three months ended March 31, 2020 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 701 $ 812 $ 128 $ (32) (a) $ 1,609 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 58 110 6 — 174 Amortization of sports programming rights — 391 — — 391 Amortization of program contract costs 23 — — — 23 Corporate general and administrative expenses 44 2 3 — 49 Gain on asset dispositions and other, net of impairment (32) — — — (32) Operating income (loss) 152 165 19 (9) 327 Interest expense including amortization of debt discount and deferred financing costs 1 123 59 (3) 180 Income (loss) from equity method investments — 6 (12) — (6) (a) Includes $27 million and $24 million for the three months ended March 31, 2021 and 2020, respectively, of revenue and selling, general, and administrative expenses, respectively, for services provided by broadcast to local sports and other, which are eliminated in consolidation.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2021
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. We are party to a joint venture associated with Marquee. Marquee is party to a long term telecast rights agreement which provides the rights to air certain live game telecasts and other content, which we guarantee. In connection with a prior acquisition, we became party to a joint venture associated with one other regional sports network. We participate significantly in the economics and have the power to direct the activities which significantly impact the economic performance of these regional sports networks, including sales and certain operational services. We consolidate these regional sports networks because they are variable interest entities 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 millions): As of March 31, As of December 31, ASSETS Current assets: Cash and cash equivalents $ 45 $ 64 Accounts receivable, net 57 70 Prepaid sports rights 46 2 Other current assets 4 5 Total current assets 152 141 Property and equipment, net 15 16 Operating lease assets 6 6 Goodwill and indefinite-lived intangible assets 15 15 Definite-lived intangible assets, net 52 54 Other assets 1 1 Total assets $ 241 $ 233 LIABILITIES Current liabilities: Other current liabilities $ 45 $ 40 Notes payable, finance leases and commercial bank financing, less current portion 9 10 Operating lease liabilities, less current portion 5 5 Program contracts payable, less current portion 3 4 Other long-term liabilities 11 17 Total liabilities $ 73 $ 76 The amounts above represent the consolidated assets and liabilities of the VIEs described above, for which we are the primary beneficiary. Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs, which are excluded from the above, were $125 million and $131 million as of March 31, 2021 and December 31, 2020, 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, 2021, 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 4. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion. The risk and reward characteristics of the VIEs are similar. Other VIEs We have several investments in entities which are considered VIEs. However, we do not participate in the management of these entities, including the day-to-day operating decisions or other decisions which would allow us to control the entity, and therefore, we are not considered the primary beneficiary of these VIEs. The carrying amounts of our investments in these VIEs for which we are not the primary beneficiary were $83 million and $75 million as of March 31, 2021 and December 31, 2020, respectively. Our maximum exposure is equal to the carrying value of our investments. The income and loss related to equity method investments and other investments are recorded in income (loss) from equity method investments and other income, net, respectively, in our consolidated statements of operations. We recorded losses of $4 million and $12 million for the three months ended March 31, 2021 and 2020, respectively, related to these investments.

RELATED PERSON TRANSACTIONS

RELATED PERSON TRANSACTIONS	3 Months Ended
	Mar. 31, 2021
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 $1 million for both the three months ended March 31, 2021 and 2020. For further information, see Note 4. Notes Payable, Finance Leases, and Commercial Bank Financing . Charter Aircraft. We lease aircraft owned by certain controlling shareholders. For all leases, we incurred expenses of less than $1 million for both the three months ended March 31, 2021 and 2020. 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 the Cunningham Stations pursuant to LMAs or JSAs and SSAs. See Note 9. Variable Interest Entities , for further discussion of the scope of services provided under these types of arrangements. As of March 31, 2021, we have jointly and severally, unconditionally, and irrevocably guaranteed $40 million of Cunningham's debt, of which $8 million, net of $0.3 million deferred financing costs, relates to the Cunningham VIEs that we consolidate. The voting stock of Cunningham 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 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 $55 million and $54 million as of March 31, 2021 and December 31, 2020, respectively. The remaining aggregate purchase price of these stations, net of prepayments, as of both March 31, 2021 and December 31, 2020, was approximately $54 million. Additionally, we provide services to WDBB-TV pursuant to an LMA, which expires April 22, 2025, and have a purchase option to acquire for $0.2 million. We paid Cunningham, under these agreements $3 million and $2 million for the three months ended March 31, 2021 and 2020, 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 November 2021 and December 2028 and certain stations have renewal provisions for successive eight-year periods. As we consolidate the licensees as VIEs, the amounts we earn or pay under the arrangements are eliminated in consolidation and the gross revenues of the stations are reported in our consolidated statements of operations. Our consolidated revenues include $36 million and $39 million for the three months ended March 31, 2021 and 2020, respectively, related to the Cunningham Stations. We have an agreement with Cunningham to provide master control equipment and provide master control services to a station in Johnstown, PA with which Cunningham has an LMA that expires in June 2022. Under the agreement, Cunningham paid us an initial fee of $1 million and pays us $0.2 million annually for master control services plus the cost to maintain and repair the equipment. In addition, we have an agreement with Cunningham to provide a news share service with the Johnstown, PA station for an annual fee of $1 million that expires in December 2021. 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, 2021 and 2020. 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 $0.3 million for the three months ended March 31, 2021 and 2020, respectively. Equity method investees YES Network. In August 2019, YES Network, an equity method investee, entered into a management services agreement with the Company, in which the Company provides certain services for an initial term that expires on August 29, 2025. The agreement will automatically renew for two 2-year renewal terms, with a final expiration on August 29, 2029. Pursuant to the terms of the agreement, the YES Network paid us a management services fee of $1 million for both the three months ended March 31, 2021 and 2020. We have a minority interest in certain mobile production businesses, which we account for as equity method investments. We made payments to these businesses for production services totaling $8 million for the three months ended March 31, 2021 and $7 million for the three months ended March 31, 2020. We have a minority interest in a sports marketing company, which we account for as an equity method investment. We made payments to this business for marketing services totaling $3 million for the three months ended March 31, 2021. Sports Programming Rights As of March 31, 2021, affiliates of six professional teams have non-controlling equity interests in certain of our RSNs. These agreements expire on various dates during the years ended 2025 through 2032. The Company paid $120 million, net of rebates, for the three months ended March 31, 2021 and $70 million for the three months ended March 31, 2020 under sports programming rights agreements covering the broadcast of regular season games professional teams who have non-controlling equity interests in certain of our RSNs. Employees Jason Smith, an employee of the Company, is the son of Frederick Smith, a Vice President of the Company and a member of the Company's Board of Directors. Jason Smith received total compensation of less than $0.1 million, consisting of salary and bonus, for both the three months ended March 31, 2021 and 2020, and was granted a restricted stock award with respect to 2,239 and 355 shares, vesting over two years, for the three months ended March 31, 2021 and 2020, respectively. Amberly Thompson, an employee of the Company, is the daughter of Donald Thompson, Executive Vice President and Chief Human Resources Officer of the Company. Amberly Thompson received total compensation of less than $0.1 million, consisting of salary and bonus, for both the three months ended March 31, 2021 and 2020. Edward Kim, an employee of the company, is the brother-in-law of Christopher Ripley, President and Chief Executive Officer of the Company. Edward Kim received total compensation of less than $0.1 million, consisting of salary, for the three months ended March 31, 2021.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2021
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 carrying value and fair value of our financial assets and liabilities for the periods presented (in millions): As of March 31, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Level 1: Investments in equity securities $ 88 $ 88 $ 68 $ 68 STG: Money market funds 495 495 448 448 Deferred compensation assets 46 46 42 42 Deferred compensation liabilities 38 38 36 36 DSG: Money market funds 160 160 292 292 Level 2 (a): STG: 5.875% Senior Unsecured Notes due 2026 348 356 348 358 5.500% Senior Unsecured Notes due 2030 500 487 500 520 5.125% Senior Unsecured Notes due 2027 400 391 400 408 4.125% Senior Secured Notes due 2030 750 723 750 770 Term Loan B 1,119 1,107 1,119 1,107 Term Loan B-2 1,281 1,258 1,284 1,264 DSG: 12.750% Senior Secured Notes due 2026 31 27 31 28 6.625% Senior Unsecured Notes due 2027 1,744 921 1,744 1,056 5.375% Senior Secured Notes due 2026 3,050 2,196 3,050 2,483 Term Loan 3,251 2,243 3,259 2,884 Accounts Receivable Securitization Facility 173 173 177 177 Debt of variable interest entities 16 16 17 17 Debt of non-media subsidiaries 17 17 17 17 Level 3 Options and warrants (b) 435 435 332 332 (a) Amounts are carried in our consolidated balance sheets net of debt discount, premium, and deferred financing cost, which are excluded in the above table, of $176 million and $183 million as of March 31, 2021 and December 31, 2020, respectively. (b) On November 18, 2020, we entered into a commercial agreement with Bally's and received warrants and options to acquire common equity in the business. During the three months ended March 31, 2021 we recorded $103 million of fair value adjustments related to these interests. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity adjusted for a 25% discount for lack of marketability (DLOM). The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock, the exercise price of the options, which range from $30 to $45 per share, and a DLOM of 25%. There are certain restrictions surrounding the sale and ownership of common stock and the Company has agreed not to sell any shares beneficially owned prior to the first anniversary of the agreement. The Company is also precluded from owning more than 4.9% of the outstanding common shares of Bally's, inclusive of shares obtained through the exercise of the warrants and options described above. See Other Investments under Note 3. Other Assets for further discussion. The following table summarizes the changes in financial liabilities measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three months ended March 31, 2021 (in millions): Options and Warrants Fair value at December 31, 2020 $ 332 Measurement adjustments 103 Fair value at March 31, 2021 $ 435

CONDENSED CONSOLIDATING FINANCI

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	3 Months Ended
	Mar. 31, 2021
Condensed Financial Information Disclosure [Abstract]
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	CONDENSED CONSOLIDATING FINANCIAL STATEMENTS: STG is the primary obligor under the STG Bank Credit Agreement, 5.875% Notes, 5.125% Notes, 5.500% Notes, and 4.125% Secured Notes (collectively, the Notes are referred to as the "STG Notes"). Our Class A Common Stock and Class B Common Stock as of March 31, 2021, were obligations or securities of the Company and not obligations or securities of STG. The Company is a guarantor under the STG Bank Credit Agreement, 5.875% Notes, 5.125% Notes, 5.500% Notes, and 4.125% Secured Notes. As of March 31, 2021, our consolidated total debt, net of deferred financing costs and debt discounts, of $12,540 million included $4,401 million related to STG and its subsidiaries of which the Company guaranteed $4,363 million. The Company, KDSM, LLC, a wholly-owned subsidiary of the Company, 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 the Company, 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 comprehensive income, and consolidated statements of cash flows of the Company, STG, KDSM, LLC and the guarantor subsidiaries, the direct and indirect non-guarantor subsidiaries of the Company and the eliminations necessary to arrive at our information on a consolidated basis. These statements are presented in accordance with the disclosure requirements under SEC Regulation S-X, Rule 3-10. CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash and cash equivalents $ — $ 504 $ 4 $ 433 $ — $ 941 Accounts receivable, net — — 546 512 — 1,058 Other current assets 4 54 389 597 (73) 971 Total current assets 4 558 939 1,542 (73) 2,970 Property and equipment, net 1 31 691 106 (25) 804 Investment in equity of consolidated subsidiaries 528 3,519 — — (4,047) — Restricted cash — — 1 3 — 4 Goodwill — — 2,081 10 — 2,091 Indefinite-lived intangible assets — — 136 14 — 150 Definite-lived intangible assets, net — — 1,224 4,316 (40) 5,500 Other long-term assets 180 1,720 271 1,701 (2,259) 1,613 Total assets $ 713 $ 5,828 $ 5,343 $ 7,692 $ (6,444) $ 13,132 Accounts payable and accrued liabilities $ 22 $ 138 $ 206 $ 176 $ (73) $ 469 Current portion of long-term debt — 13 5 41 (1) 58 Other current liabilities 1 1 121 272 — 395 Total current liabilities 23 152 332 489 (74) 922 Long-term debt 700 4,335 32 8,448 (1,033) 12,482 Investment in deficit of consolidated subsidiaries 1,256 — — — (1,256) — Other long-term liabilities 12 115 1,462 585 (1,448) 726 Total liabilities 1,991 4,602 1,826 9,522 (3,811) 14,130 Redeemable noncontrolling interests — — — 188 — 188 Total Sinclair Broadcast Group (deficit) equity (1,278) 1,226 3,517 (2,107) (2,637) (1,279) Noncontrolling interests in consolidated subsidiaries — — — 89 4 93 Total liabilities, redeemable noncontrolling interests, and equity $ 713 $ 5,828 $ 5,343 $ 7,692 $ (6,444) $ 13,132 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2020 (in millions) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash and cash equivalents $ — $ 458 $ — $ 801 $ — $ 1,259 Accounts receivable, net — — 558 502 — 1,060 Other current assets 7 46 372 560 (87) 898 Total current assets 7 504 930 1,863 (87) 3,217 Property and equipment, net 1 33 706 109 (26) 823 Investment in equity of consolidated subsidiaries 430 3,549 — — (3,979) — Restricted cash — — — 3 — 3 Goodwill — — 2,082 10 — 2,092 Indefinite-lived intangible assets — — 156 15 — 171 Definite-lived intangible assets, net — — 1,256 4,409 (41) 5,624 Other long-term assets 139 1,718 280 1,569 (2,254) 1,452 Total assets $ 577 $ 5,804 $ 5,410 $ 7,978 $ (6,387) $ 13,382 Accounts payable and accrued liabilities $ 19 $ 70 $ 247 $ 284 $ (87) $ 533 Current portion of long-term debt — 13 5 41 (1) 58 Other current liabilities 1 2 134 306 — 443 Total current liabilities 20 85 386 631 (88) 1,034 Long-term debt 700 4,337 33 8,460 (1,037) 12,493 Investment in deficit of consolidated subsidiaries 1,118 — — — (1,118) — Other long-term liabilities 12 121 1,445 710 (1,438) 850 Total liabilities 1,850 4,543 1,864 9,801 (3,681) 14,377 Redeemable noncontrolling interests — — — 190 — 190 Total Sinclair Broadcast Group (deficit) equity (1,273) 1,261 3,546 (2,098) (2,710) (1,274) Noncontrolling interests in consolidated subsidiaries — — — 85 4 89 Total liabilities, redeemable noncontrolling interests, and equity $ 577 $ 5,804 $ 5,410 $ 7,978 $ (6,387) $ 13,382 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 27 $ 705 $ 818 $ (39) $ 1,511 Media programming and production expenses — 1 348 684 (10) 1,023 Selling, general and administrative expenses 3 58 166 74 (27) 274 Depreciation, amortization and other operating expenses — 2 74 105 (2) 179 Total operating expenses 3 61 588 863 (39) 1,476 Operating (loss) income (3) (34) 117 (45) — 35 Equity in (loss) earnings of consolidated subsidiaries (45) 88 — — (43) — Interest expense (3) (42) (1) (111) 6 (151) Other income (expense) 20 5 (12) 123 (3) 133 Total other (expense) income (28) 51 (13) 12 (40) (18) Income tax benefit (provision) 19 7 (15) (2) — 9 Net (loss) income (12) 24 89 (35) (40) 26 Net income attributable to the redeemable noncontrolling interests — — — (4) — (4) Net income attributable to the noncontrolling interests — — — (34) — (34) Net (loss) income attributable to Sinclair Broadcast Group $ (12) $ 24 $ 89 $ (73) $ (40) $ (12) Comprehensive (loss) income $ (12) $ 24 $ 89 $ (27) $ (40) $ 34 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2020 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 24 $ 739 $ 893 $ (47) $ 1,609 Media programming and production expenses — — 328 516 (16) 828 Selling, general and administrative expenses 3 44 168 67 (23) 259 Depreciation, amortization and other operating expenses — 1 51 147 (4) 195 Total operating expenses 3 45 547 730 (43) 1,282 Operating (loss) income (3) (21) 192 163 (4) 327 Equity in earnings of consolidated subsidiaries 129 173 — — (302) — Interest expense (3) (55) (1) (127) 6 (180) Other (expense) income (2) (2) (9) 8 (3) (8) Total other income (expense) 124 116 (10) (119) (299) (188) Income tax benefit (provision) 2 29 (6) (13) — 12 Net income 123 124 176 31 (303) 151 Net income attributable to the redeemable noncontrolling interests — — — (20) — (20) Net income attributable to the noncontrolling interests — — — (8) — (8) Net income attributable to Sinclair Broadcast Group $ 123 $ 124 $ 176 $ 3 $ (303) $ 123 Comprehensive income $ 123 $ 124 $ 176 $ 31 $ (303) $ 151 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES $ (18) $ 30 $ 113 $ (332) $ 1 $ (206) NET CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES Acquisition of property and equipment — — (14) (7) 1 (20) Acquisition of businesses, net of cash acquired — — (2) — — (2) Spectrum repack reimbursements — — 14 — — 14 Proceeds from the sale of assets — — 28 — — 28 Purchases of investments (2) (10) (13) (24) — (49) Other, net — — (1) 4 — 3 Net cash flows (used in) from investing activities (2) (10) 12 (27) 1 (26) NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from notes payable and commercial bank financing — — — 6 — 6 Repayments of notes payable, commercial bank financing and finance leases — (3) (2) (21) — (26) Dividends paid on Class A and Class B Common Stock (15) — — — — (15) Dividends paid on redeemable subsidiary preferred equity — — — (4) — (4) Distributions to noncontrolling interests — — — (30) — (30) Distributions to redeemable noncontrolling interests — — — (2) — (2) Increase (decrease) in intercompany payables 49 29 (118) 42 (2) — Other, net (14) — — — — (14) Net cash flows from (used in) financing activities 20 26 (120) (9) (2) (85) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 46 5 (368) — (317) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 458 — 804 — 1,262 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 504 $ 5 $ 436 $ — $ 945 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2020 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES $ (115) $ (40) $ 154 $ (37) $ (1) $ (39) NET CASH FLOWS USED IN INVESTING ACTIVITIES Acquisition of property and equipment — (5) (41) (4) 4 (46) Spectrum repack reimbursements — — 24 — — 24 Proceeds from the sale of assets — — 18 — — 18 Purchases of investments (1) (2) (12) (10) — (25) Other, net 1 — — 5 — 6 Net cash flows used in investing activities — (7) (11) (9) 4 (23) NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from notes payable and commercial bank financing — 648 — 225 — 873 Repayments of notes payable, commercial bank financing and finance leases — (7) (1) (12) — (20) Repurchase of outstanding Class A Common Stock (176) — — — — (176) Dividends paid on Class A and Class B Common Stock (18) — — — — (18) Redemption of redeemable subsidiary preferred equity — — — (198) — (198) Distributions to noncontrolling interests, net — — — (3) — (3) Distributions to redeemable noncontrolling interests — — — (378) — (378) Increase (decrease) in intercompany payables 310 (111) (142) (54) (3) — Other, net (1) — — (8) — (9) Net cash flows from (used in) financing activities 115 530 (143) (428) (3) 71 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 483 — (474) — 9 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 357 3 973 — 1,333 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 840 $ 3 $ 499 $ — $ 1,342

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Nature of Operations Sinclair Broadcast Group, Inc. (the Company) is a diversified television media company with national reach and a strong focus on providing high-quality content on our local television stations, regional sports networks, and digital platforms. The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, college and professional sports, and other original programming produced by us. 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.
Principles of Consolidation and Interim Financial Statements	Principles of Consolidation The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries, and VIEs for which we are the primary beneficiary. Noncontrolling interests represent a minority owner’s proportionate share of the equity in certain of our consolidated entities. Noncontrolling interests which may be redeemed by the holder, and the redemption is outside of our control, are presented as redeemable noncontrolling interests. All intercompany transactions and account balances have been eliminated in consolidation. We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 9. Variable Interest Entities for more information on our VIEs. Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by equity method investees. Interim Financial Statements The consolidated financial statements for the three months ended March 31, 2021 and 2020 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 (deficit) and redeemable noncontrolling interests, 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, 2020 filed with the SEC. The consolidated statements of operations presented in the accompanying consolidated financial statements are not necessarily representative of operations for an entire year.
Use of Estimates	Use of Estimates The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results could differ from those estimates. The impact of the outbreak of the novel coronavirus (COVID-19) continues to create significant uncertainty and disruption in the global economy and financial markets. It is reasonably possible that these uncertainties could further materially impact our estimates related to, but not limited to, revenue recognition, goodwill and intangible assets, program contract costs, sports programming rights, and income taxes. As a result, many of our estimates and assumptions require increased judgment and carry a higher degree of variability and volatility. Our estimates may change as new events occur and additional information emerges, and such changes are recognized or disclosed in our consolidated financial statements.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In March 2020, the FASB issued guidance providing optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate (LIBOR) or by another reference rate expected to be discontinued. The guidance was effective for all entities immediately upon issuance of the update and may be applied prospectively to applicable transactions existing as of or entered into from the date of adoption through December 31, 2022. We are currently evaluating the impact of this guidance, if elected, but do not expect a material impact on our consolidated financial statements.
Broadcast Television Programming	Broadcast Television Programming We have agreements with multi-channel video programming distributors (MVPDs) and virtual MVPDs (vMVPDs, and together with MVPDs, "Distributors") for the rights to television programming over contract periods, which generally run from one The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management’s expectation of future advertising revenues, net of sales commissions, to be generated by the program material. We assess our program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value.
Sports Programming Rights	Sports Programming Rights We have multi-year program rights agreements that provide the Company with the right to produce and telecast professional live sports games within a specified territory in exchange for a rights fee. A prepaid asset is recorded for rights acquired related to future games upon payment of the contracted fee. The assets recorded for the acquired rights are classified as current or non-current based on the period when the games are expected to be aired. Liabilities are recorded for any program rights obligations that have been incurred but not yet paid at period end. We amortize these programming rights as an expense over each season based upon contractually stated rates. Amortization is accelerated in the event that the stated contractual rates over the term of the rights agreement results in an expense recognition pattern that is inconsistent with the projected growth of revenue over the contractual term. Certain rights agreements with professional teams contain provisions which require the rebate of rights fees paid by the Company if a contractual minimum number of live games are not delivered. As of March 31, 2021, we have estimated rebates due from teams of $42 million which we expect to receive in the second quarter of 2021. The actual amount of rebates to be received will vary depending on changes in the final game counts of each leagues' respective season. Rights fees paid in advance of expense recognition, inclusive of any contractual rebates due to the Company, are included within prepaid sports rights in our consolidated balance sheets.
Revenue Recognition	Distribution Revenue. We generate distribution revenue through fees received from Distributors for the right to distribute our stations, RSNs, and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to our customers (as usage occurs) which corresponds with the satisfaction of our performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. Our customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material. Certain of our distribution arrangements contain provisions that require the Company to deliver a minimum number of live professional sports games or tournaments during a defined period which usually corresponds with a calendar year. If the minimum threshold is not met, we may be obligated to refund a portion of the distribution fees received if shortfalls are not cured within a specified period of time. Our ability to meet these requirements is primarily driven by the delivery of games by the professional sports leagues. Prior to the COVID-19 pandemic, the Company had not historically paid any material rebates under these contractual provisions as it is unusual for there to be an event which is significant enough to preclude the Company from meeting or exceeding these thresholds. The COVID-19 pandemic has resulted in significant disruptions to the normal operations of the professional sports leagues resulting in delays and uncertainty with respect to regularly scheduled games. Decisions made by the leagues during the second quarter of 2020 regarding the timing and format of the revised 2020 season and decisions made by the NHL and NBA during the fourth quarter of 2020 and first quarter of 2021 regarding the timing and format of their revised 2020-2021 seasons have resulted, in some cases, in our inability to meet these minimum game requirements and the need to reduce revenue based upon estimated rebates due to our distribution customers. Accrued rebates as of March 31, 2021 and December 31, 2020 were $268 million and $420 million, respectively. The decrease in accrued rebates during the three-month period ending March 31, 2021 includes $133 million of payments and $19 million of adjustments related primarily to increases in estimated game counts. As of March 31, 2021, $183 million is reflected in other current liabilities and $85 million is reflected in other long-term liabilities in our consolidated balance sheets. We expect these rebates to be paid during 2021 and 2022 . There were no rebates accrued during the three-month period ending March 31, 2021. See Subsequent Events within Note 1. Nature of Operations and Summary of Significant Accounting Policies . Advertising Revenue. We generate advertising revenue primarily from the sale of advertising spots/impressions within our broadcast television, RSN, and digital platforms. In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty.
Income Taxes	Income Taxes
Reclassifications	Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.
Fair Value Measurements	Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels: • Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. • Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Disaggregation of Revenue	The following table presents our revenue disaggregated by type and segment (in millions): For the three months ended March 31, 2021 Broadcast Local sports Other Eliminations Total Distribution revenue $ 361 $ 698 $ 50 $ — $ 1,109 Advertising revenue 267 65 40 (1) 371 Other media, non-media, and intercompany revenues 37 5 18 (29) 31 Total revenues $ 665 $ 768 $ 108 $ (30) $ 1,511 For the three months ended March 31, 2020 Broadcast Local sports Other Eliminations Total Distribution revenue $ 355 $ 752 $ 49 $ — $ 1,156 Advertising revenue 310 55 35 — 400 Other media, non-media, and intercompany revenues 36 5 44 (32) 53 Total revenues $ 701 $ 812 $ 128 $ (32) $ 1,609

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	3 Months Ended
	Mar. 31, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets as of March 31, 2021 and December 31, 2020 consisted of the following (in millions): As of March 31, As of December 31, Equity method investments $ 492 $ 451 Other investments 575 450 Post-retirement plan assets 48 44 Other 107 113 Total other assets $ 1,222 $ 1,058

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	3 Months Ended
	Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Schedule of Non-Cancellable Commitments Relating to Sports Rights Agreement	The following table presents our annual non-cancellable commitments relating to our local sports segment's sports programming rights agreements as of March 31, 2021. These commitments assume that sports teams fully deliver the contractually committed games, and do not reflect the impact of rebates expected to be paid by the teams. (in millions) 2021 (remainder) $ 1,233 2022 1,655 2023 1,608 2024 1,540 2025 1,420 2026 and thereafter 7,008 Total $ 14,464

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2021
Earnings Per Share [Abstract]
Schedule of Reconciliation of Income (Numerator) and Shares (Denominator) Used in Computation of Diluted Earnings Per Share	The following table reconciles income (numerator) and shares (denominator) used in our computations of basic and diluted earnings per share for the periods presented (in millions, except share amounts which are reflected in thousands): Three Months Ended 2021 2020 Income (Numerator) Net income $ 26 $ 151 Net income attributable to the redeemable noncontrolling interests (4) (20) Net income attributable to the noncontrolling interests (34) (8) Numerator for basic and diluted (loss) earnings per common share available to common shareholders $ (12) $ 123 Shares (Denominator) Basic weighted-average common shares outstanding 74,389 90,609 Dilutive effect of stock-settled appreciation rights and outstanding stock options — 617 Diluted weighted-average common and common equivalent shares outstanding 74,389 91,226
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 2021 2020 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 1,703 2,814

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	3 Months Ended
	Mar. 31, 2021
Segment Reporting [Abstract]
Schedule of segment financial information	Segment financial information is included in the following tables for the periods presented (in millions): As of March 31, 2021 Broadcast Local sports Other & Corporate Eliminations Consolidated Assets $ 4,800 $ 6,222 $ 2,121 $ (11) $ 13,132 For the three months ended March 31, 2021 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 665 $ 768 $ 108 $ (30) (a) $ 1,511 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 62 84 8 (1) 153 Amortization of sports programming rights — 552 — — 552 Amortization of program contract costs 21 — 2 — 23 Corporate general and administrative expenses 55 3 3 — 61 (Gain) loss on asset dispositions and other, net of impairment (14) — — — (14) Operating income (loss) 63 (41) 13 — 35 Interest expense including amortization of debt discount and deferred financing costs 1 108 45 (3) 151 Income (loss) from equity method investments — 13 (4) — 9 For the three months ended March 31, 2020 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 701 $ 812 $ 128 $ (32) (a) $ 1,609 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 58 110 6 — 174 Amortization of sports programming rights — 391 — — 391 Amortization of program contract costs 23 — — — 23 Corporate general and administrative expenses 44 2 3 — 49 Gain on asset dispositions and other, net of impairment (32) — — — (32) Operating income (loss) 152 165 19 (9) 327 Interest expense including amortization of debt discount and deferred financing costs 1 123 59 (3) 180 Income (loss) from equity method investments — 6 (12) — (6) (a) Includes $27 million and $24 million for the three months ended March 31, 2021 and 2020, respectively, of revenue and selling, general, and administrative expenses, respectively, for services provided by broadcast to local sports and other, which are eliminated in consolidation.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets as of the dates presented, were as follows (in millions): As of March 31, As of December 31, ASSETS Current assets: Cash and cash equivalents $ 45 $ 64 Accounts receivable, net 57 70 Prepaid sports rights 46 2 Other current assets 4 5 Total current assets 152 141 Property and equipment, net 15 16 Operating lease assets 6 6 Goodwill and indefinite-lived intangible assets 15 15 Definite-lived intangible assets, net 52 54 Other assets 1 1 Total assets $ 241 $ 233 LIABILITIES Current liabilities: Other current liabilities $ 45 $ 40 Notes payable, finance leases and commercial bank financing, less current portion 9 10 Operating lease liabilities, less current portion 5 5 Program contracts payable, less current portion 3 4 Other long-term liabilities 11 17 Total liabilities $ 73 $ 76

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of carrying value and fair value of notes and debentures	The following table sets forth the carrying value and fair value of our financial assets and liabilities for the periods presented (in millions): As of March 31, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Level 1: Investments in equity securities $ 88 $ 88 $ 68 $ 68 STG: Money market funds 495 495 448 448 Deferred compensation assets 46 46 42 42 Deferred compensation liabilities 38 38 36 36 DSG: Money market funds 160 160 292 292 Level 2 (a): STG: 5.875% Senior Unsecured Notes due 2026 348 356 348 358 5.500% Senior Unsecured Notes due 2030 500 487 500 520 5.125% Senior Unsecured Notes due 2027 400 391 400 408 4.125% Senior Secured Notes due 2030 750 723 750 770 Term Loan B 1,119 1,107 1,119 1,107 Term Loan B-2 1,281 1,258 1,284 1,264 DSG: 12.750% Senior Secured Notes due 2026 31 27 31 28 6.625% Senior Unsecured Notes due 2027 1,744 921 1,744 1,056 5.375% Senior Secured Notes due 2026 3,050 2,196 3,050 2,483 Term Loan 3,251 2,243 3,259 2,884 Accounts Receivable Securitization Facility 173 173 177 177 Debt of variable interest entities 16 16 17 17 Debt of non-media subsidiaries 17 17 17 17 Level 3 Options and warrants (b) 435 435 332 332 (a) Amounts are carried in our consolidated balance sheets net of debt discount, premium, and deferred financing cost, which are excluded in the above table, of $176 million and $183 million as of March 31, 2021 and December 31, 2020, respectively. (b) On November 18, 2020, we entered into a commercial agreement with Bally's and received warrants and options to acquire common equity in the business. During the three months ended March 31, 2021 we recorded $103 million of fair value adjustments related to these interests. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity adjusted for a 25% discount for lack of marketability (DLOM). The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock, the exercise price of the options, which range from $30 to $45 per share, and a DLOM of 25%. There are certain restrictions surrounding the sale and ownership of common stock and the Company has agreed not to sell any shares beneficially owned prior to the first anniversary of the agreement. The Company is also precluded from owning more than 4.9% of the outstanding common shares of Bally's, inclusive of shares obtained through the exercise of the warrants and options described above. See Other Investments under Note 3. Other Assets for further discussion.
Schedule of changes in Level 3 financial liabilities measured on recurring basis	The following table summarizes the changes in financial liabilities measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three months ended March 31, 2021 (in millions): Options and Warrants Fair value at December 31, 2020 $ 332 Measurement adjustments 103 Fair value at March 31, 2021 $ 435

CONDENSED CONSOLIDATING FINAN_2

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)	3 Months Ended
	Mar. 31, 2021
Condensed Financial Information Disclosure [Abstract]
Schedule of condensed consolidating balance sheet	CONDENSED CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash and cash equivalents $ — $ 504 $ 4 $ 433 $ — $ 941 Accounts receivable, net — — 546 512 — 1,058 Other current assets 4 54 389 597 (73) 971 Total current assets 4 558 939 1,542 (73) 2,970 Property and equipment, net 1 31 691 106 (25) 804 Investment in equity of consolidated subsidiaries 528 3,519 — — (4,047) — Restricted cash — — 1 3 — 4 Goodwill — — 2,081 10 — 2,091 Indefinite-lived intangible assets — — 136 14 — 150 Definite-lived intangible assets, net — — 1,224 4,316 (40) 5,500 Other long-term assets 180 1,720 271 1,701 (2,259) 1,613 Total assets $ 713 $ 5,828 $ 5,343 $ 7,692 $ (6,444) $ 13,132 Accounts payable and accrued liabilities $ 22 $ 138 $ 206 $ 176 $ (73) $ 469 Current portion of long-term debt — 13 5 41 (1) 58 Other current liabilities 1 1 121 272 — 395 Total current liabilities 23 152 332 489 (74) 922 Long-term debt 700 4,335 32 8,448 (1,033) 12,482 Investment in deficit of consolidated subsidiaries 1,256 — — — (1,256) — Other long-term liabilities 12 115 1,462 585 (1,448) 726 Total liabilities 1,991 4,602 1,826 9,522 (3,811) 14,130 Redeemable noncontrolling interests — — — 188 — 188 Total Sinclair Broadcast Group (deficit) equity (1,278) 1,226 3,517 (2,107) (2,637) (1,279) Noncontrolling interests in consolidated subsidiaries — — — 89 4 93 Total liabilities, redeemable noncontrolling interests, and equity $ 713 $ 5,828 $ 5,343 $ 7,692 $ (6,444) $ 13,132 CONDENSED CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2020 (in millions) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash and cash equivalents $ — $ 458 $ — $ 801 $ — $ 1,259 Accounts receivable, net — — 558 502 — 1,060 Other current assets 7 46 372 560 (87) 898 Total current assets 7 504 930 1,863 (87) 3,217 Property and equipment, net 1 33 706 109 (26) 823 Investment in equity of consolidated subsidiaries 430 3,549 — — (3,979) — Restricted cash — — — 3 — 3 Goodwill — — 2,082 10 — 2,092 Indefinite-lived intangible assets — — 156 15 — 171 Definite-lived intangible assets, net — — 1,256 4,409 (41) 5,624 Other long-term assets 139 1,718 280 1,569 (2,254) 1,452 Total assets $ 577 $ 5,804 $ 5,410 $ 7,978 $ (6,387) $ 13,382 Accounts payable and accrued liabilities $ 19 $ 70 $ 247 $ 284 $ (87) $ 533 Current portion of long-term debt — 13 5 41 (1) 58 Other current liabilities 1 2 134 306 — 443 Total current liabilities 20 85 386 631 (88) 1,034 Long-term debt 700 4,337 33 8,460 (1,037) 12,493 Investment in deficit of consolidated subsidiaries 1,118 — — — (1,118) — Other long-term liabilities 12 121 1,445 710 (1,438) 850 Total liabilities 1,850 4,543 1,864 9,801 (3,681) 14,377 Redeemable noncontrolling interests — — — 190 — 190 Total Sinclair Broadcast Group (deficit) equity (1,273) 1,261 3,546 (2,098) (2,710) (1,274) Noncontrolling interests in consolidated subsidiaries — — — 85 4 89 Total liabilities, redeemable noncontrolling interests, and equity $ 577 $ 5,804 $ 5,410 $ 7,978 $ (6,387) $ 13,382
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, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 27 $ 705 $ 818 $ (39) $ 1,511 Media programming and production expenses — 1 348 684 (10) 1,023 Selling, general and administrative expenses 3 58 166 74 (27) 274 Depreciation, amortization and other operating expenses — 2 74 105 (2) 179 Total operating expenses 3 61 588 863 (39) 1,476 Operating (loss) income (3) (34) 117 (45) — 35 Equity in (loss) earnings of consolidated subsidiaries (45) 88 — — (43) — Interest expense (3) (42) (1) (111) 6 (151) Other income (expense) 20 5 (12) 123 (3) 133 Total other (expense) income (28) 51 (13) 12 (40) (18) Income tax benefit (provision) 19 7 (15) (2) — 9 Net (loss) income (12) 24 89 (35) (40) 26 Net income attributable to the redeemable noncontrolling interests — — — (4) — (4) Net income attributable to the noncontrolling interests — — — (34) — (34) Net (loss) income attributable to Sinclair Broadcast Group $ (12) $ 24 $ 89 $ (73) $ (40) $ (12) Comprehensive (loss) income $ (12) $ 24 $ 89 $ (27) $ (40) $ 34 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED MARCH 31, 2020 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 24 $ 739 $ 893 $ (47) $ 1,609 Media programming and production expenses — — 328 516 (16) 828 Selling, general and administrative expenses 3 44 168 67 (23) 259 Depreciation, amortization and other operating expenses — 1 51 147 (4) 195 Total operating expenses 3 45 547 730 (43) 1,282 Operating (loss) income (3) (21) 192 163 (4) 327 Equity in earnings of consolidated subsidiaries 129 173 — — (302) — Interest expense (3) (55) (1) (127) 6 (180) Other (expense) income (2) (2) (9) 8 (3) (8) Total other income (expense) 124 116 (10) (119) (299) (188) Income tax benefit (provision) 2 29 (6) (13) — 12 Net income 123 124 176 31 (303) 151 Net income attributable to the redeemable noncontrolling interests — — — (20) — (20) Net income attributable to the noncontrolling interests — — — (8) — (8) Net income attributable to Sinclair Broadcast Group $ 123 $ 124 $ 176 $ 3 $ (303) $ 123 Comprehensive income $ 123 $ 124 $ 176 $ 31 $ (303) $ 151
Schedule of condensed consolidating statement of cash flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES $ (18) $ 30 $ 113 $ (332) $ 1 $ (206) NET CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES Acquisition of property and equipment — — (14) (7) 1 (20) Acquisition of businesses, net of cash acquired — — (2) — — (2) Spectrum repack reimbursements — — 14 — — 14 Proceeds from the sale of assets — — 28 — — 28 Purchases of investments (2) (10) (13) (24) — (49) Other, net — — (1) 4 — 3 Net cash flows (used in) from investing activities (2) (10) 12 (27) 1 (26) NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from notes payable and commercial bank financing — — — 6 — 6 Repayments of notes payable, commercial bank financing and finance leases — (3) (2) (21) — (26) Dividends paid on Class A and Class B Common Stock (15) — — — — (15) Dividends paid on redeemable subsidiary preferred equity — — — (4) — (4) Distributions to noncontrolling interests — — — (30) — (30) Distributions to redeemable noncontrolling interests — — — (2) — (2) Increase (decrease) in intercompany payables 49 29 (118) 42 (2) — Other, net (14) — — — — (14) Net cash flows from (used in) financing activities 20 26 (120) (9) (2) (85) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 46 5 (368) — (317) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 458 — 804 — 1,262 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 504 $ 5 $ 436 $ — $ 945 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2020 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES $ (115) $ (40) $ 154 $ (37) $ (1) $ (39) NET CASH FLOWS USED IN INVESTING ACTIVITIES Acquisition of property and equipment — (5) (41) (4) 4 (46) Spectrum repack reimbursements — — 24 — — 24 Proceeds from the sale of assets — — 18 — — 18 Purchases of investments (1) (2) (12) (10) — (25) Other, net 1 — — 5 — 6 Net cash flows used in investing activities — (7) (11) (9) 4 (23) NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from notes payable and commercial bank financing — 648 — 225 — 873 Repayments of notes payable, commercial bank financing and finance leases — (7) (1) (12) — (20) Repurchase of outstanding Class A Common Stock (176) — — — — (176) Dividends paid on Class A and Class B Common Stock (18) — — — — (18) Redemption of redeemable subsidiary preferred equity — — — (198) — (198) Distributions to noncontrolling interests, net — — — (3) — (3) Distributions to redeemable noncontrolling interests — — — (378) — (378) Increase (decrease) in intercompany payables 310 (111) (142) (54) (3) — Other, net (1) — — (8) — (9) Net cash flows from (used in) financing activities 115 530 (143) (428) (3) 71 NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 483 — (474) — 9 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 357 3 973 — 1,333 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 840 $ 3 $ 499 $ — $ 1,342

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2021stationsegmentchannelmarket
Schedule of Equity Method Investments [Line Items]
Number of reportable segments | segment	2
Number of television stations owned | station	186
Number of markets | market	87
Number of channels | channel	628

NATURE OF OPERATIONS AND SUMM_5

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Broadcast Television Programming and Sports Programming Rights (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Finite-Lived Intangible Assets [Line Items]
Estimated future rebates due from teams	$ 42
Television programming contract rights | Maximum
Finite-Lived Intangible Assets [Line Items]
Television programming contract period	7 years
Contract period utilizing accelerated amortization method	3 years
Television programming contract rights | Minimum
Finite-Lived Intangible Assets [Line Items]
Television programming contract period	1 year

NATURE OF OPERATIONS AND SUMM_6

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Non-cash Investing and Financing Activities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Non-cash transactions related to finance lease obligations		$ 6
Leased assets obtained in exchange for new operating lease liabilities	$ 3	$ 8

NATURE OF OPERATIONS AND SUMM_7

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,511	$ 1,609
Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,109	1,156
Advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	371	400
Other media, non-media, and intercompany revenues
Disaggregation of Revenue [Line Items]
Total revenues	31	53
Operating segments | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	665	701
Operating segments | Local sports
Disaggregation of Revenue [Line Items]
Total revenues	768	812
Operating segments | Other
Disaggregation of Revenue [Line Items]
Total revenues	108	128
Operating segments | Distribution revenue | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	361	355
Operating segments | Distribution revenue | Local sports
Disaggregation of Revenue [Line Items]
Total revenues	698	752
Operating segments | Distribution revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	50	49
Operating segments | Advertising revenue | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	267	310
Operating segments | Advertising revenue | Local sports
Disaggregation of Revenue [Line Items]
Total revenues	65	55
Operating segments | Advertising revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	40	35
Operating segments | Other media, non-media, and intercompany revenues | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	37	36
Operating segments | Other media, non-media, and intercompany revenues | Local sports
Disaggregation of Revenue [Line Items]
Total revenues	5	5
Operating segments | Other media, non-media, and intercompany revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	18	44
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(30)	(32)
Eliminations | Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0
Eliminations | Advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	(1)	0
Eliminations | Other media, non-media, and intercompany revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ (29)	$ (32)

NATURE OF OPERATIONS AND SUMM_8

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Narrative (Details)	Nov. 18, 2020USD ($)	Mar. 31, 2021USD ($)customer	Mar. 31, 2020USD ($)customer	Dec. 31, 2020USD ($)
Disaggregation of Revenue [Line Items]
Remit payment period		120 days
Deferred revenue		$ 233,000,000		$ 233,000,000
Payments		133,000,000
Adjustments related primarily to increases in estimated game counts		19,000,000
Deferred revenue, noncurrent		179,000,000		184,000,000
Deferred revenue, revenue recognized		17,000,000	$ 30,000,000
Bally's
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 199,000,000
Deferred revenue, revenue recognized		$ 0
Commercial agreement, term	10 years
Customer Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Number of customers | customer		3	3
Customer Concentration Risk | Revenue Benchmark | Customer One
Disaggregation of Revenue [Line Items]
Percentage of concentration		20.00%	20.00%
Customer Concentration Risk | Revenue Benchmark | Customer Two
Disaggregation of Revenue [Line Items]
Percentage of concentration		19.00%	17.00%
Customer Concentration Risk | Revenue Benchmark | Customer Three
Disaggregation of Revenue [Line Items]
Percentage of concentration		15.00%	12.00%
Customer Concentration Risk | Accounts Receivable
Disaggregation of Revenue [Line Items]
Number of customers | customer		3
Customer Concentration Risk | Accounts Receivable | Customer One
Disaggregation of Revenue [Line Items]
Percentage of concentration		20.00%
Customer Concentration Risk | Accounts Receivable | Customer Two
Disaggregation of Revenue [Line Items]
Percentage of concentration		17.00%
Customer Concentration Risk | Accounts Receivable | Customer Three
Disaggregation of Revenue [Line Items]
Percentage of concentration		15.00%
Distribution Revenue Rebate
Disaggregation of Revenue [Line Items]
Deferred revenue		$ 268,000,000		$ 420,000,000
Deferred revenue, current		183,000,000
Deferred revenue, noncurrent		$ 85,000,000

NATURE OF OPERATIONS AND SUMM_9

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) $ in Millions	3 Months Ended
	Mar. 31, 2020USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Federal tax credits related to investments in sustainability initiatives	$ 27
Discrete benefit, CARES Act	$ 13

NATURE OF OPERATIONS AND SUM_10

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share Repurchase Program (Details) - USD ($)	Mar. 31, 2021	Aug. 04, 2020	Aug. 09, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Stock repurchase program, additional authorized repurchase amount		$ 500,000,000	$ 1,000,000,000
Stock repurchase program, remaining authorized repurchase amount	$ 880,000,000

NATURE OF OPERATIONS AND SUM_11

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Subsequent Events (Details)	May 10, 2021$ / 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 (Details) $ in Millions	1 Months Ended	3 Months Ended
	Feb. 28, 2021USD ($)business	Mar. 31, 2021USD ($)station	Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Number of businesses sold | business	2
Gain on sale of assets		$ 14	$ 32
Number of stations assigned new channels | station		100
Broadcast incentive auction, total legislation funds to reimburse stations		$ 3,000
Broadcast incentive auction, gain recognized on sale		14	24
Broadcast incentive auction, total capital expenditure		$ 4	$ 21
Zyp Media
Business Acquisition [Line Items]
Payment in cash	$ 7
WDKA and KBSI Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Aggregate purchase price	28
Gain on sale of assets	$ 12

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Equity method investments	$ 492	$ 451
Other investments	575	450
Post-retirement plan assets	48	44
Other	107	113
Other assets	$ 1,222	$ 1,058

OTHER ASSETS - Equity Investmen

OTHER ASSETS - Equity Investments and Other Investments (Details) - USD ($) $ / shares in Units, shares in Millions	Nov. 18, 2020	Apr. 30, 2021	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ 9,000,000	$ (6,000,000)
Investments in equity securities			88,000,000		$ 68,000,000
Fair value adjustment			20,000,000	(1,000,000)
Equity investments, net of cumulative impairment			22,000,000		26,000,000
Cumulative impairment			7,000,000		7,000,000
Impairment recorded			0	0
Incremental investment			49,000,000	25,000,000
Level 3 | Options and Warrants | Carrying Value
Schedule of Equity Method Investments [Line Items]
Options and warrants			435,000,000		$ 332,000,000
YES Network
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			13,000,000	$ 5,000,000
Bally's
Schedule of Equity Method Investments [Line Items]
Penny warrants acquirable (up to) (in shares)	8.2
Number of penny warrants exercisable (in shares)	3.3
Options available to purchase (up to) (in shares)	1.6
Option purchase price, minimum	$ 30
Option purchase price, maximum	$ 45
Vesting period	4 years
Bally's | Subsequent Event
Schedule of Equity Method Investments [Line Items]
Incremental investment		$ 93,000,000
Number of warrants convertible (in shares)		1.7
Exercise price (in dollars per share)		$ 0.01
Bally's | Options and Warrants
Schedule of Equity Method Investments [Line Items]
Measurement adjustments			$ 103,000,000

NOTES PAYABLE, FINANCE LEASES_2

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING - Bank Credit Agreements (Details)	Apr. 01, 2021USD ($)	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Borrowings under revolving credit facility exceed total commitments (as a percent)		35.00%
STG Revolving Credit Facility
Debt Instrument [Line Items]
First lien leverage ratio		4.5
Borrowings outstanding		$ 0
DSG Revolving Credit Facility
Debt Instrument [Line Items]
First lien leverage ratio		6.25
STG Term Loan Facility | Term Loan B-3
Debt Instrument [Line Items]
Aggregate principal amount	$ 740,000,000
LIBOR | STG Term Loan Facility | Term Loan B-3
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

NOTES PAYABLE, FINANCE LEASES_3

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING - Accounts Receivable Securitization Facility (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	Sep. 23, 2020
Line of Credit Facility [Line Items]
Accounts receivable, net	$ 1,058,000,000	$ 1,060,000,000
Line of Credit Facility | A/R Facility
Line of Credit Facility [Line Items]
Maximum borrowing capacity			$ 250,000,000
Borrowings outstanding	173,000,000	177,000,000
Line of Credit Facility | A/R Facility | DSPV
Line of Credit Facility [Line Items]
Accounts receivable, net	$ 229,000,000	$ 228,000,000

NOTES PAYABLE, FINANCE LEASES_4

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING - Notes Payable and Finance Leases to Affiliates, and Debt of VIEs and Guarantees of Third-Party Debt (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Current portion of notes payable, finance leases, and commercial bank financing	$ 58	$ 58
Notes payable, finance leases, and commercial bank financing, less current portion	12,482	12,493
Consolidated total debt	12,540
Consolidated VIEs
Debt Instrument [Line Items]
Notes payable, finance leases, and commercial bank financing, less current portion	9	10
Consolidated total debt	15	16
Affiliated Entity
Debt Instrument [Line Items]
Current portion of notes payable, finance leases, and commercial bank financing	2	2
Notes payable, finance leases, and commercial bank financing, less current portion	6	6
Guarantee Obligations
Debt Instrument [Line Items]
Unconditional and irrevocably guaranteed debt	$ 48	$ 49

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Temporary Equity [Line Items]
Dividends accrued during the period	$ 4	$ 13
Redeemable subsidiary preferred equity	170		$ 170
Redeemable noncontrolling interest	$ 18		$ 20
Floor
Temporary Equity [Line Items]
Cash interest rate	0.75%
LIBOR
Temporary Equity [Line Items]
Cash interest rate	7.50%
Percent higher than the rate payable if dividends were paid in cash	0.50%

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Schedule of Non-Cancellable Commitments Relating to Sports Rights Agreement) (Details) - Sports Programming Rights $ in Millions	Mar. 31, 2021USD ($)
Other Commitments [Line Items]
2021 (remainder)	$ 1,233
2022	1,655
2023	1,608
2024	1,540
2025	1,420
2026 and thereafter	7,008
Total	$ 14,464

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES (Narrative) (Details)	May 10, 2021lawsuit	Oct. 15, 2020USD ($)	Sep. 02, 2020USD ($)	Aug. 19, 2020USD ($)	May 22, 2020USD ($)petition	Dec. 21, 2017USD ($)	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)	Oct. 03, 2018lawsuit
COMMITMENTS AND CONTINGENCIES
Interest expense including amortization of debt discount and deferred financing costs							$ (151,000,000)	$ (180,000,000)
Various Cases Alleging Violation of Sherman Antitrust Act
COMMITMENTS AND CONTINGENCIES
Loss contingency, number of other broadcasters | lawsuit										13
Various Cases Alleging Violation of Sherman Antitrust Act | Subsequent Event
COMMITMENTS AND CONTINGENCIES
Loss contingency, new claims filed, number (lawsuit) | lawsuit	22
Breach of Merger Agreement
COMMITMENTS AND CONTINGENCIES
Agreement to pay to resolve FCC investigation					$ 48,000,000
Payments for resolve FCC investigation				$ 48,000,000
Compliance plan term					4 years
Number of petitions filed | petition					2
Unfavorable Regulatory Action
COMMITMENTS AND CONTINGENCIES
Proposed fine per station		$ 25,000	$ 500,000
Proposed fine			$ 9,000,000			$ 13,000,000
Fixed Payment Obligations | RSNs
COMMITMENTS AND CONTINGENCIES
Other current liabilities							31,000,000		$ 31,000,000
Other long-term liabilities							98,000,000		97,000,000
Interest expense including amortization of debt discount and deferred financing costs							(2,000,000)	$ (2,000,000)
Variable Payment Obligations | RSNs
COMMITMENTS AND CONTINGENCIES
Other current liabilities							14,000,000		12,000,000
Other long-term liabilities							41,000,000		$ 41,000,000
Other income, net | Variable Payment Obligations | RSNs
COMMITMENTS AND CONTINGENCIES
Contingent Consideration Adjustment							$ 1,000,000

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Earnings per Share (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Income (Numerator)
Net income	$ 26	$ 151
Net income attributable to the redeemable noncontrolling interests	(4)	(20)
Net income attributable to the noncontrolling interests	(34)	(8)
Numerator for basic and diluted (loss) earnings per common share available to common shareholders	$ (12)	$ 123
Shares (Denominator)
Basic weighted average common shares outstanding (shares)	74,389	90,609
Dilutive effect of stock-settled appreciation rights and outstanding stock options (shares)	0	617
Diluted weighted average common and common equivalent shares outstanding (shares)	74,389	91,226

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted-average stock-settled appreciation rights and outstanding stock options excluded (in shares)	1,703	2,814

SEGMENT DATA - Narrative (Detai

SEGMENT DATA - Narrative (Details)	3 Months Ended
	Mar. 31, 2021segmentmarket
Segment data
Number of reportable segments | segment	2
Number of markets	87
Broadcast
Segment data
Number of markets	87

SEGMENT DATA - Segment Financia

SEGMENT DATA - Segment Financial Information (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Segment data
Assets	[1]	$ 13,132		$ 13,382
Revenues		1,511	$ 1,609
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		153	174
Amortization of sports programming rights		552	391
Amortization of program contract costs		23	23
Corporate general and administrative expenses		61	49
(Gain) loss on asset dispositions and other, net of impairment		(14)	(32)
Operating income (loss)		35	327
Interest expense including amortization of debt discount and deferred financing costs		151	180
Income (loss) from equity method investments		9	(6)
Intersegment revenues		27	24
Intersegment selling, general, and administrative expenses		27	24
Operating segments | Broadcast
Segment data
Assets		4,800
Revenues		665	701
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		62	58
Amortization of sports programming rights		0	0
Amortization of program contract costs		21	23
Corporate general and administrative expenses		55	44
(Gain) loss on asset dispositions and other, net of impairment		(14)	(32)
Operating income (loss)		63	152
Interest expense including amortization of debt discount and deferred financing costs		1	1
Income (loss) from equity method investments		0	0
Operating segments | Local sports
Segment data
Assets		6,222
Revenues		768	812
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		84	110
Amortization of sports programming rights		552	391
Amortization of program contract costs		0	0
Corporate general and administrative expenses		3	2
(Gain) loss on asset dispositions and other, net of impairment		0	0
Operating income (loss)		(41)	165
Interest expense including amortization of debt discount and deferred financing costs		108	123
Income (loss) from equity method investments		13	6
Other & Corporate
Segment data
Assets		2,121
Revenues		108	128
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		8	6
Amortization of sports programming rights		0	0
Amortization of program contract costs		2	0
Corporate general and administrative expenses		3	3
(Gain) loss on asset dispositions and other, net of impairment		0	0
Operating income (loss)		13	19
Interest expense including amortization of debt discount and deferred financing costs		45	59
Income (loss) from equity method investments		(4)	(12)
Eliminations
Segment data
Assets		(11)
Revenues		(30)	(32)
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		(1)	0
Amortization of sports programming rights		0	0
Amortization of program contract costs		0	0
Corporate general and administrative expenses		0	0
(Gain) loss on asset dispositions and other, net of impairment		0	0
Operating income (loss)		0	(9)
Interest expense including amortization of debt discount and deferred financing costs		(3)	(3)
Income (loss) from equity method investments		$ 0	$ 0
[1]	Our consolidated total assets as of March 31, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $241 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2021 and December 31, 2020 include total liabilities of VIEs of $57 million and $60 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 9. Variable Interest Entities .

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Millions		3 Months Ended
		Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Carrying amount	[1]	$ 13,132		$ 13,382
Loss from equity method investments		$ (123)	$ 2
Consolidated VIEs
Variable Interest Entity [Line Items]
Variable interest entities outsourcing agreement initial term		5 years
Carrying amount		$ 241		233
VIEs which are not primary beneficiary
Variable Interest Entity [Line Items]
Carrying amount		83		75
Loss from equity method investments		4	$ 12
Eliminations
Variable Interest Entity [Line Items]
Carrying amount		(6,444)		(6,387)
Eliminations | Consolidated VIEs
Variable Interest Entity [Line Items]
Liabilities associated with the certain outsourcing agreements and purchase options		$ 125		$ 131
[1]	Our consolidated total assets as of March 31, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $241 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2021 and December 31, 2020 include total liabilities of VIEs of $57 million and $60 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 9. Variable Interest Entities .

VARIABLE INTEREST ENTITIES - Sc

VARIABLE INTEREST ENTITIES - Schedule of Variable Interest Entities Assets and Liabilities (Details) - USD ($) $ in Millions		Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 941	$ 1,259
Accounts receivable, net		1,058	1,060
Prepaid sports rights		542	498
Other current assets		194	170
Total current assets		2,970	3,217
Property and equipment, net		804	823
Operating lease assets		189	197
Definite-lived intangible assets, net		5,500	5,624
Assets	[1]	13,132	13,382
Current liabilities:
Other current liabilities		288	317
Notes payable, finance leases, and commercial bank financing, less current portion		12,482	12,493
Operating lease liabilities, less current portion		194	198
Program contracts payable, less current portion		26	30
Other long-term liabilities		506	622
Liabilities	[1]	14,130	14,377
Consolidated VIEs
Current assets:
Cash and cash equivalents		45	64
Accounts receivable, net		57	70
Prepaid sports rights		46	2
Other current assets		4	5
Total current assets		152	141
Property and equipment, net		15	16
Operating lease assets		6	6
Goodwill and indefinite-lived intangible assets		15	15
Definite-lived intangible assets, net		52	54
Other assets		1	1
Assets		241	233
Current liabilities:
Other current liabilities		45	40
Notes payable, finance leases, and commercial bank financing, less current portion		9	10
Operating lease liabilities, less current portion		5	5
Program contracts payable, less current portion		3	4
Other long-term liabilities		11	17
Liabilities		$ 73	$ 76
[1]	Our consolidated total assets as of March 31, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $241 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2021 and December 31, 2020 include total liabilities of VIEs of $57 million and $60 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 9. Variable Interest Entities .

RELATED PERSON TRANSACTIONS - T

RELATED PERSON TRANSACTIONS - Transactions with our Controlling Shareholders (Details) - Entities owned by the controlling shareholders - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Lease Services
Related Party Transaction [Line Items]
Lease payments made to entities	$ 1	$ 1
Charter Aircraft | Maximum
Related Party Transaction [Line Items]
Aircraft expenses (less than)	$ 1	$ 1

RELATED PERSON TRANSACTIONS - C

RELATED PERSON TRANSACTIONS - Cunningham Broadcasting Corporation (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)renewal	Mar. 31, 2020USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Consolidated total debt	$ 12,540
Total revenues	1,511	$ 1,609
Consolidated VIEs
Related Party Transaction [Line Items]
Consolidated total debt	$ 15		$ 16
Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Agreement renewal period	8 years
Right to acquire capital stock	100.00%
Total payments made under the LMA excluded from liabilities	$ 55		54
Remaining purchase price	54		54
Purchase options, broadcast stations	0.2
Proceeds from sale of master control equipment	1
Annual revenue from master control services	0.2
Annual revenue for share service	1
Affiliated Entity | Cunningham | Consolidated VIEs
Related Party Transaction [Line Items]
Consolidated total debt	8
Deferred financing costs	$ 0.3
Affiliated Entity | Cunningham | LMA
Related Party Transaction [Line Items]
Number of additional renewal terms | renewal	2
Agreement renewal period	5 years
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
Annual increase in aggregate purchase price	6.00%
Lease payments made to entities	$ 3	2
Cunningham license related assets | Cunningham
Related Party Transaction [Line Items]
Total revenues	36	$ 39
Guarantee Obligations
Related Party Transaction [Line Items]
Unconditional and irrevocably guaranteed debt	48		$ 49
Guarantee Obligations | Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Unconditional and irrevocably guaranteed debt	$ 40

RELATED PERSON TRANSACTIONS - A

RELATED PERSON TRANSACTIONS - Atlantic Automotive Corporation (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Atlantic Automotive Corporation | Affiliated Entity | Advertising time
Related Party Transaction [Line Items]
Amount received	$ 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, 2021	Mar. 31, 2020
Entities owned by the controlling shareholders | Lease Services
Related Party Transaction [Line Items]
Amount received	$ 0.2	$ 0.3

RELATED PERSON TRANSACTIONS - E

RELATED PERSON TRANSACTIONS - Equity Method Investees (Details) $ in Millions	1 Months Ended	3 Months Ended
	Aug. 31, 2019renewal	Mar. 31, 2021USD ($)	Mar. 31, 2020USD ($)
Sports marketing company
Related Party Transaction [Line Items]
Marketing services		$ 3
YES Network
Related Party Transaction [Line Items]
Number of renewal terms | renewal	2
Renewal period	2 years
Management service fee		1	$ 1
Mobile Trucks
Related Party Transaction [Line Items]
Amount paid		$ 8	$ 7

RELATED PERSON TRANSACTIONS - S

RELATED PERSON TRANSACTIONS - Sports Programming Rights (Details) $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)professional_team	Mar. 31, 2020USD ($)
Related Party Transaction [Line Items]
Sports programming rights payments	$ 607	$ 612
Sports Teams Affiliates | RSNs
Related Party Transaction [Line Items]
Sports programming rights payments	$ 120	$ 70
Number of sports rights agreements assumed | professional_team	6

RELATED PERSON TRANSACTIONS -_2

RELATED PERSON TRANSACTIONS - Employees (Details) - Employee - Affiliated Entity - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Jason Smith
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.1	$ 0.1
Jason Smith | Restricted Stock
Related Party Transaction [Line Items]
Granted (in shares)	2,239	355
Vesting period	2 years	2 years
Amberly Thompson
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.1	$ 0.1
Edward Kim
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.1

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Carrying Value and Fair Value of Notes and Debentures (Details) - USD ($) $ / shares in Units, $ in Millions	Nov. 18, 2020	Mar. 31, 2021	Dec. 31, 2020
FAIR VALUE MEASUREMENTS:
Investments in equity securities		$ 88	$ 68
Debt discount and deferred financing costs		176	183
Level 1 | Carrying Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities		88	68
Deferred compensation assets		46	42
Deferred compensation liabilities		38	36
Level 1 | Fair Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities		88	68
Deferred compensation assets		46	42
Deferred compensation liabilities		38	36
Level 2 | Carrying Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		16	17
Level 2 | Carrying Value | Debt of non-media subsidiaries
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		17	17
Level 2 | Fair Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		16	17
Level 2 | Fair Value | Debt of non-media subsidiaries
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		17	17
Level 3 | Carrying Value | Options and Warrants
FAIR VALUE MEASUREMENTS:
Options and warrants		435	332
Level 3 | Fair Value | Options and Warrants
FAIR VALUE MEASUREMENTS:
Options and warrants		$ 435	332
Senior Notes | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		5.875%
Senior Notes | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		5.125%
Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		4.125%
Senior Notes | STG 5.500% Unsecured Notes
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		5.50%
Senior Notes | DSG 12.750% Secured Notes Due 2026
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		12.75%
Senior Notes | DSG 6.625% Unsecured Notes
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		6.625%
Senior Notes | DSG 5.375% Secured Notes
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		5.375%
Senior Notes | Level 2 | Carrying Value | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		$ 348	348
Senior Notes | Level 2 | Carrying Value | 5.500% Senior Unsecured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		500	500
Senior Notes | Level 2 | Carrying Value | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		400	400
Senior Notes | Level 2 | Carrying Value | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		750	750
Senior Notes | Level 2 | Carrying Value | 12.750% Senior Secured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		31	31
Senior Notes | Level 2 | Carrying Value | 6.625% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		1,744	1,744
Senior Notes | Level 2 | Carrying Value | 5.375% Senior Secured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		3,050	3,050
Senior Notes | Level 2 | Fair Value | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		356	358
Senior Notes | Level 2 | Fair Value | 5.500% Senior Unsecured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		487	520
Senior Notes | Level 2 | Fair Value | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		391	408
Senior Notes | Level 2 | Fair Value | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		723	770
Senior Notes | Level 2 | Fair Value | 12.750% Senior Secured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		27	28
Senior Notes | Level 2 | Fair Value | 6.625% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		921	1,056
Senior Notes | Level 2 | Fair Value | 5.375% Senior Secured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		2,196	2,483
Term Loan | Level 2 | Carrying Value | Term Loan B
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		1,119	1,119
Term Loan | Level 2 | Carrying Value | Term Loan B-2
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		1,281	1,284
Term Loan | Level 2 | Carrying Value | Term Loan
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		3,251	3,259
Term Loan | Level 2 | Fair Value | Term Loan B
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		1,107	1,107
Term Loan | Level 2 | Fair Value | Term Loan B-2
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		1,258	1,264
Term Loan | Level 2 | Fair Value | Term Loan
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		2,243	2,884
Line of Credit Facility | Level 2 | Carrying Value | A/R Facility
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		173	177
Line of Credit Facility | Level 2 | Fair Value | A/R Facility
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		173	177
STG Money Market Funds | Level 1 | Carrying Value
FAIR VALUE MEASUREMENTS:
Money market funds		495	448
STG Money Market Funds | Level 1 | Fair Value
FAIR VALUE MEASUREMENTS:
Money market funds		495	448
DSG Money Market Funds | Level 1 | Carrying Value
FAIR VALUE MEASUREMENTS:
Money market funds		160	292
DSG Money Market Funds | Level 1 | Fair Value
FAIR VALUE MEASUREMENTS:
Money market funds		$ 160	$ 292
Bally's
FAIR VALUE MEASUREMENTS:
Option purchase price, minimum	$ 30
Option purchase price, maximum	$ 45
Precluded from owning more than percentage	4.90%
Bally's | Options and Warrants
FAIR VALUE MEASUREMENTS:
Discount for lack of marketability		0.25
Measurement adjustments		$ 103

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Level 3 Activity (Details) - Level 3 - Options and Warrants - Carrying Value $ in Millions	3 Months Ended
	Mar. 31, 2021USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
December 31, 2020	$ 332
44286	$ 435

CONDENSED CONSOLIDATING FINAN_3

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Narrative (Details) $ in Millions	Mar. 31, 2021USD ($)
Debt Instrument [Line Items]
Consolidated total debt	$ 12,540
Subsidiary Issuer
Debt Instrument [Line Items]
Consolidated total debt	4,401
Amount of debt guaranteed by parent	$ 4,363
4.125% Senior Secured Notes due 2030 | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	4.125%
5.500% Senior Unsecured Notes | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.50%
5.500% Senior Unsecured Notes | Sinclair Television Group, Inc. | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	5.50%
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%
5.125% 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%

CONDENSED CONSOLIDATING FINAN_4

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Thousands		Mar. 31, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		$ 941,000	$ 1,259,000
Accounts receivable, net		1,058,000	1,060,000
Other current assets		971,000	898,000
Total current assets		2,970,000	3,217,000
Property and equipment, net		804,000	823,000
Investment in equity of consolidated subsidiaries		0	0
Restricted cash		4,000	3,000
Goodwill		2,091,000	2,092,000
Indefinite-lived intangible assets		150,000	171,000
Definite-lived intangible assets, net		5,500,000	5,624,000
Other long-term assets		1,613,000	1,452,000
Total assets	[1]	13,132,000	13,382,000
Accounts payable and accrued liabilities		469,000	533,000
Current portion of long-term debt		58,000	58,000
Other current liabilities		395,000	443,000
Total current liabilities		922,000	1,034,000
Long-term debt		12,482,000	12,493,000
Investment in deficit of consolidated subsidiaries		0	0
Other long-term liabilities		726,000	850,000
Total liabilities	[1]	14,130,000	14,377,000
Redeemable noncontrolling interests		188,000	190,000
Total Sinclair Broadcast Group (deficit) equity		(1,279,000)	(1,274,000)
Noncontrolling interests in consolidated subsidiaries		93,000	89,000
Total liabilities, redeemable noncontrolling interests, and deficit		13,132,000	13,382,000
Reportable legal entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		0	0
Accounts receivable, net		0	0
Other current assets		4,000	7,000
Total current assets		4,000	7,000
Property and equipment, net		1,000	1,000
Investment in equity of consolidated subsidiaries		528,000	430,000
Restricted cash		0	0
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets, net		0	0
Other long-term assets		180,000	139,000
Total assets		713,000	577,000
Accounts payable and accrued liabilities		22,000	19,000
Current portion of long-term debt		0	0
Other current liabilities		1,000	1,000
Total current liabilities		23,000	20,000
Long-term debt		700,000	700,000
Investment in deficit of consolidated subsidiaries		1,256,000	1,118,000
Other long-term liabilities		12,000	12,000
Total liabilities		1,991,000	1,850,000
Redeemable noncontrolling interests		0	0
Total Sinclair Broadcast Group (deficit) equity		(1,278,000)	(1,273,000)
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities, redeemable noncontrolling interests, and deficit		713,000	577,000
Reportable legal entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		504,000	458,000
Accounts receivable, net		0	0
Other current assets		54,000	46,000
Total current assets		558,000	504,000
Property and equipment, net		31,000	33,000
Investment in equity of consolidated subsidiaries		3,519,000	3,549,000
Restricted cash		0	0
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets, net		0	0
Other long-term assets		1,720,000	1,718,000
Total assets		5,828,000	5,804,000
Accounts payable and accrued liabilities		138,000	70,000
Current portion of long-term debt		13,000	13,000
Other current liabilities		1,000	2,000
Total current liabilities		152,000	85,000
Long-term debt		4,335,000	4,337,000
Investment in deficit of consolidated subsidiaries		0	0
Other long-term liabilities		115,000	121,000
Total liabilities		4,602,000	4,543,000
Redeemable noncontrolling interests		0	0
Total Sinclair Broadcast Group (deficit) equity		1,226,000	1,261,000
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities, redeemable noncontrolling interests, and deficit		5,828,000	5,804,000
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		4,000	0
Accounts receivable, net		546,000	558,000
Other current assets		389,000	372,000
Total current assets		939,000	930,000
Property and equipment, net		691,000	706,000
Investment in equity of consolidated subsidiaries		0	0
Restricted cash		1,000	0
Goodwill		2,081,000	2,082,000
Indefinite-lived intangible assets		136,000	156,000
Definite-lived intangible assets, net		1,224,000	1,256,000
Other long-term assets		271,000	280,000
Total assets		5,343,000	5,410,000
Accounts payable and accrued liabilities		206,000	247,000
Current portion of long-term debt		5,000	5,000
Other current liabilities		121,000	134,000
Total current liabilities		332,000	386,000
Long-term debt		32,000	33,000
Investment in deficit of consolidated subsidiaries		0	0
Other long-term liabilities		1,462,000	1,445,000
Total liabilities		1,826,000	1,864,000
Redeemable noncontrolling interests		0	0
Total Sinclair Broadcast Group (deficit) equity		3,517,000	3,546,000
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities, redeemable noncontrolling interests, and deficit		5,343,000	5,410,000
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		433,000	801,000
Accounts receivable, net		512,000	502,000
Other current assets		597,000	560,000
Total current assets		1,542,000	1,863,000
Property and equipment, net		106,000	109,000
Investment in equity of consolidated subsidiaries		0	0
Restricted cash		3,000	3,000
Goodwill		10,000	10,000
Indefinite-lived intangible assets		14,000	15,000
Definite-lived intangible assets, net		4,316,000	4,409,000
Other long-term assets		1,701,000	1,569,000
Total assets		7,692,000	7,978,000
Accounts payable and accrued liabilities		176,000	284,000
Current portion of long-term debt		41,000	41,000
Other current liabilities		272,000	306,000
Total current liabilities		489,000	631,000
Long-term debt		8,448,000	8,460,000
Investment in deficit of consolidated subsidiaries		0	0
Other long-term liabilities		585,000	710,000
Total liabilities		9,522,000	9,801,000
Redeemable noncontrolling interests		188,000	190,000
Total Sinclair Broadcast Group (deficit) equity		(2,107,000)	(2,098,000)
Noncontrolling interests in consolidated subsidiaries		89,000	85,000
Total liabilities, redeemable noncontrolling interests, and deficit		7,692,000	7,978,000
Eliminations
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		0	0
Accounts receivable, net		0	0
Other current assets		(73,000)	(87,000)
Total current assets		(73,000)	(87,000)
Property and equipment, net		(25,000)	(26,000)
Investment in equity of consolidated subsidiaries		(4,047,000)	(3,979,000)
Restricted cash		0	0
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets, net		(40,000)	(41,000)
Other long-term assets		(2,259,000)	(2,254,000)
Total assets		(6,444,000)	(6,387,000)
Accounts payable and accrued liabilities		(73,000)	(87,000)
Current portion of long-term debt		(1,000)	(1,000)
Other current liabilities		0	0
Total current liabilities		(74,000)	(88,000)
Long-term debt		(1,033,000)	(1,037,000)
Investment in deficit of consolidated subsidiaries		(1,256,000)	(1,118,000)
Other long-term liabilities		(1,448,000)	(1,438,000)
Total liabilities		(3,811,000)	(3,681,000)
Redeemable noncontrolling interests		0	0
Total Sinclair Broadcast Group (deficit) equity		(2,637,000)	(2,710,000)
Noncontrolling interests in consolidated subsidiaries		4,000	4,000
Total liabilities, redeemable noncontrolling interests, and deficit		$ (6,444,000)	$ (6,387,000)
[1]	Our consolidated total assets as of March 31, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $241 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of March 31, 2021 and December 31, 2020 include total liabilities of VIEs of $57 million and $60 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 9. Variable Interest Entities .

CONDENSED CONSOLIDATING FINAN_5

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Operations and Comprehensive Income (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	$ 1,511	$ 1,609
Media programming and production expenses	1,023	828
Selling, general and administrative expenses	274	259
Depreciation, amortization and other operating expenses	179	195
Total operating expenses	1,476	1,282
Operating income	35	327
Equity in (loss) earnings of consolidated subsidiaries	0	0
Interest expense	(151)	(180)
Other income (expense)	133	(8)
Total other expense, net	(18)	(188)
Income tax benefit (provision)	9	12
NET INCOME	26	151
Net income attributable to the redeemable noncontrolling interests	(4)	(20)
Net income attributable to the noncontrolling interests	(34)	(8)
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(12)	123
Comprehensive income	34	151
Reportable legal entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	0	0
Media programming and production expenses	0	0
Selling, general and administrative expenses	3	3
Depreciation, amortization and other operating expenses	0	0
Total operating expenses	3	3
Operating income	(3)	(3)
Equity in (loss) earnings of consolidated subsidiaries	(45)	129
Interest expense	(3)	(3)
Other income (expense)	20	(2)
Total other expense, net	(28)	124
Income tax benefit (provision)	19	2
NET INCOME	(12)	123
Net income attributable to the redeemable noncontrolling interests	0	0
Net income attributable to the noncontrolling interests	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(12)	123
Comprehensive income	(12)	123
Reportable legal entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	27	24
Media programming and production expenses	1	0
Selling, general and administrative expenses	58	44
Depreciation, amortization and other operating expenses	2	1
Total operating expenses	61	45
Operating income	(34)	(21)
Equity in (loss) earnings of consolidated subsidiaries	88	173
Interest expense	(42)	(55)
Other income (expense)	5	(2)
Total other expense, net	51	116
Income tax benefit (provision)	7	29
NET INCOME	24	124
Net income attributable to the redeemable noncontrolling interests	0	0
Net income attributable to the noncontrolling interests	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	24	124
Comprehensive income	24	124
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	705	739
Media programming and production expenses	348	328
Selling, general and administrative expenses	166	168
Depreciation, amortization and other operating expenses	74	51
Total operating expenses	588	547
Operating income	117	192
Equity in (loss) earnings of consolidated subsidiaries	0	0
Interest expense	(1)	(1)
Other income (expense)	(12)	(9)
Total other expense, net	(13)	(10)
Income tax benefit (provision)	(15)	(6)
NET INCOME	89	176
Net income attributable to the redeemable noncontrolling interests	0	0
Net income attributable to the noncontrolling interests	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	89	176
Comprehensive income	89	176
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	818	893
Media programming and production expenses	684	516
Selling, general and administrative expenses	74	67
Depreciation, amortization and other operating expenses	105	147
Total operating expenses	863	730
Operating income	(45)	163
Equity in (loss) earnings of consolidated subsidiaries	0	0
Interest expense	(111)	(127)
Other income (expense)	123	8
Total other expense, net	12	(119)
Income tax benefit (provision)	(2)	(13)
NET INCOME	(35)	31
Net income attributable to the redeemable noncontrolling interests	(4)	(20)
Net income attributable to the noncontrolling interests	(34)	(8)
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(73)	3
Comprehensive income	(27)	31
Eliminations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	(39)	(47)
Media programming and production expenses	(10)	(16)
Selling, general and administrative expenses	(27)	(23)
Depreciation, amortization and other operating expenses	(2)	(4)
Total operating expenses	(39)	(43)
Operating income	0	(4)
Equity in (loss) earnings of consolidated subsidiaries	(43)	(302)
Interest expense	6	6
Other income (expense)	(3)	(3)
Total other expense, net	(40)	(299)
Income tax benefit (provision)	0	0
NET INCOME	(40)	(303)
Net income attributable to the redeemable noncontrolling interests	0	0
Net income attributable to the noncontrolling interests	0	0
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(40)	(303)
Comprehensive income	$ (40)	$ (303)

CONDENSED CONSOLIDATING FINAN_6

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Cash Flows (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES	$ (206)	$ (39)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(20)	(46)
Acquisition of businesses, net of cash acquired	(2)	0
Spectrum repack reimbursements	14	24
Proceeds from sale of assets	28	18
Purchases of investments	(49)	(25)
Other, net	3	6
Net cash flows used in investing activities	(26)	(23)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	6	873
Repayments of notes payable, commercial bank financing and finance leases	(26)	(20)
Repurchase of outstanding Class A Common Stock	0	(176)
Dividends paid on Class A and Class B Common Stock	(15)	(18)
Dividends paid on redeemable subsidiary preferred equity	(4)	0
Redemption of redeemable subsidiary preferred equity	0	(198)
Distributions to noncontrolling interests, net	(30)	(3)
Distributions to redeemable noncontrolling interests	(2)	(378)
Increase (decrease) in intercompany payables	0	0
Other, net	(14)	(9)
Net cash flows (used in) from financing activities	(85)	71
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(317)	9
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	1,262	1,333
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	945	1,342
Reportable legal entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES	(18)	(115)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	0	0
Acquisition of businesses, net of cash acquired	0
Spectrum repack reimbursements	0	0
Proceeds from sale of assets	0	0
Purchases of investments	(2)	(1)
Other, net	0	1
Net cash flows used in investing activities	(2)	0
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	0	0
Repayments of notes payable, commercial bank financing and finance leases	0	0
Repurchase of outstanding Class A Common Stock		(176)
Dividends paid on Class A and Class B Common Stock	(15)	(18)
Dividends paid on redeemable subsidiary preferred equity	0
Redemption of redeemable subsidiary preferred equity		0
Distributions to noncontrolling interests, net	0	0
Distributions to redeemable noncontrolling interests	0	0
Increase (decrease) in intercompany payables	49	310
Other, net	(14)	(1)
Net cash flows (used in) from financing activities	20	115
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 (USED IN) FROM OPERATING ACTIVITIES	30	(40)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	0	(5)
Acquisition of businesses, net of cash acquired	0
Spectrum repack reimbursements	0	0
Proceeds from sale of assets	0	0
Purchases of investments	(10)	(2)
Other, net	0	0
Net cash flows used in investing activities	(10)	(7)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	0	648
Repayments of notes payable, commercial bank financing and finance leases	(3)	(7)
Repurchase of outstanding Class A Common Stock		0
Dividends paid on Class A and Class B Common Stock	0	0
Dividends paid on redeemable subsidiary preferred equity	0
Redemption of redeemable subsidiary preferred equity		0
Distributions to noncontrolling interests, net	0	0
Distributions to redeemable noncontrolling interests	0	0
Increase (decrease) in intercompany payables	29	(111)
Other, net	0	0
Net cash flows (used in) from financing activities	26	530
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	46	483
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	458	357
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	504	840
Reportable legal entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES	113	154
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(14)	(41)
Acquisition of businesses, net of cash acquired	(2)
Spectrum repack reimbursements	14	24
Proceeds from sale of assets	28	18
Purchases of investments	(13)	(12)
Other, net	(1)	0
Net cash flows used in investing activities	12	(11)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	0	0
Repayments of notes payable, commercial bank financing and finance leases	(2)	(1)
Repurchase of outstanding Class A Common Stock		0
Dividends paid on Class A and Class B Common Stock	0	0
Dividends paid on redeemable subsidiary preferred equity	0
Redemption of redeemable subsidiary preferred equity		0
Distributions to noncontrolling interests, net	0	0
Distributions to redeemable noncontrolling interests	0	0
Increase (decrease) in intercompany payables	(118)	(142)
Other, net	0	0
Net cash flows (used in) from financing activities	(120)	(143)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	5	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	0	3
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	5	3
Reportable legal entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES	(332)	(37)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	(7)	(4)
Acquisition of businesses, net of cash acquired	0
Spectrum repack reimbursements	0	0
Proceeds from sale of assets	0	0
Purchases of investments	(24)	(10)
Other, net	4	5
Net cash flows used in investing activities	(27)	(9)
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	6	225
Repayments of notes payable, commercial bank financing and finance leases	(21)	(12)
Repurchase of outstanding Class A Common Stock		0
Dividends paid on Class A and Class B Common Stock	0	0
Dividends paid on redeemable subsidiary preferred equity	(4)
Redemption of redeemable subsidiary preferred equity		(198)
Distributions to noncontrolling interests, net	(30)	(3)
Distributions to redeemable noncontrolling interests	(2)	(378)
Increase (decrease) in intercompany payables	42	(54)
Other, net	0	(8)
Net cash flows (used in) from financing activities	(9)	(428)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(368)	(474)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	804	973
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	436	499
Eliminations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES	1	(1)
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment	1	4
Acquisition of businesses, net of cash acquired	0
Spectrum repack reimbursements	0	0
Proceeds from sale of assets	0	0
Purchases of investments	0	0
Other, net	0	0
Net cash flows used in investing activities	1	4
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	0	0
Repayments of notes payable, commercial bank financing and finance leases	0	0
Repurchase of outstanding Class A Common Stock		0
Dividends paid on Class A and Class B Common Stock	0	0
Dividends paid on redeemable subsidiary preferred equity	0
Redemption of redeemable subsidiary preferred equity		0
Distributions to noncontrolling interests, net	0	0
Distributions to redeemable noncontrolling interests	0	0
Increase (decrease) in intercompany payables	(2)	(3)
Other, net	0	0
Net cash flows (used in) from financing activities	(2)	(3)
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