================================================================================
                                 UNITED STATES

   
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549




                                  FORM 8-K/A




                                CURRENT REPORT
    




                    PURSUANT TO SECTION 13 OR 15(D) OF THE
                        SECURITIES EXCHANGE ACT OF 1934


                                 JULY 16, 1997
                       ---------------------------------
                       (Date of earliest event reported)








                        SINCLAIR BROADCAST GROUP, INC.
            (Exact name of Registrant as specified in its charter)






                                                       
              MARYLAND                   33-69482                  52-1494660
    (State of incorporation)     (Commission File Number)         (IRS Employer
                                                              Identification Number)



             2000 W. 41st Street, Baltimore, Maryland   21211-1420
      -------------------------------------------------------------------
             (Address of principal executive offices)   (Zip code)




      Registrant's telephone number, including area code: (410) 467-5005











================================================================================


   
ITEM 5. OTHER EVENTS

     As previously  reported,  Sinclair  Broadcast  Group,  Inc. (the "Company")
entered into acquisition  agreements on July 16, 1997 (the "Heritage Acquisition
Agreements") with The News Corporation  Limited,  Heritage Media Group, Inc. and
certain  subsidiaries of Heritage Media  Corporation  (collectively  "Heritage")
pursuant  to which the  Company  will  acquire  the  assets  of, or the right to
program pursuant to Local Marketing Agreements ("LMAs"), six television stations
in three  markets  and the assets of 24 radio  stations  in seven  markets  (the
"Heritage Acquisition").  The Company is filing with this Current Report on Form
8-K pro forma  financial  information  for the Company showing the effect of the
Heritage  Acquisition  and certain other  transactions  completed by the Company
since  January  1,  1996  (the  "1996  Acquisitions").   The  audited  financial
statements of Heritage Media Services, Inc. -- Broadcast Segment ("HMSI"), which
includes  all the assets to be acquired by the Company  pursuant to the Heritage
Acquisition  Agreements,  were filed with a previous amendment to this report on
Form 8-K.


THE TENDER OFFER

     On November  17,  1997,  the Company  commenced a tender offer (the "Tender
Offer") for all of its outstanding 10% Senior  Subordinated  Notes due 2003 (the
"1993 Notes") and a solicitation  of consents  ("Consents")  from the holders of
the 1993 Notes to eliminate or modify  certain  covenants  and other  provisions
contained in the indenture  relating to the 1993 Notes.  The consummation of the
Tender  Offer is  conditioned  on,  among other  things,  the valid  tender of a
majority  of the  outstanding  1993  Notes,  the  Company  having  obtained  the
requisite  financing  for  payment of the  tendered  1993 Notes and the  Company
having obtained consent from lenders under the Third Amended and Restated Credit
Agreement  dated as of May 20, 1997 with the Chase  Manhattan Bank, as agent (as
amended from time to time, the "Bank Credit Agreement"), to purchase of the 1993
Notes.  As of midnight on December 9, 1997  holders of 98.1% of the  outstanding
principal  amount of the 1993 Notes had  tendered and not  withdrawn  their 1993
Notes  and,  therefore,  are  entitled  to receive  the  payment  (the  "Consent
Payment")  to be made in  connection  with the timely  giving of  Consents.  The
Tender Offer will expire on December 16, 1997,  unless  extended,  at which time
the Company  expects to purchase all of the 1993 Notes  validly  tendered with a
portion  of  the  net  proceeds  of  a  proposed  offering  by  the  Company  of
$250,000,000 in principal amount of Senior  Subordinated  Notes (the "Offering")
or funds available under the Bank Credit Agreement.  The total consideration and
expenses  payable  in  connection  with the  Tender  Offer  are  expected  to be
approximately $108.2 million and $0.3 million, respectively.
    


ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL STATEMENTS AND EXHIBITS


   
(A) FINANCIAL STATEMENTS OF BUSINESSES ACQUIRED

     The financial  statements  required by this item were filed with a previous
amendment to this report on Form 8-K.


(B) PRO FORMA CONSOLIDATED FINANCIAL INFORMATION OF SINCLAIR

     The following Pro Forma  Consolidated  Financial Data include the unaudited
pro forma  consolidated  balance  sheet as of September 30, 1997 (the "Pro Forma
Consolidated Balance Sheet") and the unaudited pro forma consolidated  statement
of  operations  for the year ended  December  31, 1996 and the nine months ended
September 30, 1997 (the "Pro Forma Consolidated  Statement of Operations").  The
unaudited Pro Forma Consolidated Balance Sheet is adjusted to give effect to the
Heritage  Acquisition,  the  completion of the Tender Offer and the Offering and
the application of $108.5 million of the net proceeds of the Offering to pay the
consideration  payable in connection with, and expenses of, the Tender Offer, as
if such  transactions  occurred on September  30, 1997.  The unaudited Pro Forma
Consolidated  Statement of Operations  for the year ended  December 31, 1996 and
the nine months ended September 30, 1997 are adjusted to give effect to the 1996
Acquisitions,  the  issuance  of  $200,000,000  in  liquidation  amount  of  the
Company's 11 5/8% High Yield Trust Offered  Preferred  Securities (the "HYTOPS")
issued on March 14, 1997, (the "HYTOPS Issuance"),  the issuance of $200,000,000
in      



   
principal  amount of the  Company's 9% Senior  Subordinated  Notes due 2007 (the
"1997 Notes") issued on July 2, 1997 (the "July Debt  Issuance"),  the September
23, 1997 public offering by the Company of 4,345,000  shares  (including  shares
sold on September 30, 1997 pursuant to the exercise of an overallotment  option)
of Class A Common Stock (the "Common  Stock  Offering"),  and the  September 23,
1997  public  offering by the Company of $172.5  million  aggregate  liquidation
value  (including  shares sold on September 30, 1997 pursuant to the exercise of
an  overallotment  option) of its Series D  Convertible  Exchangeable  Preferred
Stock (the "Preferred Stock Offering"), the Heritage Acquisition, the completion
of the  Tender  Offer  (assuming  that 100% of the  outstanding  1993  Notes are
purchased in the Tender  Offer) and the Offering and the  application  of $108.5
million of the net proceeds of the Offering to pay the consideration  payable in
connection  with,  and  expenses  of, the Tender  Offer as if such  transactions
occurred at the beginning of such periods.  The pro forma  adjustments are based
upon available information and certain assumptions that the Company believes are
reasonable.  The  Pro  Forma  Consolidated  Financial  Data  should  be  read in
conjunction with the Company's  Consolidated  Financial Statements as of and for
the year ended  December  31,  1996 and related  notes  thereto,  the  Company's
unaudited  consolidated financial statements as of and for the nine months ended
September 30, 1997 and related notes thereto,  the historical  financial data of
Flint  T.V.,  Inc.  ("Flint-TV"),  the  historical  financial  data of  Superior
Communications,  Inc.  ("Superior"),  the historical  financial data of KSMO and
WSTR, the historical  financial data of River City  Broadcasting,  L.P.  ("River
City") and the  historical  financial data of HMSI, all of which have been filed
with the Securities and Exchange  Commission as part of either (i) the Company's
Annual  Report on Form 10-K for the year ended  December 31, 1996 (as  amended),
together with the report of Arthur Andersen LLP,  independent  certified  public
accountants;  (ii) the Company's  Quarterly  Report on Form 10-Q for the quarter
ended September 30, 1997; or (iii) the Company's Current Reports on Form 8-K and
Form 8-K/A filed May 10, 1996, May 13, 1996, May 17, 1996, May 29, 1996,  August
30, 1996,  September 5, 1996,  August 26, 1997,  October 8, 1997 and December 5,
1997.  The unaudited  Pro Forma  Consolidated  Financial  Data do not purport to
represent what the Company's  results of operations or financial  position would
have been had any of the above  events  occurred  on the dates  specified  or to
project the Company's results of operations or financial  position for or at any
future period or date.


(C) EXHIBITS

     None
    

   
                        SINCLAIR BROADCAST GROUP, INC.
                      PRO FORMA CONSOLIDATED BALANCE SHEET
                           AS OF SEPTEMBER 30, 1997
                            (DOLLARS IN THOUSANDS)
                                  (UNAUDITED)
    

   


                                                              CONSOLIDATED        HERITAGE
                                                               HISTORICAL      ACQUISITION(A)
                                                             -------------- --------------------
                           ASSETS
                                                                      
CURRENT ASSETS:
 Cash and cash equivalents .................................  $   10,336
 Accounts receivable, net of allowance for doubtful accounts      96,492
 Current portion of program contract costs .................      54,186     $       1,270
 Prepaid expenses and other current assets .................       5,790
 Deferred barter costs .....................................       4,474             2,201
 Deferred tax asset ........................................       5,533
                                                              ----------
   Total current assets ....................................     176,811             3,471
PROGRAM CONTRACT COSTS, less current portion ...............      49,607               262
LOANS TO OFFICERS AND AFFILIATES ...........................      11,210
PROPERTY AND EQUIPMENT, net ................................     161,301            22,666
NON-COMPETE AND CONSULTING AGREEMENTS,
 net .......................................................       1,225
OTHER ASSETS ...............................................     145,302           (63,000)
ACQUIRED INTANGIBLE BROADCASTING ASSETS,
 net .......................................................   1,335,320           545,839
                                                              ----------     -------------
   Total Assets ............................................  $1,880,776     $     509,238
                                                              ==========     =============
                            LIABILITIES AND
                         STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
 Accounts payable ..........................................  $    4,191
 Accrued liabilities .......................................      33,575
 Current portion of long-term liabilities-
  Notes payable and commercial bank financing ..............      35,344
  Capital leases payable ...................................          --
  Notes and capital leases payable to affiliates ...........       2,481
  Program contracts payable ................................      62,993     $       1,080
 Deferred barter revenues ..................................       5,124
                                                              ----------
   Total current liabilities ...............................     143,708             1,080
LONG-TERM LIABILITIES:
  Notes payable and commercial bank financing ..............     880,719     $     507,000 (d)
  Capital leases payable ...................................          --
  Notes and capital leases payable to affiliates ...........      20,635
  Program contracts payable ................................      75,688             1,158
  Other long-term liabilities ..............................       4,640
                                                              ----------
   Total liabilities .......................................   1,125,390           509,238
                                                              ----------     -------------
MINORITY INTEREST IN CONSOLIDATED SUBSID-
 IARIES                                                            3,837                --
                                                              ----------     -------------
COMPANY OBLIGATED MANDATORILY REDEEM-
 ABLE SECURITY OF SUBSIDIARY TRUST HOLD-
 ING SOLELY KDSM SENIOR DEBENTURES                               200,000                --
                                                              ----------     -------------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
  Series B Preferred Stock .................................          11
  Series D Preferred Stock .................................          35
  Class A Common Stock .....................................         134
  Class B Common Stock .....................................         258
  Additional paid-in capital ...............................     553,801
  Additional paid-in capital - deferred compensation .......        (779)
  Additional paid-in capital - equity put options ..........      23,117
  Accumulated deficit ......................................     (25,028)
                                                              ----------
   Total stockholders' equity ..............................     551,549                --
                                                              ----------     -------------
   Total Liabilities and Stockholders' Equity ..............  $1,880,776     $     509,238
                                                              ==========     =============




                                                                                                        CONSOLIDATED
                                                                                                        HISTORICAL,
                                                                                                          HERITAGE
                                                                  CONSOLIDATED         TENDER OFFER     ACQUISITION,
                                                                 HISTORICAL AND            AND          TENDER OFFER,
                                                              HERITAGE ACQUISITION     OFFERING(B)      AND OFFERING
                                                             ---------------------- ------------------ --------------
                           ASSETS
                                                                                              
CURRENT ASSETS:
 Cash and cash equivalents .................................      $   10,336         $                  $   10,336
 Accounts receivable, net of allowance for doubtful accounts          96,492                                96,492
 Current portion of program contract costs .................          55,456                                55,456
 Prepaid expenses and other current assets .................           5,790                                 5,790
 Deferred barter costs .....................................           6,675                                 6,675
 Deferred tax asset ........................................           5,533                                 5,533
                                                                  ----------                            ----------
   Total current assets ....................................         180,282                  --           180,282
PROGRAM CONTRACT COSTS, less current portion ...............          49,869                                49,869
LOANS TO OFFICERS AND AFFILIATES ...........................          11,210                                11,210
PROPERTY AND EQUIPMENT, net ................................         183,967                               183,967
NON-COMPETE AND CONSULTING AGREEMENTS,
 net .......................................................           1,225                                 1,225
OTHER ASSETS ...............................................          82,302               8,030 (c)        90,332
ACQUIRED INTANGIBLE BROADCASTING ASSETS,
 net .......................................................       1,881,159                             1,881,159
                                                                  ----------                            ----------
   Total Assets ............................................      $2,390,014         $     8,030        $2,398,044
                                                                  ==========         ===========        ==========
                            LIABILITIES AND
                         STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
 Accounts payable ..........................................      $    4,191                            $    4,191
 Accrued liabilities .......................................          33,575                                33,575
 Current portion of long-term liabilities-
  Notes payable and commercial bank financing ..............          35,344                                35,344
  Capital leases payable ...................................              --                                    --
  Notes and capital leases payable to affiliates ...........           2,481                                 2,481
  Program contracts payable ................................          64,073                                64,073
 Deferred barter revenues ..................................           5,124                                 5,124
                                                                  ----------                            ----------
   Total current liabilities ...............................         144,788                               144,788
LONG-TERM LIABILITIES:
  Notes payable and commercial bank financing ..............       1,387,719         $    14,100 (e)     1,401,819
  Capital leases payable ...................................              --                                    --
  Notes and capital leases payable to affiliates ...........          20,635                                20,635
  Program contracts payable ................................          76,846                                76,846
  Other long-term liabilities ..............................           4,640                                 4,640
                                                                  ----------                            ----------
   Total liabilities .......................................       1,634,628              14,100         1,648,728
                                                                  ----------         -----------        ----------
MINORITY INTEREST IN CONSOLIDATED SUBSID-
 IARIES                                                                3,837                  --             3,837
                                                                  ----------         -----------        ----------
COMPANY OBLIGATED MANDATORILY REDEEM-
 ABLE SECURITY OF SUBSIDIARY TRUST HOLD-
 ING SOLELY KDSM SENIOR DEBENTURES                                   200,000                  --           200,000
                                                                  ----------         -----------        ----------
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
  Series B Preferred Stock .................................              11                                    11
  Series D Preferred Stock .................................              35                                    35
  Class A Common Stock .....................................             134                                   134
  Class B Common Stock .....................................             258                                   258
  Additional paid-in capital ...............................         553,801                               553,801
  Additional paid-in capital - deferred compensation .......            (779)                                 (779)
  Additional paid-in capital - equity put options ..........          23,117                                23,117
  Accumulated deficit ......................................         (25,028)             (6,070)(f)       (31,098)
                                                                  ----------         -----------        ----------
   Total stockholders' equity ..............................         551,549              (6,070)          545,479
                                                                  ----------         -----------        ----------
   Total Liabilities and Stockholders' Equity ..............      $2,390,014         $     8,030        $2,398,044
                                                                  ==========         ===========        ==========

    

   
                          (Continued on following page)

                                       1
    


   
                 NOTES TO PRO FORMA CONSOLIDATED BALANCE SHEET
                            (DOLLARS IN THOUSANDS)

(a) The Heritage Acquisition column reflects the assets and liabilities acquired
    in  connection  with the  $630,000  purchase  of  Heritage  less the $60,000
    divestiture  of the  Heritage  television  station  KOKH in  Oklahoma  City,
    Oklahoma,  which is required pursuant to the Heritage Acquisition Agreements
    and with  respect to which the Company has entered  into a letter of intent.
    The Heritage  Acquisition is subject to a number of conditions customary for
    acquisitions  of  broadcasting  properties.  Total acquired  intangibles are
    calculated as follows:
    

   


                                                                                        HERITAGE
                                                             HERITAGE       KOKH       ACQUISITION
                                                            ----------   ----------   ------------
                                                                             
Purchase Price ..........................................                               $630,000
 Add:
   Liabilities acquired--
   Current portion of program contracts payable .........     $ 1,461    $  (381)          1,080
   Long-term portion of program contracts payable .......       1,761       (603)          1,158
 Less:
   Assets acquired--
   Current portion of program contract costs ............       2,140       (870)          1,270
   Deferred barter costs ................................       2,278        (77)          2,201
   Program contract costs, less current portion .........       1,075       (813)            262
   Property and equipment ...............................      28,387     (5,721)         22,666
   Sale of KOKH .........................................                                 60,000
                                                                                        ---------
   Acquired intangibles .................................                               $545,839
                                                                                        =========

    

   
(b) To reflect  the  proceeds  of the  Offering,  net of $5,600 of  underwriting
    discounts and  commissions  and estimated  expenses and the application of a
    portion of the net proceeds therefrom to complete the Tender Offer.

(c) To record underwriting  discounts and commissions and estimated expenses and
    the deferred tax asset  related to the Offering net of the  write-off of the
    deferred financing costs related to the 1993 Notes.

(d) To reflect the  incurrence of $507,000 of  borrowings  under the Bank Credit
    Agreement in connection with the Heritage Acquisition.

(e) To reflect the increase in  indebtedness  resulting  from the Offering after
    giving effect to the Tender Offer and application of excess cash proceeds as
    follows:
    

   

                                                                         
              Indebtedness incurred ....................................... $  249,020
              Excess cash proceeds(l) .....................................   (134,920)
              Indebtedness repaid .........................................   (100,000)
                                                                            ----------
              Pro forma adjustment ........................................ $   14,100
                                                                            ==========

    
   

                                                                          
          (1) Offering proceeds, net of issuance discount   ............... $ 249,020
             Underwriting discounts, commissions and estimated expenses ...    (5,600)
             Tender Offer Expenses ........................................      (300)
             Tender Offer .................................................  (108,200)
                                                                            ----------
             Excess cash proceeds ......................................... $ 134,920
                                                                            ==========

    

   
(f) To reflect the extraordinary loss of $6,070, net of the tax effect,  related
    to the  Tender  Offer and the  write-off  of the  deferred  financing  costs
    related to the 1993 Notes.
    


                                       2


                        SINCLAIR BROADCAST GROUP, INC.
                 PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
                     FOR THE YEAR ENDED DECEMBER 31, 1996
                 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
                                  (UNAUDITED)

   


                                                          CONSOLIDATED   FLINT-
                                                           HISTORICAL    TV(A)    SUPERIOR(B)   KSMO(C)
                                                         -------------- -------- ------------- ----------
                                                                                   
REVENUES:
 Station broadcast revenues, net of agency commis-
 sions                                                    $  346,459     $1,012     $4,431     $ 7,694
 Revenues realized from station barter arrangements           32,029                             2,321
                                                          ----------                           --------
  Total revenues .......................................     378,488      1,012      4,431      10,015
                                                          ----------     -------    ------     --------
OPERATING EXPENSES:
 Program and production   ..............................      66,652        101        539       1,550
 Selling, general and administrative  ..................      75,924        345      2,002       2,194
 Expenses realized from barter arrangements ............      25,189                             2,276
 Amortization of program contract costs and net re-
 alizable value adjustments                                   47,797        125        736         601
 Amortization of deferred compensation   ...............         739
 Depreciation and amortization of property and
 equipment    ..........................................      11,711          4        373         374
 Amortization of acquired intangible broadcasting
 assets, non-compete and consulting agreements
 and other assets   ....................................      58,530                   529
 Amortization of excess syndicated programming .........       3,043
                                                          ----------
  Total operating expenses   ...........................     289,585        575      4,179       6,995
                                                          ----------     -------    ------     --------
  Broadcast operating income (loss)   ..................      88,903        437        252       3,020
                                                          ----------     -------    ------     --------
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense     .    (84,314)                 (457)       (823)
 Interest income .......................................       3,136
 Subsidiary trust distributions  .......................
 Other income (expense)   ..............................         342         19          4           7
                                                          ----------     -------    ------     --------
  Income (loss) before provision (benefit) for in-
  come taxes                                                   8,067        456       (201)      2,204
PROVISION (BENEFIT) FOR INCOME
 TAXES  ................................................       6,936
                                                          ----------
NET INCOME (LOSS) BEFORE EXTRAORDI-
 NARY ITEM  ............................................  $    1,131
EXTRAORDINARY ITEM  ....................................          --
                                                          ----------
NET INCOME (LOSS)   ....................................  $    1,131     $  456     $ (201)    $ 2,204
                                                          ==========     =======    ======     ========
NET INCOME (LOSS) AVAILABLE TO COM-
 MON STOCKHOLDERS   ....................................  $    1,131
                                                          ==========
NET INCOME (LOSS) PER COMMON AND
 COMMON EQUIVALENT SHARE:
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM  ...........  $     0.03
                                                          ==========
EXTRAORDINARY ITEM  ....................................  $       --
                                                          ==========
NET INCOME (LOSS) AVAILABLE TO COM-
 MON STOCKHOLDERS  .....................................  $     0.03
                                                          ==========
WEIGHTED AVERAGE COMMON AND COM-
 MON EQUIVALENT SHARES OUTSTAND-
 ING  ..................................................      37,381
                                                          ==========


                                                                           RIVER CITY(E)                         1996
                                                                     --------------------------              ACQUISITION
                                                           WSTR(D)    RIVER CITY      WSYX       WYZZ(F)     ADJUSTMENTS
                                                         ----------- ------------ ------------- --------- ------------------
                                                                                           
REVENUES:
 Station broadcast revenues, net of agency commis-
 sions                                                   $  7,488    $  86,869    $ (10,783)      $1,838
 Revenues realized from station barter arrangements         1,715
                                                         ---------
  Total revenues .......................................    9,203       86,869      (10,783)       1,838
                                                         ---------   ----------   ----------     -------
OPERATING EXPENSES:
 Program and production   ..............................      961       10,001         (736)         214
 Selling, general and administrative  ..................    2,173       39,786       (3,950)         702  $      (3,577)(h)
 Expenses realized from barter arrangements ............    1,715
 Amortization of program contract costs and net re-
 alizable value adjustments                                 1,011        9,721         (458)         123
 Amortization of deferred compensation   ...............                                                            194 (j)
 Depreciation and amortization of property and
 equipment    ..........................................      284        6,294       (1,174)           6           (943)(k)
 Amortization of acquired intangible broadcasting
 assets, non-compete and consulting agreements
 and other assets   ....................................       39       14,041       (3,599)           3          4,034 (m)
 Amortization of excess syndicated programming .........
  Total operating expenses   ...........................    6,183       79,843       (9,917)       1,048           (292)
                                                         ---------   ----------   ----------     -------  -------------
  Broadcast operating income (loss)   ..................    3,020        7,026         (866)         790            292
                                                         ---------   ----------   ----------     -------  -------------
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense     .  (1,127)     (12,352)                                 (17,409)(q)
 Interest income .......................................       15          195                                   (1,636)(w)
 Subsidiary trust minority interest expense ............
 Other income (expense)   ..............................                  (149)            (8)
                                                                     ----------   ----------
  Income (loss) before provision (benefit) for in-
  come taxes                                                1,908       (5,280)        (874)         790        (18,753)
PROVISION (BENEFIT) FOR INCOME
 TAXES  ................................................                                                         (7,900)(y)
                                                                                                          -------------
NET INCOME (LOSS) BEFORE EXTRAORDI-
 NARY ITEM
EXTRAORDINARY ITEM  ....................................
NET INCOME (LOSS)   .................................... $  1,908    $  (5,280)   $    (874)      $  790  $     (10,853)
                                                         =========   ==========   ==========     =======  =============
NET INCOME (LOSS) AVAILABLE TO COM-
 MON STOCKHOLDERS
NET INCOME (LOSS) PER COMMON AND
 COMMON EQUIVALENT SHARE:
NET INCOME (LOSS)   ....................................
EXTRAORDINARY ITEM  ....................................
NET INCOME (LOSS) AVAILABLE TO COM-
 MON STOCKHOLDERS
WEIGHTED AVERAGE COMMON AND COM-
 MON EQUIVALENT SHARES OUTSTAND-
 ING


                                                                                                  1996 ACQUISITIONS,
                                                                                    JULY           HYTOPS ISSUANCE
                                                               HYTOPS               DEBT              AND JULY
                                                              ISSUANCE            ISSUANCE          DEBT ISSUANCE
                                                         ------------------ -------------------- -------------------
                                                                                        
REVENUES:
 Station broadcast revenues, net of agency commis-
 sions                                                                                              $   445,008
 Revenues realized from station barter arrangements                                                      36,065
                                                                                                    -----------
  Total revenues .......................................                                                481,073
                                                                                                    -----------
OPERATING EXPENSES:
 Program and production   ..............................                                                 79,282
 Selling, general and administrative  ..................                                                115,599
 Expenses realized from barter arrangements ............                                                 29,180
 Amortization of program contract costs and net re-
 alizable value adjustments                                                                              59,656
 Amortization of deferred compensation   ...............                                                    933
 Depreciation and amortization of property and
 equipment    ..........................................                                                 16,929
 Amortization of acquired intangible broadcasting
 assets, non-compete and consulting agreements
 and other assets   .................................... $         500 (n)  $          450 (o)           74,527
 Amortization of excess syndicated programming .........                                                  3,043
                                                                                                    -----------
  Total operating expenses   ...........................           500                 450              379,149
                                                         -------------      --------------          -----------
  Broadcast operating income (loss)   ..................          (500)               (450)             101,924
                                                         -------------      --------------          -----------
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense     .       11,820 (r)         (18,000) (s)        (122,662)
 Interest income .......................................                                                  1,710
 Subsidiary trust minority interest expense ............       (23,250)(x)                              (23,250)
 Other income (expense)   ..............................                                                    215
                                                                                                    -----------
  Income (loss) before provision (benefit) for in-
  come taxes                                                   (11,930)            (18,450)             (42,063)
PROVISION (BENEFIT) FOR INCOME
 TAXES  ................................................        (4,772)(y)          (7,380)(y)          (13,116)
                                                         -------------      --------------          -----------
NET INCOME (LOSS) BEFORE EXTRAORDI-
 NARY ITEM
EXTRAORDINARY ITEM  ....................................
NET INCOME (LOSS)   .................................... $      (7,158)     $      (11,070)         $   (28,947)
                                                         =============      ==============          ===========



NET INCOME (LOSS) AVAILABLE TO COM-
 MON STOCKHOLDERS
NET INCOME (LOSS) PER COMMON AND
 COMMON EQUIVALENT SHARE:
NET INCOME (LOSS)   ....................................
EXTRAORDINARY ITEM  ....................................
NET INCOME (LOSS) AVAILABLE TO COM-
 MON STOCKHOLDERS
WEIGHTED AVERAGE COMMON AND COM-
 MON EQUIVALENT SHARES OUTSTAND-
 ING

    

                          (Continued on following page)

   
                                       3
    


                        SINCLAIR BROADCAST GROUP, INC.
                 PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
   
                     FOR THE YEAR ENDED DECEMBER 31, 1996
                 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
                                  (UNAUDITED)
    

   


                                                                           1996 ACQUISITIONS,       COMMON
                                                                            HYTOPS ISSUANCE     STOCK OFFERING
                                                                                AND JULY        AND PREFERRED
                                                                             DEBT ISSUANCE      STOCK OFFERING
                                                                          -------------------- ----------------
                                                                                         
REVENUES:
 Station broadcast revenues, net of agency commissions ..................    $   445,008
 Revenues realized from station barter arrangements .....................         36,065
                                                                             -----------
   Total revenues .......................................................        481,073                 --
                                                                             -----------       ------------
OPERATING EXPENSES:
 Program and production .................................................         79,282
 Selling, general and administrative ....................................        115,599
 Expenses realized from barter arrangements .............................         29,180
 Amortization of program contract costs and net realizable value adjust-
  ments .................................................................         59,656
 Amortization of deferred compensation ..................................            933
 Depreciation and amortization of property and equipment ................         16,929
 Amortization of acquired intangible broadcasting assets, non-compete and
  consulting agreements and other assets ................................         74,527
 Amortization of excess syndicated programming ..........................          3,043
                                                                             -----------
       Total operating expenses .........................................        379,149                 --
                                                                             -----------       ------------
  Broadcast operating income (loss) .....................................        101,924                 --
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense .....................       (122,662)            21,769 (t)
 Gain on sale of station ................................................             --
 Interest income ........................................................          1,710
 Subsidiary trust distributions .........................................        (23,250)
 Other income (expense) .................................................            215
                                                                             -----------
  Income (loss) before provision (benefit) for income taxes .............        (42,063)            21,769
PROVISION (BENEFIT) FOR INCOME TAXES ....................................        (13,116)             8,708 (y)
                                                                             -----------       ------------
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM .............................        (28,947)            13,061
EXTRAORDINARY ITEM ......................................................             --                 --
                                                                             -----------       ------------
NET INCOME (LOSS) .......................................................    $   (28,947)      $     13,061
                                                                             ===========       ============
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS
NET INCOME (LOSS) PER COMMON AND COMMON EQUIVA-
 LENT SHARE:
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM .............................
EXTRAORDINARY ITEM ......................................................
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT
 SHARES OUTSTANDING .....................................................




                                                                           1996 ACQUISITIONS,
                                                                            HYTOPS ISSUANCE,
                                                                               JULY DEBT
                                                                               ISSUANCE,              HERITAGE(G)
                                                                              COMMON STOCK     --------------------------
                                                                              OFFERING AND
                                                                            PREFERRED STOCK      HERITAGE
                                                                                OFFERING        ACQUISITION      KOKH
                                                                          -------------------- ------------- ------------
                                                                                                    
REVENUES:
 Station broadcast revenues, net of agency commissions ..................   $     445,008      $   95,302     $ (7,953)
 Revenues realized from station barter arrangements .....................          36,065           4,292         (178)
                                                                            --------------     ----------     --------
   Total revenues .......................................................         481,073          99,594       (8,131)
                                                                            --------------     ----------     --------
OPERATING EXPENSES:
 Program and production .................................................          79,282          20,089       (1,871)
 Selling, general and administrative ....................................         115,599          31,916       (1,722)
 Expenses realized from barter arrangements .............................          29,180           3,478          (70)
 Amortization of program contract costs and net realizable value adjust-
  ments .................................................................         59,656           3,165       (1,208)
 Amortization of deferred compensation ..................................             933              --           --
 Depreciation and amortization of property and equipment ................          16,929           5,472       (1,022)
 Amortization of acquired intangible broadcasting assets, non-compete and
  consulting agreements and other assets ................................          74,527           8,460         (367)
 Amortization of excess syndicated programming ..........................           3,043              --           --
                                                                            --------------     ----------     --------
       Total operating expenses .........................................         379,149          72,580       (6,260)
                                                                            --------------     ----------     --------
  Broadcast operating income (loss) .....................................         101,924          27,014       (1,871)
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense .....................        (100,893)        (17,949)       1,025
 Gain on sale of station ................................................              --           6,031           --
 Interest income ........................................................           1,710              --           --
 Subsidiary trust distributions .........................................         (23,250)             --           --
 Other income (expense) .................................................             215            (203)          --
                                                                            --------------     ----------     --------
  Income (loss) before provision (benefit) for income taxes  ............         (20,294)         14,893         (846)
PROVISION (BENEFIT) FOR INCOME TAXES ....................................          (4,408)          7,853         (466)
                                                                            --------------     ----------     --------
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM .............................         (15,886)          7,040         (380)
EXTRAORDINARY ITEM ......................................................              --              --           --
                                                                            --------------     ----------     --------
NET INCOME (LOSS) .......................................................   $     (15,886)     $    7,040     $   (380)
                                                                            ==============     ==========     ========
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS                          $     (26,236)
                                                                            ==============
NET INCOME (LOSS) PER COMMON AND COMMON EQUIVA-
 LENT SHARE:
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM .............................   $       (0.37)
                                                                            ==============
EXTRAORDINARY ITEM ......................................................   $          --
                                                                            ==============
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS                          $       (0.60)
                                                                            ==============
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT
 SHARES OUTSTANDING .....................................................          43,405 (aa)
                                                                            ==============




                                                                                             1996 ACQUISITIONS,
                                                                                              HYTOPS ISSUANCE,
                                                                                                 JULY DEBT
                                                                                                 ISSUANCE,
                                                                                                COMMON STOCK
                                                                                                 OFFERING,
                                                                                              PREFERRED STOCK        OFFERING
                                                                              HERITAGE       OFFERING AND THE,          AND
                                                                             ACQUISITION          HERITAGE            TENDER
                                                                             ADJUSTMENTS        ACQUISITION            OFFER
                                                                          ----------------- -------------------- -----------------
                                                                                                        
REVENUES:
 Station broadcast revenues, net of agency commissions ..................                      $   532,357
 Revenues realized from station barter arrangements .....................                           40,179
                                                                                               -----------
   Total revenues .......................................................            --            572,536                  --
                                                                          -------------        -----------        ------------
OPERATING EXPENSES:
 Program and production .................................................                           97,500
 Selling, general and administrative ....................................        (1,808)(i)        143,985
 Expenses realized from barter arrangements .............................                           32,588
 Amortization of program contract costs and net realizable value adjust-
  ments .................................................................                           61,613
 Amortization of deferred compensation ..................................                              933
 Depreciation and amortization of property and equipment ................          (900)(l)         20,479
 Amortization of acquired intangible broadcasting assets, non-compete and
 consulting agreements and other assets .................................         9,531 (p)         92,151
 Amortization of excess syndicated programming ..........................                            3,043
                                                                                               -----------
       Total operating expenses .........................................         6,823            452,292                  --
                                                                          -------------        -----------        ------------
  Broadcast operating income (loss) .....................................        (6,823)           120,244                  --
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense .....................       (17,776)(u)       (135,593)
 Gain on sale of station ................................................                            6,031
 Interest income ........................................................                            1,710
 Subsidiary trust distributions .........................................                          (23,250)
 Other income (expense) .................................................                               12
                                                                                               -----------
  Income (loss) before provision (benefit) for income taxes .............       (24,599)           (30,846)             (3,194)
PROVISION (BENEFIT) FOR INCOME TAXES ....................................        (9,840)(y)         (6,861)
                                                                          -------------        -----------        ------
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM .............................       (14,759)           (23,985)             (1,874)
EXTRAORDINARY ITEM ......................................................            --                 --
                                                                          -------------        -----------        ------
NET INCOME (LOSS) ....................................................... $     (14,759)       $   (23,985)       $     (8,230)
                                                                          =============        ===========        ============
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS                                             $   (34,335)
                                                                                               ===========
NET INCOME (LOSS) PER COMMON AND COMMON EQUIVA-
 LENT SHARE:
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM .............................                      $     (0.55)
                                                                                               ===========
EXTRAORDINARY ITEM ......................................................                      $        --
                                                                                               ===========
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS                                             $     (0.79)
                                                                                               ===========
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT
 SHARES OUTSTANDING .....................................................                           43,405
                                                                                               ===========






                                                                           1996 ACQUISITIONS,
                                                                           HYTOPS ISSUANCE,
                                                                               JULY DEBT
                                                                               ISSUANCE,
                                                                             COMMON STOCK
                                                                               OFFERING,
                                                                            PREFERRED STOCK
                                                                               OFFERING,
                                                                               HERITAGE
                                                                             ACQUISITION,
                                                                               OFFERING,
                                                                           AND TENDER OFFER,
                                                                          -------------------
                                                                       
REVENUES:
 Station broadcast revenues, net of agency commissions ..................   $   532,357
 Revenues realized from station barter arrangements .....................        40,179
                                                                            -----------
   Total revenues .......................................................       572,536
                                                                            -----------
OPERATING EXPENSES:
 Program and production .................................................        97,500
 Selling, general and administrative ....................................       143,985
 Expenses realized from barter arrangements .............................        32,588
 Amortization of program contract costs and net realizable value adjust-
  ments .................................................................        61,613
 Amortization of deferred compensation  .................................           933
 Depreciation and amortization of property and equipment  ...............        20,479
 Amortization of acquired intangible broadcasting assets, non-compete and
 consulting agreements and other assets .................................        92,151
 Amortization of excess syndicated programming ..........................         3,043
                                                                            -----------
   Total operating expenses .............................................       452,292
                                                                            -----------
  Broadcast operating income (loss) .....................................       120,244
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense .....................      (138,787)
 Gain on sale of station ................................................         6,031
 Interest income ........................................................         1,710
 Subsidiary trust distributions .........................................       (23,250)
 Other income (expense) .................................................            12
                                                                            -----------
  Income (loss) before provision (benefit) for income taxes .............       (34,040)
PROVISION (BENEFIT) FOR INCOME TAXES ....................................        (8,181)
                                                                            -----------
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM .............................       (25,859)
EXTRAORDINARY ITEM ......................................................        (6,356)
                                                                            -----------
NET INCOME (LOSS) .......................................................   $   (32,215)
                                                                            ===========
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS ......................       (42,565)
                                                                            ===========
NET INCOME (LOSS) PER COMMON AND COMMON EQUIVA-
 LENT SHARE:
NET INCOME (LOSS) BEFORE EXTRAORDINARY ITEM .............................   $     (0.60)
                                                                            ===========
EXTRAORDINARY ITEM ......................................................   $     (0.15)
                                                                            ===========
NET INCOME (LOSS) AVAILABLE TO COMMON STOCKHOLDERS ......................   $     (0.98)
                                                                            ===========
WEIGHTED AVERAGE COMMON AND COMMON EQUIVALENT
 SHARES OUTSTANDING .....................................................        43,405
                                                                            ===========

    

                                       4


   
                        SINCLAIR BROADCAST GROUP, INC.
                 PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
                 FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1997
    



                 (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA)
                                  (UNAUDITED)
   


                                                                                                           JULY
                                                               CONSOLIDATED         HYTOPS                 DEBT
                                                                HISTORICAL         ISSUANCE              ISSUANCE
                                                              -------------- --------------------- ---------------------
REVENUES:
                                                                                          
 Station broadcast revenues, net of agency commissions ......  $  333,028
 Revenues realized from station barter arrangements .........      31,289
                                                               ----------
      Total revenues ........................................     364,317                --                    --
                                                               ==========    ==============        ==============
OPERATING EXPENSES:
 Program and production .....................................      68,776
 Selling, general and administrative ........................      78,637
 Expenses realized from barter arrangements  ................      26,279
 Amortization of program contract costs and net realizable
  value adjustments .........................................      47,069
 Amortization of deferred compensation ......................         350
 Depreciation and amortization of property and equipment ....      12,786
 Amortization of acquired intangible broadcasting assets,
  non-compete and consulting agreements and other assets ....       51,717                88 (dd)   $         225 (ee)
                                                               ----------    --------------        --------------
      Total operating expenses ..............................     285,614                88                   225
                                                               ----------    --------------        --------------
  Broadcast operating income (loss) .........................      78,703               (88)                 (225)
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense .........     (77,342)            2,894 (gg)           (9,000) (hh)
 Gain on Sale of Station ....................................          --
 Interest income ............................................       1,364
 Subsidiary trust distributions .............................     (12,852)           (4,618) (ll)
 Other income ...............................................          36
                                                               ----------
  Income (loss) before provision (benefit) for income taxes       (10,091)           (1,812)               (9,225)
PROVISION (BENEFIT) FOR INCOME TAXES ........................      (4,170)             (725) (y)           (3,690) (y)
                                                               ----------    --------------        --------------
NET INCOME (LOSS) BEFORE EXTRAORDINARY
 ITEM .......................................................      (5,921)           (1,087)               (5,535)
EXTRAORDINARY ITEM ..........................................          --                --                    --
                                                               ----------    --------------        --------------
NET INCOME (LOSS) ...........................................  $   (5,921)   $       (1,087)       $       (5,535)
                                                               ==========    ==============        ==============
NET INCOME (LOSS) AVAILABLE TO COMMON
 STOCKHOLDERS ...............................................  $   (6,096)
                                                               ==========
NET INCOME (LOSS) PER COMMON SHARE AND
 COMMON EQUIVALENT SHARE: ...................................
NET INCOME (LOSS) BEFORE EXTRAORDINARY
 ITEM .......................................................  $    (0.15)
                                                               ==========
EXTRAORDINARY ITEM ..........................................  $       --
                                                               ==========
NET INCOME (LOSS) AVAILABLE TO COMMON
 STOCKHOLDERS ...............................................  $    (0.16)
                                                               ==========
WEIGHTED AVERAGE COMMON AND COMMON
 EQUIVALENT SHARES OUTSTANDING ..............................      38,929
                                                               ==========





                                                                                 HYTOPS ISSUANCE,
                                                                                    JULY DEBT
                                                                                    ISSUANCE,             HERITAGE(G)
                                                                COMMON STOCK       COMMON STOCK    --------------------------
                                                                OFFERING AND       OFFERING AND
                                                               PREFERRED STOCK      PREFERRED        HERITAGE
                                                                  OFFERING        STOCK OFFERING    ACQUISITION      KOKH
                                                              ----------------- ------------------ ------------- ------------
REVENUES:
                                                                                                     
 Station broadcast revenues, net of agency commissions ......                  $     333,028       $   73,049    $ (5,696)
 Revenues realized from station barter arrangements .........                         31,289            3,860        (195)
                                                                                ------------        ----------    --------
      Total revenues ........................................          --            364,317           76,909      (5,891)
                                                              ===========       ============        ==========    ========
OPERATING EXPENSES:
 Program and production .....................................                         68,776           24,578      (1,758)
 Selling, general and administrative ........................                         78,637           15,037      (1,137)
 Expenses realized from barter arrangements .................                         26,279            3,053        (105)
 Amortization of program contract costs and net realizable
 value adjustments ..........................................                         47,069            1,275        (470)
 Amortization of deferred compensation ......................                            350               --          --
 Depreciation and amortization of property and equipment ....                         12,786            4,238        (678)
 Amortization of acquired intangible broadcasting assets,
 non-compete and consulting agreements and other assets .....                         52,030            6,326        (275)
                                                                                ------------        ----------    --------
  Total operating expenses ..................................          --            285,927           54,507      (4,423)
                                                              -----------       ------------        ----------    --------
  Broadcast operating income (loss) .........................          --             78,390           22,402      (1,468)
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense .........      15,420 (ii)       (68,028)         (13,412)      1,008
 Gain on Sale of Station ....................................                             --            9,401          --
 Interest income ............................................                          1,364               --          --
 Subsidiary trust distributions .............................                        (17,470)              --          --
 Other income ...............................................                             36             (276)         --
                                                                                ------------        ----------    --------
  Income (loss) before provision (benefit) for income taxes        15,420             (5,708)          18,115        (460)
PROVISION (BENEFIT) FOR INCOME TAXES ........................       6,168 (y)         (2,417)           9,546        (242)
                                                              -----------       ------------        ----------    --------
NET INCOME (LOSS) BEFORE EXTRAORDINARY
 ITEM .......................................................       9,252             (3,291)           8,569        (218)
EXTRAORDINARY ITEM ..........................................          --                 --               --          --
                                                              -----------       ------------        ----------    --------
NET INCOME (LOSS) ........................................... $     9,252      $      (3,291)      $    8,569    $   (218)
                                                              ===========       ============        ==========    ========
NET INCOME (LOSS) AVAILABLE TO COMMON
 STOCKHOLDERS ...............................................                  $     (11,054)
                                                                                ============
NET INCOME (LOSS) PER COMMON SHARE AND
 COMMON EQUIVALENT SHARE: ...................................
NET INCOME (LOSS) BEFORE EXTRAORDINARY
 ITEM  ......................................................                  $       (0.08)
                                                                                ============
EXTRAORDINARY ITEM ..........................................                  $          --
                                                                                ============
NET INCOME (LOSS) AVAILABLE TO COMMON
 STOCKHOLDERS ...............................................                  $       (0.26)
                                                                                ============
WEIGHTED AVERAGE COMMON AND COMMON
 EQUIVALENT SHARES OUTSTANDING ..............................                         43,274 (aa)
                                                                                ============



                                                                                     HYTOPS ISSUANCE,
                                                                                        JULY DEBT
                                                                                        ISSUANCE,
                                                                                       COMMON STOCK
                                                                                        OFFERING,
                                                                                     PREFERRED STOCK
                                                                                         OFFERING
                                                                    HERITAGE               AND             TENDER OFFER
                                                                   ACQUISITION           HERITAGE               AND
                                                                   ADJUSTMENTS         ACQUISITION           OFFERING
                                                              --------------------- ------------------ ---------------------
REVENUES:
                                                                                              
 Station broadcast revenues, net of agency commissions ......                           $ 400,381
 Revenues realized from station barter arrangements .........                              34,954
                                                                                        ---------
      Total revenues ........................................              --             435,335                  --
                                                               ==============           =========      ==============
OPERATING EXPENSES:
 Program and production  ....................................                              91,596
 Selling, general and administrative ........................          (1,412) (bb)        91,125
 Expenses realized from barter arrangements .................                              29,227
 Amortization of program contract costs and net realizable
  value adjustments .........................................                              47,874
 Amortization of deferred compensation ......................                                 350
 Depreciation and amortization of property and equipment ....            (897) (cc)        15,449
 Amortization of acquired intangible broadcasting assets,
  non-compete and consulting agreements and other assets ....           7,167  (ff)        65,248
                                                               --------------           ---------
      Total operating expenses ..............................           4,858             340,869                  --
                                                               --------------           ---------      --------------
  Broadcast operating income (loss) .........................          (4,858)             94,466                  --
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense .........         (13,621) (jj)       (94,053)             (2,396) (kk)
 Gain on Sale of Station ....................................                               9,401
 Interest income ............................................                               1,364
 Subsidiary trust distributions .............................                             (17,470)
 Other income ...............................................                                (240)
                                                                                        ---------
  Income (loss) before provision (benefit) for income taxes           (18,479)             (6,532)             (2,396)
PROVISION (BENEFIT) FOR INCOME TAXES ........................          (7,392) (y)           (505)               (990)(y)
                                                              --------------            ---------      --------------
NET INCOME (LOSS) BEFORE EXTRAORDINARY
 ITEM .......................................................         (11,087)             (6,027)             (1,406)
EXTRAORDINARY ITEM ..........................................              --                  --              (6,193) (z)
                                                              --------------            ---------      --------------
NET INCOME (LOSS) ........................................... $       (11,087)          $  (6,027)     $       (7,599)
                                                              ==============            =========      ==============
NET INCOME (LOSS) AVAILABLE TO COMMON
 STOCKHOLDERS ...............................................                           $ (13,790)
                                                                                        =========
NET INCOME (LOSS) PER COMMON SHARE AND
 COMMON EQUIVALENT SHARE: ...................................
NET INCOME (LOSS) BEFORE EXTRAORDINARY
 ITEM .......................................................                           $   (0.14)
                                                                                        =========
EXTRAORDINARY ITEM ..........................................                           $      --
                                                                                        =========
NET INCOME (LOSS) AVAILABLE TO COMMON
 STOCKHOLDERS ...............................................                           $   (0.32)
                                                                                        =========
WEIGHTED AVERAGE COMMON AND COMMON
 EQUIVALENT SHARES OUTSTANDING ..............................                              43,274
                                                                                        =========





                                                               HYTOPS ISSUANCE,
                                                                  JULY DEBT
                                                                  ISSUANCE,
                                                                COMMON STOCK
                                                                  OFFERING,
                                                               PREFERRED STOCK
                                                                  OFFERING
                                                                  HERITAGE
                                                                ACQUISITION,
                                                                   TENDER,
                                                                  OFFER AND
                                                                  OFFERING
                                                              -----------------
REVENUES:
                                                           
 Station broadcast revenues, net of agency commissions ......      400,381
 Revenues realized from station barter arrangements .........       34,954
                                                                 ---------
      Total revenues ........................................      435,335
                                                                 =========
OPERATING EXPENSES:
 Program and production .....................................       91,596
 Selling, general and administrative ........................       91,125
 Expenses realized from barter arrangements .................       29,227
 Amortization of program contract costs and net realizable
  value adjustments .........................................       47,874
 Amortization of deferred compensation ......................          350
 Depreciation and amortization of property and equipment ....       15,449
 Amortization of acquired intangible broadcasting assets,
  non-compete and consulting agreements and other assets ....       65,248
                                                                 ---------
      Total operating expenses ..............................      340,869
                                                                 ---------
  Broadcast operating income (loss) .........................       94,466
OTHER INCOME (EXPENSE):
 Interest and amortization of debt discount expense .........      (96,449)
 Gain on Sale of Station ....................................        9,401
 Interest income ............................................        1,364
 Subsidiary trust distributions .............................      (17,470)
 Other income ...............................................         (240)
                                                                 ---------
  Income (loss) before provision (benefit) for income taxes         (8,928)
PROVISION (BENEFIT) FOR INCOME TAXES ........................       (1,495)
                                                                 ---------
NET INCOME (LOSS) BEFORE EXTRAORDINARY
 ITEM .......................................................       (7,433)
EXTRAORDINARY ITEM ..........................................       (6,193)
                                                                 ---------
NET INCOME (LOSS) ...........................................    $ (13,626)
                                                                 =========
NET INCOME (LOSS) AVAILABLE TO COMMON
 STOCKHOLDERS ...............................................    $ (21,389)
                                                                 =========
NET INCOME (LOSS) PER COMMON SHARE AND
 COMMON EQUIVALENT SHARE: ...................................
NET INCOME (LOSS) BEFORE EXTRAORDINARY
 ITEM .......................................................    $   (0.17)
                                                                 =========
EXTRAORDINARY ITEM ..........................................    $   (0.14)
                                                                 =========
NET INCOME (LOSS) AVAILABLE TO COMMON
 STOCKHOLDERS ...............................................    $   (0.49)
                                                                 =========
WEIGHTED AVERAGE COMMON AND COMMON
 EQUIVALENT SHARES OUTSTANDING ..............................       43,274
                                                                 =========

    

                                       5


   
                        SINCLAIR BROADCAST GROUP, INC.
            NOTES TO PRO FORMA CONSOLIDATED STATEMENT OF OPERATIONS
                            (DOLLARS IN THOUSANDS)

(a) The  Flint-TV  column  reflects the results of  operations  for WSMH for the
    period from January 1, 1996 to February 28, 1996,  the date the  acquisition
    of Flint-TV was consummated.

(b) The Superior  column reflects the results of operations for Superior for the
    period  from  January 1, 1996 to May 7, 1996,  the date the  acquisition  of
    Superior was consummated.

(c) The KSMO  column  reflects  the  results of  operations  for the period from
    January 1, 1996 to June 30, 1996 as the  transaction was consummated in July
    1996.

(d) The WSTR  column  reflects  the  results of  operations  for the period from
    January  1, 1996 to July 31,  1996 as the  transaction  was  consummated  in
    August 1996.

(e) The River City  column  reflects  the results of  operations  for River City
    (including  KRRT, Inc.) for the period from January 1, 1996 to May 31, 1996,
    the date the River City acquisition was consummated. The WSYX column removes
    the  results  of WSYX from the  results  of River City for the period as the
    Company has not yet acquired WSYX. See "Business of Sinclair -- Broadcasting
    Acquisition  Strategy" contained in the Company's Current Report on Form 8-K
    filed on October 8, 1997.

(f) The WYZZ  column  reflects  the  results of  operations  for the period from
    January 1, 1996 to June 30, 1996 as the  transaction was consummated in July
    1996.

(g) The  Heritage   Acquisition  column  reflects  the  Pro  Forma  Consolidated
    Statement of Operations  for the period from January 1, 1996 to December 31,
    1996 and the Pro Forma  Consolidated  Statement of Operations for the period
    from January 1, 1997 to  September  30,  1997.  The KOKH column  removes the
    results of KOKH from the results of Heritage for both periods to reflect the
    sale of  KOKH,  which  is  required  pursuant  to the  Heritage  Acquisition
    Agreements  and with  respect to which the Company has entered into a letter
    of intent. See "Business of Sinclair -- 1997 Acquisitions"  contained in the
    Company's Current Report on Form 8-K filed on October 8, 1997.

(h) To adjust River City operating  expenses for non-recurring LMA payments made
    to KRRT,  Inc.  for KRRT,  Inc.  debt  service and to adjust  River City and
    Superior  operating  expenses for employment  contracts and other  corporate
    overhead expenses not assumed at the time of the 1996 Acquisitions.

(i) To adjust Heritage  operating expenses for corporate overhead expenses which
    the  Company  does not expect to incur  upon  consummation  of the  Heritage
    Acquisition on a going-forward basis.

(j) To  record  compensation  expense  related  to  options  granted  under  the
    Company's Long-Term Incentive Plan:
    

   


                                                                YEAR ENDED
                                                                DECEMBER 31,
                                                                   1996
                                                               -------------
                                                            
      Compensation expense related to the Long-Term Incentive
       Plan on a pro forma basis .............................    $  933
      Less: Compensation expense recorded by the Company re-
       lated to the Long-Term Incentive Plan                        (739)
                                                                  ------
      Pro forma adjustment ...................................    $  194
                                                                  ======

    

   
(k) To record  depreciation  expense  related to  acquired  tangible  assets and
    eliminate depreciation expense recorded by Flint-TV,  Superior,  KSMO, WSTR,
    River City and WYZZ from the period of January 1, 1996  through  the date of
    acquisition. Tangible assets are to be depreciated over lives ranging from 5
    to 29.5 years, calculated as follows:     
   


                                                                 YEAR ENDED
                                                              DECEMBER 31, 1996
                                                      ---------------------------------
                                                       FLINT-TV   SUPERIOR     KSMO       WSTR     RIVER CITY     WYZZ        TOTAL 
                                                      ---------- ---------- ----------- --------- ------------ ----------- ---------
                                                                                                            
   Depreciation expense on acquired tangible assets    $ 32       $  315     $   240    $  507     $   3,965    $ 159      $  5,218 
   Less: Depreciation expense recorded by Flint-TV,                                                                                 
    Superior, KSMO, WSTR, River City and WYZZ .......      (4)      (373)       (374)     (284)       (5,120)        (6)     (6,161)
                                                       -----      ------     -------    -------    ---------    ------     ---------
   Pro forma adjustment .............................  $ 28       $  (58)    $  (134)   $  223     $  (1,155)   $ 153      $   (943)
                                                       =====      ======     =======    =======    =========    ======     =========


    

   
(l) To record depreciation expense related to acquired tangible assets of $3,550
    and eliminate depreciation expense of $4,450 recorded by Heritage.  Tangible
    assets are to be depreciated over lives ranging from 5 to 29.5 years.

(m) To record  amortization  expense related to acquired  intangible  assets and
    deferred  financing  costs and eliminate  amortization  expense  recorded by
    Flint-TV,  Superior,  KSMO,  WSTR,  River  City and WYZZ from the  period of
    January 1, 1996 through  date of  acquisition.  Intangible  assets are to be
    amortized over lives ranging from 1 to 40 years, calculated as follows:
    
   


                                                                   YEAR ENDED
                                                                DECEMBER 31, 1996
                                                          -----------------------------
                                                           FLINT-TV   SUPERIOR   KSMO     WSTR    RIVER CITY     WYZZ       TOTAL   
                                                          ---------- ---------- -------  ------- ------------ ---------- -----------
                                                                                                            
   Amortization expense on acquired intangible assets       $ 167     $   827    $ 180   $ 285   $  12,060     $ 99      $  13,618  
   Deferred financing costs .............................                                            1,429                   1,429  
   Less: Amortization expense recorded by Flint-TV,                                                                                 
    Superior, KSMO, WSTR, River City and WYZZ ...........      --        (529)      --    (39)     (10,442)        (3)     (11,013) 
                                                            ------    -------    ------  -----   ----------    -----     ---------- 
   Pro forma adjustment .................................   $ 167     $   298    $ 180   $ 246   $   3,047     $ 96      $   4,034  
                                                            ======    =======    ======  =====   ==========    =====     ========== 


    

                                       6


   
(n) To record  amortization  expense on other  assets  that relate to the HYTOPS
    Issuance for one year ($6,000 over 12 years).

(o) To record amortization  expense on other assets that relate to the July Debt
    Issuance for one year ($4,500 over 10 years).

(p) To record  amortization  expense  related to acquired  intangible  assets of
    $17,624 and eliminate  amortization  expense of $8,093 recorded by Heritage.
    Intangible assets are to be amortized over lives ranging from 1 to 40 years.

(q) To  record  interest  expense  for  the  year  ended  December  31,  1996 on
    acquisition financing relating to Superior of $59,850 (under the Bank Credit
    Agreement  at 8.0% for four  months),  KSMO and WSTR of $10,425  and $7,881,
    respectively  (both under the Bank Credit Agreement at 8.0% for six months),
    River City (including  KRRT) of $868,300 (under the Bank Credit Agreement at
    8.0% for five  months)  and of $851 for  hedging  agreements  related to the
    River City financing and WYZZ of $20,194 (under the Bank Credit Agreement at
    8.0% for six months) and eliminate  interest expense  recorded.  No interest
    expense  has been  recorded  for  Flint-TV as it has been  assumed  that the
    proceeds  from the  issuance  of  $300,000,000  in  principal  amount of the
    Company's 10% Senior  Subordinated  Notes due 2005 (the "1995 Notes") issued
    on August 23, 1995 were used to purchase Flint-TV.
    
   


                                                                    YEAR ENDED
                                                                 DECEMBER 31, 1996
                                                       -------------------------------------
                                                         SUPERIOR       KSMO        WSTR    RIVER CITY     WYZZ        TOTAL    
                                                       ------------- ----------- ---------------------- ---------- -------------
                                                                                                           
   Interest expense adjustment as noted above ........  $  (1,596)    $  (417)    $  (315)  $ (29,032)   $  (808)   $  (32,168) 
   Less: Interest expense recorded by Superior, KSMO,                                                                           
    WSTR, River City and WYZZ ........................        457         823       1,127      12,352         --        14,759  
                                                        ---------     -------     -------   ---------    -------    ----------  
   Pro forma adjustment ..............................  $  (1,139)    $   406     $   812   $ (16,680)   $  (808)   $  (17,409) 
                                                        =========     =======     =======   =========    =======    ==========  
                                                                                           


    

   
(r) To record the net interest expense reduction for 1996 related to application
    of the  HYTOPS  Issuance  proceeds  to the  outstanding  balance  under  the
    revolving  credit  facility  under the Bank  Credit  Agreement  offset by an
    increase in  commitment  fees for the  available  but unused  portion of the
    revolving credit facility for the year ended December 31, 1996.
    
   

                                                                                       
     Interest on adjusted borrowing on the revolving credit facility ..................    $ 12,600
     Commitment fee on available but unused borrowings of $250,000 of revolving credit
      facility at  1/2 of 1% for 12 months ............................................      (1,250)
     Commitment fee on available borrowings recorded by the Company ...................         470
                                                                                           --------
     Pro forma adjustment .............................................................    $ 11,820
                                                                                           ========

    
   
(s) To record interest expense on the 1997 Notes for one year ($200,000 at 9%).

(t) To record the interest  expense  reduction of $23,055 related to application
    of the net proceeds of the Common Stock  Offering  and the  Preferred  Stock
    Offering to the  outstanding  balance  under the revolving  credit  facility
    offset by an increase in  commitment  fees of $1,286 for the  available  but
    unused portion of revolving credit facility.

(u) To record interest  expense on acquisition  financing of $507,000 (under the
    Bank  Credit  Agreement  at  6.72%)  and  $630 of  commitment  fees  for the
    available  but  unused  portion  of the  revolving  credit  facility  and to
    eliminate interest expense of $16,924 recorded by Heritage.

(v) To record interest expense including deferred financing costs related to the
    Offering and to eliminate  interest  expense  including  deferred  financing
    costs related the Tender Offer.

(w) To  eliminate  interest  income  for the year  ended  December  31,  1996 on
    proceeds  from the sale of the 1995  Notes  due to  assumed  utilization  of
    excess cash for the following acquisitions: Flint-TV, KSMO and WSTR and WYZZ
    of $34,400  (with a  commercial  bank at 5.7% for two  months),  $10,425 and
    $7,881  (both with a  commercial  bank at 5.7% for six  months)  and $20,194
    (with a commercial bank at 5.7% for six months).
    



   


                                                                                     YEAR ENDED
                                                                                  DECEMBER 31, 1996
                                                      -------------------------------------------------------------------------
                                                       FLINT-TV     KSMO        WSTR      RIVER CITY     WYZZ         TOTAL
                                                      ---------- ----------- ----------- ------------ ----------- -------------
                                                                                                
   Interest income adjustment as noted above ........  $  (327)   $  (297)    $  (226)     $    --     $  (576)    $  (1,426)
   Less: Interest income recorded by Flint-TV, KSMO,
    WSTR, River City and WYZZ  ......................       --         --         (15)        (195)         --          (210)
                                                       -------    -------     -------      -------     -------     ---------
   Pro forma adjustment .............................  $  (327)   $  (297)    $  (241)     $  (195)    $  (576)    $  (1,636)
                                                       =======    =======     =======      =======     =======     =========

    

   
(x) To record  subsidiary  trust  minority  interest  expense for the year ended
    December 31, 1996 ($200,000 aggregate liquidation value of HYTOPS).

(y) To record tax provision (benefit) at the applicable tax rates.

(z) To record the  extraordinary  loss,  net of the tax  effect,  related to the
    Tender Offer and the  write-off of the deferred  financing  costs related to
    the 1993 Notes.
    


                                       7


   
(aa) Weighted  average  shares  outstanding  on a pro forma basis  assumes  that
     1,150,000  shares of Series B Preferred  Stock were  converted to 4,181,818
     shares of Class A Common Stock and the  Company's  Incentive  Stock Options
     and Long-Term  Incentive Plan Options were  outstanding as of the beginning
     of the period, and that the 4,345,000 shares of Class A Common Stock issued
     in the  Common  Stock  Offering  converted  to  Class A Common  Stock  were
     outstanding as of the beginning of the period.

(bb) To adjust Heritage operating expenses for corporate overhead expenses which
     the Company does not expect to incur upon its  consummation of the Heritage
     Acquisition on a going-forward basis.

(cc) To record  depreciation  expenses  related to acquired  tangible  assets of
     $2,663 and eliminate  depreciation  expense of $3,560 recorded by Heritage.
     Tangible  assets are to be  depreciated  over lives  ranging from 5 to 29.5
     years.

(dd) To record  amortization  expense on other  assets  that  resulted  from the
     HYTOPS Issuance ($6,000 over 12 years).
    

   

                                                          
     Amortization expense on other assets ................    $  250
     Amortization expense recorded by the Company ........      (162)
                                                              ------
     Pro forma adjustment ................................    $   88
                                                              ======

    

   
(ee) To record amortization  expense on other assets for six months ($4,500 over
     10 years).

(ff) To record  amortization  expense related to acquired  intangible  assets of
     $13,218 and eliminate  amortization expense of $6,051 recorded by Heritage.
     Intangible  assets  are to be  amortized  over lives  ranging  from 1 to 40
     years.

(gg) To  record  the  net  interest  expense   reduction  for  1997  related  to
     application  of the HYTOPS  Issuance  proceeds to the  outstanding  balance
     under the  revolving  credit  facility  offset by an increase in commitment
     fees for the available but unused portion of the revolving credit facility.
    
   

                                                                                       
     Interest on adjusted borrowing on the revolving credit facility ..................    $3,235
     Commitment fee on available but unused borrowings of $250,000 of revolving credit
      facility at  1/2 of 1% for six months ...........................................      (625)
     Commitment fee on available borrowings recorded by the Company ...................       284
                                                                                           ------
     Pro forma adjustment .............................................................    $2,894
                                                                                           ======

    

   
(hh) To record  interest  expense on the 1997 Notes for six months  ($200,000 at
     9%).

(ii) To record the interest expense  reduction of $16,331 related to application
     of the net proceeds of the Common Stock  Offering and the  Preferred  Stock
     Offering to the  outstanding  balance under the revolving  credit  facility
     offset by an  increase in  commitment  fees of $911 for the  available  but
     unused portion of the revolving credit facility.

(jj) To record interest expense on acquisition  financing of $507,000 (under the
     Bank  Credit  Agreement  at  6.72%)  and  $473 of  commitment  fees for the
     available but unused portion of the revolving credit facility and eliminate
     interest expense of $12,404 recorded by Heritage for the nine months ended.

(kk) To record interest expense  including  deferred  financing costs related to
     the Offering and to eliminate interest expense including deferred financing
     costs related to the Tender Offer for the nine months ended.

(ll) To record subsidiary trust minority  interest expense  ($200,000  aggregate
     liquidation value HYTOPS).
    
   

                                                                                        
     Subsidiary trust minority interest expense for six months .........................    $ (11,625)
     Subsidiary trust minority interest expense recorded by the Company for three months        7,007
                                                                                            ---------
     Pro forma adjustment ..............................................................    $  (4,618)
                                                                                            =========

    

                                       8


                                   SIGNATURE

   
     Pursuant to the  requirements  of the Securities  Exchange Act of 1934, the
registrant  has duly  caused this  amendment  to this report to be signed on its
behalf by the undersigned hereunto duly authorized.     

                                        SINCLAIR BROADCAST GROUP, INC.


                                        BY: /s/ DAVID B. AMY
                                            -----------------------------------

                                            David B. Amy
                                            Chief Financial Officer/
                                            Principal Accounting Officer



   
Dated: December 12, 1997