SINCLAIR BROADCAST GROUP, LLC, 10-Q filed on 09 Aug 23
 | XBRL Documents
v3.23.2
Cover - shares
 6 Months Ended
Jun. 30, 2023
Aug. 07, 2023
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2023  
Document Transition Report false  
Entity File Number 333-271072  
Entity Registrant Name Sinclair, Inc.  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 92-1076143  
Entity Address, Address Line One 10706 Beaver Dam Road  
Entity Address, City or Town Hunt Valley  
Entity Address, State or Province MD  
Entity Address, Postal Zip Code 21030  
City Area Code 410  
Local Phone Number 568-1500  
Former Name Sinclair Broadcast Group, Inc.  
Title of 12(b) Security Class A Common Stock, par value $ 0.01 per share  
Trading Symbol SBGI  
Security Exchange Name NASDAQ  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001971213  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Sinclair Broadcast Group, LLC    
Entity Information [Line Items]    
Entity File Number 000-26076  
Entity Registrant Name Sinclair Broadcast Group, LLC  
Entity Incorporation, State or Country Code MD  
Entity Tax Identification Number 52-1494660  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0000912752  
Class A Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   39,649,259
Class B Common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   23,775,056
v3.23.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2022
Jun. 30, 2022
Mar. 31, 2022
Dec. 31, 2021
Current assets:            
Cash and cash equivalents $ 728   $ 884      
Accounts receivable, net of allowance for doubtful accounts of $5 as of both periods 582   612      
Income taxes receivable 6   5      
Prepaid expenses and other current assets 190   182      
Total current assets 1,506   1,683      
Property and equipment, net 715   728      
Operating lease assets 133   145      
Goodwill 2,082   2,088      
Indefinite-lived intangible assets 150   150      
Other assets 752   964      
Total assets [1] 6,201   6,704 [2]      
Current liabilities:            
Accounts payable and accrued liabilities 452   397      
Current portion of notes payable, finance leases, and commercial bank financing 37   38      
Current portion of operating lease liabilities 21   23      
Current portion of program contracts payable 48   83      
Other current liabilities 66   67      
Total current liabilities 624   608      
Notes payable, finance leases, and commercial bank financing, less current portion 4,185   4,227      
Operating lease liabilities, less current portion 145   154      
Program contracts payable, less current portion 7   10      
Deferred tax liabilities 387   610      
Other long-term liabilities 212   220      
Total liabilities [1] 5,560   5,829 [2]      
Commitments and contingencies (See Note 5)        
Redeemable noncontrolling interests 0   194      
Shareholders' equity:            
Additional paid-in capital 510   624      
Retained earnings 184   122      
Accumulated other comprehensive income 7   1      
Total SBG (deficit) equity 702   748      
Noncontrolling interests (61)   (67)      
Total equity 641 $ 831 681 $ 642 $ 703 $ (1,706)
Total liabilities, redeemable noncontrolling interests, and equity 6,201   6,704      
Class A Common Stock            
Shareholders' equity:            
Common Stock 1   1      
Class B Common Stock            
Shareholders' equity:            
Common Stock 0   0      
Customer relationships, net            
Current assets:            
Definite-lived intangible assets, net 405   444      
Other definite-lived intangible assets, net            
Current assets:            
Definite-lived intangible assets, net $ 458   $ 502      
[1] Our consolidated total assets as of June 30, 2023 and December 31, 2022 include total assets of variable interest entities ("VIE") of $78 million and $115 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of June 30, 2023 and December 31, 2022 include total liabilities of VIEs of $16 million and $18 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities.
[2] SBG's consolidated total assets as of June 30, 2023 and December 31, 2022 include total assets of variable interest entities ("VIE") of $78 million and $115 million, respectively, which can only be used to settle the obligations of the VIEs. SBG's consolidated total liabilities as of June 30, 2023 and December 31, 2022 include total liabilities of VIEs of $16 million and $18 million, respectively, for which the creditors of the VIEs have no recourse to SBG. See Note 7. Variable Interest Entities.
v3.23.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2023
Jun. 01, 2023
Dec. 31, 2022
Accounts receivable, allowance for doubtful accounts $ 5   $ 5
Assets [1] 6,201   6,704 [2]
Liabilities [1] 5,560   5,829 [2]
Consolidated VIEs      
Assets 78   115
Liabilities 22   26
Consolidated VIEs | Nonrecourse      
Liabilities $ 16   $ 18
Class A Common Stock      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000   500,000,000
Common stock, shares issued (in shares) 39,274,843   45,847,879
Common stock, shares outstanding (in shares) 39,274,843   45,847,879
Class B Common Stock      
Common stock, par value (in dollars per share) $ 0.01 $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 140,000,000   140,000,000
Common stock, shares issued (in shares) 23,775,056   23,775,056
Common stock, shares outstanding (in shares) 23,775,056   23,775,056
[1] Our consolidated total assets as of June 30, 2023 and December 31, 2022 include total assets of variable interest entities ("VIE") of $78 million and $115 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of June 30, 2023 and December 31, 2022 include total liabilities of VIEs of $16 million and $18 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities.
[2] SBG's consolidated total assets as of June 30, 2023 and December 31, 2022 include total assets of variable interest entities ("VIE") of $78 million and $115 million, respectively, which can only be used to settle the obligations of the VIEs. SBG's consolidated total liabilities as of June 30, 2023 and December 31, 2022 include total liabilities of VIEs of $16 million and $18 million, respectively, for which the creditors of the VIEs have no recourse to SBG. See Note 7. Variable Interest Entities.
v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES:        
Media revenues $ 761 $ 831 $ 1,527 $ 2,106
Non-media revenues 7 6 14 19
Revenue 768 837 1,541 2,125
OPERATING EXPENSES:        
Media programming and production expenses 413 403 811 1,161
Media selling, general and administrative expenses 190 195 381 415
Amortization of program contract costs 19 21 41 46
Non-media expenses 9 10 21 23
Depreciation of property and equipment 32 24 56 52
Corporate general and administrative expenses 62 38 120 85
Amortization of definite-lived intangible assets 41 43 82 136
Gain on deconsolidation of subsidiary 0 0 0 (3,357)
Loss (gain) on asset dispositions and other, net of impairment 5 (4) 11 (9)
Total operating expenses (gains) 771 730 1,523 (1,448)
Operating (loss) income (3) 107 18 3,573
OTHER INCOME (EXPENSE):        
Interest expense including amortization of debt discount and deferred financing costs (76) (54) (150) (169)
Gain on extinguishment of debt 11 3 11 3
(Loss) income from equity method investments (1) 3 30 15
Other expense, net (38) (105) (27) (165)
Total other (expense) income (104) (153) (136) (316)
(Loss) income before income taxes (107) (46) (118) 3,257
INCOME TAX BENEFIT (PROVISION) 20 40 224 (647)
Net income (loss) (87) (6) 106 2,610
Net (income) loss attributable to the redeemable noncontrolling interests 0 (5) 4 (9)
Net income attributable to the noncontrolling interests (2) 0 (14) (25)
Net income (loss) attributable to Sinclair $ (89) $ (11) $ 96 $ 2,576
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR:        
Basic earnings per share (in dollars per share) $ (1.38) $ (0.17) $ 1.44 $ 36.00
Diluted earnings per share (in dollars per share) $ (1.38) $ (0.17) $ 1.43 $ 36.00
Basic weighted average common shares outstanding (in shares) 64,012 70,897 66,862 71,527
Diluted weighted average common and common equivalent shares outstanding (in shares) 64,012 70,897 66,947 71,533
v3.23.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net (loss) income $ (87) $ (6) $ 106 $ 2,610
Unrealized gain on interest rate swap, net of tax 9 0 6 0
Share of other comprehensive income of equity method investments 0 0 0 3
Comprehensive (loss) income (78) (6) 112 2,613
Comprehensive (income) loss attributable to the redeemable noncontrolling interests 0 (5) 4 (9)
Comprehensive income attributable to the noncontrolling interests (2) 0 (14) (25)
Comprehensive (loss) income attributable to Sinclair $ (80) $ (11) $ 102 $ 2,579
v3.23.2
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($)
$ in Millions
Total
Class A Common Stock
Class B Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-In Capital
Retained Earnings
Accumulated Other Comprehensive (Loss) Income
Noncontrolling Interests
Beginning balance at Dec. 31, 2021 $ 197                
Increase (Decrease) in Temporary Equity                  
Distributions to noncontrolling interests (3)                
Deconsolidation of subsidiary (16)                
Net income (loss) 9                
Ending balance at Jun. 30, 2022 187                
Beginning balance (in shares) at Dec. 31, 2021       49,314,303 23,775,056        
Beginning balance at Dec. 31, 2021 (1,706)     $ 1 $ 0 $ 691 $ (2,460) $ (2) $ 64
Increase (Decrease) in Stockholders' Equity                  
Dividends declared and paid on Class A and Class B Common Stock (37)           (37)    
Repurchases of Class A Common Stock (in shares)       (4,058,319)          
Repurchases of Class A Common Stock (104)         (104)      
Class A Common Stock issued pursuant to employee benefit plans (in shares)       1,214,562          
Class A Common Stock issued pursuant to employee benefit plans 41         41      
Distributions to noncontrolling interests (5)               (5)
Other comprehensive income 3             3  
Deconsolidation of subsidiary (151)             (3) (148)
Net (loss) income 2,601           2,576   25
Ending balance (in shares) at Jun. 30, 2022       46,470,546 23,775,056        
Ending balance at Jun. 30, 2022 642     $ 1 $ 0 628 79 (2) (64)
Beginning balance at Mar. 31, 2022 184                
Increase (Decrease) in Temporary Equity                  
Distributions to noncontrolling interests (2)                
Net income (loss) 5                
Ending balance at Jun. 30, 2022 187                
Beginning balance (in shares) at Mar. 31, 2022       47,934,815 23,775,056        
Beginning balance at Mar. 31, 2022 703     $ 1 $ 0 657 109 (2) (62)
Increase (Decrease) in Stockholders' Equity                  
Dividends declared and paid on Class A and Class B Common Stock (19)           (19)    
Repurchases of Class A Common Stock (in shares)       (1,585,834)          
Repurchases of Class A Common Stock (36)         (36)      
Class A Common Stock issued pursuant to employee benefit plans (in shares)       121,565          
Class A Common Stock issued pursuant to employee benefit plans 7         7      
Distributions to noncontrolling interests (2)               (2)
Net (loss) income (11)           (11)    
Ending balance (in shares) at Jun. 30, 2022       46,470,546 23,775,056        
Ending balance at Jun. 30, 2022 642     $ 1 $ 0 628 79 (2) (64)
Beginning balance at Dec. 31, 2022 194                
Increase (Decrease) in Temporary Equity                  
Redemption, net (190)                
Net income (loss) (4)                
Ending balance at Jun. 30, 2023 0                
Beginning balance (in shares) at Dec. 31, 2022   45,847,879 23,775,056 45,847,879 23,775,056        
Beginning balance at Dec. 31, 2022 681     $ 1 $ 0 624 122 1 (67)
Increase (Decrease) in Stockholders' Equity                  
Dividends declared and paid on Class A and Class B Common Stock (34)           (34)    
Repurchases of Class A Common Stock (in shares)       (8,785,022)          
Repurchases of Class A Common Stock (153)         (153)      
Class A Common Stock issued pursuant to employee benefit plans (in shares)       2,211,986          
Class A Common Stock issued pursuant to employee benefit plans 39         39      
Distributions to noncontrolling interests (8)               (8)
Other comprehensive income 6             6  
Net (loss) income 110           96   14
Ending balance (in shares) at Jun. 30, 2023   39,274,843 23,775,056 39,274,843 23,775,056        
Ending balance at Jun. 30, 2023 641     $ 1 $ 0 510 184 7 (61)
Beginning balance at Mar. 31, 2023 0                
Increase (Decrease) in Temporary Equity                  
Net income (loss) 0                
Ending balance at Jun. 30, 2023 0                
Beginning balance (in shares) at Mar. 31, 2023       44,360,502 23,775,056        
Beginning balance at Mar. 31, 2023 831     $ 1 $ 0 602 289 (2) (59)
Increase (Decrease) in Stockholders' Equity                  
Dividends declared and paid on Class A and Class B Common Stock (16)           (16)    
Repurchases of Class A Common Stock (in shares)       (5,201,809)          
Repurchases of Class A Common Stock (100)         (100)      
Class A Common Stock issued pursuant to employee benefit plans (in shares)       116,150          
Class A Common Stock issued pursuant to employee benefit plans 8         8      
Distributions to noncontrolling interests (4)               (4)
Other comprehensive income 9             9  
Net (loss) income (87)           (89)   2
Ending balance (in shares) at Jun. 30, 2023   39,274,843 23,775,056 39,274,843 23,775,056        
Ending balance at Jun. 30, 2023 $ 641     $ 1 $ 0 $ 510 $ 184 $ 7 $ (61)
v3.23.2
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS (Parenthetical) - $ / shares
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Class A Common Stock        
Dividends declared per share (in dollars per share) $ 0.25 $ 0.25 $ 0.50 $ 0.50
Dividends paid per share (in dollars per share) 0.25 0.25 0.50 0.50
Class B Common Stock        
Dividends declared per share (in dollars per share) 0.25 0.25 0.50 0.50
Dividends paid per share (in dollars per share) $ 0.25 $ 0.25 $ 0.50 $ 0.50
v3.23.2
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net (loss) income $ 106 $ 2,610
Adjustments to reconcile net income to net cash flows from operating activities:    
Amortization of sports programming rights 0 326
Amortization of definite-lived intangible and other assets 82 136
Depreciation of property and equipment 56 52
Amortization of program contract costs 41 46
Stock-based compensation 36 38
Deferred tax (benefit) provision (227) 654
Loss (gain) on asset dispositions and other, net of impairment 11 (9)
Gain on deconsolidation of subsidiary 0 (3,357)
Income from equity method investments (30) (15)
Loss from investments 53 159
Distributions from investments 29 31
Sports programming rights payments 0 (325)
Rebate payments to distributors 0 (15)
Gain on extinguishment of debt (11) (3)
Change in assets and liabilities, net of acquisitions and deconsolidation of subsidiary:    
Decrease in accounts receivable 26 29
Increase in prepaid expenses and other current assets (47) (107)
Increase in accounts payable and accrued and other current liabilities 62 29
Net change in net income taxes payable/receivable (1) (21)
Decrease in program contracts payable (46) (52)
Other, net 2 1
Net cash flows from operating activities 142 207
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:    
Acquisition of property and equipment (40) (45)
Deconsolidation of subsidiary cash 0 (315)
Purchases of investments (39) (61)
Distributions from investments 204 81
Other, net 4 11
Net cash flows from (used in) investing activities 129 (329)
CASH FLOWS USED IN FINANCING ACTIVITIES:    
Proceeds from notes payable and commercial bank financing 0 728
Repayments of notes payable, commercial bank financing, and finance leases (38) (845)
Repurchase of outstanding Class A Common Stock (153) (104)
Dividends paid on Class A and Class B Common Stock (34) (36)
Dividends paid on redeemable subsidiary preferred equity 0 (3)
Redemption of redeemable subsidiary preferred equity (190) 0
Distributions to noncontrolling interests, net (8) (5)
Other, net (4) (12)
Net cash flows used in financing activities (427) (277)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH (156) (399)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period 884 819
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period $ 728 $ 420
v3.23.2
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 728 $ 884
Accounts receivable, net of allowance for doubtful accounts of $4 and $5, respectively 582 612
Income taxes receivable 6 5
Prepaid expenses and other current assets 190 182
Total current assets 1,506 1,683
Property and equipment, net 715 728
Operating lease assets 133 145
Goodwill 2,082 2,088
Indefinite-lived intangible assets 150 150
Other assets 752 964
Total assets [1] 6,201 6,704 [2]
Current liabilities:    
Accounts payable and accrued liabilities 452 397
Current portion of notes payable, finance leases, and commercial bank financing 37 38
Current portion of operating lease liabilities 21 23
Current portion of program contracts payable 48 83
Other current liabilities 66 67
Total current liabilities 624 608
Notes payable, finance leases, and commercial bank financing, less current portion 4,185 4,227
Operating lease liabilities, less current portion 145 154
Program contracts payable, less current portion 7 10
Deferred tax liabilities 387 610
Other long-term liabilities 212 220
Total liabilities [1] 5,560 5,829 [2]
Commitments and contingencies (See Note 5)
Redeemable noncontrolling interests 0 194
Old Sinclair shareholders' equity:    
Additional paid-in capital 510 624
Retained earnings 184 122
Accumulated other comprehensive income 7 1
Total SBG (deficit) equity 702 748
Noncontrolling interests (61) (67)
Total equity 641 681
Total liabilities, redeemable noncontrolling interests, and equity 6,201 6,704
Class A Common Stock    
Old Sinclair shareholders' equity:    
Common Stock 1 1
Class B Common Stock    
Old Sinclair shareholders' equity:    
Common Stock 0 0
Customer relationships, net    
Current assets:    
Definite-lived intangible assets, net 405 444
Other definite-lived intangible assets, net    
Current assets:    
Definite-lived intangible assets, net 458 502
Sinclair Broadcast Group, LLC    
Current assets:    
Cash and cash equivalents 368 884
Accounts receivable, net of allowance for doubtful accounts of $4 and $5, respectively 544 612
Income taxes receivable 6 5
Prepaid expenses and other current assets 146 182
Total current assets 1,064 1,683
Property and equipment, net 689 728
Operating lease assets 132 145
Goodwill 2,016 2,088
Indefinite-lived intangible assets 123 150
Definite-lived intangible assets, net 715 946
Other assets 255 964
Total assets 4,994 [2] 6,704
Current liabilities:    
Accounts payable and accrued liabilities 378 397
Current portion of notes payable, finance leases, and commercial bank financing 36 38
Current portion of operating lease liabilities 20 23
Current portion of program contracts payable 48 83
Other current liabilities 56 67
Total current liabilities 538 608
Notes payable, finance leases, and commercial bank financing, less current portion 4,170 4,227
Operating lease liabilities, less current portion 145 154
Program contracts payable, less current portion 7 10
Deferred tax liabilities 394 610
Other long-term liabilities 212 220
Total liabilities 5,466 [2] 5,829
Commitments and contingencies (See Note 5)
Redeemable noncontrolling interests 0 194
Old Sinclair shareholders' equity:    
Additional paid-in capital   624
Retained earnings (418) 122
Accumulated other comprehensive income 7 1
Total SBG (deficit) equity (411) 748
Noncontrolling interests (61) (67)
Total equity (472) 681
Total liabilities, redeemable noncontrolling interests, and equity 4,994 6,704
Sinclair Broadcast Group, LLC | Class A Common Stock    
Old Sinclair shareholders' equity:    
Common Stock   1
Sinclair Broadcast Group, LLC | Class B Common Stock    
Old Sinclair shareholders' equity:    
Common Stock   0
Sinclair Broadcast Group, LLC | Customer relationships, net    
Current assets:    
Definite-lived intangible assets, net 265 444
Sinclair Broadcast Group, LLC | Other definite-lived intangible assets, net    
Current assets:    
Definite-lived intangible assets, net $ 450 $ 502
[1] Our consolidated total assets as of June 30, 2023 and December 31, 2022 include total assets of variable interest entities ("VIE") of $78 million and $115 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of June 30, 2023 and December 31, 2022 include total liabilities of VIEs of $16 million and $18 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities.
[2] SBG's consolidated total assets as of June 30, 2023 and December 31, 2022 include total assets of variable interest entities ("VIE") of $78 million and $115 million, respectively, which can only be used to settle the obligations of the VIEs. SBG's consolidated total liabilities as of June 30, 2023 and December 31, 2022 include total liabilities of VIEs of $16 million and $18 million, respectively, for which the creditors of the VIEs have no recourse to SBG. See Note 7. Variable Interest Entities.
v3.23.2
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Accounts receivable, allowance for doubtful accounts $ 5 $ 5
Assets [1] 6,201 6,704 [2]
Liabilities [1] 5,560 5,829 [2]
Consolidated VIEs    
Assets 78 115
Liabilities 22 26
Consolidated VIEs | Nonrecourse    
Liabilities $ 16 $ 18
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 500,000,000 500,000,000
Common stock, shares issued (in shares) 39,274,843 45,847,879
Common stock, shares outstanding (in shares) 39,274,843 45,847,879
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 140,000,000 140,000,000
Common stock, shares issued (in shares) 23,775,056 23,775,056
Common stock, shares outstanding (in shares) 23,775,056 23,775,056
Sinclair Broadcast Group, LLC    
Accounts receivable, allowance for doubtful accounts $ 4 $ 5
Assets 4,994 [2] 6,704
Liabilities 5,466 [2] 5,829
Sinclair Broadcast Group, LLC | Consolidated VIEs    
Assets 78 115
Liabilities 22 26
Sinclair Broadcast Group, LLC | Consolidated VIEs | Nonrecourse    
Liabilities $ 16 $ 18
Sinclair Broadcast Group, LLC | Class A Common Stock    
Common stock, par value (in dollars per share)   $ 0.01
Common stock, shares authorized (in shares)   500,000,000
Common stock, shares issued (in shares)   45,847,879
Common stock, shares outstanding (in shares)   45,847,879
Sinclair Broadcast Group, LLC | Class B Common Stock    
Common stock, par value (in dollars per share)   $ 0.01
Common stock, shares authorized (in shares)   140,000,000
Common stock, shares issued (in shares)   23,775,056
Common stock, shares outstanding (in shares)   23,775,056
[1] Our consolidated total assets as of June 30, 2023 and December 31, 2022 include total assets of variable interest entities ("VIE") of $78 million and $115 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of June 30, 2023 and December 31, 2022 include total liabilities of VIEs of $16 million and $18 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 8. Variable Interest Entities.
[2] SBG's consolidated total assets as of June 30, 2023 and December 31, 2022 include total assets of variable interest entities ("VIE") of $78 million and $115 million, respectively, which can only be used to settle the obligations of the VIEs. SBG's consolidated total liabilities as of June 30, 2023 and December 31, 2022 include total liabilities of VIEs of $16 million and $18 million, respectively, for which the creditors of the VIEs have no recourse to SBG. See Note 7. Variable Interest Entities.
v3.23.2
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
REVENUES:        
Media revenues $ 761 $ 831 $ 1,527 $ 2,106
Non-media revenues 7 6 14 19
Revenue 768 837 1,541 2,125
OPERATING EXPENSES:        
Media programming and production expenses 413 403 811 1,161
Media selling, general and administrative expenses 190 195 381 415
Amortization of program contract costs 19 21 41 46
Non-media expenses 9 10 21 23
Depreciation of property and equipment 32 24 56 52
Corporate general and administrative expenses 62 38 120 85
Amortization of definite-lived intangible assets 41 43 82 136
Gain on deconsolidation of subsidiary 0 0 0 (3,357)
Loss (gain) on asset dispositions and other, net of impairment 5 (4) 11 (9)
Total operating expenses (gains) 771 730 1,523 (1,448)
Operating (loss) income (3) 107 18 3,573
OTHER INCOME (EXPENSE):        
Interest expense including amortization of debt discount and deferred financing costs (76) (54) (150) (169)
Gain on extinguishment of debt 11 3 11 3
(Loss) income from equity method investments (1) 3 30 15
Other expense, net (38) (105) (27) (165)
Total other (expense) income (104) (153) (136) (316)
(Loss) income before income taxes (107) (46) (118) 3,257
INCOME TAX BENEFIT (PROVISION) 20 40 224 (647)
Net income (loss) (87) (6) 106 2,610
Net (income) loss attributable to the redeemable noncontrolling interests 0 (5) 4 (9)
Net income attributable to the noncontrolling interests (2) 0 (14) (25)
Net income (loss) attributable to Sinclair (89) (11) 96 2,576
Sinclair Broadcast Group, LLC        
REVENUES:        
Media revenues 740 831 1,506 2,106
Non-media revenues 3 6 10 19
Revenue 743 837 1,516 2,125
OPERATING EXPENSES:        
Media programming and production expenses 397 403 795 1,161
Media selling, general and administrative expenses 184 195 375 415
Amortization of program contract costs 19 21 41 46
Non-media expenses 7 10 19 23
Depreciation of property and equipment 31 24 55 52
Corporate general and administrative expenses 58 38 116 85
Amortization of definite-lived intangible assets 39 43 80 136
Gain on deconsolidation of subsidiary 0 0 0 (3,357)
Loss (gain) on asset dispositions and other, net of impairment 4 (4) 10 (9)
Total operating expenses (gains) 739 730 1,491 (1,448)
Operating (loss) income 4 107 25 3,573
OTHER INCOME (EXPENSE):        
Interest expense including amortization of debt discount and deferred financing costs (76) (54) (150) (169)
Gain on extinguishment of debt 11 3 11 3
(Loss) income from equity method investments 0 3 31 15
Other expense, net (64) (105) (53) (165)
Total other (expense) income (129) (153) (161) (316)
(Loss) income before income taxes (125) (46) (136) 3,257
INCOME TAX BENEFIT (PROVISION) 26 40 230 (647)
Net income (loss) (99) (6) 94 2,610
Net (income) loss attributable to the redeemable noncontrolling interests 0 (5) 4 (9)
Net income attributable to the noncontrolling interests (2) 0 (14) (25)
Net income (loss) attributable to Sinclair $ (101) $ (11) $ 84 $ 2,576
v3.23.2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net (loss) income $ (87) $ (6) $ 106 $ 2,610
Unrealized gain on interest rate swap, net of tax 9 0 6 0
Share of other comprehensive income of equity method investments 0 0 0 3
Comprehensive (loss) income (78) (6) 112 2,613
Comprehensive (income) loss attributable to the redeemable noncontrolling interests 0 (5) 4 (9)
Comprehensive income attributable to the noncontrolling interests (2) 0 (14) (25)
Comprehensive (loss) income attributable to Sinclair (80) (11) 102 2,579
Sinclair Broadcast Group, LLC        
Net (loss) income (99) (6) 94 2,610
Unrealized gain on interest rate swap, net of tax 9 0 6 0
Share of other comprehensive income of equity method investments 0 0 0 3
Comprehensive (loss) income (90) (6) 100 2,613
Comprehensive (income) loss attributable to the redeemable noncontrolling interests 0 (5) 4 (9)
Comprehensive income attributable to the noncontrolling interests (2) 0 (14) (25)
Comprehensive (loss) income attributable to Sinclair $ (92) $ (11) $ 90 $ 2,579
v3.23.2
CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS - USD ($)
$ in Millions
Total
Class A Common Stock
Class B Common Stock
Common Stock
Class A Common Stock
Common Stock
Class B Common Stock
Additional Paid-In Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive (Loss) Income
Noncontrolling Interests
Sinclair Broadcast Group, LLC
Sinclair Broadcast Group, LLC
Class A Common Stock
Sinclair Broadcast Group, LLC
Class B Common Stock
Sinclair Broadcast Group, LLC
Common Stock
Class A Common Stock
Sinclair Broadcast Group, LLC
Common Stock
Class B Common Stock
Sinclair Broadcast Group, LLC
Additional Paid-In Capital
Sinclair Broadcast Group, LLC
Retained Earnings (Accumulated Deficit)
Sinclair Broadcast Group, LLC
Accumulated Other Comprehensive (Loss) Income
Sinclair Broadcast Group, LLC
Noncontrolling Interests
Beginning balance at Dec. 31, 2021 $ 197                 $ 197                
Increase (Decrease) in Temporary Equity                                    
Distributions to noncontrolling interests (3)                 (3)                
Deconsolidation of subsidiary (16)                 (16)                
Net income (loss) 9                 9                
Ending balance at Jun. 30, 2022 187                 187                
Beginning balance (in shares) at Dec. 31, 2021       49,314,303 23,775,056               49,314,303 23,775,056        
Beginning balance at Dec. 31, 2021 (1,706)     $ 1 $ 0 $ 691 $ (2,460) $ (2) $ 64 (1,706)     $ 1 $ 0 $ 691 $ (2,460) $ (2) $ 64
Increase (Decrease) in Stockholders' Equity                                    
Dividends declared and paid on Old Sinclair Class A and Class B Common Stock (37)           (37)     (37)           (37)    
Repurchases of Old Sinclair Class A Common Stock (in shares)       (4,058,319)                 (4,058,319)          
Repurchases of Old Sinclair Class A Common Stock (104)         (104)       (104)         (104)      
Old Sinclair Class A Common Stock issued pursuant to employee benefit plans (in shares)       1,214,562                 1,214,562          
Old Sinclair Class A Common Stock issued pursuant to employee benefit plans 41         41       41         41      
Distributions to noncontrolling interests (5)               (5) (5)               (5)
Other comprehensive income 3             3   3             3  
Deconsolidation of subsidiary (151)             (3) (148) (151)             (3) (148)
Net income (loss) 2,601           2,576   25 2,601           2,576   25
Ending balance (in shares) at Jun. 30, 2022       46,470,546 23,775,056               46,470,546 23,775,056        
Ending balance at Jun. 30, 2022 642     $ 1 $ 0 628 79 (2) (64) 642     $ 1 $ 0 628 79 (2) (64)
Beginning balance at Mar. 31, 2022 184                 184                
Increase (Decrease) in Temporary Equity                                    
Distributions to noncontrolling interests (2)                 (2)                
Net income (loss) 5                 5                
Ending balance at Jun. 30, 2022 187                 187                
Beginning balance (in shares) at Mar. 31, 2022       47,934,815 23,775,056               47,934,815 23,775,056        
Beginning balance at Mar. 31, 2022 703     $ 1 $ 0 657 109 (2) (62) 703     $ 1 $ 0 657 109 (2) (62)
Increase (Decrease) in Stockholders' Equity                                    
Dividends declared and paid on Old Sinclair Class A and Class B Common Stock (19)           (19)     (19)           (19)    
Repurchases of Old Sinclair Class A Common Stock (in shares)       (1,585,834)                 (1,585,834)          
Repurchases of Old Sinclair Class A Common Stock (36)         (36)       (36)         (36)      
Old Sinclair Class A Common Stock issued pursuant to employee benefit plans (in shares)       121,565                 121,565          
Old Sinclair Class A Common Stock issued pursuant to employee benefit plans 7         7       7         7      
Distributions to noncontrolling interests (2)