Sinclair Broadcast (SBGI) 10-Q 9 Nov 21 2021 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2021	Nov. 04, 2021
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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	Q3
Amendment Flag	false
Class A Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		51,763,251
Class B Common Stock
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		23,775,056

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 1,058	$ 1,259
Accounts receivable, net of allowance for doubtful accounts of $7 and $5, respectively		1,174	1,060
Income taxes receivable		273	230
Prepaid sports rights		81	498
Prepaid expenses and other current assets		206	170
Total current assets		2,792	3,217
Property and equipment, net		785	823
Operating lease assets		177	197
Deferred tax assets		293	197
Restricted cash		3	3
Goodwill		2,088	2,092
Indefinite-lived intangible assets		150	171
Definite-lived intangible assets, net		5,199	5,624
Other assets		1,358	1,058
Total assets	[1]	12,845	13,382
Current liabilities:
Accounts payable and accrued liabilities		624	533
Current portion of notes payable, finance leases, and commercial bank financing		66	58
Current portion of operating lease liabilities		27	34
Current portion of program contracts payable		116	92
Other current liabilities		307	317
Total current liabilities		1,140	1,034
Notes payable, finance leases, and commercial bank financing, less current portion		12,464	12,493
Operating lease liabilities, less current portion		185	198
Program contracts payable, less current portion		25	30
Other long-term liabilities		397	622
Total liabilities	[1]	14,211	14,377
Commitments and contingencies (See Note 6)
Redeemable noncontrolling interests		194	190
Shareholders' equity:
Additional paid-in capital		747	721
Accumulated deficit		(2,357)	(1,986)
Accumulated other comprehensive loss		(4)	(10)
Total Sinclair Broadcast Group shareholders’ deficit		(1,613)	(1,274)
Noncontrolling interests		53	89
Total deficit		(1,560)	(1,185)
Total liabilities, redeemable noncontrolling interests, and deficit		12,845	13,382
Class A Common Stock
Shareholders' equity:
Common Stock		1	1
Class B Common Stock
Shareholders' equity:
Common Stock		0	0
Customer relationships, net
Current assets:
Definite-lived intangible assets, net		3,994	4,286
Other definite-lived intangible assets, net
Current assets:
Definite-lived intangible assets, net		$ 1,205	$ 1,338
[1]	Our consolidated total assets as of September 30, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $214 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2021 and December 31, 2020 include total liabilities of VIEs of $83 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		Sep. 30, 2021	Dec. 31, 2020
Accounts receivable, allowance for doubtful accounts		$ 7	$ 5
Assets	[1]	12,845	13,382
Liabilities	[1]	14,211	14,377
Consolidated VIEs
Assets		214	233
Liabilities		96	76
Consolidated VIEs | Nonrecourse
Liabilities		$ 83	$ 60
Class A Common Stock
Common Stock, par value (in USD per share)		$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)		500,000,000	500,000,000
Common Stock, shares issued (in shares)		51,710,632	49,252,671
Common Stock, shares outstanding (in shares)		51,710,632	49,252,671
Class B Common Stock
Common Stock, par value (in USD per share)		$ 0.01	$ 0.01
Common Stock, shares authorized (in shares)		140,000,000	140,000,000
Common Stock, shares issued (in shares)		23,775,056	24,727,682
Common Stock, shares outstanding (in shares)		23,775,056	24,727,682
[1]	Our consolidated total assets as of September 30, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $214 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2021 and December 31, 2020 include total liabilities of VIEs of $83 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUES:
Revenue	$ 1,535	$ 1,539	$ 4,658	$ 4,431
OPERATING EXPENSES:
Media programming and production expenses	1,022	1,077	3,390	2,288
Media selling, general and administrative expenses	228	212	675	608
Amortization of program contract costs	22	19	67	63
Non-media expenses	11	18	42	69
Depreciation of property and equipment	28	25	84	75
Corporate general and administrative expenses	35	30	132	111
Amortization of definite-lived intangible and other assets	120	149	364	449
Impairment of goodwill and definite-lived intangible assets	0	4,264	0	4,264
Gain on asset dispositions and other, net of impairment	(4)	(39)	(26)	(99)
Total operating expenses	1,462	5,755	4,728	7,828
Operating income (loss)	73	(4,216)	(70)	(3,397)
OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred financing costs	(155)	(157)	(466)	(502)
Gain on extinguishment of debt	0	0	0	5
Income (loss) from equity method investments	12	(10)	23	(23)
Other (expense) income, net	(4)	169	59	169
Total other (expense) income, net	(147)	2	(384)	(351)
Loss before income taxes	(74)	(4,214)	(454)	(3,748)
INCOME TAX BENEFIT	91	847	169	805
NET INCOME (LOSS)	17	(3,367)	(285)	(2,943)
Net income attributable to the redeemable noncontrolling interests	(4)	(19)	(13)	(51)
Net loss (income) attributable to the noncontrolling interests	6	130	(27)	113
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	$ 19	$ (3,256)	$ (325)	$ (2,881)
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:
Basic earnings (loss) per share (in USD per share)	$ 0.25	$ (43.53)	$ (4.33)	$ (35.17)
Diluted earnings (loss) per share (in USD per share)	$ 0.25	$ (43.53)	$ (4.33)	$ (35.17)
Basic weighted average common shares outstanding (in shares)	75,472	74,810	75,068	81,922
Diluted weighted average common and common equivalent shares outstanding (in shares)	75,516	74,810	75,068	81,922
Media revenues
REVENUES:
Revenue	$ 1,526	$ 1,519	$ 4,623	$ 4,353
Non-media revenues
REVENUES:
Revenue	$ 9	$ 20	$ 35	$ 78

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 17	$ (3,367)	$ (285)	$ (2,943)
Share of other comprehensive income (loss) of equity method investments	1	0	6	(9)
Comprehensive income (loss)	18	(3,367)	(279)	(2,952)
Comprehensive income attributable to the redeemable noncontrolling interests	(4)	(19)	(13)	(51)
Comprehensive loss (income) attributable to the noncontrolling interests	6	130	(27)	113
Comprehensive income (loss) attributable to Sinclair Broadcast Group	$ 20	$ (3,256)	$ (319)	$ (2,890)

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($) $ in Millions	Total	Additional Paid-In Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Class A Common Stock	Class A Common StockCommon Stock	Class B Common Stock	Class B Common StockCommon Stock
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2019	$ 1,078
Increase (Decrease) in Temporary Equity
Noncontrolling interests issued	22
Distributions to noncontrolling interests, net	(32)
Distributions to redeemable noncontrolling interests	(378)
Redemption of redeemable subsidiary preferred equity, net of fees	(547)
Net income (loss)	51
Redeemable noncontrolling interest, ending balance at Sep. 30, 2020	194
Beginning balance (in 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 declared and paid on Class A and Class B Common Stock	(49)		(49)
Repurchases of Class A Common Stock (in shares)							(19,418,934)
Repurchases of Class A Common Stock	(343)	(343)
Class A Common Stock issued pursuant to employee benefit plans (in shares)							1,759,674
Class A Common Stock issued pursuant to employee benefit plans	43	43
Distributions to noncontrolling interests, net	(19)				(19)
Other comprehensive income (loss)	(9)			(9)
Net income (loss)	(2,994)		(2,881)		(113)
Ending balance (in shares) at Sep. 30, 2020							49,170,850		24,727,682
Ending balance at Sep. 30, 2020	(1,677)	711	(2,438)	(11)	60		$ 1		$ 0
Redeemable noncontrolling interest, beginning balance at Jun. 30, 2020	510
Increase (Decrease) in Temporary Equity
Noncontrolling interests issued	22
Distributions to noncontrolling interests, net	(7)
Redemption of redeemable subsidiary preferred equity, net of fees	(350)
Net income (loss)	19
Redeemable noncontrolling interest, ending balance at Sep. 30, 2020	194
Beginning balance (in shares) at Jun. 30, 2020							53,342,336		24,727,682
Beginning balance at Jun. 30, 2020	1,811	787	832	(11)	202		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity
Dividends declared and paid on Class A and Class B Common Stock	(14)		(14)
Repurchases of Class A Common Stock (in shares)							(4,274,004)
Repurchases of Class A Common Stock	(82)	(82)
Class A Common Stock issued pursuant to employee benefit plans (in shares)							102,518
Class A Common Stock issued pursuant to employee benefit plans	6	6
Distributions to noncontrolling interests, net	(12)				(12)
Net income (loss)	(3,386)		(3,256)		(130)
Ending balance (in shares) at Sep. 30, 2020							49,170,850		24,727,682
Ending balance at Sep. 30, 2020	(1,677)	711	(2,438)	(11)	60		$ 1		$ 0
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020	190
Increase (Decrease) in Temporary Equity
Distributions to noncontrolling interests, net	(9)
Net income (loss)	13
Redeemable noncontrolling interest, ending balance at Sep. 30, 2021	194
Beginning balance (in 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 declared and paid on Class A and Class B Common Stock	(46)		(46)
Class A Common Stock issued pursuant to employee benefit plans (in shares)							1,505,335
Class A Common Stock issued pursuant to employee benefit plans	26	26
Class B Common Stock converted into Class A Common Stock (in shares)							952,626		(952,626)
Distributions to noncontrolling interests, net	(63)				(63)
Other comprehensive income (loss)	6			6
Net income (loss)	(298)		(325)		27
Ending balance (in shares) at Sep. 30, 2021						51,710,632	51,710,632	23,775,056	23,775,056
Ending balance at Sep. 30, 2021	(1,560)	747	(2,357)	(4)	53		$ 1		$ 0
Redeemable noncontrolling interest, beginning balance at Jun. 30, 2021	190
Increase (Decrease) in Temporary Equity
Net income (loss)	4
Redeemable noncontrolling interest, ending balance at Sep. 30, 2021	194
Beginning balance (in shares) at Jun. 30, 2021							51,616,924		23,775,056
Beginning balance at Jun. 30, 2021	(1,552)	740	(2,360)	(5)	72		$ 1		$ 0
Increase (Decrease) in Stockholders' Equity
Dividends declared and paid on Class A and Class B Common Stock	(16)		(16)
Class A Common Stock issued pursuant to employee benefit plans (in shares)							93,708
Class A Common Stock issued pursuant to employee benefit plans	7	7
Distributions to noncontrolling interests, net	(13)				(13)
Other comprehensive income (loss)	1			1
Net income (loss)	13		19		(6)
Ending balance (in shares) at Sep. 30, 2021						51,710,632	51,710,632	23,775,056	23,775,056
Ending balance at Sep. 30, 2021	$ (1,560)	$ 747	$ (2,357)	$ (4)	$ 53		$ 1		$ 0

CONSOLIDATED STATEMENTS OF EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Class A Common Stock
Dividends declared per share (in USD per share)	$ 0.20	$ 0.20	$ 0.60	$ 0.60
Dividends paid per share (in USD per share)	0.20	0.20	0.60	0.60
Class B Common Stock
Dividends declared per share (in USD per share)	0.20	0.20	0.60	0.60
Dividends paid per share (in USD per share)	$ 0.20	$ 0.20	$ 0.60	$ 0.60

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (285)	$ (2,943)
Adjustments to reconcile net loss to net cash flows from operating activities:
Impairment of goodwill and definite-lived intangible assets	0	4,264
Amortization of sports programming rights	1,912	1,028
Amortization of definite-lived intangible and other assets	364	449
Depreciation of property and equipment	84	75
Amortization of program contract costs	67	63
Stock-based compensation	52	39
Deferred tax benefit	(92)	(660)
Gain on asset dispositions and other, net of impairment	(24)	(101)
(Income) loss from equity method investments	(23)	23
(Income) loss from investments	(55)	5
Distributions from investments	27	26
Sports programming rights payments	(1,338)	(1,124)
Rebate payments to distributors	(202)	0
Gain on extinguishment of debt	0	(5)
Measurement adjustment loss (gain) on variable payment obligations	4	(168)
Change in assets and liabilities, net of acquisitions:
(Increase) decrease in accounts receivable	(116)	24
(Increase) decrease in prepaid expenses and other current assets	(130)	4
Increase (decrease) in accounts payable and accrued and other current liabilities	80	(106)
Net change in net income taxes payable/receivable	(42)	(145)
Decrease in program contracts payable	(77)	(70)
Increase in other long-term liabilities	1	120
Other, net	28	41
Net cash flows from operating activities	235	839
CASH FLOWS USED IN INVESTING ACTIVITIES:
Acquisition of property and equipment	(62)	(130)
Spectrum repack reimbursements	22	72
Proceeds from sale of assets	43	36
Purchases of investments	(244)	(85)
Other, net	10	9
Net cash flows used in investing activities	(231)	(98)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	357	947
Repayments of notes payable, commercial bank financing and finance leases	(400)	(945)
Repurchase of outstanding Class A Common Stock	0	(343)
Dividends paid on Class A and Class B Common Stock	(46)	(49)
Dividends paid on redeemable subsidiary preferred equity	(4)	(32)
Redemption of redeemable subsidiary preferred equity	0	(547)
Distributions to noncontrolling interests, net	(63)	(19)
Distributions to redeemable noncontrolling interests	(5)	(378)
Other, net	(44)	(75)
Net cash flows used in financing activities	(205)	(1,441)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(201)	(700)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	1,262	1,333
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$ 1,061	$ 633

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 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 September 30, 2021, we had two reportable segments for accounting purposes, broadcast and local sports. The broadcast segment consists primarily of our 185 broadcast television stations in 86 markets, which we own, provide programming and operating services pursuant to agreements commonly referred to as local marketing agreements (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 632 channels as of September 30, 2021. For the purpose of this report, these 185 stations and 632 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 and nine months ended September 30, 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. 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 programming syndicators for the rights to television programming over contract periods, which generally run from one The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management’s expectation of future advertising revenues, net of sales commissions, to be generated by the program material. We assess our program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value. 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. On March 12, 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 was 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. The actual amount of rebates to be received will vary depending on changes in the final game counts of each league's 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 nine months ended September 30, 2020. Leased assets obtained in exchange for new operating lease liabilities were $11 million and $10 million during the nine months ended September 30, 2021 and 2020, respectively. Non-cash transactions related to sports rights were $22 million during the nine months ended September 30, 2020. During the nine months ended September 30, 2021, we received preferred shares in an investment valued at $6 million in exchange for an equivalent value of advertising spots. Revenue Recognition The following table presents our revenue disaggregated by type and segment (in millions): For the three months ended September 30, 2021 Broadcast Local sports Other Eliminations Total Distribution revenue $ 372 $ 633 $ 48 $ — $ 1,053 Advertising revenue 283 118 55 (10) 446 Other media, non-media, and intercompany revenues 46 8 14 (32) 36 Total revenues $ 701 $ 759 $ 117 $ (42) $ 1,535 For the three months ended September 30, 2020 Broadcast Local sports Other Eliminations Total Distribution revenue $ 356 $ 597 $ 50 $ — $ 1,003 Advertising revenue 344 124 31 1 500 Other media, non-media, and intercompany revenues 34 6 24 (28) 36 Total revenues $ 734 $ 727 $ 105 $ (27) $ 1,539 For the nine months ended September 30, 2021 Broadcast Local sports Other Eliminations Total Distribution revenue $ 1,096 $ 1,997 $ 147 $ — $ 3,240 Advertising revenue 830 345 149 (16) 1,308 Other media, non-media, and intercompany revenues 127 23 49 (89) 110 Total revenues $ 2,053 $ 2,365 $ 345 $ (105) $ 4,658 For the nine months ended September 30, 2020 Broadcast Local sports Other Eliminations Total Distribution revenue $ 1,059 $ 1,959 $ 150 $ — $ 3,168 Advertising revenue 861 182 92 — 1,135 Other media, non-media, and intercompany revenues 106 14 96 (88) 128 Total revenues $ 2,026 $ 2,155 $ 338 $ (88) $ 4,431 Distribution Revenue. We have agreements with multi-channel video programming distributors (MVPDs) and virtual MVPDs (vMVPDs), and together with MVPDs, "Distributors". We generate distribution revenue through fees received from these 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 the first and third quarters 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 Distributors. Accrued rebates as of September 30, 2021 and December 31, 2020 were $201 million and $420 million, respectively. The decrease in accrued rebates during the nine months ended September 30, 2021 includes $202 million of payments and $17 million of adjustments related to rebates accrued in 2020 due primarily to changes in estimated game counts. As of September 30, 2021, all rebates are reflected in other current liabilities in our consolidated balance sheets. We expect these rebates to be paid during 2021 and 2022 . There were no new rebates accrued during the nine months ended September 30, 2021 that related to the 2020-2021 seasons, as we do not expect to be in a shortfall position in 2021. 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 $230 million and $233 million as of September 30, 2021 and December 31, 2020, respectively, of which $169 million and $184 million, respectively, was reflected in other long-term liabilities in our consolidated balance sheets. Deferred revenue recognized during the nine months ended September 30, 2021 and 2020, included in the deferred revenue balance as of December 31, 2020 and 2019, was $38 million and $45 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 began performing under this arrangement during the nine months ended September 30, 2021. The Company received non-cash consideration initially valued at $199 million which is reflected as a contract liability and recognized as revenue as the performance obligations under the arrangement are satisfied. See Note 3. Other Assets for more information. Income Taxes Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three and nine months ended September 30, 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 and forecasts of future taxable income. In considering these sources of taxable income, we must make certain judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term basis. A valuation allowance has been provided for deferred tax assets related to a substantial portion of our available state net operating loss (NOL) carryforwards, based on past operating results, expected timing of the reversals of existing temporary book/tax basis differences, alternative tax strategies, and projected future taxable income. Our effective income tax rate for the three and nine months ended September 30, 2021 was greater than the statutory rate primarily due to a $39 million release of valuation allowance on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j), and a $38 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%. Our effective income tax rate for the three and nine months ended September 30, 2020 approximated the statutory rate. During the three and nine months ended September 30, 2020, we recorded a $68 million and an $83 million, respectively, discrete benefit as a result of the CARES Act allowing for the estimated 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 the expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities. Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.

ACQUISITIONS AND DISPOSITIONS O

ACQUISITIONS AND DISPOSITIONS OF ASSETS	9 Months Ended
	Sep. 30, 2021
Business Combination and Asset Acquisition [Abstract]
ACQUISITIONS AND DISPOSITIONS OF ASSETS	ACQUISITIONS AND 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 sales price of $28 million. We recorded a gain of $12 million for the nine months ended September 30, 2021, which is included within gain on asset dispositions and other, net of impairment in our consolidated statements of operations. In June 2021, we sold our controlling interest in Triangle Sign & Service, LLC (Triangle) for $12 million. We recognized a gain on the sale of Triangle of $6 million, of which $3 million was attributable to noncontrolling interests, for the nine months ended September 30, 2021. These amounts are included in gain on asset dispositions and other, net of impairment, and net loss (income) attributable to the noncontrolling interests, respectively, in our consolidated statements of operations. In September 2021, we sold four of our radio broadcast stations, KOMO-FM, KOMO-AM, KPLZ-FM and KVI-AM in Seattle, WA, for consideration valued at $13 million. We recorded a gain of $1 million for both the three and nine months ended September 30, 2021, 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. As part of that process, we 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 $3 million and $22 million for the three and nine months ended September 30, 2021, respectively, and $20 million and $72 million for the three and nine months ended September 30, 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 $1 million and $10 million for the three and nine months ended September 30, 2021, respectively, and $13 million and $54 million for the three and nine months ended September 30, 2020, respectively.

OTHER ASSETS

OTHER ASSETS	9 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ASSETS	OTHER ASSETS: Other assets as of September 30, 2021 and December 31, 2020 consisted of the following (in millions): As of September 30, As of December 31, Equity method investments $ 504 $ 451 Other investments 678 450 Post-retirement plan assets 51 44 Other 125 113 Total other assets $ 1,358 $ 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 September 30, 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 or loss generated by the investment is included within income (loss) from equity method investments in our consolidated statements of operations. During the three and nine months ended September 30, 2021, we recorded income of $10 million and $29 million, respectively, and for the three and nine months ended September 30, 2020, we recorded a loss of $3 million and income of $3 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. Additionally, certain investments are measured at net asset value (NAV). As of September 30, 2021 and December 31, 2020, we held $509 million and $400 million, respectively, in investments measured at fair value and $142 million and $24 million, respectively, in investments measured at NAV. We recognized a fair value adjustment loss of $2 million and a fair value adjustment gain of $60 million for the three and nine months ended September 30, 2021, respectively, and losses of $1 million and $3 million for the three and nine months ended September 30, 2020, respectively, associated with these investments, which are reflected in other income, net in our consolidated statements of operations. As of September 30, 2021, our unfunded commitments related to our investments valued using the NAV practical expedient totaled $55 million. Investments accounted for utilizing the measurement alternative were $27 million, net of $7 million of cumulative impairments, as of September 30, 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 any of the three and nine months ended September 30, 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. In April 2021, we made an incremental investment of $93 million in Bally's in the form of non-voting perpetual warrants, convertible into 1.7 million shares of Bally's common stock at an exercise price of $0.01 per share, subject to certain adjustments. These investments are reflected at fair value within our financial statements. See Note 11. Fair Value Measurements for further discussion.

NOTES PAYABLE, FINANCE LEASES,

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING	9 Months Ended
	Sep. 30, 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 September 30, 2021, neither STG nor DSG was subject to the respective financial maintenance covenant under their applicable Bank Credit Agreement. As of September 30, 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 twelve 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 September 30, 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), with an original issuance discount of $4 million, 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%. As of September 30, 2021, the Term Loan B-3 balance, net of debt discount and deferred financing costs, was $733 million. 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 $183 million and $177 million as of September 30, 2021 and December 31, 2020, respectively. Accounts receivable held by DSPV were $243 million and $228 million as of September 30, 2021 and December 31, 2020, respectively. See Note 13. Subsequent Events for discussion related to the modification of this arrangement. 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, among other things, the terms of its agreements with Distributors, OTT and other streaming providers. Primarily as a result of losses of Distributors, increased subscriber churn and the COVID-19 pandemic, DSG has experienced operating losses since the second quarter of 2020 and we expect DSG will continue to incur operating losses in future periods. DSG has taken steps to mitigate the impacts of this uncertainty, including managing their controllable costs, amending their A/R Facility and seeking to modify the terms of some of their commercial and lending agreements. 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 both September 30, 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 $4 million and $6 million as of September 30, 2021 and December 31, 2020, respectively. 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 $44 million and $49 million of debt of certain third parties as of September 30, 2021 and December 31, 2020, respectively, of which $13 million and $16 million, net of deferred financing costs, related to consolidated VIEs that are included in our consolidated balance sheets as of September 30, 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 September 30, 2021, it is not probable that we would have to perform under any of these guarantees.

REDEEMABLE NONCONTROLLING INTER

REDEEMABLE NONCONTROLLING INTERESTS	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 2021 were $4 million and $11 million, respectively, and during the three and nine months ended September 30, 2020 were $7 million and $32 million, respectively, and are reflected in net loss (income) attributable to the 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. Dividends accrued during the three months ended September 30, 2021 and the three months ended June 30, 2021 were paid-in-kind and added to the liquidation preference. Dividends accrued during the three months ended March 31, 2021 were paid in cash in March 2021. The balance of the Redeemable Subsidiary Preferred Equity was $178 million and $170 million, net of issuance costs, as of September 30, 2021 and December 31, 2020. Subsidiary Equity Put Right. A noncontrolling equity holder of one of our subsidiaries has the right to sell their interest to the Company at any time during the 30-day period following September 30, 2025. The value of this redeemable noncontrolling interest was $16 million

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 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 September 30, 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) $ 488 2022 1,697 2023 1,651 2024 1,585 2025 1,450 2026 and thereafter 7,008 Total $ 13,879 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 September 30, 2021 and December 31, 2020, $32 million and $31 million, respectively, was recorded within other current liabilities and $76 million and $97 million, respectively, was recorded within other long-term liabilities in our consolidated balance sheets. Interest expense of $2 million and $5 million was recorded for the three and nine months ended September 30, 2021, respectively, and $2 million and $6 million was recorded for the three and nine months ended September 30, 2020, respectively. 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. As of September 30, 2021 and December 31, 2020, $8 million and $12 million, respectively, was recorded within other current liabilities and $42 million and $41 million, respectively, 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 measurement adjustment losses of $1 million and $4 million for the three and nine months ended September 30, 2021, respectively, and a measurement adjustment gain of $168 million for both the three and nine months ended September 30, 2020, which are reflected in 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 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 a Notice of Apparent Liability for Forfeiture (NAL) issued in December 2017 proposing a $13 million fine for alleged violations of the FCC's sponsorship identification rules by the Company and certain of its subsidiaries, the FCC’s investigation of the allegations raised in the Hearing Designation Order issued in connection with the Company's proposed acquisition of Tribune, and a retransmission related matter. The Company submitted the $48 million payment on August 19, 2020. As part of the consent decree, the Company also agreed to implement a 4-year compliance plan. Two petitions were filed on June 8, 2020 seeking reconsideration of the Order and Consent Decree. The Company filed an opposition to the petitions on June 18, 2020, and the petitions remain pending. On September 1, 2020, one of the individuals who filed a petition for reconsideration of the Order and Consent Decree filed a petition to deny the license renewal application of WBFF(TV), Baltimore, MD, and the license renewal applications of two other Baltimore, MD stations with which the Company has a JSA or LMA, Deerfield Media station WUTB(TV) and Cunningham 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 NAL against the licensees of several stations with whom the Company has LMAs, JSAs, and/or SSAs in response to a complaint regarding those stations’ retransmission consent negotiations. The NAL proposed a $0.5 million penalty for each station, totaling $9 million. The licensees filed a response to the NAL on October 15, 2020, asking the Commission to dismiss the proceeding or, alternatively, to reduce the proposed forfeiture to $25,000 per station. On July 28, 2021, the FCC issued a forfeiture order in which the $0.5 million penalty was upheld for all but one station. The Company is not a party to this forfeiture order; however, our consolidated financial statements include an accrual of additional expenses of $8 million for the above legal matters during the nine months ended September 30, 2021, 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 the Company to any monetary damages or penalties. The Company believes that even if the pacing information was shared as alleged, it would not have impacted any pricing of advertisements or the competitive nature of the market. The consent decree requires the Company to adopt certain antitrust compliance measures, including the appointment of an Antitrust Compliance Officer, consistent with what the DOJ has required in previous consent decrees in other industries. The consent decree also requires the Company's stations not to exchange pacing and certain other information with other stations in their local markets, which the Company’s management 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 Plaintiffs and Defendants have agreed to ask the court to extend the schedule by six months, which would require discovery to be completed by December 30, 2022 and briefing on class certification to be completed by May 15, 2023. The Company believes the lawsuits are without merit and intends to vigorously defend itself against all such claims.

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 Income (Numerator) Net income (loss) $ 17 $ (3,367) $ (285) $ (2,943) Net income attributable to the redeemable noncontrolling interests (4) (19) (13) (51) Net loss (income) attributable to the noncontrolling interests 6 130 (27) 113 Numerator for basic and diluted earnings (loss) per common share available to common shareholders $ 19 $ (3,256) $ (325) $ (2,881) Shares (Denominator) Basic weighted-average common shares outstanding 75,472 74,810 75,068 81,922 Dilutive effect of stock-settled appreciation rights and outstanding stock options 44 — — — Diluted weighted-average common and common equivalent shares outstanding 75,516 74,810 75,068 81,922 The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 1,670 3,456 1,629 3,406

SEGMENT DATA

SEGMENT DATA	9 Months Ended
	Sep. 30, 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 86 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 September 30, 2021 Broadcast Local sports Other & Corporate Eliminations Consolidated Assets $ 4,712 $ 5,711 $ 2,435 $ (13) $ 12,845 For the three months ended September 30, 2021 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 701 $ 759 $ 117 $ (42) (a) $ 1,535 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 61 79 9 (1) 148 Amortization of sports programming rights — 531 — — 531 Amortization of program contract costs 18 — 4 — 22 Corporate general and administrative expenses 30 2 3 — 35 (Gain) loss on asset dispositions and other, net of impairment (6) — 2 — (4) Operating income (loss) 126 (39) (12) (2) 73 Interest expense including amortization of debt discount and deferred financing costs 1 109 48 (3) 155 Income from equity method investments — 12 — — 12 For the three months ended September 30, 2020 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 734 $ 727 $ 105 $ (27) (a) $ 1,539 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 60 109 6 (1) 174 Amortization of sports programming rights — 632 — — 632 Amortization of program contract costs 19 — — — 19 Corporate general and administrative expenses 25 3 2 — 30 (Gain) loss on asset dispositions and other, net of impairment (41) — 2 — (39) Impairment of goodwill and definite-lived intangible assets — 4,264 — — 4,264 Operating income (loss) 221 (4,450) 10 3 (4,216) Interest expense including amortization of debt discount and deferred financing costs 2 111 48 (4) 157 Loss from equity method investments — (2) (8) — (10) For the nine months ended September 30, 2021 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 2,053 $ 2,365 $ 345 $ (105) (a) $ 4,658 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 187 241 23 (3) 448 Amortization of sports programming rights — 1,912 — — 1,912 Amortization of program contract costs 56 — 11 — 67 Corporate general and administrative expenses 114 8 10 — 132 Gain on asset dispositions and other, net of impairment (23) — (3) — (26) Operating income (loss) 294 (368) 5 (1) (70) Interest expense including amortization of debt discount and deferred financing costs 3 327 144 (8) 466 Income (loss) from equity method investments — 35 (12) — 23 For the nine months ended September 30, 2020 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 2,026 $ 2,155 $ 338 $ (88) (a) $ 4,431 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 178 328 19 (1) 524 Amortization of sports programming rights — 1,028 — — 1,028 Amortization of program contract costs 63 — — — 63 Corporate general and administrative expenses 95 7 9 — 111 (Gain) loss on asset dispositions and other, net of impairment (101) — 2 — (99) Impairment of goodwill and definite-lived intangible assets — 4,264 — — 4,264 Operating income (loss) 455 (3,885) 38 (5) (3,397) Interest expense including amortization of debt discount and deferred financing costs 4 351 156 (9) 502 Income (loss) from equity method investments — 6 (29) — (23) (a) Includes $28 million and $82 million for the three and nine months ended September 30, 2021, respectively, and $26 million and $75 million for the three and nine months ended September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, As of December 31, ASSETS Current assets: Cash and cash equivalents $ 35 $ 64 Accounts receivable, net 89 70 Prepaid sports rights — 2 Other current assets 6 5 Total current assets 130 141 Property and equipment, net 14 16 Operating lease assets 5 6 Goodwill and indefinite-lived intangible assets 15 15 Definite-lived intangible assets, net 49 54 Other assets 1 1 Total assets $ 214 $ 233 LIABILITIES Current liabilities: Other current liabilities $ 80 $ 40 Long-term liabilities: Notes payable, finance leases and commercial bank financing, less current portion 6 10 Operating lease liabilities, less current portion 4 5 Program contracts payable, less current portion 2 4 Other long-term liabilities 4 17 Total liabilities $ 96 $ 76 The amounts above represent the combined assets and liabilities of the VIEs described above, for which we are the primary beneficiary. Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs, which are excluded from the above, were $126 million and $131 million as of September 30, 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 September 30, 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 $187 million and $75 million as of September 30, 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 (expense) income, net, respectively, in our consolidated statements of operations. We recorded gains of $32 million and $20 million for the three and nine months ended September 30, 2021, respectively, and losses of $7 million and $29 million for three and nine months ended September 30, 2020, respectively, related to these investments.

RELATED PERSON TRANSACTIONS

RELATED PERSON TRANSACTIONS	9 Months Ended
	Sep. 30, 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 September 30, 2021 and 2020 and $4 million for both the nine months ended September 30, 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 all of the three and nine months ended September 30, 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 September 30, 2021, we have jointly and severally, unconditionally, and irrevocably guaranteed $38 million of Cunningham's debt, of which $7 million, net of $0.2 million deferred financing costs, relates to the Cunningham VIEs that we consolidate. All of the non-voting stock of the Cunningham Stations is owned by trusts for the benefit of the children of our controlling shareholders. We consolidate certain subsidiaries of Cunningham with which we have variable interests through various arrangements related to the Cunningham Stations. The services provided to WNUV-TV, WMYA-TV, WTTE-TV, WRGT-TV and WVAH-TV are governed by a master agreement which has a current term that expires on July 1, 2023 and there are two additional five-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 $57 million and $54 million as of September 30, 2021 and December 31, 2020, respectively. The remaining aggregate purchase price of these stations, net of prepayments, as of both September 30, 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 $8 million for the three and nine months ended September 30, 2021, respectively, and $2 million and $6 million for the three and nine months ended September 30, 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 $35 million and $107 million for the three and nine months ended September 30, 2021, respectively, and $39 million and $111 million for the three and nine months ended September 30, 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 all of the three and nine months ended September 30, 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 $0.3 million in both the three months ended September 30, 2021 and 2020 and $0.7 million in both the nine months ended September 30, 2021 and 2020. 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 in both the three months ended September 30, 2021 and 2020 and $4 million in both the nine months ended September 30, 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 $13 million and $37 million for the three and nine months ended September 30, 2021, respectively, and $7 million and $16 million for the three and nine months ended September 30, 2020, respectively. 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 $5 million and $15 million for the three and nine months ended September 30, 2021, respectively. Sports Programming Rights As of September 30, 2021, affiliates of six professional teams have non-controlling equity interests in certain of our RSNs. The Company paid $118 million and $377 million for the three and nine months ended September 30, 2021, respectively, and $15 million and $221 million, net of rebates, for the three and nine months ended September 30, 2020, respectively, under sports programming rights agreements covering the broadcast of regular season games associated with these professional teams. These agreements expire on various dates during the years ended 2025 through 2032. 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 $0.1 million in both the three months ended September 30, 2021 and 2020 and $0.2 million in both the nine months ended September 30, 2021 and 2020, consisting of salary and bonus, and was granted 2,239 and 355 shares of restricted stock, vesting over two years, during the nine months ended September 30, 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 in both the three months ended September 30, 2021 and 2020 and $0.1 million in both the nine months ended September 30, 2021 and 2020, consisting of salary and bonus. 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 for all of the three months ended September 30, 2021 and 2020 and the nine months ended September 30, 2020 and $0.1 million for the nine months ended September 30, 2021, consisting of salary.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 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 September 30, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Level 1: Investments in equity securities $ 5 $ 5 $ 68 $ 68 STG: Money market funds 426 426 448 448 Deferred compensation assets 49 49 42 42 Deferred compensation liabilities 42 42 36 36 DSG: Money market funds 128 128 292 292 Level 2: Investments in equity securities (a) 150 150 — — STG (b): 5.875% Senior Unsecured Notes due 2026 348 357 348 358 5.500% Senior Unsecured Notes due 2030 500 496 500 520 5.125% Senior Unsecured Notes due 2027 400 399 400 408 4.125% Senior Secured Notes due 2030 750 735 750 770 Term Loan B-1 379 374 1,119 1,107 Term Loan B-2 1,274 1,249 1,284 1,264 Term Loan B-3 (c) 738 727 — — DSG (b): 12.750% Senior Secured Notes due 2026 31 23 31 28 6.625% Senior Unsecured Notes due 2027 1,744 772 1,744 1,056 5.375% Senior Secured Notes due 2026 3,050 2,024 3,050 2,483 Term Loan 3,234 2,021 3,259 2,884 Accounts Receivable Securitization Facility 183 183 177 177 Debt of variable interest entities (b) 13 13 17 17 Debt of non-media subsidiaries (b) 17 17 17 17 Level 3 Investments in equity securities (d) 354 354 332 332 (a) Consists of unrestricted warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price. (b) 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 $165 million and $183 million as of September 30, 2021 and December 31, 2020, respectively. (c) On April 1, 2021, STG amended the STG Bank Credit Agreement to raise term loans in an aggregate principal amount of $740 million, the proceeds of which were used to refinance a portion of STG's term loan maturing in January 2024. See Bank Credit Agreements under Note 4. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion. (d) On November 18, 2020, we entered into a commercial agreement with Bally's and received warrants and options to acquire common equity in the business. During the three and nine months ended September 30, 2021 we recorded a fair value adjustment loss of $30 million and a fair value adjustment gain of $22 million, respectively, 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 20% and 25% discount for lack of marketability (DLOM) as of September 30, 2021 and December 31, 2020, respectively. 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 20% and 25% as of September 30, 2021 and December 31, 2020, respectively. 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 assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three and nine months ended September 30, 2021 (in millions): Options and Warrants Fair value at June 30, 2021 $ 384 Measurement adjustments (30) Fair value at September 30, 2021 $ 354 Options and Warrants Fair value at December 31, 2020 $ 332 Measurement adjustments 22 Fair value at September 30, 2021 $ 354

CONDENSED CONSOLIDATING FINANCI

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS	9 Months Ended
	Sep. 30, 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 September 30, 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 September 30, 2021, our consolidated total debt, net of deferred financing costs and debt discounts, of $12,530 million included $4,389 million related to STG and its subsidiaries of which the Company guaranteed $4,354 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. CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash and cash equivalents $ — $ 555 $ 10 $ 493 $ — $ 1,058 Accounts receivable, net — — 576 598 — 1,174 Other current assets 13 58 441 140 (92) 560 Total current assets 13 613 1,027 1,231 (92) 2,792 Property and equipment, net 1 31 672 105 (24) 785 Investment in equity of consolidated subsidiaries 715 3,582 — — (4,297) — Restricted cash — — — 3 — 3 Goodwill — — 2,081 7 — 2,088 Indefinite-lived intangible assets — — 136 14 — 150 Definite-lived intangible assets, net — — 1,140 4,097 (38) 5,199 Other long-term assets 119 1,784 299 1,783 (2,157) 1,828 Total assets $ 848 $ 6,010 $ 5,355 $ 7,240 $ (6,608) $ 12,845 Accounts payable and accrued liabilities $ 28 $ 81 $ 285 $ 323 $ (93) $ 624 Current portion of long-term debt — 20 5 42 (1) 66 Other current liabilities 1 6 159 284 — 450 Total current liabilities 29 107 449 649 (94) 1,140 Long-term debt 700 4,321 30 8,498 (1,085) 12,464 Investment in deficit of consolidated subsidiaries 1,707 — — — (1,707) — Other long-term liabilities 25 109 1,296 474 (1,297) 607 Total liabilities 2,461 4,537 1,775 9,621 (4,183) 14,211 Redeemable noncontrolling interests — — — 194 — 194 Total Sinclair Broadcast Group (deficit) equity (1,613) 1,473 3,580 (2,624) (2,429) (1,613) Noncontrolling interests in consolidated subsidiaries — — — 49 4 53 Total liabilities, redeemable noncontrolling interests, and equity $ 848 $ 6,010 $ 5,355 $ 7,240 $ (6,608) $ 12,845 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 SEPTEMBER 30, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 28 $ 758 $ 803 $ (54) $ 1,535 Media programming and production expenses — 1 366 671 (16) 1,022 Selling, general and administrative expenses 3 33 176 87 (36) 263 Depreciation, amortization and other operating expenses — 2 81 95 (1) 177 Total operating expenses 3 36 623 853 (53) 1,462 Operating (loss) income (3) (8) 135 (50) (1) 73 Equity in earnings of consolidated subsidiaries 21 113 — — (134) — Interest expense (3) (43) (1) (113) 5 (155) Other income (expense) 2 (3) (2) 14 (3) 8 Total other income (expense) 20 67 (3) (99) (132) (147) Income tax benefit (provision) 2 9 (16) 96 — 91 Net income (loss) 19 68 116 (53) (133) 17 Net income attributable to the redeemable noncontrolling interests — — — (4) — (4) Net loss attributable to the noncontrolling interests — — — 6 — 6 Net income (loss) attributable to Sinclair Broadcast Group $ 19 $ 68 $ 116 $ (51) $ (133) $ 19 Comprehensive income (loss) $ 19 $ 68 $ 116 $ (52) $ (133) $ 18 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 25 $ 774 $ 786 $ (46) $ 1,539 Media programming and production expenses — — 322 772 (17) 1,077 Selling, general and administrative expenses 2 27 160 77 (24) 242 Impairment of goodwill and definite-lived intangible assets — — — 4,264 — 4,264 Depreciation, amortization and other operating expenses 1 1 40 133 (3) 172 Total operating expenses 3 28 522 5,246 (44) 5,755 Operating (loss) income (3) (3) 252 (4,460) (2) (4,216) Equity in (loss) earnings of consolidated subsidiaries (3,252) 302 — — 2,950 — Interest expense (3) (45) (1) (114) 6 (157) Other income (expense) 1 5 (11) 168 (4) 159 Total other (expense) income (3,254) 262 (12) 54 2,952 2 Income tax benefit 1 55 64 727 — 847 Net (loss) income (3,256) 314 304 (3,679) 2,950 (3,367) Net income attributable to the redeemable noncontrolling interests — — — (19) — (19) Net loss attributable to the noncontrolling interests — — — 130 — 130 Net (loss) income attributable to Sinclair Broadcast Group $ (3,256) $ 314 $ 304 $ (3,568) $ 2,950 $ (3,256) Comprehensive (loss) income $ (3,256) $ 314 $ 304 $ (3,679) $ 2,950 $ (3,367) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 83 $ 2,207 $ 2,507 $ (139) $ 4,658 Media programming and production expenses — 3 1,073 2,354 (40) 3,390 Selling, general and administrative expenses 10 123 515 252 (93) 807 Depreciation, amortization and other operating expenses — 6 240 290 (5) 531 Total operating expenses 10 132 1,828 2,896 (138) 4,728 Operating (loss) income (10) (49) 379 (389) (1) (70) Equity in (loss) earnings of consolidated subsidiaries (267) 317 — — (50) — Interest expense (10) (135) (2) (337) 18 (466) Other (expense) income (61) 11 (24) 166 (10) 82 Total other (expense) income (338) 193 (26) (171) (42) (384) Income tax benefit (provision) 23 38 (31) 139 — 169 Net (loss) income (325) 182 322 (421) (43) (285) Net income attributable to the redeemable noncontrolling interests — — — (13) — (13) Net income attributable to the noncontrolling interests — — — (27) — (27) Net (loss) income attributable to Sinclair Broadcast Group $ (325) $ 182 $ 322 $ (461) $ (43) $ (325) Comprehensive (loss) income $ (325) $ 182 $ 322 $ (415) $ (43) $ (279) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 74 $ 2,140 $ 2,350 $ (133) $ 4,431 Media programming and production expenses — — 962 1,371 (45) 2,288 Selling, general and administrative expenses 8 97 479 207 (72) 719 Impairment of goodwill and definite-lived intangible assets — — — 4,264 — 4,264 Depreciation, amortization and other operating expenses 1 6 143 416 (9) 557 Total operating expenses 9 103 1,584 6,258 (126) 7,828 Operating (loss) income (9) (29) 556 (3,908) (7) (3,397) Equity in (loss) earnings of consolidated subsidiaries (2,866) 542 — — 2,324 — Interest expense (10) (147) (3) (361) 19 (502) Other income (expense) — 11 (30) 180 (10) 151 Total other (expense) income (2,876) 406 (33) (181) 2,333 (351) Income tax benefit 4 75 24 702 — 805 Net (loss) income (2,881) 452 547 (3,387) 2,326 (2,943) Net income attributable to the redeemable noncontrolling interests — — — (51) — (51) Net loss attributable to the noncontrolling interests — — — 113 — 113 Net (loss) income attributable to Sinclair Broadcast Group $ (2,881) $ 452 $ 547 $ (3,325) $ 2,326 $ (2,881) Comprehensive (loss) income $ (2,881) $ 452 $ 547 $ (3,396) $ 2,326 $ (2,952) CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ 8 $ (100) $ 317 $ 6 $ 4 $ 235 NET CASH FLOWS USED IN INVESTING ACTIVITIES Acquisition of property and equipment — (1) (48) (15) 2 (62) Spectrum repack reimbursements — — 22 — — 22 Proceeds from the sale of assets — — 34 9 — 43 Purchases of investments (7) (12) (40) (185) — (244) Other, net — — (2) 12 — 10 Net cash flows used in investing activities (7) (13) (34) (179) 2 (231) NET CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES Proceeds from notes payable and commercial bank financing — 341 — 16 — 357 Repayments of notes payable, commercial bank financing and finance leases — (356) (5) (39) — (400) Dividends paid on Class A and Class B Common Stock (46) — — — — (46) Dividends paid on redeemable subsidiary preferred equity — — — (4) — (4) Distributions to noncontrolling interests — — — (63) — (63) Distributions to redeemable noncontrolling interests — — — (5) — (5) Increase (decrease) in intercompany payables 57 226 (268) (9) (6) — Other, net (12) (1) — (31) — (44) Net cash flows (used in) from financing activities (1) 210 (273) (135) (6) (205) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 97 10 (308) — (201) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 458 — 804 — 1,262 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 555 $ 10 $ 496 $ — $ 1,061 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES $ (115) $ (39) $ 481 $ 510 $ 2 $ 839 NET CASH FLOWS USED IN INVESTING ACTIVITIES Acquisition of property and equipment — (7) (110) (19) 6 (130) Spectrum repack reimbursements — — 72 — — 72 Proceeds from the sale of assets — — 36 — — 36 Purchases of investments (2) (30) (33) (20) — (85) Other, net 1 — (9) 17 — 9 Net cash flows used in investing activities (1) (37) (44) (22) 6 (98) NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from notes payable and commercial bank financing — 648 — 299 — 947 Repayments of notes payable, commercial bank financing and finance leases — (670) (3) (272) — (945) Repurchase of outstanding Class A Common Stock (343) — — — — (343) Dividends paid on Class A and Class B Common Stock (49) — — — — (49) Dividends paid on redeemable subsidiary preferred equity — — — (32) — (32) Redemption of redeemable subsidiary preferred equity — — — (547) — (547) Distributions to noncontrolling interests, net — — — (19) — (19) Distributions to redeemable noncontrolling interests — — — (378) — (378) Increase (decrease) in intercompany payables 507 3 (433) (69) (8) — Other, net 1 — — (76) — (75) Net cash flows from (used in) financing activities 116 (19) (436) (1,094) (8) (1,441) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — (95) 1 (606) — (700) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 357 3 973 — 1,333 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 262 $ 4 $ 367 $ — $ 633

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2021
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS: In November 2021, our Board of Directors declared a quarterly dividend of $0.20 per share, payable on December 15, 2021 to holders of record at the close of business on December 1, 2021. On October 17, 2021, we identified the following: (i) certain servers and workstations in our environment were encrypted with ransomware, (ii) disruption of certain office and operational networks as a result of the encryption, and (iii) indications that data was taken from our network. Promptly upon detection of the security event, senior management was notified and we began to implement incident response measures to contain the incident, conduct an investigation, and plan for restoring operations. Legal counsel, a cybersecurity forensic firm, and other incident response professionals were engaged, and law enforcement and other governmental agencies were notified. The investigation into the incident remains ongoing. While we have taken significant steps to contain the incident and have been working diligently to restore operations quickly and securely, there are still systems and services that have not yet been fully resolved and certain disruptions to our business and operations remain. Given that we are in the early stages of our investigation and assessment of the security event, we cannot predict if the event will have a material impact on our business, operations or financial results. On November 5, 2021, the Company purchased and assumed the lenders’ and the administrative agent’s rights and obligations under the A/R Facility discussed in Note 4. Notes Payable, Finance Leases and Commercial Bank Financing . The Company purchased the lenders’ outstanding loans and commitments under the A/R Facility by making a payment to the lenders as consideration for the purchase of the lenders’ respective rights and obligations under the A/R Facility equal to approximately $184.4 million, representing 101% of the aggregate outstanding principal amount of the loans under the A/R Facility, plus any accrued interest and outstanding fees and expenses. In connection therewith, the Company and DSPV entered into an omnibus amendment to the A/R Facility to provide greater flexibility to DSG, including, (i) increasing the maximum facility limit availability from up to $250 million to up to $400 million; (ii) eliminating the early amortization event related to DSG’s EBITDA less interest expense covenant; (iii) extending the stated maturity date by one year from September 23, 2023 to September 23, 2024; and (iv) relaxing certain concentration limits thereby increasing the amounts of certain accounts receivable eligible to be sold. The other material terms of the A/R Facility remain unchanged.

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 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 and nine months ended September 30, 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. 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 programming syndicators for the rights to television programming over contract periods, which generally run from one The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program contract costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program contract costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments. Fair value is determined utilizing a discounted cash flow model based on management’s expectation of future advertising revenues, net of sales commissions, to be generated by the program material. We assess our program contract costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value.
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.
Revenue Recognition	Distribution Revenue. We have agreements with multi-channel video programming distributors (MVPDs) and virtual MVPDs (vMVPDs), and together with MVPDs, "Distributors". We generate distribution revenue through fees received from these 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 the first and third quarters 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 Distributors. Accrued rebates as of September 30, 2021 and December 31, 2020 were $201 million and $420 million, respectively. The decrease in accrued rebates during the nine months ended September 30, 2021 includes $202 million of payments and $17 million of adjustments related to rebates accrued in 2020 due primarily to changes in estimated game counts. As of September 30, 2021, all rebates are reflected in other current liabilities in our consolidated balance sheets. We expect these rebates to be paid during 2021 and 2022 . There were no new rebates accrued during the nine months ended September 30, 2021 that related to the 2020-2021 seasons, as we do not expect to be in a shortfall position in 2021. 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 Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three and nine months ended September 30, 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 and forecasts of future taxable income. In considering these sources of taxable income, we must make certain judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term basis. A valuation allowance has been provided for deferred tax assets related to a substantial portion of our available state net operating loss (NOL) carryforwards, based on past operating results, expected timing of the reversals of existing temporary book/tax basis differences, alternative tax strategies, and projected future taxable income. Our effective income tax rate for the three and nine months ended September 30, 2021 was greater than the statutory rate primarily due to a $39 million release of valuation allowance on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j), and a $38 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%. Our effective income tax rate for the three and nine months ended September 30, 2020 approximated the statutory rate. During the three and nine months ended September 30, 2020, we recorded a $68 million and an $83 million, respectively, discrete benefit as a result of the CARES Act allowing for the estimated 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 the expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities.
Reclassifications	Reclassifications Certain reclassifications have been made to prior years' consolidated financial statements to conform to the current year's presentation.
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)	9 Months Ended
	Sep. 30, 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 September 30, 2021 Broadcast Local sports Other Eliminations Total Distribution revenue $ 372 $ 633 $ 48 $ — $ 1,053 Advertising revenue 283 118 55 (10) 446 Other media, non-media, and intercompany revenues 46 8 14 (32) 36 Total revenues $ 701 $ 759 $ 117 $ (42) $ 1,535 For the three months ended September 30, 2020 Broadcast Local sports Other Eliminations Total Distribution revenue $ 356 $ 597 $ 50 $ — $ 1,003 Advertising revenue 344 124 31 1 500 Other media, non-media, and intercompany revenues 34 6 24 (28) 36 Total revenues $ 734 $ 727 $ 105 $ (27) $ 1,539 For the nine months ended September 30, 2021 Broadcast Local sports Other Eliminations Total Distribution revenue $ 1,096 $ 1,997 $ 147 $ — $ 3,240 Advertising revenue 830 345 149 (16) 1,308 Other media, non-media, and intercompany revenues 127 23 49 (89) 110 Total revenues $ 2,053 $ 2,365 $ 345 $ (105) $ 4,658 For the nine months ended September 30, 2020 Broadcast Local sports Other Eliminations Total Distribution revenue $ 1,059 $ 1,959 $ 150 $ — $ 3,168 Advertising revenue 861 182 92 — 1,135 Other media, non-media, and intercompany revenues 106 14 96 (88) 128 Total revenues $ 2,026 $ 2,155 $ 338 $ (88) $ 4,431

OTHER ASSETS (Tables)

OTHER ASSETS (Tables)	9 Months Ended
	Sep. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets as of September 30, 2021 and December 31, 2020 consisted of the following (in millions): As of September 30, As of December 31, Equity method investments $ 504 $ 451 Other investments 678 450 Post-retirement plan assets 51 44 Other 125 113 Total other assets $ 1,358 $ 1,058

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 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) $ 488 2022 1,697 2023 1,651 2024 1,585 2025 1,450 2026 and thereafter 7,008 Total $ 13,879

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 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 Nine Months Ended 2021 2020 2021 2020 Income (Numerator) Net income (loss) $ 17 $ (3,367) $ (285) $ (2,943) Net income attributable to the redeemable noncontrolling interests (4) (19) (13) (51) Net loss (income) attributable to the noncontrolling interests 6 130 (27) 113 Numerator for basic and diluted earnings (loss) per common share available to common shareholders $ 19 $ (3,256) $ (325) $ (2,881) Shares (Denominator) Basic weighted-average common shares outstanding 75,472 74,810 75,068 81,922 Dilutive effect of stock-settled appreciation rights and outstanding stock options 44 — — — Diluted weighted-average common and common equivalent shares outstanding 75,516 74,810 75,068 81,922
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive: Three Months Ended Nine Months Ended 2021 2020 2021 2020 Weighted-average stock-settled appreciation rights and outstanding stock options excluded 1,670 3,456 1,629 3,406

SEGMENT DATA (Tables)

SEGMENT DATA (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 Broadcast Local sports Other & Corporate Eliminations Consolidated Assets $ 4,712 $ 5,711 $ 2,435 $ (13) $ 12,845 For the three months ended September 30, 2021 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 701 $ 759 $ 117 $ (42) (a) $ 1,535 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 61 79 9 (1) 148 Amortization of sports programming rights — 531 — — 531 Amortization of program contract costs 18 — 4 — 22 Corporate general and administrative expenses 30 2 3 — 35 (Gain) loss on asset dispositions and other, net of impairment (6) — 2 — (4) Operating income (loss) 126 (39) (12) (2) 73 Interest expense including amortization of debt discount and deferred financing costs 1 109 48 (3) 155 Income from equity method investments — 12 — — 12 For the three months ended September 30, 2020 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 734 $ 727 $ 105 $ (27) (a) $ 1,539 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 60 109 6 (1) 174 Amortization of sports programming rights — 632 — — 632 Amortization of program contract costs 19 — — — 19 Corporate general and administrative expenses 25 3 2 — 30 (Gain) loss on asset dispositions and other, net of impairment (41) — 2 — (39) Impairment of goodwill and definite-lived intangible assets — 4,264 — — 4,264 Operating income (loss) 221 (4,450) 10 3 (4,216) Interest expense including amortization of debt discount and deferred financing costs 2 111 48 (4) 157 Loss from equity method investments — (2) (8) — (10) For the nine months ended September 30, 2021 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 2,053 $ 2,365 $ 345 $ (105) (a) $ 4,658 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 187 241 23 (3) 448 Amortization of sports programming rights — 1,912 — — 1,912 Amortization of program contract costs 56 — 11 — 67 Corporate general and administrative expenses 114 8 10 — 132 Gain on asset dispositions and other, net of impairment (23) — (3) — (26) Operating income (loss) 294 (368) 5 (1) (70) Interest expense including amortization of debt discount and deferred financing costs 3 327 144 (8) 466 Income (loss) from equity method investments — 35 (12) — 23 For the nine months ended September 30, 2020 Broadcast Local sports Other & Corporate Eliminations Consolidated Revenue $ 2,026 $ 2,155 $ 338 $ (88) (a) $ 4,431 Depreciation of property and equipment and amortization of definite-lived intangibles and other assets 178 328 19 (1) 524 Amortization of sports programming rights — 1,028 — — 1,028 Amortization of program contract costs 63 — — — 63 Corporate general and administrative expenses 95 7 9 — 111 (Gain) loss on asset dispositions and other, net of impairment (101) — 2 — (99) Impairment of goodwill and definite-lived intangible assets — 4,264 — — 4,264 Operating income (loss) 455 (3,885) 38 (5) (3,397) Interest expense including amortization of debt discount and deferred financing costs 4 351 156 (9) 502 Income (loss) from equity method investments — 6 (29) — (23) (a) Includes $28 million and $82 million for the three and nine months ended September 30, 2021, respectively, and $26 million and $75 million for the three and nine months ended September 30, 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)	9 Months Ended
	Sep. 30, 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 September 30, As of December 31, ASSETS Current assets: Cash and cash equivalents $ 35 $ 64 Accounts receivable, net 89 70 Prepaid sports rights — 2 Other current assets 6 5 Total current assets 130 141 Property and equipment, net 14 16 Operating lease assets 5 6 Goodwill and indefinite-lived intangible assets 15 15 Definite-lived intangible assets, net 49 54 Other assets 1 1 Total assets $ 214 $ 233 LIABILITIES Current liabilities: Other current liabilities $ 80 $ 40 Long-term liabilities: Notes payable, finance leases and commercial bank financing, less current portion 6 10 Operating lease liabilities, less current portion 4 5 Program contracts payable, less current portion 2 4 Other long-term liabilities 4 17 Total liabilities $ 96 $ 76

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 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 September 30, 2021 As of December 31, 2020 Carrying Value Fair Value Carrying Value Fair Value Level 1: Investments in equity securities $ 5 $ 5 $ 68 $ 68 STG: Money market funds 426 426 448 448 Deferred compensation assets 49 49 42 42 Deferred compensation liabilities 42 42 36 36 DSG: Money market funds 128 128 292 292 Level 2: Investments in equity securities (a) 150 150 — — STG (b): 5.875% Senior Unsecured Notes due 2026 348 357 348 358 5.500% Senior Unsecured Notes due 2030 500 496 500 520 5.125% Senior Unsecured Notes due 2027 400 399 400 408 4.125% Senior Secured Notes due 2030 750 735 750 770 Term Loan B-1 379 374 1,119 1,107 Term Loan B-2 1,274 1,249 1,284 1,264 Term Loan B-3 (c) 738 727 — — DSG (b): 12.750% Senior Secured Notes due 2026 31 23 31 28 6.625% Senior Unsecured Notes due 2027 1,744 772 1,744 1,056 5.375% Senior Secured Notes due 2026 3,050 2,024 3,050 2,483 Term Loan 3,234 2,021 3,259 2,884 Accounts Receivable Securitization Facility 183 183 177 177 Debt of variable interest entities (b) 13 13 17 17 Debt of non-media subsidiaries (b) 17 17 17 17 Level 3 Investments in equity securities (d) 354 354 332 332 (a) Consists of unrestricted warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price. (b) 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 $165 million and $183 million as of September 30, 2021 and December 31, 2020, respectively. (c) On April 1, 2021, STG amended the STG Bank Credit Agreement to raise term loans in an aggregate principal amount of $740 million, the proceeds of which were used to refinance a portion of STG's term loan maturing in January 2024. See Bank Credit Agreements under Note 4. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion. (d) On November 18, 2020, we entered into a commercial agreement with Bally's and received warrants and options to acquire common equity in the business. During the three and nine months ended September 30, 2021 we recorded a fair value adjustment loss of $30 million and a fair value adjustment gain of $22 million, respectively, 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 20% and 25% discount for lack of marketability (DLOM) as of September 30, 2021 and December 31, 2020, respectively. 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 20% and 25% as of September 30, 2021 and December 31, 2020, respectively. 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 assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three and nine months ended September 30, 2021 (in millions): Options and Warrants Fair value at June 30, 2021 $ 384 Measurement adjustments (30) Fair value at September 30, 2021 $ 354 Options and Warrants Fair value at December 31, 2020 $ 332 Measurement adjustments 22 Fair value at September 30, 2021 $ 354

CONDENSED CONSOLIDATING FINAN_2

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)	9 Months Ended
	Sep. 30, 2021
Condensed Financial Information Disclosure [Abstract]
Schedule of Condensed Consolidating Balance Sheet	CONDENSED CONSOLIDATING BALANCE SHEET AS OF SEPTEMBER 30, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Cash and cash equivalents $ — $ 555 $ 10 $ 493 $ — $ 1,058 Accounts receivable, net — — 576 598 — 1,174 Other current assets 13 58 441 140 (92) 560 Total current assets 13 613 1,027 1,231 (92) 2,792 Property and equipment, net 1 31 672 105 (24) 785 Investment in equity of consolidated subsidiaries 715 3,582 — — (4,297) — Restricted cash — — — 3 — 3 Goodwill — — 2,081 7 — 2,088 Indefinite-lived intangible assets — — 136 14 — 150 Definite-lived intangible assets, net — — 1,140 4,097 (38) 5,199 Other long-term assets 119 1,784 299 1,783 (2,157) 1,828 Total assets $ 848 $ 6,010 $ 5,355 $ 7,240 $ (6,608) $ 12,845 Accounts payable and accrued liabilities $ 28 $ 81 $ 285 $ 323 $ (93) $ 624 Current portion of long-term debt — 20 5 42 (1) 66 Other current liabilities 1 6 159 284 — 450 Total current liabilities 29 107 449 649 (94) 1,140 Long-term debt 700 4,321 30 8,498 (1,085) 12,464 Investment in deficit of consolidated subsidiaries 1,707 — — — (1,707) — Other long-term liabilities 25 109 1,296 474 (1,297) 607 Total liabilities 2,461 4,537 1,775 9,621 (4,183) 14,211 Redeemable noncontrolling interests — — — 194 — 194 Total Sinclair Broadcast Group (deficit) equity (1,613) 1,473 3,580 (2,624) (2,429) (1,613) Noncontrolling interests in consolidated subsidiaries — — — 49 4 53 Total liabilities, redeemable noncontrolling interests, and equity $ 848 $ 6,010 $ 5,355 $ 7,240 $ (6,608) $ 12,845 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 SEPTEMBER 30, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 28 $ 758 $ 803 $ (54) $ 1,535 Media programming and production expenses — 1 366 671 (16) 1,022 Selling, general and administrative expenses 3 33 176 87 (36) 263 Depreciation, amortization and other operating expenses — 2 81 95 (1) 177 Total operating expenses 3 36 623 853 (53) 1,462 Operating (loss) income (3) (8) 135 (50) (1) 73 Equity in earnings of consolidated subsidiaries 21 113 — — (134) — Interest expense (3) (43) (1) (113) 5 (155) Other income (expense) 2 (3) (2) 14 (3) 8 Total other income (expense) 20 67 (3) (99) (132) (147) Income tax benefit (provision) 2 9 (16) 96 — 91 Net income (loss) 19 68 116 (53) (133) 17 Net income attributable to the redeemable noncontrolling interests — — — (4) — (4) Net loss attributable to the noncontrolling interests — — — 6 — 6 Net income (loss) attributable to Sinclair Broadcast Group $ 19 $ 68 $ 116 $ (51) $ (133) $ 19 Comprehensive income (loss) $ 19 $ 68 $ 116 $ (52) $ (133) $ 18 CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 25 $ 774 $ 786 $ (46) $ 1,539 Media programming and production expenses — — 322 772 (17) 1,077 Selling, general and administrative expenses 2 27 160 77 (24) 242 Impairment of goodwill and definite-lived intangible assets — — — 4,264 — 4,264 Depreciation, amortization and other operating expenses 1 1 40 133 (3) 172 Total operating expenses 3 28 522 5,246 (44) 5,755 Operating (loss) income (3) (3) 252 (4,460) (2) (4,216) Equity in (loss) earnings of consolidated subsidiaries (3,252) 302 — — 2,950 — Interest expense (3) (45) (1) (114) 6 (157) Other income (expense) 1 5 (11) 168 (4) 159 Total other (expense) income (3,254) 262 (12) 54 2,952 2 Income tax benefit 1 55 64 727 — 847 Net (loss) income (3,256) 314 304 (3,679) 2,950 (3,367) Net income attributable to the redeemable noncontrolling interests — — — (19) — (19) Net loss attributable to the noncontrolling interests — — — 130 — 130 Net (loss) income attributable to Sinclair Broadcast Group $ (3,256) $ 314 $ 304 $ (3,568) $ 2,950 $ (3,256) Comprehensive (loss) income $ (3,256) $ 314 $ 304 $ (3,679) $ 2,950 $ (3,367) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 83 $ 2,207 $ 2,507 $ (139) $ 4,658 Media programming and production expenses — 3 1,073 2,354 (40) 3,390 Selling, general and administrative expenses 10 123 515 252 (93) 807 Depreciation, amortization and other operating expenses — 6 240 290 (5) 531 Total operating expenses 10 132 1,828 2,896 (138) 4,728 Operating (loss) income (10) (49) 379 (389) (1) (70) Equity in (loss) earnings of consolidated subsidiaries (267) 317 — — (50) — Interest expense (10) (135) (2) (337) 18 (466) Other (expense) income (61) 11 (24) 166 (10) 82 Total other (expense) income (338) 193 (26) (171) (42) (384) Income tax benefit (provision) 23 38 (31) 139 — 169 Net (loss) income (325) 182 322 (421) (43) (285) Net income attributable to the redeemable noncontrolling interests — — — (13) — (13) Net income attributable to the noncontrolling interests — — — (27) — (27) Net (loss) income attributable to Sinclair Broadcast Group $ (325) $ 182 $ 322 $ (461) $ (43) $ (325) Comprehensive (loss) income $ (325) $ 182 $ 322 $ (415) $ (43) $ (279) CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair Net revenue $ — $ 74 $ 2,140 $ 2,350 $ (133) $ 4,431 Media programming and production expenses — — 962 1,371 (45) 2,288 Selling, general and administrative expenses 8 97 479 207 (72) 719 Impairment of goodwill and definite-lived intangible assets — — — 4,264 — 4,264 Depreciation, amortization and other operating expenses 1 6 143 416 (9) 557 Total operating expenses 9 103 1,584 6,258 (126) 7,828 Operating (loss) income (9) (29) 556 (3,908) (7) (3,397) Equity in (loss) earnings of consolidated subsidiaries (2,866) 542 — — 2,324 — Interest expense (10) (147) (3) (361) 19 (502) Other income (expense) — 11 (30) 180 (10) 151 Total other (expense) income (2,876) 406 (33) (181) 2,333 (351) Income tax benefit 4 75 24 702 — 805 Net (loss) income (2,881) 452 547 (3,387) 2,326 (2,943) Net income attributable to the redeemable noncontrolling interests — — — (51) — (51) Net loss attributable to the noncontrolling interests — — — 113 — 113 Net (loss) income attributable to Sinclair Broadcast Group $ (2,881) $ 452 $ 547 $ (3,325) $ 2,326 $ (2,881) Comprehensive (loss) income $ (2,881) $ 452 $ 547 $ (3,396) $ 2,326 $ (2,952)
Schedule of Condensed Consolidating Statement of Cash Flows	CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2021 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES $ 8 $ (100) $ 317 $ 6 $ 4 $ 235 NET CASH FLOWS USED IN INVESTING ACTIVITIES Acquisition of property and equipment — (1) (48) (15) 2 (62) Spectrum repack reimbursements — — 22 — — 22 Proceeds from the sale of assets — — 34 9 — 43 Purchases of investments (7) (12) (40) (185) — (244) Other, net — — (2) 12 — 10 Net cash flows used in investing activities (7) (13) (34) (179) 2 (231) NET CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES Proceeds from notes payable and commercial bank financing — 341 — 16 — 357 Repayments of notes payable, commercial bank financing and finance leases — (356) (5) (39) — (400) Dividends paid on Class A and Class B Common Stock (46) — — — — (46) Dividends paid on redeemable subsidiary preferred equity — — — (4) — (4) Distributions to noncontrolling interests — — — (63) — (63) Distributions to redeemable noncontrolling interests — — — (5) — (5) Increase (decrease) in intercompany payables 57 226 (268) (9) (6) — Other, net (12) (1) — (31) — (44) Net cash flows (used in) from financing activities (1) 210 (273) (135) (6) (205) NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — 97 10 (308) — (201) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 458 — 804 — 1,262 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 555 $ 10 $ 496 $ — $ 1,061 CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 (in millions) (unaudited) Sinclair Sinclair Guarantor Non- Eliminations Sinclair NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES $ (115) $ (39) $ 481 $ 510 $ 2 $ 839 NET CASH FLOWS USED IN INVESTING ACTIVITIES Acquisition of property and equipment — (7) (110) (19) 6 (130) Spectrum repack reimbursements — — 72 — — 72 Proceeds from the sale of assets — — 36 — — 36 Purchases of investments (2) (30) (33) (20) — (85) Other, net 1 — (9) 17 — 9 Net cash flows used in investing activities (1) (37) (44) (22) 6 (98) NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES Proceeds from notes payable and commercial bank financing — 648 — 299 — 947 Repayments of notes payable, commercial bank financing and finance leases — (670) (3) (272) — (945) Repurchase of outstanding Class A Common Stock (343) — — — — (343) Dividends paid on Class A and Class B Common Stock (49) — — — — (49) Dividends paid on redeemable subsidiary preferred equity — — — (32) — (32) Redemption of redeemable subsidiary preferred equity — — — (547) — (547) Distributions to noncontrolling interests, net — — — (19) — (19) Distributions to redeemable noncontrolling interests — — — (378) — (378) Increase (decrease) in intercompany payables 507 3 (433) (69) (8) — Other, net 1 — — (76) — (75) Net cash flows from (used in) financing activities 116 (19) (436) (1,094) (8) (1,441) NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — (95) 1 (606) — (700) CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period — 357 3 973 — 1,333 CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ — $ 262 $ 4 $ 367 $ — $ 633

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Nature of Operations (Details)	9 Months Ended
	Sep. 30, 2021stationmarketsegmentchannel
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of reportable segments | segment	2
Number of television stations owned | station	185
Number of markets | market	86
Number of channels | channel	632

NATURE OF OPERATIONS AND SUMM_5

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Broadcast Television Programming (Details) - Television Programming Contract Rights	9 Months Ended
	Sep. 30, 2021
Minimum
Finite-Lived Intangible Assets [Line Items]
Television programming contract period	1 year
Maximum
Finite-Lived Intangible Assets [Line Items]
Television programming contract period	7 years
Contract period utilizing accelerated amortization method	3 years

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	9 Months Ended
	Sep. 30, 2021	Sep. 30, 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	$ 11	10
Noncash transactions related to sports rights		$ 22
Preferred shares in equivalent value of advertising spots	$ 6

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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Disaggregation of Revenue [Line Items]
Total revenues	$ 1,535	$ 1,539	$ 4,658	$ 4,431
Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	1,053	1,003	3,240	3,168
Advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	446	500	1,308	1,135
Other media, non-media, and intercompany revenues
Disaggregation of Revenue [Line Items]
Total revenues	36	36	110	128
Operating Segments | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	701	734	2,053	2,026
Operating Segments | Local sports
Disaggregation of Revenue [Line Items]
Total revenues	759	727	2,365	2,155
Operating Segments | Other
Disaggregation of Revenue [Line Items]
Total revenues	117	105	345	338
Operating Segments | Distribution revenue | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	372	356	1,096	1,059
Operating Segments | Distribution revenue | Local sports
Disaggregation of Revenue [Line Items]
Total revenues	633	597	1,997	1,959
Operating Segments | Distribution revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	48	50	147	150
Operating Segments | Advertising revenue | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	283	344	830	861
Operating Segments | Advertising revenue | Local sports
Disaggregation of Revenue [Line Items]
Total revenues	118	124	345	182
Operating Segments | Advertising revenue | Other
Disaggregation of Revenue [Line Items]
Total revenues	55	31	149	92
Operating Segments | Other media, non-media, and intercompany revenues | Broadcast
Disaggregation of Revenue [Line Items]
Total revenues	46	34	127	106
Operating Segments | Other media, non-media, and intercompany revenues | Local sports
Disaggregation of Revenue [Line Items]
Total revenues	8	6	23	14
Operating Segments | Other media, non-media, and intercompany revenues | Other
Disaggregation of Revenue [Line Items]
Total revenues	14	24	49	96
Eliminations
Disaggregation of Revenue [Line Items]
Total revenues	(42)	(27)	(105)	(88)
Eliminations | Distribution revenue
Disaggregation of Revenue [Line Items]
Total revenues	0	0	0	0
Eliminations | Advertising revenue
Disaggregation of Revenue [Line Items]
Total revenues	(10)	1	(16)	0
Eliminations | Other media, non-media, and intercompany revenues
Disaggregation of Revenue [Line Items]
Total revenues	$ (32)	$ (28)	$ (89)	$ (88)

NATURE OF OPERATIONS AND SUMM_8

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenue Recognition, Narrative (Details) $ in Millions	Nov. 18, 2020USD ($)	Sep. 30, 2021USD ($)customer	Sep. 30, 2020customer	Sep. 30, 2021USD ($)customer	Sep. 30, 2020USD ($)customer	Dec. 31, 2020USD ($)
Disaggregation of Revenue [Line Items]
Remit payment period				120 days
Deferred revenue		$ 230		$ 230		$ 233
Payments on accrued rebates				202
Adjustments related primarily to increases in estimated game counts				17
Deferred revenue, noncurrent		$ 169		169		184
Deferred revenue, revenue recognized				$ 38	$ 45
Customer Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Number of customers | customer		3	3	3	3
Customer Concentration Risk | Revenue Benchmark | Customer One
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)		19.00%	17.00%	19.00%	19.00%
Customer Concentration Risk | Revenue Benchmark | Customer Two
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)		17.00%	15.00%	18.00%	17.00%
Customer Concentration Risk | Revenue Benchmark | Customer Three
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)		14.00%	12.00%	14.00%	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]
Concentration risk (as a percent)				16.00%
Customer Concentration Risk | Accounts Receivable | Customer Two
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)				16.00%
Customer Concentration Risk | Accounts Receivable | Customer Three
Disaggregation of Revenue [Line Items]
Concentration risk (as a percent)				13.00%
Bally's
Disaggregation of Revenue [Line Items]
Deferred revenue	$ 199
Commercial agreement, term	10 years
Distribution Revenue Rebate
Disaggregation of Revenue [Line Items]
Deferred revenue		$ 201		$ 201		$ 420

NATURE OF OPERATIONS AND SUMM_9

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Increase in valuation allowance on deferred tax assets relating to deductibility of interest expense	$ 39		$ 39
Discrete benefit as a result of the CARES Act	$ 38	$ 68	$ 38	$ 83

NATURE OF OPERATIONS AND SUM_10

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Share Repurchase Program (Details) - USD ($)	Sep. 30, 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)	1 Months Ended
	Nov. 30, 2021$ / shares
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in USD per share)	$ 0.20

ACQUISITIONS AND DISPOSITIONS_2

ACQUISITIONS AND DISPOSITIONS OF ASSETS (Details)	1 Months Ended		3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)business	Feb. 28, 2021USD ($)business	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)station	Sep. 30, 2020USD ($)	Jun. 30, 2021USD ($)
Business Acquisition [Line Items]
Number of businesses sold | business	4	2
Gain on sale of assets			$ 4,000,000	$ 39,000,000	$ 26,000,000	$ 99,000,000
Number of stations assigned new channels | station					100
Broadcast incentive auction, total legislation funds to reimburse stations					$ 3,000,000,000
Broadcast incentive auction, gain recognized on sale			3,000,000	20,000,000	22,000,000	72,000,000
Broadcast incentive auction, total capital expenditure			1,000,000	$ 13,000,000	10,000,000	$ 54,000,000
Repacking process, maximum cost of equipment	$ 15,000,000		15,000,000		15,000,000
WDKA and KBSI Assets | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Aggregate purchase price received on disposition		$ 28,000,000
Gain on sale of assets					12,000,000
Triangle Sign and Service, LLC | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Aggregate purchase price received on disposition							$ 12,000,000
Gain on sale of assets					6,000,000
Gain on sale attributable to noncontrolling interest					3,000,000
KOMO, KPLZ and KVI | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Aggregate purchase price received on disposition	$ 13,000,000		13,000,000		13,000,000
Gain on sale of assets			$ 1,000,000		$ 1,000,000
Zyp Media
Business Acquisition [Line Items]
Payment in cash		$ 7,000,000

OTHER ASSETS - Schedule of Othe

OTHER ASSETS - Schedule of Other Assets (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Equity method investments	$ 504	$ 451
Other investments	678	450
Post-retirement plan assets	51	44
Other	125	113
Total other assets	$ 1,358	$ 1,058

OTHER ASSETS - Equity Investmen

OTHER ASSETS - Equity Investments and Other Investments (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Nov. 18, 2020	Apr. 30, 2021	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ 12	$ (10)	$ 23	$ (23)
Investments in equity securities measured at fair value			509		509		$ 400
Fair value adjustment gains (losses) on investments measured at fair value and NAV			(2)	(1)	60	(3)
Equity investments, net of cumulative impairment			27		27		26
Cumulative impairment			7		7		7
Impairment recorded			0	0	0	0
Incremental investment					244	85
Fair Value Measured at Net Asset Value Per Share
Schedule of Equity Method Investments [Line Items]
Investments measured at NAV			142		142		$ 24
Unfunded commitments related to investments valued using NAV practical expedient			55		55
YES Network
Schedule of Equity Method Investments [Line Items]
Income (loss) from equity method investments			$ 10	$ (3)	$ 29	$ 3
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 (in USD per share)	$ 30
Option purchase price, maximum (in USD per share)	$ 45
Vesting period	4 years
Incremental investment		$ 93
Number of warrants convertible (in shares)		1.7
Exercise price (in USD per share)		$ 0.01

NOTES PAYABLE, FINANCE LEASES_2

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING - Bank Credit Agreements (Details)	Apr. 01, 2021USD ($)	Sep. 30, 2021USD ($)
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
Borrowings outstanding		$ 0
STG Term Loan Facility | Term Loan B-3
Debt Instrument [Line Items]
Aggregate principal amount	$ 740,000,000
Issuance of debt discount	$ 4,000,000
Outstanding balance		$ 733,000,000
STG Term Loan Facility | Term Loan B-3 | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.00%

NOTES PAYABLE, FINANCE LEASES_3

NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING - Accounts Receivable Securitization Facility (Details) - USD ($)	Sep. 30, 2021	Dec. 31, 2020	Sep. 23, 2020
Line of Credit Facility [Line Items]
Accounts receivable, net	$ 1,174,000,000	$ 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	183,000,000	177,000,000
Line of Credit Facility | A/R Facility | DSPV
Line of Credit Facility [Line Items]
Accounts receivable, net	$ 243,000,000	$ 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	Sep. 30, 2021	Dec. 31, 2020
Debt Instrument [Line Items]
Current portion of notes payable, finance leases, and commercial bank financing	$ 66	$ 58
Notes payable, finance leases, and commercial bank financing, less current portion	12,464	12,493
Consolidated total debt	12,530
Consolidated VIEs
Debt Instrument [Line Items]
Notes payable, finance leases, and commercial bank financing, less current portion	6	10
Consolidated total debt	13	16
Guarantee Obligations
Debt Instrument [Line Items]
Unconditional and irrevocably guaranteed debt	44	49
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	$ 4	$ 6

REDEEMABLE NONCONTROLLING INT_2

REDEEMABLE NONCONTROLLING INTERESTS (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Temporary Equity [Line Items]
Dividends accrued during the period	$ 4	$ 7	$ 11	$ 32
Redeemable subsidiary preferred equity	178		178		$ 170
Redeemable noncontrolling interest	$ 16		$ 16		$ 20
LIBOR
Temporary Equity [Line Items]
Cash interest rate (as a percent)	7.50%		7.50%
Percent higher than the rate payable if dividends were paid in cash (as a percent)	0.50%		0.50%
Minimum
Temporary Equity [Line Items]
Cash interest rate (as a percent)	0.75%		0.75%

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Schedule of Non-Cancellable Commitments Relating to Sports Rights Agreement (Details) - Sports Programming Rights $ in Millions	Sep. 30, 2021USD ($)
Other Commitments [Line Items]
2021 (remainder)	$ 488
2022	1,697
2023	1,651
2024	1,585
2025	1,450
2026 and thereafter	7,008
Total	$ 13,879

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Narrative (Details) $ in Thousands	Nov. 08, 2021lawsuit	Jul. 28, 2021USD ($)	Oct. 15, 2020USD ($)	Sep. 02, 2020USD ($)	Aug. 19, 2020USD ($)	Jun. 08, 2020petition	May 22, 2020USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)	Oct. 03, 2018broadcaster
COMMITMENTS AND CONTINGENCIES
Interest expense including amortization of debt discount and deferred financing costs									$ (155,000)	$ (157,000)	$ (466,000)	$ (502,000)
Unfavorable Regulatory Action
COMMITMENTS AND CONTINGENCIES
Proposed fine				$ 9,000				$ 13,000
Proposed fine per station			$ 25	$ 500
Issuance of forfeiture penalty upheld		$ 500
Additional legal expenses accrued											8,000
Breach of Merger Agreement
COMMITMENTS AND CONTINGENCIES
Agreement to pay to resolve FCC investigation							$ 48,000
Payments for resolve FCC investigation					$ 48,000
Compliance plan term							4 years
Number of petitions filed | petition						2
Various Cases Alleging Violation of Sherman Antitrust Act
COMMITMENTS AND CONTINGENCIES
Loss contingency, number of other broadcasters | broadcaster														13
Various Cases Alleging Violation of Sherman Antitrust Act | Subsequent Event
COMMITMENTS AND CONTINGENCIES
Loss contingency, new claims filed, number (lawsuit) | lawsuit	22
Fixed Payment Obligations | RSNs
COMMITMENTS AND CONTINGENCIES
Other current liabilities									32,000		32,000		$ 31,000
Other long-term liabilities									76,000		76,000		97,000
Interest expense including amortization of debt discount and deferred financing costs									(2,000)	(2,000)	(5,000)	(6,000)
Variable Payment Obligations | RSNs
COMMITMENTS AND CONTINGENCIES
Other current liabilities									8,000		8,000		12,000
Other long-term liabilities									42,000		42,000		$ 41,000
Variable Payment Obligations | RSNs | Other Income, Net
COMMITMENTS AND CONTINGENCIES
Contingent consideration measurement adjustment (gain) loss									$ 1,000	$ (168,000)	$ 4,000	$ (168,000)

EARNINGS PER SHARE - Schedule o

EARNINGS PER SHARE - Schedule of Earnings per Share (Details) - USD ($) shares in Thousands, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income (Numerator)
Net income (loss)	$ 17	$ (3,367)	$ (285)	$ (2,943)
Net income attributable to the redeemable noncontrolling interests	(4)	(19)	(13)	(51)
Net loss (income) attributable to the noncontrolling interests	6	130	(27)	113
Numerator for basic earnings (loss) per common share available to common shareholders	19	(3,256)	(325)	(2,881)
Numerator for diluted earnings (loss) per common share available to common shareholders	$ 19	$ (3,256)	$ (325)	$ (2,881)
Shares (Denominator)
Basic weighted average common shares outstanding (in shares)	75,472	74,810	75,068	81,922
Dilutive effect of stock-settled appreciation rights and outstanding stock options (in shares)	44	0	0	0
Diluted weighted average common and common equivalent shares outstanding (in shares)	75,516	74,810	75,068	81,922

EARNINGS PER SHARE - Summary of

EARNINGS PER SHARE - Summary of Antidilutive Securities (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Earnings Per Share [Abstract]
Weighted-average stock-settled appreciation rights and outstanding stock options excluded (in shares)	1,670	3,456	1,629	3,406

SEGMENT DATA - Narrative (Detai

SEGMENT DATA - Narrative (Details)	9 Months Ended
	Sep. 30, 2021marketsegment
Segment data
Number of reportable segments | segment	2
Number of markets	86
Broadcast
Segment data
Number of markets	86

SEGMENT DATA - Segment Financia

SEGMENT DATA - Segment Financial Information (Details) - USD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Segment data
Assets	[1]	$ 12,845		$ 12,845		$ 13,382
Revenue		1,535	$ 1,539	4,658	$ 4,431
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		148	174	448	524
Amortization of sports programming rights		531	632	1,912	1,028
Amortization of program contract costs		22	19	67	63
Corporate general and administrative expenses		35	30	132	111
(Gain) loss on asset dispositions and other, net of impairment		(4)	(39)	(26)	(99)
Impairment of goodwill and definite-lived intangible assets		0	4,264	0	4,264
Operating income (loss)		73	(4,216)	(70)	(3,397)
Interest expense including amortization of debt discount and deferred financing costs		155	157	466	502
Income (loss) from equity method investments		12	(10)	23	(23)
Intersegment revenues		28	26	82	75
Intersegment selling, general, and administrative expenses		28	26	82	75
Operating Segments | Broadcast
Segment data
Assets		4,712		4,712
Revenue		701	734	2,053	2,026
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		61	60	187	178
Amortization of sports programming rights		0	0	0	0
Amortization of program contract costs		18	19	56	63
Corporate general and administrative expenses		30	25	114	95
(Gain) loss on asset dispositions and other, net of impairment		(6)	(41)	(23)	(101)
Impairment of goodwill and definite-lived intangible assets			0		0
Operating income (loss)		126	221	294	455
Interest expense including amortization of debt discount and deferred financing costs		1	2	3	4
Income (loss) from equity method investments		0	0	0	0
Operating Segments | Local sports
Segment data
Assets		5,711		5,711
Revenue		759	727	2,365	2,155
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		79	109	241	328
Amortization of sports programming rights		531	632	1,912	1,028
Amortization of program contract costs		0	0	0	0
Corporate general and administrative expenses		2	3	8	7
(Gain) loss on asset dispositions and other, net of impairment		0	0	0	0
Impairment of goodwill and definite-lived intangible assets			4,264		4,264
Operating income (loss)		(39)	(4,450)	(368)	(3,885)
Interest expense including amortization of debt discount and deferred financing costs		109	111	327	351
Income (loss) from equity method investments		12	(2)	35	6
Other & Corporate
Segment data
Assets		2,435		2,435
Revenue		117	105	345	338
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		9	6	23	19
Amortization of sports programming rights		0	0	0	0
Amortization of program contract costs		4	0	11	0
Corporate general and administrative expenses		3	2	10	9
(Gain) loss on asset dispositions and other, net of impairment		2	2	(3)	2
Impairment of goodwill and definite-lived intangible assets			0		0
Operating income (loss)		(12)	10	5	38
Interest expense including amortization of debt discount and deferred financing costs		48	48	144	156
Income (loss) from equity method investments		0	(8)	(12)	(29)
Eliminations
Segment data
Assets		(13)		(13)
Revenue		(42)	(27)	(105)	(88)
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets		(1)	(1)	(3)	(1)
Amortization of sports programming rights		0	0	0	0
Amortization of program contract costs		0	0	0	0
Corporate general and administrative expenses		0	0	0	0
(Gain) loss on asset dispositions and other, net of impairment		0	0	0	0
Impairment of goodwill and definite-lived intangible assets			0		0
Operating income (loss)		(2)	3	(1)	(5)
Interest expense including amortization of debt discount and deferred financing costs		(3)	(4)	(8)	(9)
Income (loss) from equity method investments		$ 0	$ 0	$ 0	$ 0
[1]	Our consolidated total assets as of September 30, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $214 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2021 and December 31, 2020 include total liabilities of VIEs of $83 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		9 Months Ended
		Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Variable Interest Entity [Line Items]
Assets	[1]	$ 12,845		$ 12,845		$ 13,382
Loss from equity method investments				(55)	$ 5
Eliminations
Variable Interest Entity [Line Items]
Assets		(6,608)		$ (6,608)		(6,387)
Consolidated VIEs
Variable Interest Entity [Line Items]
Variable interest entities outsourcing agreement initial term				5 years
Assets		214		$ 214		233
Consolidated VIEs | Eliminations
Variable Interest Entity [Line Items]
Liabilities associated with the certain outsourcing agreements and purchase options		126		126		131
Variable Interest Entity, Not Primary Beneficiary
Variable Interest Entity [Line Items]
Assets		187		187		$ 75
Loss from equity method investments		$ (32)	$ 7	$ (20)	$ 29
[1]	Our consolidated total assets as of September 30, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $214 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2021 and December 31, 2020 include total liabilities of VIEs of $83 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		Sep. 30, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents		$ 1,058	$ 1,259
Accounts receivable, net		1,174	1,060
Prepaid sports rights		81	498
Other current assets		206	170
Total current assets		2,792	3,217
Property and equipment, net		785	823
Operating lease assets		177	197
Definite-lived intangible assets, net		5,199	5,624
Total assets	[1]	12,845	13,382
Current liabilities:
Other current liabilities		307	317
Long-term liabilities:
Notes payable, finance leases, and commercial bank financing, less current portion		12,464	12,493
Operating lease liabilities, less current portion		185	198
Program contracts payable, less current portion		25	30
Other long-term liabilities		397	622
Total liabilities	[1]	14,211	14,377
Consolidated VIEs
Current assets:
Cash and cash equivalents		35	64
Accounts receivable, net		89	70
Prepaid sports rights		0	2
Other current assets		6	5
Total current assets		130	141
Property and equipment, net		14	16
Operating lease assets		5	6
Goodwill and indefinite-lived intangible assets		15	15
Definite-lived intangible assets, net		49	54
Other assets		1	1
Total assets		214	233
Current liabilities:
Other current liabilities		80	40
Long-term liabilities:
Notes payable, finance leases, and commercial bank financing, less current portion		6	10
Operating lease liabilities, less current portion		4	5
Program contracts payable, less current portion		2	4
Other long-term liabilities		4	17
Total liabilities		$ 96	$ 76
[1]	Our consolidated total assets as of September 30, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $214 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2021 and December 31, 2020 include total liabilities of VIEs of $83 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 Controlling Shareholders - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Lease Services
Related Party Transaction [Line Items]
Lease payments made to entities	$ 1	$ 1	$ 4	$ 4
Charter Aircraft | Maximum
Related Party Transaction [Line Items]
Aircraft expenses (less than)	$ 1	$ 1	$ 1	$ 1

RELATED PERSON TRANSACTIONS - C

RELATED PERSON TRANSACTIONS - Cunningham Broadcasting Corporation (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)renewal	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Consolidated total debt	$ 12,530		$ 12,530
Total revenues	1,535	$ 1,539	4,658	$ 4,431
Consolidated VIEs
Related Party Transaction [Line Items]
Consolidated total debt	$ 13		$ 13		$ 16
Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Agreement renewal period			8 years
Right to acquire capital stock	100.00%		100.00%
Total payments made under the LMA excluded from liabilities	$ 57		$ 57		54
Remaining purchase price	54		54		54
Purchase options, broadcast stations	$ 0.2		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 | 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%		3.00%
Amount used to determine annual LMA fees required to be paid	$ 5		$ 5
Annual increase in aggregate purchase price	6.00%		6.00%
Lease payments made to entities	$ 3	2	$ 8	6
Affiliated Entity | Cunningham | Consolidated VIEs
Related Party Transaction [Line Items]
Consolidated total debt	7		7
Deferred financing costs	0.2		0.2
Cunningham License Related Assets | Cunningham
Related Party Transaction [Line Items]
Total revenues	35	$ 39	107	$ 111
Guarantee Obligations
Related Party Transaction [Line Items]
Unconditional and irrevocably guaranteed debt	44		44		$ 49
Guarantee Obligations | Affiliated Entity | Cunningham
Related Party Transaction [Line Items]
Unconditional and irrevocably guaranteed debt	$ 38		$ 38

RELATED PERSON TRANSACTIONS - A

RELATED PERSON TRANSACTIONS - Atlantic Automotive Corporation (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Atlantic Automotive Corporation | Affiliated Entity | Advertising Time
Related Party Transaction [Line Items]
Amount received	$ 0.1	$ 0.1	$ 0.1	$ 0.1

RELATED PERSON TRANSACTIONS - L

RELATED PERSON TRANSACTIONS - Leased Property by Real Estate Ventures (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Entities Owned By Controlling Shareholders | Lease Services
Related Party Transaction [Line Items]
Amount received	$ 0.3	$ 0.3	$ 0.7	$ 0.7

RELATED PERSON TRANSACTIONS - E

RELATED PERSON TRANSACTIONS - Equity Method Investees (Details) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Aug. 31, 2019renewal	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)
Sports marketing company
Related Party Transaction [Line Items]
Marketing services		$ 5		$ 15
YES Network
Related Party Transaction [Line Items]
Number of renewal terms | renewal	2
Renewal period	2 years
Management service fee		1	$ 1	4	$ 4
Mobile Trucks
Related Party Transaction [Line Items]
Amount paid		$ 13	$ 7	$ 37	$ 16

RELATED PERSON TRANSACTIONS - S

RELATED PERSON TRANSACTIONS - Sports Programming Rights (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021USD ($)professional_team	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)professional_team	Sep. 30, 2020USD ($)
Related Party Transaction [Line Items]
Sports programming rights payments			$ 1,338	$ 1,124
Sports Teams Affiliates
Related Party Transaction [Line Items]
Number of sports rights agreements assumed | professional_team	6		6
Sports programming rights payments	$ 118	$ 15	$ 377	$ 221

RELATED PERSON TRANSACTIONS -_2

RELATED PERSON TRANSACTIONS - Employees (Details) - Employee - Affiliated Entity - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Jason Smith
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.1	$ 0.1	$ 0.2	$ 0.2
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	$ 0.1	$ 0.1
Edward Kim
Related Party Transaction [Line Items]
Total compensation (less than)	$ 0.1	$ 0.1	$ 0.1	$ 0.1

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Carrying Value and Fair Value of Notes and Debentures (Details)	Nov. 18, 2020$ / shares	Sep. 30, 2021USD ($)	Sep. 30, 2021USD ($)	Apr. 01, 2021USD ($)	Dec. 31, 2020USD ($)
FAIR VALUE MEASUREMENTS:
Investments in equity securities		$ 509,000,000	$ 509,000,000		$ 400,000,000
Debt discount and deferred financing costs		$ 165,000,000	$ 165,000,000		$ 183,000,000
Term Loan B-3 | STG Term Loan Facility
FAIR VALUE MEASUREMENTS:
Aggregate principal amount				$ 740,000,000
Senior Notes | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		5.875%	5.875%
Senior Notes | STG 5.500% Unsecured Notes
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		5.50%	5.50%
Senior Notes | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		5.125%	5.125%
Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		4.125%	4.125%
Senior Notes | DSG 12.750% Secured Notes Due 2026
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		12.75%	12.75%
Senior Notes | DSG 6.625% Unsecured Notes
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		6.625%	6.625%
Senior Notes | DSG 5.375% Secured Notes
FAIR VALUE MEASUREMENTS:
Interest rate (as a percent)		5.375%	5.375%
Bally's
FAIR VALUE MEASUREMENTS:
Option purchase price, minimum (in USD per share) | $ / shares	$ 30
Option purchase price, maximum (in USD per share) | $ / shares	$ 45
Precluded from owning more than percentage	4.90%
Bally's | Options and Warrants
FAIR VALUE MEASUREMENTS:
Measurement adjustments		$ (30,000,000)	$ 22,000,000
Discount for lack of marketability		0.20	0.20		0.25
Level 1 | Carrying Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities		$ 5,000,000	$ 5,000,000		$ 68,000,000
Deferred compensation assets		49,000,000	49,000,000		42,000,000
Deferred compensation liabilities		42,000,000	42,000,000		36,000,000
Level 1 | Carrying Value | STG Money Market Funds
FAIR VALUE MEASUREMENTS:
Money market funds		426,000,000	426,000,000		448,000,000
Level 1 | Carrying Value | DSG Money Market Funds
FAIR VALUE MEASUREMENTS:
Money market funds		128,000,000	128,000,000		292,000,000
Level 1 | Fair Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities		5,000,000	5,000,000		68,000,000
Deferred compensation assets		49,000,000	49,000,000		42,000,000
Deferred compensation liabilities		42,000,000	42,000,000		36,000,000
Level 1 | Fair Value | STG Money Market Funds
FAIR VALUE MEASUREMENTS:
Money market funds		426,000,000	426,000,000		448,000,000
Level 1 | Fair Value | DSG Money Market Funds
FAIR VALUE MEASUREMENTS:
Money market funds		128,000,000	128,000,000		292,000,000
Level 2 | Carrying Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities		150,000,000	150,000,000		0
Level 2 | Carrying Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		13,000,000	13,000,000		17,000,000
Level 2 | Carrying Value | Debt of non-media subsidiaries
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		17,000,000	17,000,000		17,000,000
Level 2 | Carrying Value | Senior Notes | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		348,000,000	348,000,000		348,000,000
Level 2 | Carrying Value | Senior Notes | 5.500% Senior Unsecured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		500,000,000	500,000,000		500,000,000
Level 2 | Carrying Value | Senior Notes | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		400,000,000	400,000,000		400,000,000
Level 2 | Carrying Value | Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		750,000,000	750,000,000		750,000,000
Level 2 | Carrying Value | Senior Notes | 12.750% Senior Secured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		31,000,000	31,000,000		31,000,000
Level 2 | Carrying Value | Senior Notes | 6.625% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		1,744,000,000	1,744,000,000		1,744,000,000
Level 2 | Carrying Value | Senior Notes | 5.375% Senior Secured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		3,050,000,000	3,050,000,000		3,050,000,000
Level 2 | Carrying Value | Term Loan | Term Loan B-1
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		379,000,000	379,000,000		1,119,000,000
Level 2 | Carrying Value | Term Loan | Term Loan B-2
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		1,274,000,000	1,274,000,000		1,284,000,000
Level 2 | Carrying Value | Term Loan | Term Loan B-3
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		738,000,000	738,000,000		0
Level 2 | Carrying Value | Term Loan | Term Loan
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		3,234,000,000	3,234,000,000		3,259,000,000
Level 2 | Carrying Value | Line of Credit Facility | Accounts Receivable Securitization Facility
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		183,000,000	183,000,000		177,000,000
Level 2 | Fair Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities		150,000,000	150,000,000		0
Level 2 | Fair Value | Debt of variable interest entities
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		13,000,000	13,000,000		17,000,000
Level 2 | Fair Value | Debt of non-media subsidiaries
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		17,000,000	17,000,000		17,000,000
Level 2 | Fair Value | Senior Notes | 5.875% Senior Unsecured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		357,000,000	357,000,000		358,000,000
Level 2 | Fair Value | Senior Notes | 5.500% Senior Unsecured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		496,000,000	496,000,000		520,000,000
Level 2 | Fair Value | Senior Notes | 5.125% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		399,000,000	399,000,000		408,000,000
Level 2 | Fair Value | Senior Notes | 4.125% Senior Secured Notes due 2030
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		735,000,000	735,000,000		770,000,000
Level 2 | Fair Value | Senior Notes | 12.750% Senior Secured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		23,000,000	23,000,000		28,000,000
Level 2 | Fair Value | Senior Notes | 6.625% Senior Unsecured Notes due 2027
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		772,000,000	772,000,000		1,056,000,000
Level 2 | Fair Value | Senior Notes | 5.375% Senior Secured Notes due 2026
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		2,024,000,000	2,024,000,000		2,483,000,000
Level 2 | Fair Value | Term Loan | Term Loan B-1
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		374,000,000	374,000,000		1,107,000,000
Level 2 | Fair Value | Term Loan | Term Loan B-2
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		1,249,000,000	1,249,000,000		1,264,000,000
Level 2 | Fair Value | Term Loan | Term Loan B-3
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		727,000,000	727,000,000		0
Level 2 | Fair Value | Term Loan | Term Loan
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		2,021,000,000	2,021,000,000		2,884,000,000
Level 2 | Fair Value | Line of Credit Facility | Accounts Receivable Securitization Facility
FAIR VALUE MEASUREMENTS:
Debt fair value disclosure		183,000,000	183,000,000		177,000,000
Level 3 | Carrying Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities		354,000,000	354,000,000		332,000,000
Level 3 | Carrying Value | Options and Warrants
FAIR VALUE MEASUREMENTS:
Measurement adjustments		(30,000,000)	22,000,000
Level 3 | Fair Value
FAIR VALUE MEASUREMENTS:
Investments in equity securities		$ 354,000,000	$ 354,000,000		$ 332,000,000

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Level 3 Activity (Details) - Level 3 - Carrying Value - Options and Warrants - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning	$ 384	$ 332
Measurement adjustments	(30)	22
Fair value, ending	$ 354	$ 354

CONDENSED CONSOLIDATING FINAN_3

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Narrative (Details) $ in Millions	Sep. 30, 2021USD ($)
Debt Instrument [Line Items]
Consolidated total debt	$ 12,530
Subsidiary Issuer
Debt Instrument [Line Items]
Consolidated total debt	4,389
Amount of debt guaranteed by parent	$ 4,354
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%
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%
4.125% Senior Secured Notes due 2030 | Senior Notes
Debt Instrument [Line Items]
Interest rate (as a percent)	4.125%

CONDENSED CONSOLIDATING FINAN_4

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) $ in Millions		Sep. 30, 2021	Dec. 31, 2020
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		$ 1,058	$ 1,259
Accounts receivable, net		1,174	1,060
Other current assets		560	898
Total current assets		2,792	3,217
Property and equipment, net		785	823
Investment in equity of consolidated subsidiaries		0	0
Restricted cash		3	3
Goodwill		2,088	2,092
Indefinite-lived intangible assets		150	171
Definite-lived intangible assets, net		5,199	5,624
Other long-term assets		1,828	1,452
Total assets	[1]	12,845	13,382
Accounts payable and accrued liabilities		624	533
Current portion of long-term debt		66	58
Other current liabilities		450	443
Total current liabilities		1,140	1,034
Long-term debt		12,464	12,493
Investment in deficit of consolidated subsidiaries		0	0
Other long-term liabilities		607	850
Total liabilities	[1]	14,211	14,377
Redeemable noncontrolling interests		194	190
Total Sinclair Broadcast Group (deficit) equity		(1,613)	(1,274)
Noncontrolling interests in consolidated subsidiaries		53	89
Total liabilities, redeemable noncontrolling interests, and deficit		12,845	13,382
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		13	7
Total current assets		13	7
Property and equipment, net		1	1
Investment in equity of consolidated subsidiaries		715	430
Restricted cash		0	0
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets, net		0	0
Other long-term assets		119	139
Total assets		848	577
Accounts payable and accrued liabilities		28	19
Current portion of long-term debt		0	0
Other current liabilities		1	1
Total current liabilities		29	20
Long-term debt		700	700
Investment in deficit of consolidated subsidiaries		1,707	1,118
Other long-term liabilities		25	12
Total liabilities		2,461	1,850
Redeemable noncontrolling interests		0	0
Total Sinclair Broadcast Group (deficit) equity		(1,613)	(1,273)
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities, redeemable noncontrolling interests, and deficit		848	577
Reportable Legal Entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		555	458
Accounts receivable, net		0	0
Other current assets		58	46
Total current assets		613	504
Property and equipment, net		31	33
Investment in equity of consolidated subsidiaries		3,582	3,549
Restricted cash		0	0
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets, net		0	0
Other long-term assets		1,784	1,718
Total assets		6,010	5,804
Accounts payable and accrued liabilities		81	70
Current portion of long-term debt		20	13
Other current liabilities		6	2
Total current liabilities		107	85
Long-term debt		4,321	4,337
Investment in deficit of consolidated subsidiaries		0	0
Other long-term liabilities		109	121
Total liabilities		4,537	4,543
Redeemable noncontrolling interests		0	0
Total Sinclair Broadcast Group (deficit) equity		1,473	1,261
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities, redeemable noncontrolling interests, and deficit		6,010	5,804
Reportable Legal Entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		10	0
Accounts receivable, net		576	558
Other current assets		441	372
Total current assets		1,027	930
Property and equipment, net		672	706
Investment in equity of consolidated subsidiaries		0	0
Restricted cash		0	0
Goodwill		2,081	2,082
Indefinite-lived intangible assets		136	156
Definite-lived intangible assets, net		1,140	1,256
Other long-term assets		299	280
Total assets		5,355	5,410
Accounts payable and accrued liabilities		285	247
Current portion of long-term debt		5	5
Other current liabilities		159	134
Total current liabilities		449	386
Long-term debt		30	33
Investment in deficit of consolidated subsidiaries		0	0
Other long-term liabilities		1,296	1,445
Total liabilities		1,775	1,864
Redeemable noncontrolling interests		0	0
Total Sinclair Broadcast Group (deficit) equity		3,580	3,546
Noncontrolling interests in consolidated subsidiaries		0	0
Total liabilities, redeemable noncontrolling interests, and deficit		5,355	5,410
Reportable Legal Entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		493	801
Accounts receivable, net		598	502
Other current assets		140	560
Total current assets		1,231	1,863
Property and equipment, net		105	109
Investment in equity of consolidated subsidiaries		0	0
Restricted cash		3	3
Goodwill		7	10
Indefinite-lived intangible assets		14	15
Definite-lived intangible assets, net		4,097	4,409
Other long-term assets		1,783	1,569
Total assets		7,240	7,978
Accounts payable and accrued liabilities		323	284
Current portion of long-term debt		42	41
Other current liabilities		284	306
Total current liabilities		649	631
Long-term debt		8,498	8,460
Investment in deficit of consolidated subsidiaries		0	0
Other long-term liabilities		474	710
Total liabilities		9,621	9,801
Redeemable noncontrolling interests		194	190
Total Sinclair Broadcast Group (deficit) equity		(2,624)	(2,098)
Noncontrolling interests in consolidated subsidiaries		49	85
Total liabilities, redeemable noncontrolling interests, and deficit		7,240	7,978
Eliminations
CONDENSED CONSOLIDATING BALANCE SHEET
Cash and cash equivalents		0	0
Accounts receivable, net		0	0
Other current assets		(92)	(87)
Total current assets		(92)	(87)
Property and equipment, net		(24)	(26)
Investment in equity of consolidated subsidiaries		(4,297)	(3,979)
Restricted cash		0	0
Goodwill		0	0
Indefinite-lived intangible assets		0	0
Definite-lived intangible assets, net		(38)	(41)
Other long-term assets		(2,157)	(2,254)
Total assets		(6,608)	(6,387)
Accounts payable and accrued liabilities		(93)	(87)
Current portion of long-term debt		(1)	(1)
Other current liabilities		0	0
Total current liabilities		(94)	(88)
Long-term debt		(1,085)	(1,037)
Investment in deficit of consolidated subsidiaries		(1,707)	(1,118)
Other long-term liabilities		(1,297)	(1,438)
Total liabilities		(4,183)	(3,681)
Redeemable noncontrolling interests		0	0
Total Sinclair Broadcast Group (deficit) equity		(2,429)	(2,710)
Noncontrolling interests in consolidated subsidiaries		4	4
Total liabilities, redeemable noncontrolling interests, and deficit		$ (6,608)	$ (6,387)
[1]	Our consolidated total assets as of September 30, 2021 and December 31, 2020 include total assets of variable interest entities (VIEs) of $214 million and $233 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2021 and December 31, 2020 include total liabilities of VIEs of $83 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		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	$ 1,535	$ 1,539	$ 4,658	$ 4,431
Media programming and production expenses	1,022	1,077	3,390	2,288
Selling, general and administrative expenses	263	242	807	719
Impairment of goodwill and definite-lived intangible assets	0	4,264	0	4,264
Depreciation, amortization and other operating expenses	177	172	531	557
Total operating expenses	1,462	5,755	4,728	7,828
Operating income (loss)	73	(4,216)	(70)	(3,397)
Equity in earnings of consolidated subsidiaries	0	0	0	0
Interest expense	(155)	(157)	(466)	(502)
Other income (expense)	8	159	82	151
Total other (expense) income, net	(147)	2	(384)	(351)
Income tax benefit	91	847	169	805
NET INCOME (LOSS)	17	(3,367)	(285)	(2,943)
Net income attributable to the redeemable noncontrolling interests	(4)	(19)	(13)	(51)
Net loss (income) attributable to the noncontrolling interests	6	130	(27)	113
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	19	(3,256)	(325)	(2,881)
Comprehensive income (loss)	18	(3,367)	(279)	(2,952)
Reportable Legal Entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	0	0	0	0
Media programming and production expenses	0	0	0	0
Selling, general and administrative expenses	3	2	10	8
Impairment of goodwill and definite-lived intangible assets		0		0
Depreciation, amortization and other operating expenses	0	1	0	1
Total operating expenses	3	3	10	9
Operating income (loss)	(3)	(3)	(10)	(9)
Equity in earnings of consolidated subsidiaries	21	(3,252)	(267)	(2,866)
Interest expense	(3)	(3)	(10)	(10)
Other income (expense)	2	1	(61)	0
Total other (expense) income, net	20	(3,254)	(338)	(2,876)
Income tax benefit	2	1	23	4
NET INCOME (LOSS)	19	(3,256)	(325)	(2,881)
Net income attributable to the redeemable noncontrolling interests	0	0	0	0
Net loss (income) attributable to the noncontrolling interests	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	19	(3,256)	(325)	(2,881)
Comprehensive income (loss)	19	(3,256)	(325)	(2,881)
Reportable Legal Entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	28	25	83	74
Media programming and production expenses	1	0	3	0
Selling, general and administrative expenses	33	27	123	97
Impairment of goodwill and definite-lived intangible assets		0		0
Depreciation, amortization and other operating expenses	2	1	6	6
Total operating expenses	36	28	132	103
Operating income (loss)	(8)	(3)	(49)	(29)
Equity in earnings of consolidated subsidiaries	113	302	317	542
Interest expense	(43)	(45)	(135)	(147)
Other income (expense)	(3)	5	11	11
Total other (expense) income, net	67	262	193	406
Income tax benefit	9	55	38	75
NET INCOME (LOSS)	68	314	182	452
Net income attributable to the redeemable noncontrolling interests	0	0	0	0
Net loss (income) attributable to the noncontrolling interests	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	68	314	182	452
Comprehensive income (loss)	68	314	182	452
Reportable Legal Entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	758	774	2,207	2,140
Media programming and production expenses	366	322	1,073	962
Selling, general and administrative expenses	176	160	515	479
Impairment of goodwill and definite-lived intangible assets		0		0
Depreciation, amortization and other operating expenses	81	40	240	143
Total operating expenses	623	522	1,828	1,584
Operating income (loss)	135	252	379	556
Equity in earnings of consolidated subsidiaries	0	0	0	0
Interest expense	(1)	(1)	(2)	(3)
Other income (expense)	(2)	(11)	(24)	(30)
Total other (expense) income, net	(3)	(12)	(26)	(33)
Income tax benefit	(16)	64	(31)	24
NET INCOME (LOSS)	116	304	322	547
Net income attributable to the redeemable noncontrolling interests	0	0	0	0
Net loss (income) attributable to the noncontrolling interests	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	116	304	322	547
Comprehensive income (loss)	116	304	322	547
Reportable Legal Entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	803	786	2,507	2,350
Media programming and production expenses	671	772	2,354	1,371
Selling, general and administrative expenses	87	77	252	207
Impairment of goodwill and definite-lived intangible assets		4,264		4,264
Depreciation, amortization and other operating expenses	95	133	290	416
Total operating expenses	853	5,246	2,896	6,258
Operating income (loss)	(50)	(4,460)	(389)	(3,908)
Equity in earnings of consolidated subsidiaries	0	0	0	0
Interest expense	(113)	(114)	(337)	(361)
Other income (expense)	14	168	166	180
Total other (expense) income, net	(99)	54	(171)	(181)
Income tax benefit	96	727	139	702
NET INCOME (LOSS)	(53)	(3,679)	(421)	(3,387)
Net income attributable to the redeemable noncontrolling interests	(4)	(19)	(13)	(51)
Net loss (income) attributable to the noncontrolling interests	6	130	(27)	113
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(51)	(3,568)	(461)	(3,325)
Comprehensive income (loss)	(52)	(3,679)	(415)	(3,396)
Eliminations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
Total revenues	(54)	(46)	(139)	(133)
Media programming and production expenses	(16)	(17)	(40)	(45)
Selling, general and administrative expenses	(36)	(24)	(93)	(72)
Impairment of goodwill and definite-lived intangible assets		0		0
Depreciation, amortization and other operating expenses	(1)	(3)	(5)	(9)
Total operating expenses	(53)	(44)	(138)	(126)
Operating income (loss)	(1)	(2)	(1)	(7)
Equity in earnings of consolidated subsidiaries	(134)	2,950	(50)	2,324
Interest expense	5	6	18	19
Other income (expense)	(3)	(4)	(10)	(10)
Total other (expense) income, net	(132)	2,952	(42)	2,333
Income tax benefit	0	0	0	0
NET INCOME (LOSS)	(133)	2,950	(43)	2,326
Net income attributable to the redeemable noncontrolling interests	0	0	0	0
Net loss (income) attributable to the noncontrolling interests	0	0	0	0
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP	(133)	2,950	(43)	2,326
Comprehensive income (loss)	$ (133)	$ 2,950	$ (43)	$ 2,326

CONDENSED CONSOLIDATING FINAN_6

CONDENSED CONSOLIDATING FINANCIAL STATEMENTS - Statement of Cash Flows (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	$ 235	$ 839
NET CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisition of property and equipment	(62)	(130)
Spectrum repack reimbursements	22	72
Proceeds from sale of assets	43	36
Purchases of investments	(244)	(85)
Other, net	10	9
Net cash flows used in investing activities	(231)	(98)
NET CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES
Proceeds from notes payable and commercial bank financing	357	947
Repayments of notes payable, commercial bank financing and finance leases	(400)	(945)
Repurchase of outstanding Class A Common Stock	0	(343)
Dividends paid on Class A and Class B Common Stock	(46)	(49)
Dividends paid on redeemable subsidiary preferred equity	(4)	(32)
Redemption of redeemable subsidiary preferred equity	0	(547)
Distributions to noncontrolling interests, net	(63)	(19)
Distributions to redeemable noncontrolling interests	(5)	(378)
Increase (decrease) in intercompany payables	0	0
Other, net	(44)	(75)
Net cash flows used in financing activities	(205)	(1,441)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(201)	(700)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	1,262	1,333
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	1,061	633
Reportable Legal Entities | Sinclair Broadcast Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	8	(115)
NET CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisition of property and equipment	0	0
Spectrum repack reimbursements	0	0
Proceeds from sale of assets	0	0
Purchases of investments	(7)	(2)
Other, net	0	1
Net cash flows used in investing activities	(7)	(1)
NET 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		(343)
Dividends paid on Class A and Class B Common Stock	(46)	(49)
Dividends paid on redeemable subsidiary preferred equity	0	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	57	507
Other, net	(12)	1
Net cash flows used in financing activities	(1)	116
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	0	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	0	0
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	0	0
Reportable Legal Entities | Sinclair Television Group, Inc.
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	(100)	(39)
NET CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisition of property and equipment	(1)	(7)
Spectrum repack reimbursements	0	0
Proceeds from sale of assets	0	0
Purchases of investments	(12)	(30)
Other, net	0	0
Net cash flows used in investing activities	(13)	(37)
NET CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES
Proceeds from notes payable and commercial bank financing	341	648
Repayments of notes payable, commercial bank financing and finance leases	(356)	(670)
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	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	226	3
Other, net	(1)	0
Net cash flows used in financing activities	210	(19)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	97	(95)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	458	357
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	555	262
Reportable Legal Entities | Guarantor Subsidiaries and KDSM, LLC
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	317	481
NET CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisition of property and equipment	(48)	(110)
Spectrum repack reimbursements	22	72
Proceeds from sale of assets	34	36
Purchases of investments	(40)	(33)
Other, net	(2)	(9)
Net cash flows used in investing activities	(34)	(44)
NET 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	(5)	(3)
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	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	(268)	(433)
Other, net	0	0
Net cash flows used in financing activities	(273)	(436)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	10	1
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	0	3
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	10	4
Reportable Legal Entities | Non- Guarantor Subsidiaries
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	6	510
NET CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisition of property and equipment	(15)	(19)
Spectrum repack reimbursements	0	0
Proceeds from sale of assets	9	0
Purchases of investments	(185)	(20)
Other, net	12	17
Net cash flows used in investing activities	(179)	(22)
NET CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES
Proceeds from notes payable and commercial bank financing	16	299
Repayments of notes payable, commercial bank financing and finance leases	(39)	(272)
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)	(32)
Redemption of redeemable subsidiary preferred equity		(547)
Distributions to noncontrolling interests, net	(63)	(19)
Distributions to redeemable noncontrolling interests	(5)	(378)
Increase (decrease) in intercompany payables	(9)	(69)
Other, net	(31)	(76)
Net cash flows used in financing activities	(135)	(1,094)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(308)	(606)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	804	973
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	496	367
Eliminations
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
NET CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES	4	2
NET CASH FLOWS USED IN INVESTING ACTIVITIES
Acquisition of property and equipment	2	6
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	2	6
NET 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	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	(6)	(8)
Other, net	0	0
Net cash flows used in financing activities	(6)	(8)
NET DECREASE 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

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)	1 Months Ended
	Nov. 30, 2021	Nov. 05, 2021	Sep. 23, 2020
A/R Facility | Line of Credit Facility
Subsequent Event [Line Items]
Maximum borrowing capacity			$ 250,000,000
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per share (in USD per share)	$ 0.20
Subsequent Event | A/R Facility | Line of Credit Facility
Subsequent Event [Line Items]
Payment to purchase lenders' rights and obligations		$ 184,400,000
Payment to purchase lenders' rights and obligations as a proportion of total aggregate outstanding principal amount (as a percent)		101.00%
Maximum borrowing capacity		$ 400,000,000