Sinclair, Inc.
Annual Report 2024

Dear Fellow Shareholders,
As we reflect on 2024, I am pleased to report on another strong year from Sinclair. Despite a dynamic, and at times 
challenging market environment, our equity outperformed all of our publicly-traded broadcasting peers in 2024, driven 
by our strategic initiatives, the strength in our core advertising business, another record political year, and the successful 
negotiation of significant retransmission deals with our distribution partners. Our focus on innovation has positioned 
us well for the future, and I am confident that we are on the right trajectory to continue to deliver strong returns for our 
shareholders.
While the media sector has faced volatility, our consistent execution of our business strategy has allowed us to capture 
market share and differentiate ourselves as a leader in our space. This outperformance is a testament to the collective 
efforts of our teams and the solid foundation we have built over the years.
Strength of Broadcast Television
One of the highlights of our continued success has been the enduring strength of broadcast TV. Despite ongoing trends 
toward digital media consumption, broadcast television remains an incredibly powerful platform. In fact, in each of 2023 
and 2024, 93 of the top-100 most-watched telecasts of the year were on broadcast TV. In February of this year, FOX 
delivered the most-watched telecast in U.S. history with Super Bowl 59.  Meanwhile, our award-winning local news 
content centers continue to maintain their preeminence in delivering premium content to large and engaged audiences.  
Results like this reinforce our belief in the long-term value of broadcast TV as a cornerstone of our business, and we 
remain committed to investing in this area to ensure its ongoing growth and relevance.
Core Advertising Outperformance in 2024
In particular, our core advertising revenues have demonstrated outstanding resilience and growth. We have seen strong 
performance across our advertising portfolio, significantly outperforming our peers and executing best-in-industry’s 
core growth consistently over the past couple of years. This success is attributed to our yield management system, our 
in-demand content offerings, and our growing digital and broadcast footprint. The demand for high-quality, results-driven 
advertising solutions has never been greater, and we are well-positioned to continue to capture this growth, by focusing 
on the entire suite of content that we are able to deliver, from our local news operations, to sports content, to our strong 
digital platforms, to our recently-launched podcasts that are delivering top-10 sports podcast ratings.  
News Operations Deliver Important, Relevant Content
One of the most important obligations we have as a broadcaster to our audience is our local news.  Sinclair takes a great 
deal of pride in delivering news that makes a difference in the communities that we serve.  To that end, we have made 
significant investments in our news-gathering operations, in people, technology and stories that matter.  We produce 
more than 2,400 hours of live news coverage per week across our station footprint, in addition to our various digital, 
social and audio platforms.  Notably, our news-related digital and social media websites saw over 314 million distinct 
impressions during the first week of January 2025 alone, according to Sprout Social.  Those impressions led to direct 
engagements (number of times users interacted with the content in some way—by commenting, reacting, sharing, etc.) of 
almost 40 million during that same week.  The results of our dedication to compelling news have been evident. In 2024, 
Sinclair’s newsrooms won a total of 232 journalism awards, including 22 RTDNA Regional Edward R. Murrow Awards and 
2 National Edward R. Murrow Awards for Outstanding Journalism, 37 regional Emmy awards, and one national Emmy 
award.  Among local broadcasters, Sinclair’s local news programming is ranked either #1 or #2 in their respective markets 
in over half of our news markets.
SI NCLAI R, I NC.
LETTER TO SHAREHOLDERS

In Baltimore for example, WBFF’s Project Baltimore, which investigates the Baltimore area public school systems, has
consistently demonstrated the value of continuous investigative journalism. Since its creation in 2017, its investigative
work has been recognized by the journalism community with numerous national and regional honors, including a national
Emmy award for investigative reporting, forty-one regional Emmy awards, four national IRE awards for investigative
reporting, Regional Edward R. Murrow awards, National Headliner awards, SPJ Sigma Delta Chi awards, and a National
Press Photographers Association Award for Best Documentary. Project Baltimore’s ground-breaking reports have also
prompted internal government investigations, as well as changes in government policies and new state laws. Building
on Project Baltimore’s success, WBFF has launched “Spotlight on Maryland,” which will have a state-wide focus on
governmental inefficiencies, including the allocation of taxpayer funds to non-profits, campaign finance practices and
corruption. Our news operations across the country consistently deliver important, relevant content that makes a
difference in the communities that we are proud to serve. And compared to the leading cable news networks, our local
news platform attracts far more views – in Baltimore, our flagship station, WBFF, dwarfs the dominant cable news player
according to Nielsen with 2.8x the impressions of Fox News for persons between the ages of 25 and 54, advertisers’
most desirable demographic, across morning, evening and late news dayparts in November of 2024.
On the national news side, we are proud to have produced and aired Full Measure with Sharyl Atkisson, a half-hour
investigative news program that is dedicated to advancing openness, honesty and integrity for the past ten years. The
show digs deeper to bring context and perspective to the stories that matter to our audience. Even after a decade,
Full Measure continues to bring in significant audience, with strong growth, achieving a new high-water mark in 2024
with almost one million viewers in some weeks and twice the number of total viewers as Fox News Sunday’s broadcast
show in December of 2024, according to Nielsen. Newsmakers have taken notice with Full Measure conducting an
exclusive interview with President Trump in March of 2025. We also are entering our fifth year with The National News
Desk (TNND), launched in 2021, which provides viewers with real-time national news and regional stories utilizing the
significant resources and content from Sinclair’s stations around the country with a comprehensive, commentary-free look
of the most impactful news of the day. TNND has consistently delivered ratings outpacing Nexstar’s NewsNation by
roughly 10x in morning and evening prime time hours in December of 2024, despite reaching only 25% of the country on
Sinclair CW and MyNet affiliated stations, according to Nielsen. All of these investments in news, both local and national,
not only help and inform our audiences, but they also have a direct correlation with our political advertising revenues in
election years, driving record political revenues for Sinclair in 2024.
Record Year of Political Advertising in 2024
Another key driver of our success has been the record-breaking year we experienced in political advertising in 2024.
The election cycle has historically been a significant revenue driver for media companies, and this past year, Sinclair
capitalized on this opportunity more effectively than ever before. Our ability to engage with political advertisers, deliver
targeted ad placements, and maximize the value of our broadcast and digital platforms helped us achieve unprecedented
levels of revenue from this category. Surveys have shown that not only does local broadcast news remain the most-
trusted source of news across the country, it also delivers more of the most valuable audience for political advertisers
than any other medium—the independent voter. As we look ahead, we remain well-positioned to leverage the upcoming
election cycles in 2026 and in 2028, when no Presidential incumbent will be running for office.
Successful Year for Distribution
2024 was a busy year for our distribution team. Given our recent retransmission rate agreements with MVPDs in 2024,
as well as coming to terms with NBC, our last network affiliation agreement expiration before 2026, we have greatly
enhanced visibility on both our retransmission revenues as well as our reverse retransmission expenses for the next
several years. In 2025, we have already benefited from having the Super Bowl on FOX, our largest network affiliation,
as well as college basketball’s Final Four on CBS, which was on a cable network in 2024. We believe the power of live
sports continues to demonstrate the importance of broadcast TV, not only to viewers and subscribers, but also to the
SI NCLAI R, I NC.

sports leagues themselves, who are increasingly looking to maximize the number of viewers to their content—and there
is no other medium that can match the reach and the value of broadcast TV.
Launch of New Sports-Related Podcasts
As part of our ongoing commitment to diversify and innovate and to meet the audience where they are, we successfully
launched a new suite of sports-related podcasts in 2024 starting with our two football podcasts, “The Triple Option” and
“Throwbacks”. This initiative has been met with a great deal of excitement from both listeners and advertisers alike, with
both podcasts consistently ranking in the top 10 among Apple’s sports podcasts. By tapping into the growing popularity
of podcasting and the massive audience base of loyal sports fans, we have created a new and valuable content vertical
that complements our existing offerings. We see significant potential for further growth in this area and have already
launched an additional podcast for Soccer, “Unfiltered Soccer” starring soccer stars Landon Donovan and Tim Howard.
We expect to continue to grow these podcast platforms in the months to come.
Regulatory Optimism Amid FCC Changes
Looking ahead, we are optimistic about the future of the broadcast industry, particularly in light of the recent changes
in leadership at the Federal Communications Commission (FCC). With a new regulatory landscape taking shape, we are
confident that the adjustments will create a more favorable environment for broadcast television and related media. The
leadership changes at the FCC signal a renewed focus on ensuring that broadcast companies like Sinclair will have the
opportunity to thrive, innovate, and compete on a level playing field. We believe the environment is once again ripe for
industry consolidation, and we remain focused on exploring any opportunity that would drive value for our stakeholders.
We also remain committed to our role as a leading player in the broadcast space and look forward to the opportunities
these changes will bring, including for the sunset of the ATSC 1.0 standard, as we look forward to new datacasting
business opportunities that ATSC 3.0 will bring in and the revenue to follow. In early January 2025, we announced
EdgeBeam, a NextGen joint venture with three other major broadcasters that will allow us to enjoy nationwide reach
with exciting NextGen applications such as automotive connectivity, content delivery networks and enhanced GPS. We
remain excited about the future for NextGen technology and business models.
Sinclair Ventures
Sinclair Ventures also had a strong 2024, with $209 million in cash inflows from the exit of various minority investments
in our investment portfolio. Our goal is to redeploy those proceeds into majority investments in high-growth assets that
we can control and consolidate on our balance sheet. In addition, Tennis Channel had another solid year, delivering
consistent revenue and operating cash flow while successfully launching the channel’s Direct-To-Consumer product,
which enables tennis fans anywhere the ability to stream Tennis Channel’s content from any connected device.
Refinancing
In the first quarter of 2025, we successfully refinanced our balance sheet. The comprehensive refinancing significantly
derisked the company by not only addressing our closest meaningful maturity, but also by extending our overall weighted
average maturity to six-and-a-half years. The refinancing also allowed us the opportunity to reduce our first lien debt
while improving our financial optionality, allowing us to continue to be opportunistic in the marketplace to delever over
time while continuing to drive enhanced returns for all of the company’s stakeholders. If the industry does see a potential
opening of M&A windows in the coming months, Sinclair is well-positioned as having the runway with the longest
weighted average maturity amongst all of our publicly-traded peers.
SI NCLAI R, I NC.

Corporate Citizenship
Once again, Sinclair and its employees demonstrated their strong commitment to being good corporate citizens in the
communities that we serve. In 2024, Sinclair partnered with more than 400 nonprofit and civic organizations locally
and across the country to help raise nearly $25 million for nonprofit organizations, schools, community agencies, and
local disaster relief. In addition, Sinclair helped to collect over 4.3 million pounds of food, over 250,000 diapers, over
300,000 toys, and almost 6,300 units of blood for those in need, while donating over $7 million in promotional airtime to
organizations. I remain proud of our corporate citizenship across our footprint.
Conclusion
In closing, I would like to extend my sincere gratitude to our employees, partners, and, most importantly, our shareholders
for their unwavering support. The results we have achieved in 2024 reflect the strength of our business, our innovative
spirit, and our ability to adapt to an ever-changing media landscape and are reflected in the outperformance of our shares
versus all of our publicly-traded peers in 2024. We are incredibly excited about the future of Sinclair and the opportunities
that lie ahead. We are committed to continuing our growth, driving shareholder value, and remaining at the forefront of
the local media industry.
David D. Smith
Chairman of the Board and Executive Chairman
SI NCLAI R, I NC.


SINCLAIR, INC.
SINCLAIR BROADCAST GROUP, LLC
FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2024
TABLE OF CONTENTS
Business
2
Available Information
8
Forward-looking Statements
9
Management's Discussion and Analysis of Financial Condition and Results of Operations
9
Quantitative and Qualitative Disclosure About Market Risk
29
Market For Registrant's Common Equity, Related Stockholder Matters and Issuers Purchases
of Equity Securities
29
Controls and Procedures
31
Sinclair, Inc. Consolidated Balance Sheets
33
Sinclair, Inc. Consolidated Statements of Operations
34
Sinclair, Inc. Consolidated Statements of Comprehensive Income
35
Sinclair, Inc. Consolidated Statements of Equity
36
Sinclair, Inc. Consolidated Statements of Cash Flows
39
Sinclair, Inc. Notes to the Consolidated Financial Statements
40
Sinclair Broadcast Group, LLC Consolidated Balance Sheets
76
Sinclair Broadcast Group, LLC Consolidated Statements of Operations
77
Sinclair Broadcast Group, LLC Consolidated Statements of Comprehensive Income
78
Sinclair Broadcast Group, LLC Consolidated Statements of Equity
79
Sinclair Broadcast Group, LLC Consolidated Statements of Cash Flows
82
Sinclair Broadcast Group, LLC Notes to the Consolidated Financial Statements
83
Sinclair, Inc. Report of Independent Registered Public Accounting Firm
118
Sinclair Broadcast Group, LLC Report of Independent Registered Public Accounting Firm
120

GENERAL
This combined report on Form 10-K is filed by both Sinclair, Inc. (“Sinclair”) and Sinclair Broadcast Group, LLC (“SBG”).
Certain information contained in this document relating to SBG is filed by Sinclair and separately by SBG. SBG makes no
representation as to information relating to Sinclair or its subsidiaries, except as it may relate to SBG and its subsidiaries.
References in this report to “we,” “us,” “our,” the “Company” and similar terms refer to Sinclair and its consolidated subsidiaries,
including SBG, unless context indicates otherwise. As described under Company Reorganization in Note 1. Nature of Operations
and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements below, upon
consummation of the Reorganization (as defined therein) on June 1, 2023, Sinclair became the successor issuer to Sinclair
Broadcast Group, Inc. (“Old Sinclair”), which, immediately following the Reorganization was converted into a limited liability
company. SBG files reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) solely to comply with
Section 1018(a) of the indenture governing the 5.125% Senior Notes due 2027 of Sinclair Television Group, Inc. (“STG”), a
wholly-owned subsidiary of SBG. References to SBG herein may also include its predecessor, Old Sinclair, as context indicates.
BUSINESS
Sinclair, Inc. (“Sinclair”), a Maryland corporation formed in 2022, is the parent company of Sinclair Broadcast Group, LLC
(“SBG”), a Maryland limited liability company, which formed from the conversion of Sinclair Broadcast Group, Inc. (“Old
Sinclair”), a Maryland corporation founded in 1986, to a Maryland limited liability company in 2023. Refer to Company
Reorganization below. Sinclair is a diversified media company with national reach and a strong focus on providing high-quality
content on our local television stations, digital platform, and, prior to the Deconsolidation (as defined below under Local Sports
below), regional sports networks (the “RSNs”). The content, distributed through our broadcast platform and third-party
platforms, consists of programming provided by third-party networks and syndicators, local news, sports and other original
programming produced by us and our owned networks. Additionally, Sinclair owns digital media companies that are
complementary to our extensive portfolio of television station related digital properties and has interests in, owns, manages, and/
or operates technical and software services companies, research and development companies for the advancement of broadcast
technology, and other media and non-media related businesses and assets, including real estate, venture capital, private equity,
and direct investments.
Sinclair and SBG’s principal executive offices are located at 10706 Beaver Dam Road, Hunt Valley, Maryland 21030, their
telephone number is (410) 568-1500, and Sinclair’s website address is www.sbgi.net. The information contained on, or accessible
through, Sinclair’s website is not part of this Annual Report on Form 10-K and is not incorporated herein by reference.
Company Reorganization
On April 3, 2023, Old Sinclair, entered into an Agreement of Share Exchange and Plan of Reorganization (the “Share Exchange
Agreement”) with Sinclair, and Sinclair Holdings, LLC, a Maryland limited liability company (“Sinclair Holdings”). The purpose
of the transactions contemplated by the Share Exchange Agreement was to effect a holding company reorganization in which
Sinclair would become the publicly-traded parent company of Old Sinclair.
Effective at 12:00 am Eastern U.S. time on June 1, 2023 (the “Share Exchange Effective Time”), pursuant to the Share
Exchange Agreement and Articles of Share Exchange filed with the Maryland State Department of Assessments and Taxation, the
share exchange between Sinclair and Old Sinclair was completed (the “Share Exchange”). In the Share Exchange, (i) each share
or fraction of a share of Old Sinclair’s Class A common stock, par value $0.01 per share (“Old Sinclair Class A Common Shares”),
outstanding immediately prior to the Share Exchange Effective Time was exchanged on a one-for-one basis for an equivalent
share of Sinclair’s Class A common stock, par value $0.01 per share (“Sinclair Class A Common Shares”), and (ii) each share or
fraction of a share of Old Sinclair’s Class B common stock, par value $0.01 per share (“Old Sinclair Class B Common Shares”),
outstanding immediately prior to the Share Exchange Effective Time was exchanged on a one-for-one basis for an equivalent
share of Sinclair’s Class B common stock, par value $0.01 per share (“Sinclair Class B Common Shares”).
Immediately following the Share Exchange Effective Time, Old Sinclair converted from a Maryland corporation to SBG, a
Maryland limited liability company. On the day following the Share Exchange Effective Time (June 2, 2023), Sinclair Holdings
became the intermediate holding company between Sinclair and SBG, and SBG transferred certain of its assets (the “Transferred
Assets”) to Sinclair Ventures, LLC, a new indirect wholly-owned subsidiary of Sinclair (“Ventures”).
We refer to the Share
Exchange and the related steps described above collectively as the “Reorganization.” The Transferred Assets included technical
and software services companies, intellectual property for the advancement of broadcast technology, and other media and non-
media related businesses and assets including real estate, venture capital, private equity, and direct investments, as well as
Compulse, a marketing technology and managed services company, and Tennis Channel and related assets. As a result of the
Reorganization, the local media segment assets are owned and operated by SBG and the assets of the tennis segment and the
remaining Transferred Assets are owned and operated by Ventures.
2

At the Share Exchange Effective Time, Sinclair’s articles of incorporation and bylaws were amended and restated to be the
same in all material respects as the existing articles of incorporation and bylaws of Old Sinclair immediately prior to the Share
Exchange. As a result, the Sinclair Class A Common Shares confer upon the holders thereof the same rights with respect to Old
Sinclair that the holders of the Old Sinclair Class A Common Shares had with respect to Old Sinclair, and the Sinclair Class B
Common Shares confer upon the holders thereof the same rights with respect to Sinclair that the holders of the Old Sinclair Class
B Common Shares had with respect to Old Sinclair. Sinclair’s Board of Directors (the “Board”), including its committees, and
senior management team immediately after the Share Exchange were the same as Old Sinclair’s immediately before the Share
Exchange.
SEGMENTS
As of December 31, 2024, Sinclair had two reportable segments, local media and tennis, and SBG had one reportable segment,
local media. Sinclair and SBG’s local media segment is comprised of our television stations, which are owned and/or operated by
SBG’s wholly-owned subsidiary, Sinclair Television Group, Inc. (“STG”) and its direct and indirect subsidiaries, original networks
and content. Sinclair’s tennis segment primarily consists of Tennis Channel, a cable network which includes coverage of many of
tennis’ top tournaments and original professional sports and tennis lifestyle shows. Prior to the Deconsolidation, Sinclair and
SBG had one additional reportable segment, local sports, which consisted of RSNs, which owned the exclusive rights to air,
among other sporting events, the games of professional sports teams in designated local viewing areas. Sinclair also earns
revenues from digital and internet services, technical services, and non-media investments, included within “other”. Other is not
a reportable segment for either Sinclair or SBG, but is included for reconciliation purposes.
Local Media
As of December 31, 2024, Sinclair’s and SBG’s local media segment primarily consisted of our broadcast television stations,
original networks, and content. We own, provide programming and operating services pursuant to local marketing agreements
(“LMA”), or provide sales services and other non-programming operating services pursuant to other outsourcing agreements
(such as joint sales agreements (“JSA”) and shared services agreements (“SSA”) to 185 stations in 86 markets. These stations
broadcast 641 channels, including 235 channels affiliated with primary networks or program service providers comprised of:
FOX (55), ABC (40), CBS (30), NBC (24), CW (47), and MyNetworkTV (“MNT”) (39). Solely for the purpose of this report, these
185 stations and 641 channels are referred to as “our” stations and channels, and the use of such term shall not be construed that
we control such stations or channels. Refer to our Television Markets and Stations table later for more information.
Our local media segment provides free over-the-air programming to television viewing audiences for stations in markets
located throughout the continental United States, as well as distributes the content of these stations to MVPDs for distribution to
their customers in exchange for contractual fees. The programming that we provide on our primary channels consists of network
provided programs, locally-produced news, local sporting events, programming from program service arrangements, syndicated
entertainment programs, and internally originated programming. We provide live, local sporting events on many of our stations
by acquiring the local television broadcast rights for these events or through our relationship with national networks.
We are one of the nation’s largest producers of local news. We produce more than 2,400 hours of news per week at 114 stations
in 72 markets. For the year ended December 31, 2024, our stations were awarded 232 journalism awards, including 22 regional
and two national RTDNA Edward R. Murrow awards and 37 regional and one national Emmy awards.
We also own and operate various networks carried on distribution platforms owned by us or others, including: The Nest, our
free over-the-air national broadcast TV network, comprised of home-improvement, true-crime, factual reality series, and
celebrity driven family shows; Comet, our science fiction network; CHARGE!, our adventure and action-based network; and TBD,
the first multiscreen TV network in the U.S. market to bring premium internet-first content to TV homes across America.
Our internally developed content, in addition to our local news, includes our original news program, The National News Desk
(“TNND”), and Full Measure with Sharyl Attkisson (“Full Measure”), our national Sunday morning investigative and political
analysis program.
In 2024, we launched our new podcast division, including podcasts: Unfiltered Soccer, with Landon Donovan and Tim
Howard, featuring hot takes, analysis, unique insights, and classic stories to bring fans closer to the game; The Triple Option,
hosted by Urban Meyer, Mark Ingram II, and Rob Stone, providing analysis, opinions, and unique insights on the biggest topics
in college football, the NFL, leadership, and more; and Throwbacks, with Matt Leinart and Jerry Ferrara, featuring insight into
sports, television, and relatable family adventures.
3

Our local media segment derives revenue primarily from the sale of advertising inventory on our television stations and fees
received from Distributors, which includes distributors that distribute multiple television channels through the internet without
supplying their own data transport infrastructure, as well as other over-the-top (“OTT”) distributors that deliver live and on-
demand programming, for the right to distribute our channels on their distribution platforms. We also earn revenues by selling
digital advertisements on third-party platforms, providing digital content to non-linear devices via websites, mobile, and social
media advertisements, and providing digital marketing services. Our objective is to meet the needs of our advertising customers
by delivering significant audiences in key demographics. Our strategy is to achieve this objective by providing quality local news
programming, popular network, syndicated and live sports programs, and other original content to our audiences. We attract
most of our national television advertisers through national marketing representation firms. Our local television advertisers are
primarily attracted through the use of a local sales force at each of our television stations.
Our local media operating results are subject to cyclical fluctuations from political advertising. Political spending has been
significantly higher in the even-number years due to the cyclicality of political elections. In addition, every four years, political
spending is typically elevated further due to the advertising related to the presidential election. Because of the political election
cyclicality, there has been a significant difference in our operating results when comparing even-numbered years’ performance to
the odd numbered years’ performance. Additionally, our operating results are impacted by the number and importance of
individual political races and issues discussed on a national level as well as those within the local communities we serve. We
believe political advertising will continue to be an important advertising category in our industry. Political advertising levels may
increase further as political-activism, around social, political, economic, and environmental causes continue to draw attention
and Political Action Committees (“PACs”), including so-called Super PACs, continue to increase spending.
4

Television Markets and Stations. As of December 31, 2024, our local media segment owns and operates or provides
programming and/or sales and other shared services to television stations in the following 86 markets:
Washington, D.C.
8
6
WJLA, WDCO-CD, WIAV-CD
ABC
Seattle / Tacoma, WA
13
6
KOMO, KUNS
ABC, CW
Minneapolis / St. Paul, MN
16
6
WUCW
CW
Raleigh / Durham, NC
22
6
WLFL, WRDC
CW, MNT
Portland, OR
23
7
KATU, KUNP
ABC, IND
St. Louis, MO
24
4
KDNL
ABC
Nashville, TN
26
10
WZTV, WUXP, WNAB(d)
FOX, MNT, CW
Pittsburgh, PA
27
7
WPGH, WPNT
FOX, CW, MNT
Salt Lake City, UT
28
10
KUTV, KMYU, KJZZ, KENV(d)
CBS, MNT
Baltimore, MD
29
8
WBFF, WNUV(c), WUTB(d)
FOX, CW, MNT
San Antonio, TX
31
10
KABB, WOAI, KMYS(d)
FOX, NBC, CW
Austin, TX
34
2
KEYE
CBS
Columbus, OH
35
9
WSYX, WWHO(d), WTTE(c)
ABC, CW, MNT, FOX
Asheville, NC / Greenville, SC
36
8
WLOS, WMYA(c)
ABC, MNT
Cincinnati, OH
37
8
WKRC, WSTR(d)
CBS, MNT, CW
Milwaukee, WI
38
5
WVTV
CW, MNT
West Palm Beach / Ft Pierce, FL
39
15
WPEC, WTVX, WTCN-CD, WWHB-CD
CBS, CW, MNT
Las Vegas, NV
40
9
KSNV, KVCW
NBC, CW, MNT
Harrisburg / Lancaster / Lebanon / York,
PA
42
4
WHP
CBS, MNT, CW
Grand Rapids / Kalamazoo / Battle Creek,
MI
43
4
WWMT
CBS, IND
Norfolk, VA
44
4
WTVZ
MNT
Birmingham / Tuscaloosa, AL
45
15
WBMA-LD, WTTO, WDBB(c), WABM
ABC, CW, MNT
Greensboro / High Point / Winston-Salem,
NC
46
7
WXLV, WMYV
ABC, MNT
Oklahoma City, OK
47
7
KOKH, KOCB
FOX, IND
Providence, RI / New Bedford, MA
52
4
WJAR
NBC
Buffalo, NY
54
6
WUTV, WNYO
FOX, MNT
Fresno / Visalia, CA
55
11
KMPH, KMPH-CD, KFRE
FOX, CW
Richmond, VA
56
5
WRLH
FOX, MNT
Mobile, AL / Pensacola, FL
57
12
WEAR, WPMI(d), WFGX, WJTC(d)
ABC, NBC, MNT, IND
Little Rock / Pine Bluff, AR
58
5
KATV
ABC
Wilkes-Barre / Scranton, PA
59
11
WOLF(c), WSWB(d), WQMY(c)
FOX, CW, MNT
Tulsa, OK
61
5
KTUL
ABC
Albany, NY
62
6
WRGB, WCWN
CBS, CW
Dayton, OH
64
8
WKEF, WRGT(d)
ABC, FOX, MNT
Spokane, WA
66
4
KLEW
CBS
Des Moines, IA
67
4
KDSM
FOX
Green Bay / Appleton, WI
68
8
WLUK, WCWF
FOX, CW
Roanoke / Lynchburg, VA
70
4
WSET
ABC
Wichita, KS
71
19
KSAS, KOCW, KAAS, KAAS-LD, KSAS-
LD, KMTW(c)
FOX, MNT
Flint / Saginaw / Bay City, MI
72
10
WSMH, WEYI(d), WBSF(d)
FOX, NBC, CW
Omaha, NE
73
7
KPTM, KXVO(c)
FOX , MNT, CW
Columbia, SC
76
4
WACH
FOX
Madison, WI
77
4
WMSN
FOX
Portland, ME
78
7
WPFO(d), WGME
FOX, CBS
Rochester, NY
79
7
WHAM(d), WUHF
ABC, FOX, CW
Toledo, OH
81
4
WNWO
NBC
Charleston / Huntington, WV
82
8
WCHS, WVAH(d)
ABC, FOX
Savannah, GA
84
5
WTGS
FOX
Charleston, SC
85
3
WCIV
MNT, ABC
Chattanooga, TN
86
7
WTVC, WFLI(d)
ABC, CW, FOX, MNT
Syracuse, NY
88
6
WTVH(d), WSTM
CBS, NBC, CW
El Paso, TX
89
8
KFOX, KDBC
FOX, CBS, MNT
Market
Market
Rank (a)
Number of
Channels
Stations
Network
Affiliation (b)
5

Champaign / Springfield / Decatur, IL
92
18
WICS, WICD, WRSP(d), WCCU(d),
WBUI(d)
ABC, FOX, CW
Cedar Rapids, IA
94
8
KGAN, KFXA(d)
CBS, FOX
Myrtle Beach / Florence, SC
97
8
WPDE, WWMB(c)
ABC, CW
Boise, ID
98
8
KBOI, KYUU-LD
CBS, CW
South Bend-Elkhart, IN
100
3
WSBT
CBS, FOX
Tri-Cities, TN-VA
101
8
WEMT(d), WCYB
FOX, NBC, CW
Greenville / New Bern / Washington, NC
102
8
WCTI, WYDO(d)
ABC, FOX
Reno, NV
103
10
KRXI, KRNV(d), KNSN(c)
FOX, NBC, MNT
Tallahassee, FL
105
8
WTWC, WTLF(d)
NBC, CW, FOX
Lincoln and Hastings-Kearney, NE
107
9
KHGI, KWNB, KWNB-LD, KHGI-CD,
KFXL
ABC, FOX
Johnstown / Altoona, PA
112
4
WJAC
NBC, CW
Yakima / Pasco / Richland / Kennewick,
WA
114
18
KIMA, KEPR, KUNW-CD, KVVK-CD,
KORX-CD
CBS, CW
Traverse City / Cadillac, MI
116
12
WGTU(d), WGTQ(d), WPBN, WTOM
ABC, NBC
Macon, GA
119
3
WGXA
FOX, ABC
Eugene, OR
120
18
KVAL, KCBY, KPIC(e), KMTR(d),
KMCB(d), KTCW(d)
CBS, NBC, CW
Peoria / Bloomington, IL
122
4
WHOI
TBD
Bakersfield, CA
125
8
KBFX-CD, KBAK
FOX, CBS
Corpus Christi, TX
130
4
KSCC
FOX, CW
Amarillo, TX
132
10
KVII, KVIH
ABC, CW
Columbia / Jefferson City, MO
135
4
KRCG
CBS
Chico-Redding, CA
136
18
KRCR, KCVU(d), KRVU-LD, KKTF-LD,
KUCO-LD
ABC, FOX, MNT
Medford / Klamath Falls, OR
139
5
KTVL
CBS, CW
Beaumont / Port Arthur / Orange, TX
143
8
KFDM, KBTV(d)
CBS, CW, FOX
Sioux City, IA
149
14
KPTH, KPTP-LD, KBVK-LP, KMEG(d)
FOX, MNT, CBS
Albany, GA
152
4
WFXL
FOX
Gainesville, FL
157
8
WGFL(c), WNBW(c), WYME-CD(c)
CBS, NBC, MNT
Missoula, MT
161
8
KECI, KCFW
NBC
Wheeling, WV / Steubenville, OH
163
3
WTOV
NBC, FOX
Abilene / Sweetwater, TX
166
4
KTXS, KTES-LD
ABC, CW
Quincy, IL / Hannibal, MO / Keokuk, IA
175
4
KHQA
CBS, ABC
Butte-Bozeman, MT
185
8
KTVM, KDBZ-CD
NBC
Eureka, CA
196
10
KAEF, KBVU(d), KECA-LD, KEUV-LP
ABC, FOX, CW, MNT
San Angelo, TX
197
2
KTXE-LD
ABC, CW
Ottumwa, IA / Kirksville, MO
200
3
KTVO
ABC, CBS
Total Television Channels
641
Market
Market
Rank (a)
Number of
Channels
Stations
Network
Affiliation (b)
(a)
Rankings are based on the relative size of a station’s Designated Market Area (“DMA”) among the 210 generally recognized DMAs in the
United States as estimated by Nielsen Media Research (“Nielsen”) as of September 2024.
6

(b)
We broadcast programming from the following providers on our channels and the channels of our JSA/LMA partners:
Affiliation
Number of
Channels
Number of
Markets
Expiration Dates
ABC
40
30
August 31, 2026
FOX
55
41
December 31, 2026
CBS
30
24
October 31, 2026
NBC
24
17
December 31, 2027
CW
47
38
August 31, 2026
MNT
39
30
August 31, 2025
Total Major Network Affiliates
235
Affiliation
Number of
Channels
Number of
Markets
Expiration Dates
Antenna TV
23
21
December 31, 2028
CHARGE!
85
75
(1)
Comet
92
75
(1)
Dabl
30
29
July 31, 2025
The Nest
47
42
(1)
TBD
84
71
(1)
Univision
7
3
December 31, 2025
Other
38
Various
Total Other Affiliates
406
Total Television Channels
641
(1)
An owned and operated network, which is carried on our multicast distribution platform or the platform of our JSA/LMA
partners. Thus, there is no expiration date.
(c)
The license assets for these stations are currently owned by third parties. We provide programming, sales, operational, and administrative
services to these stations pursuant to certain service agreements, such as LMAs.
(d)
The license and programming assets for these stations are currently owned by third parties. We provide certain non-programming related
sales, operational, and administrative services to these stations pursuant to service agreements, such as JSAs and SSAs.
(e)
We provide programming, sales, operational, and administrative services to this station, of which 50% is owned by a third party.
Tennis
As of December 31, 2024, Sinclair’s tennis segment consisted of Tennis Channel, a cable network which includes coverage of
many of tennis’ top tournaments and original professional sports and tennis lifestyle shows; Tennis Channel International
streaming service; Tennis Channel streaming service; T2 FAST, a 24-hours a day free ad-supported streaming television channel;
Tennis.com; and FAST Channel Pickleballtv (PBTV), a partnership with the Carvana Professional Pickleball Association.
Sinclair’s tennis segment derives revenue primarily from fees received from Distributors, including virtual MVPDs, as well as
other OTT distributors that deliver live and on-demand programming, for the right to distribute Tennis Channel on their
distribution platforms, and advertising revenue generated by sales of commercial time within Tennis Channel programming.
Sinclair’s tennis segment operating results are usually subject to cyclical fluctuations due to the amount and significance of
tournaments that take place in the respective quarters during the year. The first and fourth quarter operating results are usually
higher than the second and third quarters’ because of the amount and significance of tournaments that are played during those
periods.
7

Local Sports
Deconsolidation of Diamond Sports Intermediate Holdings LLC. On March 1, 2022, SBG’s subsidiary Diamond Sports
Intermediate Holdings, LLC, and certain of its subsidiaries (collectively “DSIH”) completed a series of transactions (the “DSIH
Transaction”). As part of the DSIH Transaction, the governance structure of DSIH was modified including changes to the
composition of its Board of Managers, resulting in the Company's loss of voting control. As a result, DSIH, whose operations
represented the entirety of our local sports segment, was deconsolidated from our consolidated financial statements effective as
of March 1, 2022 (the “Deconsolidation”). The consolidated statement of operations for the year ended December 31, 2022
therefore includes two months of activity related to DSIH prior to the Deconsolidation. Subsequent to February 28, 2022, the
assets and liabilities of DSIH were no longer included within our consolidated balance sheets. Prior to the Deconsolidation, the
local sports segment consisted of RSNs, which owned the exclusive rights to air, among other sporting events, the games of
professional sports teams in designated local viewing areas. Any discussions related to results, operations, and accounting
policies associated with DSIH refer to the periods prior to the Deconsolidation.
OTHER
Digital and Internet
Sinclair owns Compulse, a marketing technology and managed services company, which earns revenues by licensing the
platform to other local media companies and agencies, as well as executing their digital media initiatives across search, social,
programmatic, email, and more.
Technical Services
Sinclair owns subsidiaries which are dedicated to providing technical services to the broadcast industry, including: Dielectric, a
designer and manufacturer of broadcast systems including all components from transmitter output to antenna, and ONE Media
3.0, whose purpose is to develop business opportunities, products, and services associated with the NextGen TV (also known as
ASTC 3.0) broadcast transmission standard and TV platform, and to develop wireless, cloud infrastructure, and artificial
intelligence technologies. Sinclair has also partnered with several other companies in the design and deployment of NextGen TV
services including: Tejas Networks, to develop NextGen TV technologies to be used in consumer devices, and EdgeBeam
Wireless, a joint venture with three other broadcast companies to provide services to third parties utilizing NextGen TV
including, wireless data services to a wide range of businesses and industries across the country. NextGen TV is further discussed
under Operating Strategy - Development of Next Generation Wireless Platform below.
Non-Media Investments
Primarily through Ventures, Sinclair owns various non-media related investments across multiple asset classes including real
estate, venture capital, private equity, and direct investments in technology driven companies, including wireless communication
and semiconductor solutions, next-gen communication solutions, advertising intelligence and data security. Sinclair’s
investments in real estate primarily consist of apartment complexes and development projects. Sinclair’s investments in venture
capital and private equity funds include capital for companies involved in a variety of businesses, including advertising,
marketing, media technology, sports betting, e-sports, sports technology, pickleball, beverages and community services.
AVAILABLE INFORMATION
We regularly use our website as a source of company information and it can be accessed at www.sbgi.net. We make available,
free of charge through our website, our annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-
K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act as soon as
reasonably practicable after such documents are electronically submitted to the SEC, who also makes these reports available at
http://www.sec.gov.
We intend to comply with the requirements of Item 5.05 of Form 8-K regarding amendments to and
waivers under the code of business conduct and ethics applicable to our Chief Executive Officer, Principal Financial Officer and
Principal Accounting Officer by providing such information on our website within four days after effecting any amendment to, or
granting any waiver under, that code, and we will maintain such information on our website for at least twelve months. In
addition, a replay of each of our quarterly earnings conference calls is available on our website until the subsequent quarter’s
earnings call. The information contained on, or otherwise accessible through, our website is not a part of this Annual Report on
Form 10-K and is not incorporated herein by reference.
8

FORWARD-LOOKING STATEMENTS
This report includes or incorporates forward-looking statements within the meaning of Section 27A of the Securities Act of
1933, as amended, and Section 21E of the Exchange Act, and the U.S. Private Securities Litigation Reform Act of 1995. These
statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our
financial results, our liquidity and capital resources, contingencies, our dividend policy, and other non-historical statements.
When we use words such as “outlook,” “believes,” “expects,” “potential,” “continues,” “may,” “will,” “should,” “seeks,”
“approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates” or the negative version of these words or similar
expressions, we are making forward-looking statements. Such forward-looking statements are subject to various risks,
uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual outcomes or results to
differ materially from those indicated in these statements including, but not limited to, those listed below in summary form and
as more fully described under Management’s Discussion and Analysis of Financial Conditions and Results of Operations and
Quantitative and Qualitative Disclosures about Market Risk, as such factors may be updated from time to time in our periodic
filings with the United States Securities and Exchange Commission (“SEC”), which are accessible on the SEC’s website at
www.sec.gov. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary
statements that are included in this report and in our other periodic filings with the SEC. Further, forward-looking statements
speak only as of the date they are made, and we undertake no obligation to update or revise forward-looking statements to reflect
changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, unless required by
law.
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS
Forward Looking Statements
We make statements in this section that are forward-looking statements within the meaning of the federal securities laws. For
a complete discussion of forward-looking statements, see the section in this report entitled “Forward-Looking Statements.”
Certain risks may cause our actual results, performance, or achievements to differ materially from those expressed or implied by
the following discussion.
Overview
The following Management’s Discussion and Analysis provides qualitative and quantitative information about Sinclair’s and
SBG’s financial performance and condition which should be read in conjunction with the other sections in this annual report,
including Business and the Consolidated Financial Statements, including the accompanying notes to those statements. This
discussion consists of the following sections:
Executive Overview — a description of our business, summary of significant events, and information about industry trends;
Critical Accounting Policies and Estimates — a discussion of the accounting policies that are most important in understanding
the assumptions and judgments incorporated in the Consolidated Financial Statements and a summary of recent accounting
pronouncements;
Results of Operations — a summary of the components of Sinclair’s and SBG’s revenues by category and by network affiliation, a
summary of other operating data, and an analysis of Sinclair’s and SBG’s revenues and expenses for 2024, 2023, and 2022,
including a comparison between 2024 and 2023; and
Liquidity and Capital Resources — a discussion of Sinclair’s and SBG’s primary sources of liquidity and contractual cash
obligations and an analysis of Sinclair’s and SBG’s cash flows from or used in operating activities, investing activities, and
financing activities.
9

EXECUTIVE OVERVIEW
We are a diversified media company with national reach and a strong focus on providing high-quality content on our local
television stations and digital platform. The content, distributed through our broadcast platform and third-party platforms,
consists of programming provided by third-party networks and syndicators, local news, sports, and other original programming
produced by us and our owned networks. Additionally, we own digital media products that are complementary to our extensive
portfolio of television station related digital properties and we have interests in, own, manage and/or operate technical and
software services companies, research and development for the advancement of broadcast technology, and other media and non-
media related businesses and assets, including real estate, venture capital, private equity, and direct investments.
As of December 31, 2024, Sinclair had two reportable segments, local media and tennis, and SBG had one reportable segment,
local media. Sinclair and SBG’s local media segment is comprised of our television stations, which are owned and/or operated by
Sinclair and SBG’s wholly-owned subsidiary, Sinclair Television Group, Inc. (“STG”) and its direct and indirect subsidiaries,
original networks and content. Sinclair’s tennis segment primarily consists of Tennis Channel, a cable network which includes
coverage of many of tennis’ top tournaments and original professional sports and tennis lifestyle shows. Sinclair also earns
revenues from non-broadcast digital and internet services, technical services, and non-media investments, included within
“other.” Other and corporate are not reportable segments for either Sinclair or SBG.
As of December 31, 2024, STG, for which certain assets and results of operations are included in the local media segment and
which is one of Sinclair and SBG’s wholly owned subsidiaries, was the primary obligor under the Bank Credit Agreement and the
STG Notes. SBG and substantially all of STG’s subsidiaries are guarantors under the STG debt instruments. Sinclair’s Class A
Common Stock and Class B Common Stock remain securities of Sinclair and not obligations or securities of STG.
For more information about our business, reportable segments, and our operating strategy, see Business in this Annual Report
on Form 10-K.
Summary of Significant Events
Content and Distribution
•
In January 2024, Sinclair announced a comprehensive multi-year distribution agreement with Verizon for carriage on
FiOS TV, covering Tennis Channel and SBG’s local television stations in 10 markets.
•
In January 2024, Sinclair renewed its distribution agreement with the National Content & Technology Cooperative
(“NCTC”) that allows NCTC’s member companies to opt into a multi-year retransmission consent agreement for SBG’s
owned and operated stations and includes an agreement for Tennis Channel.
•
In January 2024, SBG and FOX Corporation reached an agreement for a multi-year renewal of all FOX affiliations in
SBG markets, including where SBG provides sales and other services under JSAs or MSAs.
•
In March 2024, Sinclair reached a comprehensive, multiyear distribution agreement with Charter Communications, Inc.
for continued carriage of Tennis Channel and SBG’s owned local broadcast stations.
•
In May 2024, Sinclair reached a comprehensive, multiyear distribution agreement with Cox Communications, Inc. for
continued carriage of Tennis Channel and SBG’s owned local broadcast stations.
•
In August and September 2024, Sinclair expanded its podcast division, launching a new slate of sports programming
featuring top athletes, coaches, and experts including “The Triple Option,” hosted by Urban Meyer, Mark Ingram II, and
Rob Stone and “Throwbacks” with Matt Leinart and Jerry Ferrara.
•
In the third quarter 2024, Sinclair entered into a multi-year renewal with Altice USA for continued carriage of SBG’s
broadcast stations and Tennis Channel on Altice’s Optimum and Suddenlink owned systems.
•
In the third quarter 2024, Sinclair entered into a multi-year renewal with DIRECTV for continued carriage of SBG’s
broadcast stations and Tennis Channel across DIRECTV, DIRECTV Stream, and U-verse.
•
In October 2024, SBG launched the Rip City Television Network, a network of SBG affiliates throughout the Pacific
Northwest to serve as the new television home of Trail Blazers starting with the 2024-25 season.
•
In October 2024, Sinclair announced the launch of a soccer-focused podcast, “Unfiltered Soccer with Landon and Tim,”
featuring former U.S. soccer stars Landon Donovan and Tim Howard.
•
In November 2024, Tennis Channel introduced a direct-to-consumer streaming service that merges its flagship 24-hour
network with extensive live and on-demand multicourt coverage.
•
In the fourth quarter 2024, Sinclair finalized a renewal with DISH Network (“DISH”), for the continued multi-year
carriage of SBG’s broadcast television stations and Tennis Channel on DISH’s direct broadcast satellite system.
•
In January 2025, SBG and NBC announced a comprehensive multi-year agreement that renews station affiliation
agreements for 21 of SBG’s owned and/or operated NBC affiliates and affiliations in five markets where SBG provides
sales and other services under a joint sales agreement or marketing service agreement.
10

Corporate Social Responsibility Practices
•
In March 2024, Sinclair launched Sinclair Cares: Supporting Children’s Literacy, a partnership with Reading Is
Fundamental, the nation’s leading children’s literacy nonprofit, to create awareness around children’s literacy
challenges and help get books into the hands of children across the U.S. through a virtual book drive.
•
In April 2024, WBFF FOX 45, Baltimore’s #1 ranked news outlet, and the David D. Smith Family Foundation donated
$50 thousand and $100 thousand, respectively, to the Maryland Tough Baltimore Strong Key Bridge Fund.
•
In April 2024, Sinclair published its 2023 Corporate Social Responsibility report, detailing the Company’s achievements
and progress in its social responsibility journey.
•
In April 2024, Sinclair held its second annual Sinclair Day of Service, whereby all employees were encouraged to
volunteer that day for charitable causes. Over 1,300 employees volunteered a total of more than 3,700 hours that day.
•
In June 2024, Sinclair partnered with Feeding America to coordinate Sinclair Cares: Summer Hunger Relief, an
awareness and fundraising campaign to help provide meals to children and families across the U.S. in the summer.
•
In July 2024, Sinclair awarded scholarships to 12 university students as a part of its annual Diversity Scholarship
program.
•
In October 2024, Sinclair ran Sinclair Cares: Hurricane Helene Relief, a fundraising partnership with the Salvation
Army and The United Way to assist with humanitarian relief efforts on the ground in Western North Carolina, South
Carolina, Georgia, Florida, Virginia, and Tennessee in the aftermath of Hurricanes Helene and Milton. Including
Sinclair’s corporate donation of $50,000, the campaign raised nearly $1.3 million in donations designated for delivering
emergency aid, including food, water, shelter, and cleanup kits.
•
For the year ended December 31, 2024, our newsrooms won a total of 232 journalism awards, including 22 regional and
two national RTDNA Edward R. Murrow awards and 37 regional and one national Emmy awards.
•
In January 2025, Sinclair and Tennis Channel announced Sinclair Cares: California Wildfires Relief, a fundraising
partnership with the Salvation Army to provide disaster relief support across Southern California which helped provide
critical aid, shelter, food, fresh water, and support for wildfire survivors and first responders in Los Angeles.
NextGen TV (ATSC 3.0)
•
In April 2024, Sinclair announced the launch of its Broadspan datacasting platform to enable data distribution
capability across all current Sinclair NextGen TV markets where it serves as the host station.
•
In 2024, Sinclair, in coordination with other broadcasters, and led by BitPath, Sinclair’s joint venture with another
broadcaster, deployed NextGen TV in the two additional markets below. This brings the total number of our markets in
which NextGen TV has been deployed to 45:
Month
Market
Number of
Stations
Company Stations
April 2024
Portland, ME
5
WGME (CBS), WPFO(a) (FOX)
June 2024
Myrtle Beach, SC
4
WPDE (ABC)
(a)
The license and programming assets for these stations are currently owned by a third party. SBG provides certain non-
programming related sales, operational, and administrative services to these stations pursuant to a service agreement, such
as a JSA and SSA.
•
In January 2025, Sinclair joined with three broadcast peers and merged BitPath to form a new company, EdgeBeam
Wireless, to provide robust wireless data services to a wide range of businesses and industries across the country.
Financing, Capital Allocation, and Shareholder Returns
•
In January 2024, STG purchased $27 million aggregate principal amount of the Term Loan B-2, due September 30,
2026, for consideration of $25 million and during the first quarter of 2024 we repaid $34 million across all tranches of
the Term Loan B in scheduled principal payments.
•
For the year ended December 31, 2024, Sinclair paid dividends of $1.00 per share. In February 2025, Sinclair declared a
quarterly cash dividend of $0.25 per share.
•
In February 2025, Sinclair closed a new money financing and debt recapitalization to strengthen Sinclair’s balance sheet
and better position it for long-term growth, which transactions are described more fully under Liquidity and Capital
Resources below.
11

Other Events
•
In January 2024, Sinclair announced that it has agreed, subject to Sinclair and Diamond Sports Group, LLC (“DSG”)
completing definitive documentation, to a global settlement and release of all claims associated with the litigation filed
by DSG and DSG’s wholly-owned subsidiary, Diamond Sports Net, LLC, in July 2023 and on March 1, 2024, the court
approved the settlement. The settlement terms included Sinclair’s cash payment to DSG of $495 million. Additionally,
under the terms of the settlement, Sinclair provided transition services to DSG to allow DSG to become a self-standing
entity going forward. An initial payment of $50 million was made in March 2024, which was funded by Ventures, and
the remaining $445 million was paid in April 2024, of which $347 million was paid by STG and $98 million was paid by
Ventures. On January 2, 2025, DSG announced that it had emerged from bankruptcy, at which time, Sinclair’s and
SBG’s equity interest in DSG was terminated.
•
In December 2024, Sinclair acquired SK Telecom's stake in CAST.ERA, previously a joint venture with the leading
mobile operator in South Korea, to develop wireless, cloud infrastructure and artificial intelligence technologies related
to NextGen Broadcasting.
Industry Trends
•
During the last few years, the number of subscribers to Distributor services in the United States has been declining, as
technological advancements have driven changes in consumer behavior and have empowered consumers to seek more
control over when, where, and how they consume news, sports, and other entertainment, including through the so-
called “cutting the cord” and other consumption strategies.
•
The Distributor industry has continued to undergo significant consolidation, which gives top Distributors negotiating
power.
•
vMVPDs have continued to gain increasing importance and have quickly become a critical segment of the market. These
vMVPDs offer a limited number of networks at a lower price point as compared to the traditional cable offering.
•
Political spending is significantly higher in the even-numbered years due to the cyclicality of political elections. In
addition, every four years, political spending is typically elevated further due to the advertising related to the
presidential election.
•
The FCC has permitted broadcast television stations to use their digital spectrum for a wide variety of services including
multi-channel broadcasts. The FCC “must-carry” rules only apply to a station’s primary digital stream.
•
Seasonal advertising increases within our local media segment occur in the second and fourth quarters due to the
anticipation of certain seasonal and holiday spending by consumers.
•
Broadcasters have found ways to increase returns on their news programming initiatives while continuing to maintain
locally produced content through the use of news sharing arrangements.
•
Viewership of content on connected or smart TV’s continues to rise which has led to the shifting of advertising spend to
this content from other forms of media.
•
Professional sporting events have begun to migrate back to broadcast television.
•
Big Tech (such as Alphabet, Amazon, Apple, Meta, and Microsoft) has begun offering OTT platforms.
•
Broadcast networks have begun launching and expanding their own DTC platforms.
•
Advertising revenue on digital platforms continues to grow.
•
Advertising revenue related to the Summer Olympics occurs in even numbered years. Advertising revenue related to the
Winter Olympics also occurs in even numbered years but are two years apart from the Summer Olympics. The Super
Bowl is aired on a different network each year. All of these popularly viewed events can have an impact on our
advertising revenues.
12

CRITICAL ACCOUNTING POLICIES AND ESTIMATES
This discussion and analysis of our financial condition and results of operations is based on our consolidated financial
statements which have been prepared in accordance with accounting principles generally accepted in the United States. The
preparation of these financial statements requires us to make estimates and judgments that affect the reported amount of assets,
liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. On an on-going basis, we evaluate our
estimates including those related to revenue recognition, goodwill and intangible assets, program costs, income taxes and
variable interest entities. We base our estimates on historical experience and on various other assumptions that are believed to be
reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets
and liabilities that are not readily apparent from other sources. These estimates have been consistently applied for all years
presented in this report and in the past we have not experienced material differences between these estimates and actual results.
However, because future events and their effects cannot be determined with certainty, actual results could differ from our
estimates and such differences could be material.
We consider the following accounting policies to be the most critical as they are important to our financial condition and
results of operations, and require significant judgment and estimates on the part of management in their application. For a
detailed discussion of the application of these and other accounting policies, see Note 1. Nature of Operations and Summary of
Significant Accounting Policies within each of Sinclair’s Consolidated Financial Statements and SBG’s Consolidated Financial
Statements.
Revenue Recognition. As discussed in Revenue Recognition under Note 1. Nature of Operations and Summary of Significant
Accounting Policies within each of Sinclair’s Consolidated Financial Statements and SBG’s Consolidated Financial Statements,
we generate advertising revenue primarily from the sale of advertising spots/impressions on our broadcast television, digital
platforms, and, prior to the Deconsolidation, the RSNs. Core and political advertising revenue is recognized in the period in
which the advertising spots/impressions are delivered. In arrangements where we provide audience ratings guarantees, to the
extent that there is a ratings shortfall, we will defer a proportionate amount of revenue until the ratings shortfall is settled
through the delivery of additional advertising. The term of our advertising arrangements is generally less than one year and the
timing between when an advertisement is aired and when payment is realized is not significant. In certain circumstances, we
require customers to pay in advance; payments received in advance of satisfying our performance obligations are reflected as
deferred revenue.
We generate distribution revenue through fees received from Distributors and other OTT providers for the right to distribute
our broadcast channels and cable networks on their distribution platforms. Distribution arrangements are generally governed by
multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements
represent licenses of intellectual property; revenue is recognized as the signal is provided to our customers (as usage occurs)
which corresponds with the satisfaction of our performance obligation. Revenue is calculated based upon the contractual rate
multiplied by an estimated number of subscribers. Our customers will remit payments based upon actual subscribers a short time
after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have
not been material.
Impairment of Goodwill, Indefinite-Lived Intangible Assets, and Other Long-Lived Assets. We evaluate our goodwill and
indefinite-lived intangible assets for impairment annually, or more frequently, if events or changes in circumstances indicate an
impairment may exist. As of December 31, 2024, Sinclair’s consolidated balance sheet included $2,082 million and $150 million
of goodwill and indefinite-lived intangible assets, respectively, and SBG’s consolidated balance sheet included $2,016 million and
$123 million of goodwill and indefinite-lived intangible assets, respectively. We evaluate long-lived assets, including definite-
lived intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of our asset
groups may not be recoverable.
In the performance of our annual goodwill and indefinite-lived intangible asset impairment assessments we have the option to
qualitatively assess whether it is more likely-than-not that the respective asset has been impaired. If we conclude that it is more-
likely-than-not that a reporting unit or an indefinite-lived intangible asset is impaired, we apply the quantitative assessment,
which involves comparing the estimated fair value of the reporting unit or indefinite-lived intangible asset to its respective
carrying value. See Impairment of Goodwill, Indefinite-lived Intangible Assets and Other Long-lived Assets under Note 1.
Nature of Operations and Summary of Significant Accounting Policies within each of Sinclair’s Consolidated Financial
Statements and SBG’s Consolidated Financial Statements for further discussion of the significant judgments and estimates
inherent in both qualitatively assessing whether impairment may exist and estimating the fair values of the reporting units and
indefinite-lived intangible assets if a quantitative assessment is deemed necessary.
13

We are required to analyze our long-lived assets, including definite-lived intangible assets, for impairment. We evaluate our
definite-lived intangible assets for impairment if events or changes in circumstances indicate that the carrying amount of such
assets may not be recoverable. In the event we identify indicators that these assets are not recoverable, we evaluate the
recoverability of definite-lived intangible assets by comparing the carrying amount of the assets within an asset group to the
estimated undiscounted future cash flows associated with the asset group. An asset group represents the lowest level of cash
flows generated by a group of assets that are largely independent of the cash flows of other assets. At the time that such
evaluations indicate that the future undiscounted cash flows are not sufficient to recover the carrying value of the asset group, an
impairment loss is determined by comparing the estimated fair value of the asset group to the carrying value. We estimate fair
value using an income approach involving the performance of a discounted cash flow analysis.
We believe we have made reasonable estimates and utilized appropriate assumptions in the performance of our impairment
assessments. If future results are not consistent with our assumptions and estimates, including future events such as a
deterioration of market conditions, loss of significant customers, and significant increases in discount rates, among other factors,
we could be exposed to impairment charges in the future. Any resulting impairment loss could have a material adverse impact on
our consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows.
Program Costs. As discussed in Broadcast Television Programming under Note 1. Nature of Operations and Summary of
Significant Accounting Policies within each of Sinclair’s Consolidated Financial Statements and SBG’s Consolidated Financial
Statements, we record an asset and corresponding liability for programming rights when the program is available for its first
showing or telecast. These costs are expensed over the period in which an economic benefit is expected to be derived. To ensure
the related assets for the programming rights are reflected in our consolidated balance sheets at the lower of unamortized cost or
fair value, management estimates future advertising revenue to be generated by the remaining program material available under
the contract terms. Management’s judgment is required in determining the timing of expense for these costs, which is dependent
on the economic benefit expected to be generated from the program and may significantly differ from the timing of related
payments under the contractual obligation. If our estimates of future advertising revenues decline, amortization expense could be
accelerated or fair value adjustments may be required.
Fair Value Measurements of Investments in Bally’s Securities. As discussed in Note 5. Other Assets and Note 17. Fair Value
Measurements within Sinclair’s Consolidated Financial Statements, we entered into a commercial agreement with Bally’s
Corporation (“Bally’s”) on November 18, 2020. As part of this arrangement, we received warrants and options to acquire
common equity in the business. These financial instruments are measured each period at fair value. The fair value of the options
are derived utilizing a Black Scholes valuation model which utilizes a number of inputs which most significantly includes the
trading price of the underlying common stock and the exercise price of the options. The fair value of the warrants are primarily
derived from the trading price of the underlying common stock and the exercise price of the warrants. The determination of the
fair value of these financial instruments requires the Company to exercise judgment.
Income Tax. As discussed in Income Taxes under Note 1. Nature of Operations and Summary of Significant Accounting
Policies within each of Sinclair’s Consolidated Financial Statements and SBG’s Consolidated Financial Statements, we recognize
deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases of
assets and liabilities. We provide a valuation allowance for deferred tax assets if we determine that it is more likely than not that
some or all of the deferred tax assets will not be realized. In evaluating our ability to realize net deferred tax assets, we consider
all available evidence, both positive and negative, including our past operating results, tax planning strategies, current and
cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, we must make certain
judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term basis. As of
December 31, 2024 and 2023, a valuation allowance has been provided for deferred tax assets related to certain temporary basis
differences, and a substantial amount of our available state net operating loss carryforwards based on past operating results,
expected timing of the reversals of existing temporary basis differences, alternative tax strategies and projected future taxable
income. Future changes in operating and/or taxable income or other changes in facts and circumstances could significantly
impact the ability to realize our deferred tax assets which could have a material effect on our consolidated financial statements.
14

Management periodically performs a comprehensive review of our tax positions, and we record a liability for unrecognized tax
benefits if such tax positions are more likely than not to be sustained upon examination based on their technical merits, including
the resolution of any appeals or litigation processes. Significant judgment is required in determining whether positions taken are
more likely than not to be sustained, and it is based on a variety of facts and circumstances, including interpretation of the
relevant federal and state income tax codes, regulations, case law and other authoritative pronouncements. Based on this
analysis, the status of ongoing audits and the expiration of applicable statute of limitations, liabilities are adjusted as necessary.
The resolution of audits is unpredictable and could result in tax liabilities that are significantly higher or lower than for what we
have provided. See Note 11. Income Taxes within Sinclair’s Consolidated Financial Statements and Note 10. Income Taxes within
SBG’s Consolidated Financial Statements, for further discussion of accrued unrecognized tax benefits.
Variable Interest Entities (“VIEs”).
As discussed in Note 13. Variable Interest Entities within Sinclair’s Consolidated
Financial Statements and Note 12. Variable Interest Entities within SBG’s Consolidated Financial Statements, we have
determined that certain third-party licensees of stations for which we perform services pursuant to arrangements, including
LMAs, JSAs, and SSAs, are VIEs and we are the primary beneficiary of those variable interests because, subject to the ultimate
control of the licensees, we have the power to direct the activities which significantly impact the economic performance of the
VIE through the services we provide and because we absorb losses and returns that would be considered significant to the VIEs.
Transactions with Related Parties. We have determined that we conduct certain business-related transactions with related
persons or entities. See Note 14. Related Person Transactions within Sinclair’s Consolidated Financial Statements and Note 13.
Related Person Transactions within SBG’s Consolidated Financial Statements for discussion of these transactions.
RECENT ACCOUNTING PRONOUNCEMENTS
See Recent Accounting Pronouncements under Note 1. Nature of Operations and Summary of Significant Accounting Policies
within each of Sinclair’s Consolidated Financial Statements and SBG’s Consolidated Financial Statements for a discussion of
recent accounting policies and their impact on Sinclair’s and SBG’s financial statements.
15

SINCLAIR, INC. RESULTS OF OPERATIONS
Any references to the first, second, third, or fourth quarters are to the three months ended March 31, June 30, September 30,
or December 31, respectively, for the year being discussed. As of December 31, 2024, we had two reportable segments for
accounting purposes, local media and tennis.
Seasonality / Cyclicality
The operating results of our local media segment are usually subject to cyclical fluctuations from political advertising. In even
numbered years, political spending is usually significantly higher than in odd numbered years due to advertising expenditures
preceding local and national elections. Additionally, every four years, political spending is usually elevated further due to
advertising expenditures preceding the presidential election. Also, the second and fourth quarters’ operating results are usually
higher than the first and third quarters’ operating results because advertising expenditures are increased in anticipation of
certain seasonal and holiday spending by consumers.
The operating results of our tennis segment are usually subject to cyclical fluctuations due to the amount and significance of
tournaments that take place in the respective quarters during the year. The first and fourth quarter operating results are usually
higher than the second and third quarters’ because of the amount and significance of tournaments that are played during those
periods.
Consolidated Operating Data
The following table sets forth certain of our consolidated operating data for the years ended December 31, 2024, 2023, and
2022 (in millions).
Years Ended December 31,
2024
2023
2022
Media revenues
$
3,511
$
3,106
$
3,894
Non-media revenues
37
28
34
Total revenues
3,548
3,134
3,928
Media programming and production expenses
1,661
1,611
1,942
Media selling, general and administrative expenses
794
747
812
Depreciation and amortization expenses
250
271
321
Amortization of program costs
74
80
90
Non-media expenses
53
49
44
Corporate general and administrative expenses
185
694
160
Loss (gain) on deconsolidation of subsidiary
—
10
(3,357)
(Gain) loss on asset dispositions and other, net of impairment
(20)
3
(64)
Operating income (loss)
$
551
$
(331)
$
3,980
Net income (loss) attributable to Sinclair
$
310
$
(291)
$
2,652
A discussion regarding our financial results and operations for the year ended December 31, 2024 compared to the year ended
December 31, 2023 is presented below. A discussion regarding our financial results and operations for the year ended
December 31, 2023 compared to the year ended December 31, 2022 can be found under Item 7 of Part II of our Annual Report on
Form 10-K for the year ended December 31, 2023, filed with the SEC on February 29, 2024 (our “2023 Annual Report”), which is
available free of charge on the SEC’s website at www.sec.gov and our Investor Relations website at www.sbgi.net/investor-
relations.
SINCLAIR, INC. RESULTS OF OPERATIONS
16

Local Media Segment
The following table sets forth our revenue and expenses for our local media segment for the years ended December 31, 2024,
2023, and 2022 (in millions):
Percent Change
Increase / (Decrease)
2024
2023
2022
‘24 vs.‘23
‘23 vs.‘22
Revenue:
Distribution revenue
$
1,543
$
1,491
$
1,531
4%
(3)%
Core advertising revenue
1,152
1,192
1,186
(3)%
1%
Political advertising revenue
405
44
332
n/m
(87)%
Other media revenue (a)
154
139
144
11%
(3)%
Media revenues (b)
$
3,254
$
2,866
$
3,193
14%
(10)%
Operating Expenses:
Media programming and production expenses
$
1,536
$
1,488
$
1,450
3%
3%
Media selling, general and administrative expenses (c)
742
694
704
7%
(1)%
Depreciation and amortization expenses
231
243
243
(5)%
—%
Amortization of program costs
74
80
90
(8)%
(11)%
Corporate general and administrative expenses
117
134
117
(13)%
15%
Non-media expenses
8
14
15
(43)%
(7)%
Gain on asset dispositions and other, net of
impairment
(18)
(14)
(17)
29%
(18)%
Operating income
$
564
$
227
$
591
n/m
(62)%
Interest expense including amortization of debt
discount and deferred financing costs
$
304
$
305
$
226
—%
35%
Gain on extinguishment of debt
$
1
$
15
$
3
(93)%
n/m
Other income, net
$
40
$
33
$
28
21%
18%
n/m - not meaningful
(a)
Includes $26 million for the year ended December 31, 2022 of intercompany revenue related to certain services provided by the local
media segment to other and the local sports segment, prior to the Deconsolidation, under management services agreements, which is
eliminated in consolidation.
(b)
Includes $9 million, $6 million, and $4 million for the years ended December 31, 2024, 2023, and 2022, respectively, of intercompany
revenue related to certain services provided to the tennis segment, which is eliminated in consolidation.
(c)
Includes $13 million, $8 million, and $12 million for the years ended December 31, 2024, 2023, and 2022, respectively, of
intercompany expense related to certain services provided by other, which is eliminated in consolidation.
Revenues
Distribution revenue. Distribution revenue, which represents fees earned from Distributors for our broadcast signals,
increased $52 million or 4% in 2024, when compared to the same period in 2023. Contractual rate increases favorably impacted
period-over-period distribution revenue by high-teen percentages for the year ended December 31, 2024. The increase in
distribution revenue as a result of increased contractual rates was offset by a decrease in subscribers by low double-digit
percentages for 2024.
Core advertising revenue. Core advertising revenue decreased $40 million in 2024, when compared to the same period in
2023, with no particular product/services category dominating the variance and was primarily a result of the political crowd out
effect.
Political advertising revenue. Political advertising revenue increased $361 million in 2024, when compared to the same period
in 2023, primarily due to 2024 being a presidential political year, compared to 2023 which was an off-year election cycle, and
therefore only had a small number of political races and correspondingly less political advertising spend.
SINCLAIR, INC. RESULTS OF OPERATIONS
17

The following table sets forth our primary types of programming and their approximate percentages of advertising revenue for
the years ended December 31, 2024, 2023, and 2022:
Percent of Advertising Revenue
2024
2023
2022
Syndicated/Other programming
35%
38%
35%
Local news
30%
29%
32%
Network programming (a)
17%
15%
19%
Sports programming (a)
16%
13%
11%
Paid programming
2%
5%
3%
(a)
Sports programming includes both local and network sports programming. Network programming is exclusive of any network sports
programming.
The following table sets forth our affiliate percentages of advertising revenue for the years ended December 31, 2024, 2023,
and 2022:
# of
Percent of Advertising Revenue
Channels
2024
2023
2022
ABC
40
27%
29%
28%
FOX
55
23%
24%
22%
CBS
30
20%
20%
19%
NBC
24
16%
12%
17%
CW
47
4%
5%
5%
MNT
39
3%
4%
3%
Other
406
7%
6%
6%
Total
641
Other media revenue. Other media revenue increased $15 million in 2024, when compared to the same period in 2023,
primarily due to an increase related to providing certain services under management service agreements.
Expenses
Media programming and production expenses. Media programming and production expenses increased $48 million in 2024,
when compared to the same period in 2023, primarily due to an increase in fees pursuant to network affiliation agreements as a
result of increased contractual rates and an increase in information technology cost.
Media selling, general and administrative expenses. Media selling, general and administrative expenses increased $48 million
during 2024, when compared to the same period in 2023, primarily due to a $20 million increase in national sale commissions
due to an increase in national advertising sales, a $14 million increase in third-party fulfillment costs from our digital business as
a result of increased digital revenues, a $5 million increase in payment processing fees due to an increase in advertising revenue,
a $3 million increase in employee compensation cost, and a $2 million increase in trade related expenses.
Amortization of program costs. The amortization of program costs decreased $6 million during 2024, when compared to the
same period in 2023, primarily due to reduced programming costs.
Corporate general and administrative expenses. See explanation under Corporate and Unallocated Expenses.
Non-media expenses. Non-media expenses decreased $6 million during 2024, when compared to the same period in 2023,
primarily related to a decrease in expenses associated with our broadcast technology related initiatives.
Depreciation and amortization expenses. Depreciation of property and equipment and amortization of definite-lived
intangibles and other assets decreased $12 million during 2024, when compared to the same period in 2023, primarily due to
assets retired during 2024.
SINCLAIR, INC. RESULTS OF OPERATIONS
18

Interest expense including amortization of debt discount and deferred financing costs. Interest expense decreased by $1
million in 2024, when compared to the same period in 2023, primarily due to decreased interest expense related to our variable
rate debt as a result of lower interest rates.
Gain on extinguishment of debt. For the year ended December 31, 2023, we repurchased $64 million in aggregate principal
across multiple tranches of debt and recognized a gain on extinguishment of approximately $15 million. See Bank Credit
Agreement and STG Notes under Note 6. Notes Payable and Commercial Bank Financing within Sinclair’s Consolidated
Financial Statements.
Other income, net. For the year ended December 31, 2024, we recognized a $26 million gain related to the sale of certain
broadcast related assets and $12 million in interest income.
Tennis Segment
The following table sets forth our revenue and expenses for our tennis segment for the periods presented (in millions):
Percent Change
Increase / (Decrease)
2024
2023
2022
‘24 vs.‘23
‘23 vs.‘22
Revenue:
Distribution revenue
$
203
$
189
$
179
7%
6%
Core advertising revenue
39
37
33
5%
12%
Other media revenues
5
2
5
n/m
(60)%
Media revenues
$
247
$
228
$
217
8%
5%
Operating Expenses:
Media programming and production expenses
$
125
$
115
$
97
9%
19%
Media selling, general and administrative expenses
(a)
53
41
47
29%
(13)%
Depreciation and amortization expenses
21
21
21
—%
—%
Corporate general and administrative expenses
2
1
—
n/m
n/m
Operating income
$
46
$
50
$
52
(8)%
(4)%
n/m - not meaningful
(a)
Includes $9 million, $6 million, and $4 million for years ended December 31, 2024, 2023, and 2022, respectively, of intercompany expense
related to certain advertising services provided by the local media segment, which is eliminated in consolidation.
Revenue
Distribution revenue. Distribution revenue, which represents fees earned from Distributors for the right to distribute Tennis
Channel, increased $14 million or 7% in 2024, when compared to the same period in 2023. Contractual rate increases favorably
impacted period-over-period distribution revenue by low double-digit percentages for the year ended December 31, 2024. The
increase in distribution revenue was offset by a decrease in subscribers by low single-digit percentages for 2024.
Core advertising revenue. Core advertising revenue is primarily generated from sales of commercial time within Tennis
Channel programming. Core advertising revenue increased $2 million in 2024, when compared to the same period in 2023,
primarily due to a shift in the 2024 tournament calendar compared to the 2023 tournament calendar.
Expenses
Media programming and production expenses. Media programming and production expenses increased $10 million in 2024,
when compared to the same period in 2023, primarily due to an increase in costs associated with the build-out, launch and
marketing of the DTC platform.
Media selling, general and administrative expenses. Media selling, general and administrative expenses increased $12 million
in 2024, when compared to the same period in 2023, primarily due to an increase in expenses related to certain services provided
by the local media segment, which is eliminated in consolidation, and employee compensation cost.
Corporate general and administrative expenses. See explanation under Corporate and Unallocated Expenses.
SINCLAIR, INC. RESULTS OF OPERATIONS
19

Other
The following table sets forth our revenue and expenses for our non-broadcast digital and internet solutions, technical sales
and services, and non-media investments (collectively, “Other”) for the years ended December 31, 2024, 2023, and 2022 (in
millions):
Percent Change
Increase / (Decrease)
2024
2023
2022
‘24 vs.‘23
‘23 vs.‘22
Revenue:
Media revenues (a)
$
33
$
28
$
51
18%
(45)%
Non-media revenues (b)
$
43
$
34
$
44
26%
(23)%
Operating Expenses:
Media expenses (c)
$
21
$
35
$
73
(40)%
(52)%
Non-media expenses (d)
$
48
$
39
$
36
23%
8%
(Gain) loss on asset dispositions and other, net of
impairments
$
(2) $
18
$
(12)
n/m
n/m
Operating income (loss)
$
4
$
(44) $
(9)
n/m
n/m
Income from equity method investments
$
121
$
31
$
46
n/m
(33)%
n/m — not meaningful
(a)
Media revenues for the years ended December 31, 2024, 2023, and 2022 include $13 million, $8 million, and $12 million, respectively, of
intercompany revenues related to certain services and sales provided to the local media segment, which are eliminated in consolidation.
(b)
Non-media revenues for the years ended December 31, 2024, 2023, and 2022 include $6 million, $6 million, and $10 million, respectively,
of intercompany revenues related to certain services and sales provided to the local media segment, which are eliminated in consolidation.
(c)
Media expenses for the years ended December 31, 2023 and 2022 include $2 million and $7 million, respectively, of intercompany expenses
primarily related to certain services provided by the local media segment, which are eliminated in consolidation.
(d)
Non-media expenses for the years ended December 31, 2024, 2023, and 2022 include $3 million, $4 million, and $7 million, respectively, of
intercompany expenses related to certain services provided by the local media segment, which are eliminated in consolidation.
Revenue. Media revenues increased $5 million during 2024, when compared to the same period in 2023, primarily due to an
increase in advertising revenue related to our digital initiatives of $10 million, offset by a decrease in revenue due the sale of the
Stadium Network (“Stadium”) of $4 million. Non-media revenues increased $9 million during 2024, when compared to the same
period in 2023, primarily due to an increase in broadcast equipment sales.
Expenses. Media expenses decreased $14 million during 2024, when compared to the same period in 2023, primarily due to
the sale of Stadium. Non-media expenses increased $9 million during 2024, when compared to the same period in 2023,
primarily due to an increase in expenses related to our technical services business and an increase in expenses associated with
higher broadcast equipment sales.
(Gain) loss on asset dispositions and other, net of impairments. For the year ended December 31, 2023, we recognized a loss
of $12 million related to the sale of Stadium.
Income from equity method investments. Income from equity method investments increased $90 million during 2024, when
compared to the same period in 2023, primarily due to the sale of one of our investments for $93 million, which is included in
income from equity method investments in our consolidated statements of operations.
SINCLAIR, INC. RESULTS OF OPERATIONS
20

Corporate and Unallocated Expenses
The following table presents our corporate and unallocated expenses for the years ended December 31, 2024, 2023, and 2022
(in millions):
Percent Change
Increase/ (Decrease)
2024
2023
2022
‘24 vs.‘23
‘23 vs.‘22
Corporate general and administrative expenses
$
185
$
694
$
160
(73)%
n/m
Loss (gain) on deconsolidation of subsidiary
$
—
$
10
$
(3,357)
n/m
n/m
Income tax (provision) benefit
$
(76)
$
358
$
(913)
n/m
n/m
n/m — not meaningful
Corporate general and administrative expenses. The table above and the explanation that follows cover total consolidated
corporate general and administrative expenses. Corporate general and administrative expenses decreased $509 million in 2024,
when compared to the same period in 2023, primarily due to a decrease in legal, consulting, and regulatory costs, primarily
related to the litigation discussed under Note 12. Commitments and Contingencies within Sinclair’s Consolidated Financial
Statements, most notably the previously disclosed $495 million DSG litigation settlement.
Income tax (provision) benefit. The 2024 income tax provision for our pre-tax income of $395 million resulted in an effective
tax rate of 19.1%. The 2023 income tax benefit for our pre-tax loss of $637 million resulted in an effective tax rate of 56.3%. The
decrease in the effective tax rate from 2023 to 2024 is primarily due to the 2023 benefit from the release of valuation allowance
on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j).
As of December 31, 2024, we had a net deferred tax liability of $335 million as compared to a net deferred tax liability of $252
million as of December 31, 2023. The increase in net deferred tax liability primarily relates to changes in tax basis of our
investment in DSIH.
As of December 31, 2024, we had $15 million of gross unrecognized tax benefits, all of which, if recognized, would favorably
affect our effective tax rate. As of December 31, 2023, we had $14 million of gross unrecognized tax benefits, all of which, if
recognized, would favorably affect our effective tax rate. We recognized $1 million of income tax expense for interest related to
uncertain tax positions for both of the years ended December 31, 2024 and 2023. See Note 11. Income Taxes within Sinclair’s
Consolidated Financial Statements for further information.
SINCLAIR, INC. RESULTS OF OPERATIONS
21

SINCLAIR BROADCAST GROUP, LLC RESULTS OF OPERATIONS
Any references to the first, second, third, or fourth quarters are to the three months ended March 31, June 30, September 30,
or December 31, respectively, for the year being discussed. As of December 31, 2024, SBG had one reportable segment for
accounting purposes, local media.
Seasonality / Cyclicality
The operating results of SBG’s local media segment are usually subject to cyclical fluctuations from political advertising. In
even numbered years, political spending is usually significantly higher than in odd numbered years due to advertising
expenditures preceding local and national elections. Additionally, every four years, political spending is usually elevated further
due to advertising expenditures preceding the presidential election. Also, the second and fourth quarters’ operating results are
usually higher than the first and third quarters’ operating results because advertising expenditures are increased in anticipation
of certain seasonal and holiday spending by consumers.
Consolidated Operating Data
The following table sets forth certain of SBG’s consolidated operating data for the years ended December 31, 2024, 2023, and
2022 (in millions).
Years Ended December 31,
2024
2023
2022
Media revenues
$
3,254
$
2,968
$
3,894
Non-media revenues
—
10
34
Total revenues
3,254
2,978
3,928
Media programming and production expenses
1,536
1,543
1,942
Media selling, general and administrative expenses
742
719
812
Depreciation and amortization expenses
231
252
321
Amortization of program costs
74
80
90
Non-media expenses
8
24
44
Corporate general and administrative expenses
123
654
160
Loss (gain) on deconsolidation of subsidiary
—
10
(3,357)
Gain on asset dispositions and other, net of impairment
(18)
(2)
(64)
Operating income (loss)
$
558
$
(302)
$
3,980
Net income (loss) attributable to SBG
$
229
$
(257)
$
2,652
A discussion regarding SBG’s financial results and operations for the year ended December 31, 2024 compared to the year
ended December 31, 2023 is presented below. A discussion regarding SBG’s financial results and operations for the year ended
December 31, 2023 compared to the year ended December 31, 2022 can be found under Item 7 of Part II of the 2023 Annual
Report, which is available free of charge on the SEC’s website at www.sec.gov and our Investor Relations website at
www.sbgi.net/investor-relations.
SINCLAIR BROADCAST GROUP, LLC RESULTS OF OPERATIONS
22

Local Media Segment
Refer to Local Media Segment above under Sinclair’s Results of Operations for a discussion of SBG’s local media segment,
which is the same as Sinclair’s local media segment for all of the years ended December 31, 2024, 2023, and 2022.
As of December 31, 2024 the unrestricted subsidiaries (as defined in the Bank Credit Agreement, “Unrestricted Subsidiaries”)
represented 0% of SBG’s total assets. For the year ended December 31, 2024 the Unrestricted Subsidiaries represented 0% of
SBG’s total revenues and (1%) of SBG’s total operating income (loss).
As of December 31, 2024 and for the year ended December 31, 2024 there were no restricted subsidiaries that were non-
guarantors (as defined in the Bank Credit Agreement) of SBG.
Other
The following table sets forth SBG’s revenue and expenses for tennis, non-broadcast digital and internet solutions, technical
services, and non-media investments (collectively, “Other”) for the years ended December 31, 2023 and 2022 (in millions):
Percent Change
Increase /
(Decrease)
2023
2022
‘23 vs.‘22
Revenue:
(e)
Distribution revenue
$
76
$
179
(58)%
Core advertising revenue
29
74
(61)%
Other media revenues
3
15
(80)%
Media revenues (a)
$
108
$
268
(60)%
Non-media revenues (b)
$
11
$
44
(75)%
Operating Expenses:
Media expenses (c)
$
86
$
217
(60)%
Non-media expenses (d)
$
10
$
36
(72)%
Loss (gain) on asset dispositions and other, net of
impairments
$
13
$
(12)
n/m
Operating income
$
—
$
43
n/m
Income from equity method investments
$
31
$
46
(33)%
n/m — not meaningful
(a)
Media revenues for the years ended December 31, 2023 and 2022 include $3 million and $12 million, respectively, of intercompany
revenues related to certain services and sales provided to the local media segment, which are eliminated in consolidation.
(b)
Non-media revenues for the years ended December 31, 2023 and 2022 include $1 million and $10 million, respectively, of intercompany
revenues related to certain services and sales provided to the local media segment, which are eliminated in consolidation.
(c)
Media expenses for the years ended December 31, 2023 and 2022 include $1 million and $11 million, respectively, of intercompany expenses
primarily related to certain services provided by the local media segment, which are eliminated in consolidation.
(d)
Non-media expenses for the years ended December 31, 2023 and 2022 include $1 million and $7 million, respectively, of intercompany
expenses related to certain services provided by the local media segment, which are eliminated in consolidation.
(e)
Represents the activity prior to the Reorganization on June 1, 2023. There was no reportable activity for the June through December period
in the year ended December 31, 2023 following the Reorganization on June 1, 2023. See Company Reorganization under Note 1. Nature of
Operations and Summary of Significant Accounting Policies within SBG’s Consolidated Financial Statements.
SINCLAIR BROADCAST GROUP, LLC RESULTS OF OPERATIONS
23

Corporate and Unallocated Expenses
The following table presents SBG’s corporate and unallocated expenses for the years ended December 31, 2024, 2023, and
2022 (in millions):
Percent Change
Increase/ (Decrease)
2024
2023
2022
‘24 vs.‘23
‘23 vs.‘22
Corporate general and administrative expenses
$
123
$
654
$
160
(81)%
n/m
Loss (gain) on deconsolidation of subsidiary
$
—
$
10
$
(3,357)
n/m
n/m
Income tax (provision) benefit
$
(60)
$
359
$
(913)
n/m
n/m
n/m — not meaningful
Corporate general and administrative expenses. The table above and the explanation that follows cover total consolidated
corporate general and administrative expenses. Corporate general and administrative expenses decreased $531 million in 2024,
when compared to the same period in 2023, primarily due to a decrease in legal, consulting, and regulatory costs, primarily
related to the litigation discussed under Note 11. Commitments and Contingencies within SBG’s Consolidated Financial
Statements, most notably the previously disclosed $495 million DSG litigation settlement.
Income tax (provision) benefit. The 2024 income tax provision for SBG’s pre-tax income of $295 million resulted in an
effective tax rate of 20.3%. The 2023 income tax benefit for SBG’s pre-tax loss of $604 million resulted in an effective tax rate of
59.4%. The decrease in the effective tax rate from 2023 to 2024 is primarily due to the 2023 benefit from the release of valuation
allowance on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j).
As of December 31, 2024, SBG had a net deferred tax liability of $373 million as compared to a net deferred tax liability of
$283 million as of December 31, 2023. The increase in net deferred tax liability primarily relates to changes in tax basis of SBG’s
investment in DSIH.
As of December 31, 2024, SBG had $13 million of gross unrecognized tax benefits, all of which, if recognized, would favorably
affect SBG’s effective tax rate. As of December 31, 2023, SBG had $12 million of gross unrecognized tax benefits, all of which, if
recognized, would favorably affect SBG’s effective tax rate. SBG recognized $1 million of income tax expense for interest related
to uncertain tax positions for both of the years ended December 31, 2024 and 2023. See Note 10. Income Taxes within SBG’s
Consolidated Financial Statements for further information.
SINCLAIR BROADCAST GROUP, LLC RESULTS OF OPERATIONS
24

LIQUIDITY AND CAPITAL RESOURCES
As of December 31, 2024, Sinclair had net working capital of approximately $880 million, including $697 million in cash and
cash equivalent balances and approximately $650 million of available borrowing capacity. As of December 31, 2024, cash on
hand, cash generated by Sinclair’s operations, and borrowing capacity under the Bank Credit Agreement were used as Sinclair’s
primary sources of liquidity.
As of December 31, 2024, SBG had net working capital of approximately $447 million, including $291 million in cash and cash
equivalent balances and approximately $650 million of available borrowing capacity. As of December 31, 2024, cash on hand,
cash generated by SBG’s operations, and borrowing capacity under the Bank Credit Agreement were used as SBG’s primary
sources of liquidity.
As of December 31, 2024, the Bank Credit Agreement included a financial maintenance covenant, the first lien leverage ratio
(as defined in the Bank Credit Agreement), which required such ratio not to exceed 4.5x, measured as of the end of each fiscal
quarter. As of December 31, 2024, the STG first lien leverage ratio was below 4.5x. Under the Bank Credit Agreement, a financial
maintenance covenant was only applicable if 35% or more of the capacity (as a percentage of total commitments) under the
revolving credit facility, measured as of the last day of each fiscal quarter, was drawn under the revolving credit facility as of such
date. Since there was no utilization under the revolving credit facility as of December 31, 2024, STG was not subject to the
financial maintenance covenant under the Bank Credit Agreement. The Bank Credit Agreement contained other restrictions and
covenants with which STG was in compliance as of December 31, 2024.
In January 2024, STG purchased $27 million aggregate principal amount of the Term Loan B-2 for consideration of $25
million.
For the year ending December 31, 2025, Sinclair expects capital expenditures to be within the range of $83 million to $86
million, primarily related to station technical, maintenance, and building projects, and SBG expects capital expenditures to be
within the range of $81 million to $84 million, primarily related to station technical, maintenance, and building projects.
Sinclair and SBG have various contractual obligations which are recorded as liabilities in Sinclair’s and SBG’s consolidated
financial statements, such as notes payable, finance leases, and commercial bank financing; operating leases; and active
television program contracts. Certain other contractual obligations have not been recognized as liabilities in Sinclair’s and SBG’s
consolidated financial statements, such as certain future television program contracts and network programming rights. Active
television program contracts are included in Sinclair’s and SBG’s balance sheets as an asset and liability while future television
program contracts are excluded until the cost is known, the program is available for its first showing or telecast, and the licensee
has accepted the program. Industry protocol typically enables us to make payments for television program contracts on a three-
month lag, which differs from the contractual timing. As of December 31, 2024, Sinclair’s and SBG’s significant contractual
obligations included:
Sinclair:
• Total debt of Sinclair, defined as current and long-term notes payable, finance leases, and commercial bank financing,
including finance leases of affiliates, of $4,129 million, including current debt, due within the next 12 months, of $38
million.
• Interest due on Sinclair’s total debt in the next twelve months of $274 million, including interest estimated on Sinclair’s
variable rate debt calculated at an effective weighted average interest rate of 7.66% as of December 31, 2024.
• Sinclair’s contractual amounts owed through the expiration date of the underlying agreement for active and future
television program contracts, network programming rights, and Tennis programming rights of $2,548 million,
including $1,084 million due within the next 12 months. Network programming agreements may include variable fee
components such as subscriber levels, which in certain circumstances have been estimated and reflected in the previous
amounts based on current subscriber amounts.
SBG:
• Total debt of SBG, defined as current and long-term notes payable, finance leases, and commercial bank financing,
including finance leases of affiliates, of $4,129 million, including current debt, due within the next 12 months, of $38
million.
• Interest due on SBG’s total debt in the next twelve months of $274 million, including interest estimated on SBG’s
variable rate debt calculated at an effective weighted average interest rate of 7.66% as of December 31, 2024.
• SBG’s contractual amounts owed through the expiration date of the underlying agreement for active and future
television program contracts and network programming rights of $2,172 million, including $1,023 million due within
the next 12 months. Network programming agreements may include variable fee components such as subscriber levels,
which in certain circumstances have been estimated and reflected in the previous amounts based on current subscriber
amounts.
25

See Note 6. Notes Payable and Commercial Bank Financing, Note 7. Leases, and Note 8. Program Contracts within Sinclair’s
Consolidated Financial Statements and Note 6. Notes Payable and Commercial Bank Financing, Note 7. Leases, and Note 8.
Program Contracts within SBG’s Consolidated Financial Statements for further information.
In February 2025, STG substantially completed a series of financing transactions, including a new money financing and debt
recapitalization, which strengthened the Company’s balance sheet and better positioned it for long-term growth. STG’s nearest
term maturity, Term Loan B-2 due 2026, was repaid with proceeds from the issuance of a new first-out first lien secured bond,
along with the extension of maturities of other debt tranches, which significantly extended STG’s maturity profile. See Note 18.
Subsequent Events within Sinclair’s Consolidated Financial Statements and Note 16. Subsequent Events within SBG’s
Consolidated Financial Statements, for further information.
Sinclair and SBG anticipate that existing cash and cash equivalents, cash flow from the local media segment’s operations, and
borrowing capacity under the Amended Credit Agreement and the New Credit Agreement will be sufficient to satisfy the local
media segment’s debt service obligations, capital expenditure requirements, and working capital needs for the next twelve
months. Sinclair anticipates that existing cash and cash equivalents and cash flow from SBG, the tennis segment and other’s
operations will be sufficient to satisfy SBG’s, the tennis segment and other’s debt service obligations, capital expenditure
requirements, and working capital needs for the next twelve months. However, certain factors, including but not limited to the
war in Ukraine, conflict in the Middle East, and other geopolitical matters, natural disasters, and pandemics, and their resulting
effect on the economy, Sinclair’s and SBG’s advertisers, and Sinclair’s and SBG’s Distributors and their subscribers, could affect
Sinclair’s and SBG’s liquidity and first lien leverage ratio which could affect Sinclair’s and SBG’s ability to access the full
borrowing capacity under the New Credit Agreement. In addition to the sources described above, Sinclair and SBG may rely upon
various sources for long-term liquidity needs, such as but not limited to, the issuance of long-term debt (including, for example,
an accounts receivable securitization facility), the issuance of Sinclair equity, for Sinclair only, the issuance of Ventures equity or
debt, or other instruments convertible into or exchangeable for Sinclair equity, or the sale of assets. However, there can be no
assurance that additional financing or capital or buyers of assets will be available, or that the terms of any transactions will be
acceptable or advantageous to Sinclair or SBG.
26

Sinclair, Inc. Sources and Uses of Cash
The following table sets forth Sinclair’s cash flows for the years ended December 31, 2024, 2023, and 2022 (in millions):
2024
2023
2022
Net cash flows from operating activities
$
98
$
235
$
799
Cash flow from (used in) investing activities:
Acquisition of property and equipment
$
(84)
$
(92)
$
(105)
Deconsolidation of subsidiary cash
—
—
(315)
Purchases of investments
(50)
(72)
(75)
Distributions and proceeds from investments
203
206
99
Other, net
8
10
15
Net cash flows from (used in) investing activities
$
77
$
52
$
(381)
Cash flows used in financing activities:
Proceeds from notes payable and commercial bank financing
$
—
$
—
$
728
Repayments of notes payable, commercial bank financing, and finance leases
(61)
(85)
(863)
Repurchase of outstanding Class A Common Stock
—
(153)
(120)
Dividends paid on Class A and Class B Common Stock
(66)
(65)
(70)
Dividends paid on redeemable subsidiary preferred equity
—
—
(7)
Repurchase of redeemable subsidiary preferred equity
—
(190)
—
Distributions to noncontrolling interests
(12)
(13)
(12)
Other, net
(1)
(3)
(9)
Net cash flows used in financing activities
$
(140)
$
(509)
$
(353)
Operating Activities
Net cash flows from Sinclair’s operating activities decreased for the year ended December 31, 2024, when compared to the
same period in 2023, primarily due to the payment of the DSG litigation settlement and an increase in production and overhead
costs, partially offset by an increase in cash collections related to political revenue and Distributors.
Investing Activities
Net cash flows from Sinclair’s investing activities increased for the year ended December 31, 2024, when compared to the same
period in 2023, primarily due to a decrease in the purchase of investments in the current period.
Financing Activities
Net cash flows used in Sinclair’s financing activities decreased for the year ended December 31, 2024, when compared to the
same period in 2023, primarily due to the repurchase of outstanding Common Stock and the redeemable subsidiary preferred
equity in the prior period and a decrease in the repayment of debt in the current period.
27

Sinclair Broadcast Group, LLC Sources and Uses of Cash
The following table sets forth SBG’s cash flows for the years ended December 31, 2024, 2023, and 2022 (in millions):
2024
2023
2022
Net cash flows from operating activities
$
71
$
260
$
799
Cash flows (used in) from investing activities:
Acquisition of property and equipment
$
(80)
$
(90)
$
(105)
Deconsolidation of subsidiary cash
—
—
(315)
Purchases of investments
(4)
(39)
(75)
Distributions and proceeds from investments
43
204
99
Other, net
3
9
15
Net cash flows (used in) from investing activities
$
(38)
$
84
$
(381)
Cash flows used in financing activities:
Proceeds from notes payable and commercial bank financing
$
—
$
—
$
728
Repayments of notes payable, commercial bank financing, and finance leases
(61)
(85)
(863)
Repurchase of outstanding Old Sinclair Class A Common Stock
—
(153)
(120)
Dividends paid on Old Sinclair Class A and Class B Common Stock
—
(18)
(70)
Dividends paid on redeemable subsidiary preferred equity
—
—
(7)
Repurchase of redeemable subsidiary preferred equity
—
(190)
—
Contributions from (distribution to) member, net
10
(448)
—
Distributions to noncontrolling interests
(10)
(12)
(12)
Other, net
—
(3)
(9)
Net cash flows used in financing activities
$
(61)
$
(909)
$
(353)
Operating Activities
Net cash flows from SBG’s operating activities decreased for the year ended December 31, 2024, when compared to the same
period in 2023, primarily due to the payment of the DSG litigation settlement and an increase in production and overhead costs,
partially offset by an increase in cash collections related to political revenue and Distributors, as well as the impact of the
Reorganization, as discussed in Company Reorganization under Note 1. Nature of Operations and Summary of Significant
Accounting Policies within SBG’s Consolidated Financial Statements.
Investing Activities
Net cash flows used in SBG’s investing activities increased for the year ended December 31, 2024, when compared to the same
period in 2023, primarily due to the $193 million A/R Facility principal payment received from Diamond Sports Finance SPV,
LLC in the prior period, offset by a decrease in the purchases of investments in the current period, as a result of the
Reorganization, as discussed in Company Reorganization under Note 1. Nature of Operations and Summary of Significant
Accounting Policies within SBG’s Consolidated Financial Statements, and a decrease in the acquisition of property and
equipment in the current period.
Financing Activities
Net cash flows used in SBG’s financing activities decreased for the year ended December 31, 2024, when compared to the same
period in 2023, primarily due to a decrease in the repayment of debt in the current period and an increase in net contributions
from member in the current period, as a result of the Reorganization, as discussed in Company Reorganization under Note 1.
Nature of Operations and Summary of Significant Accounting Policies within SBG’s Consolidated Financial Statements, and the
repurchase of outstanding Old Sinclair Common Stock, dividends paid on Old Sinclair Class A and Class B Common Stock, and
the repurchase of the redeemable subsidiary preferred equity in the prior period.
28

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Sinclair and SBG are exposed to market risk from changes in interest rates and consider entering into derivative instruments
primarily for the purpose of reducing the impact of changing interest rates on our floating rate debt and to reduce the impact of
changing fair market values on Sinclair’s and SBG’s fixed rate debt. See Note 6. Notes Payable and Commercial Bank Financing
within each of Sinclair’s Consolidated Financial Statements and SBG’s Consolidated Financial Statements for further
discussion. During the year ended December 31, 2023, STG entered into an interest rate swap effective February 7, 2023 and
terminating on February 28, 2026 in order to manage a portion of STG’s exposure to variable interest rates. The swap agreement
has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and STG receives a floating rate of interest based on
SOFR. See Hedge Accounting in Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest
Rate Swap in Note 6. Notes Payable and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements. See
Hedge Accounting in Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap in
Note 6. Notes Payable and Commercial Bank Financing within SBG’s Consolidated Financial Statements. Sinclair and SBG did
not have any outstanding derivative instruments during the year ended December 31, 2022.
Sinclair and SBG are exposed to risk from the changing interest rates of their variable rate debt issued under the Bank Credit
Agreement. Based on Sinclair and SBG’s total variable rate debt under the Bank Credit Agreement as of December 31, 2024 of
$2,620 million Sinclair and SBG estimate that adding 1% to respective interest rates would result in an increase in each of
Sinclair and SBG’s interest expense of $26 million, exclusive of any impact of our interest rate swap and prior to the impact of the
refinancing activities discussed within Note 18. Subsequent Events within Sinclair’s Consolidated Financial Statements and Note
16. Subsequent Events within SBG’s Consolidated Financial Statements.
MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND
ISSUER PURCHASES OF EQUITY SECURITIES
SINCLAIR, INC.
Sinclair’s Class A Common Stock is listed for trading on the NASDAQ stock market under the symbol “SBGI”. Sinclair’s Class B
Common Stock is not traded on a public trading market or quotation system.
As of February 24, 2025, there are approximately 32 shareholders of record of Sinclair’s Class A Common Stock. Many of
Sinclair’s shares of Class A Common Stock are held by brokers and institutions on behalf of stockholders, we are unable to
estimate the total number of stockholders represented by these record holders.
We intend to pay regular quarterly dividends to our stockholders, although all future dividends on our Common Stock, if any,
will be at the discretion of the Board and will depend on several factors including our results of operations, cash requirements
and surplus, financial condition, covenant restrictions, and other factors that the Board may deem relevant.
In February 2025, Sinclair declared a quarterly cash dividend of $0.25 per share.
See Note 2. Stock-Based Compensation Plans within Sinclair’s Consolidated Financial Statements for discussion of our stock-
based compensation plans.
29

Comparative Stock Performance
The graph below matches Sinclair, Inc.’s cumulative 5-Year total shareholder return on common stock with the cumulative
total returns of the NASDAQ Composite index and the NASDAQ Telecommunications index. The graph tracks the performance of
a $100 investment in our common stock and in each index (with the reinvestment of all dividends) from December 31, 2019 to
December 31, 2024.
Company/Index/Market
12/31/2019
12/31/2020
12/31/2021
12/31/2022
12/31/2023
12/31/2024
Sinclair, Inc.
100.00
99.09
84.43
51.76
46.69
62.00
NASDAQ Composite Index
100.00
144.92
177.06
119.45
172.77
223.87
NASDAQ Telecommunications Index
100.00
110.08
112.44
82.21
90.96
103.21
Stock Repurchases
For the quarter ended December 31, 2024: None
SINCLAIR BROADCAST GROUP, LLC
Not applicable.
30

CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures and Internal Control over Financial Reporting
Each of Sinclair’s and SBG’s management, under the supervision and with the participation of its respective Chief Executive
Officer and Chief Financial Officer, evaluated the design and effectiveness of its disclosure controls and procedures and its
internal control over financial reporting as of December 31, 2024.
The term “disclosure controls and procedures,” as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act, means
controls and other procedures of a company that are designed to provide reasonable assurance that information required to be
disclosed by a company in the reports that it files or submits under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the SEC’s rules and forms. Disclosure controls and procedures include, without
limitation, controls and procedures designed to provide reasonable assurance that information required to be disclosed by a
company in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management,
including its principal executive and principal financial officers, as appropriate, to allow timely decisions regarding required
disclosure. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide
only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-
benefit relationship of possible controls and procedures.
The term “internal control over financial reporting,” as defined in Rules 13a-15d-15(f) under the Exchange Act, means a process
designed by, or under the supervision of Sinclair’s and SBG’s Chief Executive Officer and Chief Financial Officer and effected by
its Board of Directors or Board of Managers, management and other personnel, to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles (“GAAP”) and includes those policies and procedures that:
•
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and
dispositions of Sinclair’s and SBG’s assets;
•
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements
in accordance with GAAP and that our receipts and expenditures are being made in accordance with authorizations of
management or its Board of Directors or Board of Managers; and
•
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of
Sinclair’s and SBG’s assets that could have a material adverse effect on Sinclair’s and SBG’s financial statements.
Assessment of Effectiveness of Disclosure Controls and Procedures
Based on the evaluation of its disclosure controls and procedures as of December 31, 2024, each of Sinclair’s and SBG’s Chief
Executive Officer and Chief Financial Officer concluded that, as of such date, Sinclair’s and SBG’s disclosure controls and
procedures were effective at the reasonable assurance level.
Report of Management on Internal Control over Financial Reporting
Sinclair’s and SBG’s management is responsible for establishing and maintaining adequate internal control over financial
reporting. Under the supervision and with the participation of Sinclair’s and SBG’s management, including Sinclair’s and SBG’s
Chief Executive Officer and Chief Financial Officer, Sinclair and SBG assessed the effectiveness of its internal control over
financial reporting as of December 31, 2024 based on the criteria set forth in Internal Control - Integrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (“COSO”). Based on Sinclair’s and
SBG’s assessment, Sinclair’s and SBG’s management has concluded that, as of December 31, 2024, Sinclair’s and SBG’s internal
control over financial reporting was effective based on those criteria.
The effectiveness of Sinclair’s and SBG’s internal control over financial reporting as of December 31, 2024 have been audited
by PricewaterhouseCoopers LLP, an independent registered public accounting firm, as stated in their reports which are included
herein.
Changes in Internal Control over Financial Reporting
There have been no changes in Sinclair’s and SBG’s internal control over financial reporting (as defined in Rules 13a-15(f) and
15d-15(f) under the Exchange Act) during the quarter ended December 31, 2024, that have materially affected, or are reasonably
likely to materially affect, Sinclair’s and SBG’s internal control over financial reporting.
31

Limitations on the Effectiveness of Controls
Management, including each of Sinclair’s and SBG’s Chief Executive Officer and Chief Financial Officer, do not expect that
Sinclair’s and SBG’s disclosure controls and procedures or its internal control over financial reporting will prevent all errors and
all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that
the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource
constraints and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all
control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any,
within each company have been detected. These inherent limitations include the realities that judgments in decision-making can
be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the
individual acts of some persons, by collusion of two or more people, or by management’s override of the control. The design of
any system of controls also is based in part upon certain assumptions about the likelihood of future events and there can be no
assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, controls may
become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may
deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur
and not be detected.
32

SINCLAIR, INC.
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
As of December 31,
2024
2023
ASSETS
Current Assets:
Cash and cash equivalents
$
697
$
662
Accounts receivable, net of allowance for doubtful accounts of $6 and $4, respectively
637
616
Income taxes receivable
5
8
Prepaid expenses and other current assets
146
189
Total current assets
1,485
1,475
Property and equipment, net
705
715
Operating lease assets
123
142
Goodwill
2,082
2,082
Indefinite-lived intangible assets
150
150
Customer relationships, net
302
369
Other definite-lived intangible assets, net
328
410
Other assets
710
742
Total assets (a)
$
5,885
$
6,085
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued liabilities
$
416
$
913
Current portion of notes payable, finance leases, and commercial bank financing
38
36
Current portion of operating lease liabilities
22
21
Current portion of program contracts payable
69
76
Other current liabilities
60
57
Total current liabilities
605
1,103
Notes payable, finance leases, and commercial bank financing, less current portion
4,091
4,139
Operating lease liabilities, less current portion
130
152
Program contracts payable, less current portion
13
14
Deferred tax liabilities
335
252
Other long-term liabilities
195
204
Total liabilities (a)
5,369
5,864
Commitments and contingencies (See Note 12)
Shareholders’ equity:
Class A Common Stock, $0.01 par value, 500,000,000 shares authorized, 42,642,126 and 39,737,682
shares issued and outstanding, respectively
1
1
Class B Common Stock, $0.01 par value, 140,000,000 shares authorized, 23,775,056 and 23,775,056
shares issued and outstanding, respectively, convertible into Class A Common Stock
—
—
Additional paid-in capital
570
517
Retained earnings (accumulated deficit)
10
(234)
Accumulated other comprehensive income
2
1
Total Sinclair shareholders’ equity
583
285
Noncontrolling interests
(67)
(64)
Total equity
516
221
Total liabilities and equity
$
5,885
$
6,085
The accompanying notes are an integral part of these consolidated financial statements.
(a)
Our consolidated total assets as of December 31, 2024 and 2023 include total assets of Variable Interest Entities (“VIEs”) of $70 million and
$85 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of December 31,
2024 and 2023 include total liabilities of the VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no
recourse to us. See Note 13. Variable Interest Entities.
33

SINCLAIR, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(In millions, except share and per share data)
2024
2023
2022
REVENUES:
Media revenues
$
3,511
$
3,106
$
3,894
Non-media revenues
37
28
34
Total revenues
3,548
3,134
3,928
OPERATING EXPENSES:
Media programming and production expenses
1,661
1,611
1,942
Media selling, general and administrative expenses
794
747
812
Amortization of program costs
74
80
90
Non-media expenses
53
49
44
Depreciation of property and equipment
101
105
100
Corporate general and administrative expenses
185
694
160
Amortization of definite-lived intangible and other assets
149
166
221
Loss (gain) on deconsolidation of subsidiary
—
10
(3,357)
(Gain) loss on asset dispositions and other, net of impairment
(20)
3
(64)
Total operating expenses (gains)
2,997
3,465
(52)
Operating income (loss)
551
(331)
3,980
OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred
financing costs
(304)
(305)
(296)
Gain on extinguishment of debt
1
15
3
Income from equity method investments
118
29
56
Other income (expense), net
29
(45)
(129)
Total other expense, net
(156)
(306)
(366)
Income (loss) before income taxes
395
(637)
3,614
INCOME TAX (PROVISION) BENEFIT
(76)
358
(913)
NET INCOME (LOSS)
319
(279)
2,701
Net loss (income) attributable to the redeemable noncontrolling interests
—
4
(20)
Net income attributable to the noncontrolling interests
(9)
(16)
(29)
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR
$
310
$
(291)
$
2,652
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR:
Basic earnings (loss) per share
$
4.72
$
(4.46)
$
37.54
Diluted earnings (loss) per share
$
4.69
$
(4.46)
$
37.54
Basic weighted average common shares outstanding (in thousands)
65,782
65,125
70,653
Diluted weighted average common and common equivalent shares
outstanding (in thousands)
66,096
65,125
70,656
The accompanying notes are an integral part of these consolidated financial statements.
34

SINCLAIR, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(In millions)
2024
2023
2022
Net income (loss)
$
319
$
(279)
$
2,701
Unrealized gain on interest rate swap, net of taxes
1
—
—
Adjustments to post-retirement obligations, net of taxes
—
—
3
Share of other comprehensive gain of equity method investments
—
—
3
Comprehensive income (loss)
320
(279)
2,707
Comprehensive loss (income) attributable to redeemable noncontrolling interests
—
4
(20)
Comprehensive income attributable to noncontrolling interests
(9)
(16)
(29)
Comprehensive income (loss) attributable to Sinclair
$
311
$
(291)
$
2,658
The accompanying notes are an integral part of these consolidated financial statements.
35

SINCLAIR, INC.
CONSOLIDATED STATEMENT OF (DEFICIT) EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(In millions, except share data)
Sinclair Shareholders
Redeemable
Noncontrolling
Interests
Class A
Common Stock
Class B
Common Stock
Additional
Paid-In
Capital
(Accumulated
Deficit)
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
(Deficit)
Equity
Shares
Values
Shares
Values
BALANCE,
December 31, 2021
$
197
49,314,303
$
1
23,775,056
$
—
$
691
$
(2,460)
$
(2)
$
64
$
(1,706)
Dividends
declared and
paid on Class A
and Class B
Common Stock
($1.00 per share)
—
—
—
—
—
—
(70)
—
—
(70)
Repurchases of
Class A Common
Stock
—
(4,850,398)
—
—
—
(120)
—
—
—
(120)
Class A Common
Stock issued
pursuant to
employee benefit
plans
—
1,383,974
—
—
—
53
—
—
—
53
Distributions to
noncontrolling
interests, net
(7)
—
—
—
—
—
—
—
(12)
(12)
Other
comprehensive
income
—
—
—
—
—
—
—
6
—
6
Deconsolidation
of subsidiary
(16)
—
—
—
—
—
—
(3)
(148)
(151)
Net income
20
—
—
—
—
—
2,652
—
29
2,681
BALANCE,
December 31, 2022 $
194
45,847,879
$
1
23,775,056
$
—
$
624
$
122
$
1
$
(67)
$
681
The accompanying notes are an integral part of these consolidated financial statements.
36

SINCLAIR, INC.
CONSOLIDATED STATEMENT OF (DEFICIT) EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(In millions, except share data)
Sinclair Shareholders
Redeemable
Noncontrolling
Interests
Class A
Common Stock
Class B
Common Stock
Additional
Paid-In
Capital
Retained
Earnings
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
Income
Noncontrolling
Interests
Total
Equity
Shares
Values
Shares
Values
BALANCE,
December 31,
2022
$
194
45,847,879
$
1
23,775,056
$
—
$
624
$
122
$
1
$
(67)
$
681
Dividends
declared and
paid on Class A
and Class B
Common Stock
($1.00 per
share)
—
—
—
—
—
—
(65)
—
—
(65)
Repurchases of
Class A
Common Stock
—
(8,785,022)
—
—
—
(153)
—
—
—
(153)
Class A
Common Stock
issued pursuant
to employee
benefit plans
—
2,674,825
—
—
—
46
—
—
—
46
Distributions to
noncontrolling
interests, net
—
—
—
—
—
—
—
—
(13)
(13)
Redemption,
net
(190)
—
—
—
—
—
—
—
—
—
Net (loss)
income
(4)
—
—
—
—
—
(291)
—
16
(275)
BALANCE,
December 31,
2023
$
—
39,737,682
$
1
23,775,056
$
—
$
517
$
(234)
$
1
$
(64)
$
221
The accompanying notes are an integral part of these consolidated financial statements.
37

SINCLAIR, INC.
CONSOLIDATED STATEMENT OF (DEFICIT) EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(In millions, except share data)
Sinclair Shareholders
Class A
Common Stock
Class B
Common Stock
Additional
Paid-In
Capital
(Accumulated
Deficit)
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Noncontrolling
Interests
Total
Equity
Shares
Values
Shares
Values
BALANCE, December 31, 2023
39,737,682
$
1
23,775,056
$
—
$
517
$
(234)
$
1
$
(64)
$
221
Dividends declared and paid on
Class A and Class B Common
Stock ($1.00 per share)
—
—
—
—
—
(66)
—
—
(66)
Class A Common Stock issued
pursuant to employee benefit
plans
2,904,444
—
—
—
53
—
—
—
53
Distributions to noncontrolling
interests, net
—
—
—
—
—
—
—
(12)
(12)
Other comprehensive income
—
—
—
—
—
—
1
—
1
Net income
—
—
—
—
—
310
—
9
319
BALANCE, December 31, 2024
42,642,126
$
1
23,775,056
$
—
$
570
$
10
$
2
$
(67)
$
516
The accompanying notes are an integral part of these consolidated financial statements.
38

SINCLAIR, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(In millions)
2024
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
319
$
(279)
$
2,701
Adjustments to reconcile net income (loss) to net cash flows from operating activities:
Amortization of sports programming rights
—
—
326
Amortization of definite-lived intangible and other assets
149
166
221
Depreciation of property and equipment
101
105
100
Amortization of program costs
74
80
90
Stock-based compensation
51
45
50
Deferred tax provision (benefit)
82
(358)
906
(Gain) loss on asset dispositions and other, net of impairment
(16)
3
(11)
Loss (gain) on deconsolidation of subsidiary
—
10
(3,357)
Income from equity method investments
(118)
(29)
(56)
Loss from investments
7
91
133
Distributions from investments
31
32
87
Sports programming rights payments
—
—
(325)
Rebate payments to distributors
—
—
(15)
Gain on extinguishment of debt
(1)
(15)
(3)
Changes in assets and liabilities, net of acquisitions and deconsolidation of subsidiary:
(Increase) decrease in accounts receivable
(28)
(8)
20
Decrease (increase) in prepaid expenses and other current assets
33
(32)
(96)
(Decrease) increase in accounts payable and accrued and other current liabilities
(495)
512
(14)
Net change in current and long-term net income taxes payable/receivable
(11)
(3)
147
Decrease in program contracts payable
(80)
(88)
(103)
Other, net
—
3
(2)
Net cash flows from operating activities
98
235
799
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
Acquisition of property and equipment
(84)
(92)
(105)
Deconsolidation of subsidiary cash
—
—
(315)
Purchases of investments
(50)
(72)
(75)
Distributions and proceeds from investments
203
206
99
Other, net
8
10
15
Net cash flows from (used in) investing activities
77
52
(381)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing
—
—
728
Repayments of notes payable, commercial bank financing, and finance leases
(61)
(85)
(863)
Repurchase of outstanding Class A Common Stock
—
(153)
(120)
Dividends paid on Class A and Class B Common Stock
(66)
(65)
(70)
Dividends paid on redeemable subsidiary preferred equity
—
—
(7)
Repurchase of redeemable subsidiary preferred equity
—
(190)
—
Distributions to noncontrolling interests, net
(12)
(13)
(12)
Other, net
(1)
(3)
(9)
Net cash flows used in financing activities
(140)
(509)
(353)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED
CASH
35
(222)
65
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year
662
884
819
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year
$
697
$
662
$
884
The accompanying notes are an integral part of these consolidated financial statements.
39

1.
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Nature of Operations
Sinclair, Inc. (“Sinclair”) is a diversified media company with national reach and a strong focus on providing high-quality
content on our local television stations and digital platform. The content, distributed through our broadcast platform and third-
party platforms, consists of programming provided by third-party networks and syndicators, local news, sports, and other
original programming produced by us and our owned networks. Additionally, we own digital media companies that are
complementary to our extensive portfolio of television station related digital properties and we have interests in, own, manage,
and/or operate technical and software services companies, research and development companies for the advancement of
broadcast technology, and other media and non-media related businesses and assets, including real estate, venture capital,
private equity, and direct investments.
As of December 31, 2024, we had two reportable segments: local media and tennis. The local media segment consists primarily
of our 185 broadcast television stations in 86 markets, which we own, provide programming and operating services pursuant to
LMAs, or provide sales services and other non-programming operating services pursuant to other outsourcing agreements, such
as JSAs and SSAs. These stations broadcast 641 channels as of December 31, 2024. For the purpose of this report, these 185
stations and 641 channels are referred to as “our” stations and channels. The tennis segment consists of Tennis Channel, a cable
network which includes coverage of many of tennis’ top tournaments and original professional sports and tennis lifestyle shows;
Tennis Channel International streaming service; Tennis Channel streaming service; T2 FAST, a 24-hour a day free ad-supported
streaming television channel; and Tennis.com. Prior to the Deconsolidation on March 1, 2022 (as defined below in
Deconsolidation of Diamond Sports Intermediate Holdings LLC), we had one additional reportable segment, local sports. This
segment consisted of regional sports networks (“RSNs”) which owned the exclusive rights to air, among other sporting events, the
games of professional sports teams in designated local viewing areas.
Principles of Consolidation
The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries
and VIEs for which we are the primary beneficiary. Noncontrolling interests represent a minority owner’s proportionate share of
the equity in certain of our consolidated entities. Noncontrolling interests which may be redeemed by the holder, and the
redemption is outside of our control, are presented as redeemable noncontrolling interests. All intercompany transactions and
account balances have been eliminated in consolidation.
We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to
direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to
absorb losses or the right to receive returns that would be significant to the VIE. See Note 13. Variable Interest Entities for more
information on our VIEs.
Investments in entities over which we have significant influence but not control are accounted for using the equity method of
accounting. Income (loss) from equity method investments represents our proportionate share of net income or loss generated by
equity method investees.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
40

Company Reorganization
On April 3, 2023, the company formerly known as Sinclair Broadcast Group, Inc., a Maryland corporation (“Old Sinclair”),
entered into an Agreement of Share Exchange and Plan of Reorganization (the “Share Exchange Agreement”) with Sinclair, and
Sinclair Holdings, LLC, a Maryland limited liability company (“Sinclair Holdings”). The purpose of the transactions
contemplated by the Share Exchange Agreement was to affect a holding company reorganization in which Sinclair would become
the publicly-traded parent company of Old Sinclair.
Effective at 12:00 am Eastern U.S. time on June 1, 2023 (the “Share Exchange Effective Time”), pursuant to the Share
Exchange Agreement and Articles of Share Exchange filed with the Maryland State Department of Assessments and Taxation, the
share exchange between Sinclair and Old Sinclair was completed (the “Share Exchange”). In the Share Exchange, (i) each share
or fraction of a share of Old Sinclair’s Class A common stock, par value $0.01 per share (“Old Sinclair Class A Common Shares”),
outstanding immediately prior to the Share Exchange Effective Time was exchanged on a one-for-one basis for an equivalent
share of Sinclair’s Class A common stock, par value $0.01 per share (“Sinclair Class A Common Shares”), and (ii) each share or
fraction of a share of Old Sinclair’s Class B common stock, par value $0.01 per share (“Old Sinclair Class B Common Shares”),
outstanding immediately prior to the Share Exchange Effective Time was exchanged on a one-for-one basis for an equivalent
share of Sinclair’s Class B common stock, par value $0.01 per share (“Sinclair Class B Common Shares”).
Immediately following the Share Exchange Effective Time, Old Sinclair converted from a Maryland corporation to a Maryland
limited liability company named Sinclair Broadcast Group, LLC (“SBG”). On the day following the Share Exchange Effective Time
(June 2, 2023), Sinclair Holdings became the intermediate holding company between Sinclair and SBG, and SBG transferred
certain of its assets (the “Transferred Assets”) to Sinclair Ventures, LLC, a new indirect wholly-owned subsidiary of Sinclair
(“Ventures”). We refer to the Share Exchange and the related steps described above collectively as the “Reorganization.” The
Transferred Assets included technical and software services companies, intellectual property for the advancement of broadcast
technology, and other media and non-media related businesses and assets including real estate, venture capital, private equity,
and direct investments, as well as Compulse, a marketing technology and managed services company, and Tennis Channel and
related assets. As a result of the Reorganization, the local media segment assets are owned and operated by SBG and the assets of
the tennis segment and the Transferred Assets are owned and operated by Ventures.
At the Share Exchange Effective Time, Sinclair’s articles of incorporation and bylaws were amended and restated to be the
same in all material respects as the existing articles of incorporation and bylaws of Old Sinclair immediately prior to the Share
Exchange. As a result, the Sinclair Class A Common Shares confer upon the holders thereof the same rights with respect to
Sinclair that the holders of the Old Sinclair Class A Common Shares had with respect to Old Sinclair, and the Sinclair Class B
Common Shares confer upon the holders thereof the same rights with respect to Sinclair that the holders of the Old Sinclair Class
B Common Shares had with respect to Old Sinclair. Sinclair’s Board of Directors, including its committees, and senior
management team immediately after the Share Exchange were the same as Old Sinclair’s immediately before the Share
Exchange.
The Reorganization is considered a transaction between entities under common control and as SBG and Ventures are both
subsidiaries of Sinclair, there was no impact on the consolidated financial statements of Sinclair.
Deconsolidation of Diamond Sports Intermediate Holdings LLC
On March 1, 2022, Old Sinclair’s subsidiary Diamond Sports Intermediate Holdings, LLC, and certain of its subsidiaries
(collectively “DSIH”) completed a series of transactions (the “DSIH Transaction”). As part of the DSIH Transaction, the
governance structure of DSIH was modified including changes to the composition of its Board of Managers, resulting in the
Company’s loss of voting control. As a result, DSIH, whose operations represented the entirety of our local sports segment, was
deconsolidated from our consolidated financial statements effective as of March 1, 2022 (the “Deconsolidation”). The
consolidated statement of operations for the year ended December 31, 2022 therefore includes two months of activity related to
DSIH prior to the Deconsolidation. Subsequent to February 28, 2022, the assets and liabilities of DSIH were no longer included
within our consolidated balance sheets. Any discussions related to results, operations, and accounting policies associated with
DSIH are referring to the periods prior to the Deconsolidation.
Upon Deconsolidation, we recognized a gain before income taxes of approximately $3,357 million, which is recorded within
gain on deconsolidation of subsidiary in our consolidated statements of operations for the year ended December 31, 2022. For
the year ended December 31, 2023, we recorded an adjustment to the deconsolidation gain of $10 million.
Use of Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities,
revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual
results could differ from those estimates.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
41

Recent Accounting Pronouncements
In October 2021, the FASB issued guidance to improve the accounting for acquired revenue contracts with customers in a
business combination by addressing diversity in practice. ASU 2021-08 requires that an acquiring entity recognize and measure
contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated
the contracts. The guidance was effective for fiscal years beginning after December 15, 2022, including interim periods within
those fiscal years. We adopted this guidance during the first quarter of 2023. The impact of the adoption did not have a material
impact on our consolidated financial statements.
In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through
enhanced disclosures about significant segment expenses. The guidance was effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024, applied retrospectively. Early adoption was
permitted. We adopted this guidance during the fourth quarter of 2024. See Note 16. Segment Data for more information.
In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures,
requiring annual disclosure of consistent categories and greater disaggregation of information in the rate reconciliation table;
additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to
or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax
rate); income taxes paid disaggregated by jurisdiction; and income or loss before income tax disaggregated between foreign and
domestic. The guidance is effective for annual periods beginning after December 15, 2024, applied prospectively. Early adoption
is permitted. We are currently evaluating the impact of this guidance but do not expect it to have a material impact on our
consolidated financial statements.
In November 2024, the FASB issued guidance requiring disclosure of disaggregated information about certain income
statement expense line items. The guidance is effective for annual reporting periods beginning after December 15, 2026 and
interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the
impact of this guidance.
Cash and Cash Equivalents
We consider all highly liquid investments with an original maturity of three months or less when purchased to be cash
equivalents.
Accounts Receivable
We regularly review accounts receivable and determine an appropriate estimate for the allowance for doubtful accounts based
upon the impact of economic conditions on the merchant’s ability to pay, past collection experience, and such other factors
which, in management’s judgment, deserve current recognition. In turn, a provision is charged against earnings in order to
maintain the appropriate allowance level.
A rollforward of the allowance for doubtful accounts for the years ended December 31, 2024, 2023, and 2022 is as follows (in
millions):
2024
2023
2022
Balance at beginning of period
$
4
$
5
$
7
Charged to expense
6
3
4
Net write-offs
(4)
(4)
(6)
Balance at end of period
$
6
$
4
$
5
As of December 31, 2024, four customers accounted for 11%, 11%, 10%, and 10%, respectively, of our accounts receivable, net.
As of December 31, 2023, two customers accounted for 10% and 10%, respectively, of our accounts receivable, net. As of
December 31, 2022, one customer accounted for 13% of our accounts receivable, net. For purposes of this disclosure, a single
customer may include multiple entities under common control.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
42

Broadcast Television Programming
We have agreements with programming syndicators for the rights to television programming over contract periods, which
generally run from one to three years. Contract payments are made in installments over terms that are generally equal to or
shorter than the contract period. Pursuant to accounting guidance for the broadcasting industry, an asset and a liability for the
rights acquired and obligations incurred under a license agreement are reported on the balance sheet when the cost of each
program is known or reasonably determinable, the program material has been accepted by the licensee in accordance with the
conditions of the license agreement, and the program is available for its first showing or telecast. The portion of program
contracts which is payable within one year is reflected as a current liability in the accompanying consolidated balance sheets.
The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost
or fair value. Program costs are amortized on a straight-line basis except for contracts greater than three years which are
amortized utilizing an accelerated method. Program costs estimated by management to be amortized in the succeeding year are
classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected
by amortization or fair value adjustments.
We assess our program costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair
value.
Sports Programming Rights
DSIH had multi-year program rights agreements that provided DSIH with the right to produce and telecast professional live
sports games within a specified territory in exchange for a rights fee. Prior to the Deconsolidation, we amortized these rights as
an expense over each season based upon contractually stated rates. Amortization was accelerated in the event that the stated
contractual rates over the term of the rights agreement resulted in an expense recognition pattern that was inconsistent with the
projected growth of revenue over the contractual term.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
43

Impairment of Goodwill, Indefinite-lived Intangible Assets, and Other Long-lived Assets
We evaluate our goodwill and indefinite lived intangible assets for impairment annually in the fourth quarter, or more
frequently, if events or changes in circumstances indicate that an impairment may exist. Our goodwill has been allocated to, and
is tested for impairment at, the reporting unit level. A reporting unit is an operating segment or a component of an operating
segment to the extent that the component constitutes a business for which discrete financial information is available and
regularly reviewed by management. Components of an operating segment with similar characteristics are aggregated when
testing goodwill for impairment.
In the performance of our annual assessment of goodwill for impairment, we have the option to qualitatively assess whether it
is more likely than not that a reporting unit has been impaired. As part of this qualitative assessment, we weigh the relative
impact of factors that are specific to the reporting units as well as industry, regulatory, and macroeconomic factors that could
affect the significant inputs used to determine the fair value of the assets. We also consider the significance of the excess fair
value over carrying value in prior quantitative assessments.
If we conclude that it is more likely than not that a reporting unit is impaired, or if we elect not to perform the optional
qualitative assessment, we will determine the fair value of the reporting unit and compare it to the net book value of the reporting
unit. If the fair value is less than the net book value, we will record an impairment to goodwill for the amount of the difference.
We estimate the fair value of our reporting units utilizing the income approach involving the performance of a discounted cash
flow analysis. Our discounted cash flow model is based on our judgment of future market conditions based on our internal
forecast of future performance, as well as discount rates that are based on a number of factors including market interest rates, a
weighted average cost of capital analysis, and includes adjustments for market risk and company specific risk.
Our indefinite-lived intangible assets consist primarily of our broadcast licenses and a trade name. For our annual impairment
test for indefinite-lived intangible assets, we have the option to perform a qualitative assessment to determine whether it is more
likely than not that these assets are impaired. As part of this qualitative assessment we weigh the relative impact of factors that
are specific to the indefinite-lived intangible assets as well as industry, regulatory, and macroeconomic factors that could affect
the significant inputs used to determine the fair value of the assets. We also consider the significance of the excess fair value over
carrying value in prior quantitative assessments. When evaluating our broadcast licenses for impairment, the qualitative
assessment is done at the market level because the broadcast licenses within the market are complementary and together
enhance the single broadcast license of each station. If we conclude that it is more likely than not that one of our broadcast
licenses is impaired, we will perform a quantitative assessment by comparing the aggregate fair value of the broadcast licenses in
the market to the respective carrying values. We estimate the fair values of our broadcast licenses using the Greenfield method,
which is an income approach. This method involves a discounted cash flow model that incorporates several variables, including,
but not limited to, market revenues and long-term growth projections, estimated market share for the typical participant without
a network affiliation, and estimated profit margins based on market size and station type. The model also assumes outlays for
capital expenditures, future terminal values, an effective tax rate assumption and a discount rate based on a number of factors
including market interest rates, a weighted average cost of capital analysis based on the target capital structure for a television
station, and includes adjustments for market risk and company specific risk. If the carrying amount of the broadcast licenses
exceeds the fair value, then an impairment loss is recorded to the extent that the carrying value of the broadcast licenses exceeds
the fair value.
We evaluate our long-lived assets, including definite-lived intangible assets, for impairment if events or changes in
circumstances indicate that the carrying amount of such assets may not be recoverable. We evaluate the recoverability of long-
lived assets by comparing the carrying amount of the assets within an asset group to the estimated undiscounted future cash
flows associated with the asset group. An asset group represents the lowest level of cash flow generated by a group of assets that
are largely independent of the cash flows of other assets. At the time that such evaluations indicate that the future undiscounted
cash flows are not sufficient to recover the carrying value of the asset group, an impairment loss is determined by comparing the
estimated fair value of the asset group to the carrying value. We estimate fair value using an income approach involving the
performance of a discounted cash flow analysis.
For the years ended December 31, 2024, 2023, and 2022, we did not identify any indicators that our goodwill, indefinite-lived
or
long-lived
assets
may
not
be
recoverable.
See
Note
4.
Goodwill,
Indefinite-Lived
Intangible
Assets, and Other Intangible Assets for more information.
We believe we have made reasonable estimates and utilized appropriate assumptions in the performance of our impairment
assessments. If future results are not consistent with our assumptions and estimates, including future events such as a
deterioration of market conditions, loss of significant customers, and significant increases in discount rates, among other factors,
we could be exposed to impairment charges in the future. Any resulting impairment loss could have a material adverse impact on
our consolidated balance sheets, consolidated statements of operations and consolidated statements of cash flows.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
44

When factors indicate that there may be a decrease in the value of an equity method investment, we assess whether a loss in
value has occurred. If that loss is deemed to be other than temporary, an impairment loss is recorded accordingly. For any equity
method investments that indicate a potential impairment, we estimate the fair values of those investments using a combination
of a market-based approach, which considers earnings and cash flow multiples of comparable businesses and recent market
transactions, as well as an income approach involving the performance of a discounted cash flow analysis. See Note 5. Other
Assets for more information.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following as of December 31, 2024 and 2023 (in millions):
2024
2023
Compensation and employee benefits
$
101
$
98
Interest
11
12
Programming related obligations
171
156
Legal, litigation, and regulatory (a)
26
505
Accounts payable and other operating expenses
107
142
Total accounts payable and accrued liabilities
$
416
$
913
(a)
See Note 12. Commitments and Contingencies for additional information regarding the litigation accruals recorded.
We expense these activities when incurred.
Income Taxes
We recognize deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and
the tax bases of assets and liabilities. We provide a valuation allowance for deferred tax assets if we determine that it is more
likely than not that some or all of the deferred tax assets will not be realized. In evaluating our ability to realize net deferred tax
assets, we consider all available evidence, both positive and negative, including our past operating results, tax planning strategies,
current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, we must
make certain judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term
basis. As of December 31, 2024 and 2023, a valuation allowance has been provided for deferred tax assets related to certain
temporary basis differences, and a substantial amount of our available state net operating loss carryforwards based on past
operating results, expected timing of the reversals of existing temporary basis differences, alternative tax strategies, and
projected future taxable income. Future changes in operating and/or taxable income or other changes in facts and circumstances
could significantly impact the ability to realize our deferred tax assets which could have a material effect on our consolidated
financial statements.
Management periodically performs a comprehensive review of our tax positions, and we record a liability for unrecognized tax
benefits if such tax positions are more likely than not to be sustained upon examination based on their technical merits, including
the resolution of any appeals or litigation processes. Significant judgment is required in determining whether positions taken are
more likely than not to be sustained, and it is based on a variety of facts and circumstances, including interpretation of the
relevant federal and state income tax codes, regulations, case law and other authoritative pronouncements.
Based on this
analysis, the status of ongoing audits and the expiration of applicable statute of limitations, liabilities are adjusted as necessary.
The resolution of audits is unpredictable and could result in tax liabilities that are significantly higher or lower than for what we
have provided. See Note 11. Income Taxes, for further discussion of accrued unrecognized tax benefits.
Hedge Accounting
We entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a
portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed
interest rate of 3.90%, and we receive a floating rate of interest based on the Secured Overnight Financing Rate (“SOFR”).
We have determined that the interest rate swap meets the criteria for hedge accounting. The initial value of the interest rate
swap and any changes in value in subsequent periods is included in accumulated other comprehensive income, with a
corresponding change recorded in assets or liabilities depending on the position of the swap. Gains or losses on the monthly
settlement of the interest rate swap are reflected in interest expense in our consolidated statements of operations. Cash flows
related to the interest rate swap are classified as operating activities in our consolidated statements of cash flows. See Interest
Rate Swap within Note 6. Notes Payable and Commercial Bank Financing for further discussion.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
45

Supplemental Information — Statements of Cash Flows
For the years ended December 31, 2024, 2023, and 2022, we had the following cash transactions (in millions):
2024
2023
2022
Income taxes paid
$
3
$
5
$
18
Income tax refunds
$
—
$
1
$
158
Interest paid
$
296
$
294
$
387
Non-cash investing activities included property and equipment purchases of $5 million for each of the years ended
December 31, 2024, 2023, and 2022.
We received equity shares in investments valued at $13 million and $3 million for the years ended December 31, 2024 and
2022, respectively, in exchange for an equivalent value of advertising spots.
Revenue Recognition
The following table presents our revenue disaggregated by type and segment for the years ended December 31, 2024, 2023,
and 2022 (in millions):
For the year ended December 31, 2024
Local media
Tennis
Other
Eliminations
Total
Distribution revenue
$
1,543
$
203
$
—
$
—
$
1,746
Core advertising revenue
1,152
39
33
(18)
1,206
Political advertising revenue
405
—
—
—
405
Other media, non-media, and intercompany
revenue
154
5
43
(11)
191
Total revenues
$
3,254
$
247
$
76
$
(29) $
3,548
For the year ended December 31, 2023
Local media
Tennis
Other
Eliminations
Total
Distribution revenue
$
1,491
$
189
$
—
$
—
$
1,680
Core advertising revenue
1,192
37
25
(13)
1,241
Political advertising revenue
44
—
—
—
44
Other media, non-media, and intercompany
revenue
139
2
37
(9)
169
Total revenues
$
2,866
$
228
$
62
$
(22) $
3,134
For the year ended December 31, 2022
Local media
Tennis
Local sports
Other
Eliminations
Total
Distribution revenue
$
1,531
$
179
$
433
$
—
$
—
$
2,143
Core Advertising revenue
1,186
33
44
41
(22)
1,282
Political advertising revenue
332
—
—
—
—
332
Other media, non-media, and
intercompany revenue
144
5
5
54
(37)
171
Total revenues
$
3,193
$
217
$
482
$
95
$
(59)
$
3,928
Distribution Revenue. We generate distribution revenue through fees received from Distributors for the right to distribute our
stations, other properties, and, prior to the Deconsolidation, the RSNs. Distribution arrangements are generally governed by
multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements
represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to our
customers (“as usage occurs”) which corresponds with the satisfaction of our performance obligation. Revenue is calculated
based upon the contractual rate multiplied by an estimated number of subscribers. Our customers will remit payments based
upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical
adjustments to subscriber estimates have not been material.
Core Advertising Revenue. We generate core advertising revenue primarily from the sale of non-political advertising spots/
impressions within our broadcast television, digital platforms, and, prior to the Deconsolidation, RSNs. Core advertising revenue
is recognized in the period in which the advertising spots/impressions are delivered. In arrangements where we provide audience
ratings guarantees, to the extent that there is a ratings shortfall, we will defer a proportionate amount of revenue until the ratings
shortfall is settled through the delivery of additional advertising. The term of our advertising arrangements is generally less than
one year and the timing between when an advertisement is aired and when payment is due is not significant. In certain
circumstances, we require customers to pay in advance; payments received in advance of satisfying our performance obligations
are reflected as deferred revenue.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
46

Political Advertising Revenue. We generate political advertising revenue primarily from the sale of political advertising spots/
impressions within our broadcast television and digital platforms. Political advertising revenue is recognized in the period in
which the advertising spots/impressions are delivered. In arrangements where we provide audience ratings guarantees, to the
extent that there is a ratings shortfall, we will defer a proportionate amount of revenue until the ratings shortfall is settled
through the delivery of additional advertising. The term of our advertising arrangements is generally less than one year and the
timing between when an advertisement is aired and when payment is due is not significant. In certain circumstances, we require
customers to pay in advance; payments received in advance of satisfying our performance obligations are reflected as deferred
revenue.
Practical Expedients and Exemptions. We expense sales commissions when incurred because the period of benefit for these
costs is one year or less. These costs are recorded within media selling, general and administrative expenses. In accordance with
ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of
one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty.
Arrangements with Multiple Performance Obligations. Our contracts with customers may include multiple performance
obligations. For such arrangements, we allocate revenues to each performance obligation based on its relative standalone selling
price, which is generally based on the prices charged to customers.
Deferred Revenues. We record deferred revenue when cash payments are received or due in advance of our performance,
including amounts which are refundable. We classify deferred revenue as either current in other current liabilities or long-term in
other long-term liabilities within our consolidated balance sheets, based on the timing of when we expect to satisfy our
performance obligations. Deferred revenue was $170 million, $178 million, and $200 million as of December 31, 2024, 2023, and
2022, respectively, of which $112 million, $124 million, and $144 million as of December 31, 2024, 2023, and 2022, respectively,
was reflected in other long-term liabilities in our consolidated balance sheets. Deferred revenue recognized for the years ended
December 31, 2024 and 2023 that was included in the deferred revenue balance as of December 31, 2023 and 2022 was $49
million and $50 million, respectively.
For the year ended December 31, 2024, two customers accounted for 10% and 10%, respectively, of our total revenues. For the
year ended December 31, 2023, two customers accounted for 11% and 10%, respectively, of our total revenues. For the year ended
December 31, 2022, three customers accounted for 12%, 11%, and 10%, respectively, of our total revenues. For purposes of this
disclosure, a single customer may include multiple entities under common control.
Advertising Expenses
Promotional advertising expenses are recorded in the period when incurred and are included in media production and other
non-media expenses. Total advertising expenses, net of advertising co-op credits, were $6 million, $8 million, and $9 million for
the years ended December 31, 2024, 2023, and 2022, respectively.
Financial Instruments
Financial instruments, as of December 31, 2024 and 2023, consisted of cash and cash equivalents, trade accounts receivable,
accounts payable, accrued liabilities, stock options and warrants, and notes payable. The carrying amounts approximate fair
value for each of these financial instruments, except for the notes payable. See Note 17. Fair Value Measurements for additional
information regarding the fair value of notes payable.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
47

Post-retirement Benefits
We maintain a supplemental executive retirement plan which we inherited upon the acquisition of certain stations. As of
December 31, 2024, the estimated projected benefit obligation was $13 million, of which $1 million is included in accrued
expenses and $12 million is included in other long-term liabilities in our consolidated balance sheets. At December 31, 2024, the
projected benefit obligation was measured using a 5.44% discount rate compared to a discount rate of 4.92% for the year ended
December 31, 2023. For each of the years ended December 31, 2024 and 2023, we made $1 million in benefit payments. We
recognized an actuarial gain of $0.4 million and loss of $0.3 million through other comprehensive income for the years ended
December 31, 2024 and 2023, respectively. For each of the years ended December 31, 2024 and 2023, we recognized $1 million of
periodic pension expense, reported in other expense, net in our consolidated statements of operations.
We also maintain other post-retirement plans provided to certain employees. The plans are voluntary programs that primarily
allow participants to defer eligible compensation and they may also qualify to receive a discretionary match on their deferral. As
of December 31, 2024, the assets and liabilities included in our consolidated balance sheets related to deferred compensation
plans were $47 million and $46 million, respectively.
Reclassifications
Certain reclassifications have been made to prior years’ consolidated financial statements to conform to the current year’s
presentation.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
48

2.
STOCK-BASED COMPENSATION PLANS:
In June 1996, the Board adopted, upon approval of the shareholders by proxy, the 1996 Long-Term Incentive Plan (“LTIP”).
The purpose of the LTIP is to reward key individuals for making major contributions to our success and the success of our
subsidiaries and to attract and retain the services of qualified and capable employees. Under the LTIP, we have issued restricted
stock awards (“RSAs”), stock grants to our non-employee directors, stock-settled appreciation rights (“SAR”), and stock options.
In June 2022, the Board adopted, upon approval of the shareholders by proxy, the 2022 Stock Incentive Plan (“SIP”). Upon
approval of the SIP, it succeeded the LTIP and no additional awards were granted under the LTIP. All outstanding awards
granted under the LTIP will remain subject to their original terms. The purpose of the SIP is to provide stock-based incentives
that align the interests of employees, consultants, and outside directors with those of the stockholders of the Company by
motivating its employees to achieve long-term results and rewarding them for their achievements, and to attract and retain the
types of employees, consultants, and outside directors who will contribute to the Company’s long-range success.
As of December 31, 2024, a total of 15,382,767 shares of Class A Common Stock were reserved for awards under the SIP. As of
December 31, 2024, 7,245,347 shares were available for future grants. Additionally, we have the following arrangements that
involve stock-based compensation: employer matching contributions for participants in our 401(k) Profit Sharing Plan and Trust
(“the 401(k) Plan”), an employee stock purchase plan (“ESPP”), and subsidiary stock awards. Stock-based compensation expense
has no effect on our consolidated cash flows. For the years ended December 31, 2024, 2023, and 2022, we recorded stock-based
compensation of $51 million, $45 million, and $50 million, respectively. Below is a summary of the key terms and methods of
valuation of our stock-based compensation awards:
Restricted Stock Awards
RSAs issued in 2024 have certain restrictions that generally lapse over two years at 50% and 50%, respectively. RSAs issued in
2023 have certain restrictions that generally lapse after two years at 100% or over two years at 50% and 50%, respectively. RSAs
issued in 2022 have certain restrictions that generally lapse over two years at 50% and 50%, respectively. As the restrictions
lapse, the Class A Common Stock may be freely traded on the open market. Unvested RSAs are entitled to dividends, and
therefore, are included in weighted shares outstanding, resulting in a dilutive effect on basic and diluted earnings per share. The
fair value assumes the closing value of the stock on the measurement date.
The following is a summary of changes in unvested restricted stock:
RSAs
Weighted-Average
Price
Unvested shares at December 31, 2023
918,467
$
21.04
2024 Activity:
Granted
1,339,603
13.32
Vested
(866,190)
13.76
Forfeited (a)
(13,589)
13.87
Unvested shares at December 31, 2024
1,378,291
$
18.18
(a) Forfeitures are recognized as they occur.
We recorded compensation expense of $19 million for each of the years ended December 31, 2024, 2023, and 2022. The
majority of the unrecognized compensation expense of $8 million as of December 31, 2024 will be recognized in 2025.
Stock Grants to Non-Employee Directors
In addition to fees paid in cash to our non-employee directors, on the date of each annual meeting of shareholders, each non-
employee director receives a grant of unrestricted shares of Class A Common Stock. We issued 113,658 shares in 2024, 80,496
shares in 2023, and 60,732 shares in 2022. We recorded expense of $1 million for each of the years ended December 31, 2024
and 2023 and $2 million for the year ended December 31, 2022, which was based on the average share price of the stock on the
date of grant. Additionally, these shares are included in the total shares outstanding, which results in a dilutive effect on our basic
and diluted earnings per share.
Stock-Settled Appreciation Rights
These awards entitle holders to the appreciation in our Class A Common Stock over the base value of each SAR over the term of
the award. The SARs have a 10-year term with vesting periods ranging from zero to four years. The base value of each SAR is
equal to the closing price of our Class A Common Stock on the date of grant. For the years ended December 31, 2024, 2023, and
2022, we recorded compensation expense of $13 million, $7 million, and $10 million, respectively.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
49

The following is a summary of the 2024 activity:
SARs
Weighted-Average
Price
Outstanding SARs at December 31, 2023
4,744,680
$
25.75
2024 Activity:
Granted
3,625,160
13.31
Outstanding SARs at December 31, 2024
8,369,840
$
20.36
As of December 31, 2024, there was no aggregate intrinsic value of the SARs outstanding which had a weighted average
remaining contractual life of 8 years.
Valuation of SARS. Our SARs were valued using the Black-Scholes pricing model utilizing the following assumptions:
2024
2023
2022
Risk-free interest rate
4.1 %
4.4%
1.6%
Expected years to exercise
5 years
5 years
5 years
Expected volatility
58.8 %
52.1 %
49.6 %
Annual dividend yield
7.8 %
6.8%
3.0%
The risk-free interest rate is based on the U.S. Treasury yield curve, in effect at the time of grant, for U.S. Treasury STRIPS that
approximate the expected life of the award. The expected volatility is based on our historical stock prices over a period equal to
the expected life of the award. The annual dividend yield is based on the annual dividend per share divided by the share price on
the grant date.
During 2024 and 2022, outstanding SARs increased the weighted average shares outstanding for purposes of determining
dilutive earnings per share.
Options
Options are fully vested and have a weighted average remaining contractual term of 1 year. As of December 31, 2024, there was
no aggregate intrinsic value for the options outstanding. There was no expense recognized for each of the years ended
December 31, 2024, 2023, and 2022.
The following is a summary of changes in outstanding options:
Options
Weighted-Average
Price
Outstanding options at December 31, 2023
375,000
$
31.25
2024 Activity:
Expired
(125,000)
27.36
Outstanding options at December 31, 2024
250,000
$
33.20
401(k) Match
The Sinclair, Inc. 401(k) Plan is available as a benefit for our eligible employees. Contributions made to the 401(k) Plan include
an employee elected salary reduction amount with a match calculation (the “Match”). The Match and any additional discretionary
contributions may be made using our Class A Common Stock, if the Board so chooses. Typically, we make the Match using our
Class A Common Stock.
The value of the Match is based on the level of elective deferrals into the 401(k) Plan. The number of shares of Class A Common
Stock granted under the Match is determined based upon the closing price on or about March 1st of each year for the previous
calendar year’s Match. We recorded $17 million for each of the years ended December 31, 2024, 2023, and 2022 of stock-based
compensation expense related to the Match. As of December 31, 2024, a total of 11,000,000 shares of Class A Common Stock
were reserved for matches under the 401(k) Plan. As of December 31, 2024, 2,967,926 shares were available for future grants.
Employee Stock Purchase Plan
The ESPP allows eligible employees to purchase Class A Common Stock at 85% of the lesser of the fair value of the common
stock as of the first day of the quarter and as of the last day of that quarter, subject to certain limits as defined in the ESPP. The
stock-based compensation expense recorded related to the ESPP was $1 million for each of the years ended December 31, 2024
and 2023 and $2 million for the year ended December 31, 2022. As of December 31, 2024, a total of 6,483,783 shares of Class A
Common Stock were reserved for awards under the plan. As of December 31, 2024, 2,192,907 shares were available for future
purchases.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
50

3.
PROPERTY AND EQUIPMENT:
Property and equipment are stated at cost, less accumulated depreciation. Depreciation is generally computed under the
straight-line method over the following estimated useful lives:
Buildings and improvements
10 - 30 years
Operating equipment
5 - 10 years
Office furniture and equipment
5 - 10 years
Leasehold improvements
Lesser of 10 - 30 years or lease term
Automotive equipment
3 - 5 years
Property and equipment under finance leases
Lease term
Acquired property and equipment is depreciated on a straight-line basis over the respective estimated remaining useful lives.
Property and equipment consisted of the following as of December 31, 2024 and 2023 (in millions):
2024
2023
Land and improvements
$
73
$
72
Real estate held for development and sale
16
19
Buildings and improvements
308
309
Operating equipment
904
879
Office furniture and equipment
165
149
Leasehold improvements
49
47
Automotive equipment
63
64
Finance lease assets
70
61
Construction in progress
69
90
1,717
1,690
Less: accumulated depreciation
(1,012)
(975)
$
705
$
715
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
51

4.
GOODWILL, INDEFINITE-LIVED INTANGIBLE ASSETS, AND OTHER INTANGIBLE ASSETS:
Goodwill, which arises from the purchase price exceeding the assigned value of the net assets of an acquired business, represents
the value attributable to unidentifiable intangible elements being acquired. The change in the carrying amount of goodwill at
December 31, 2024 and 2023 was as follows (in millions):
Local media
Tennis
Other
Consolidated
Balance at December 31, 2022
$
2,016
$
61
$
11
$
2,088
Disposition
—
—
(6)
(6)
Balance at December 31, 2023
$
2,016
$
61
$
5
$
2,082
Balance at December 31, 2024
$
2,016
$
61
$
5
$
2,082
Our accumulated goodwill impairment was $3,029 million as of both December 31, 2024 and 2023, of which $414 million related
to our local media segment and $2,615 million related to our local sports segment (prior to the Deconsolidation) as of both
December 31, 2024 and 2023, respectively.
For our annual goodwill impairment tests related to our local media, tennis, and other reporting units in 2024 and 2023 and our
tennis and other reporting units in 2022, we concluded that it was more-likely-than-not that goodwill was not impaired for the
reporting units in which we performed a qualitative assessment. The qualitative factors reviewed during our annual assessments
indicated stable or improving margins and favorable or stable forecasted economic conditions including stable discount rates and
comparable or improving business multiples. Additionally, the results of prior quantitative assessments supported significant
excess fair value over carrying value of our reporting units. We did not have any indicators of impairment in any interim period in
2024 or 2023 and therefore did not perform interim impairment tests for goodwill during those periods.
For our annual goodwill impairment test related to our local media reporting unit in 2022, we elected to perform a quantitative
assessment and concluded that its fair value substantially exceeded its carrying value. The key assumptions used to determine the
fair value of our local media reporting unit consisted primarily of significant unobservable inputs (Level 3 fair value inputs),
including discount rates, estimated cash flows, profit margins, and growth rates. The discount rate used to determine the fair value
of our local media reporting unit is based on a number of factors including market interest rates, a weighted average cost of capital
analysis based on the target capital structure for a television broadcasting company and includes adjustments for market risk and
company specific risk. Estimated cash flows are based upon internally developed estimates and growth rates and profit margins are
based on market studies, industry knowledge, and historical performance.
As of December 31, 2024 and 2023, the carrying amount of our indefinite-lived intangible assets was as follows (in millions):
Local media
Tennis
Other
Consolidated
Balance at December 31, 2022 (a)
$
123
$
24
$
3
$
150
Balance at December 31, 2023 (a) (b)
$
123
$
24
$
3
$
150
Balance at December 31, 2024 (a) (b)
$
123
$
24
$
3
$
150
(a)
Our indefinite-lived intangible assets in our local media segment relate to broadcast licenses and our indefinite-lived intangible assets in our
tennis segment and other relate to trade names.
(b)
Approximately $14 million of indefinite-lived intangible assets relate to consolidated VIEs as of December 31, 2024 and 2023.
We performed our annual impairment tests for indefinite-lived intangibles in 2024 and 2023 and as a result of our qualitative
assessments, we recorded no impairment.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
52

The following table shows the gross carrying amount and accumulated amortization of definite-lived intangibles (in millions):
As of December 31, 2024
Gross
Carrying
Value
Accumulated
Amortization
Net
Amortized intangible assets:
Customer relationships
$
1,098
$
(796)
$
302
Network affiliation
$
1,435
$
(1,112)
$
323
Other
36
(31)
5
Total other definite-lived intangible assets (a)
$
1,471
$
(1,143)
$
328
Total definite-lived intangible assets
$
2,569
$
(1,939)
$
630
As of December 31, 2023
Gross
Carrying
Value
Accumulated
Amortization
Net
Amortized intangible assets:
Customer relationships
$
1,098
$
(729)
$
369
Network affiliation
$
1,435
$
(1,032)
$
403
Other
36
(29)
7
Total other definite-lived intangible assets (a)
$
1,471
$
(1,061)
$
410
Total definite-lived intangible assets
$
2,569
$
(1,790)
$
779
(a)
Approximately $26 million and $33 million of definite-lived intangible assets relate to consolidated VIEs as of December 31, 2024 and 2023,
respectively.
Definite-lived intangible assets and other assets subject to amortization are being amortized on a straight-line basis over their
estimated useful lives. The definite-lived intangible assets are amortized over a weighted average useful life of 14 years for customer
relationships and 15 years for network affiliations. The amortization expense of the definite-lived intangible and other assets for the
years ended December 31, 2024, 2023, and 2022 was $149 million, $166 million, and $225 million, respectively, of which $4
million for the year ended December 31, 2022 was associated with the amortization of favorable sports contracts prior to the
Deconsolidation and is presented within media programming and production expenses in our statements of operations. We analyze
specific definite-lived intangibles for impairment when events occur that may impact their value in accordance with the respective
accounting guidance for long-lived assets. There were no impairment charges recorded for the years ended December 31, 2024,
2023, and 2022, as there were no indicators of impairment.
The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years
and thereafter (in millions):
2025
$
143
2026
141
2027
127
2028
101
2029
65
2030 and thereafter
53
$
630
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
53

5.
OTHER ASSETS:
Other assets as of December 31, 2024 and 2023 consisted of the following (in millions):
2024
2023
Equity method investments
$
48
$
128
Other investments
382
387
Income tax receivable
144
131
Post-retirement plan assets
47
45
Other
89
51
Total other assets
$
710
$
742
Equity Method Investments
We have a portfolio of investments in a number of entities that are primarily focused on the development of real estate and
other media and non-media businesses. No investments were individually significant for the years ended December 31, 2024,
2023, and 2022.
Diamond Sports Intermediate Holdings LLC. Subsequent to the Deconsolidation, we began accounting for our equity interest
in DSIH under the equity method of accounting. As of March 1, 2022, we reflected the investment in DSIH at fair value, which
was determined to be nominal. For the year ended December 31, 2024, we recorded no equity method loss related to the
investment because the carrying value of the investment is zero and we are not obligated to fund losses incurred by DSIH. See
Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of
Significant Accounting Policies. We no longer hold an equity interest in DSIH subsequent to the emergence of Diamond Sports
Group, LLC (“DSG”) from bankruptcy on January 2, 2025.
YES Network Investment. Prior to the Deconsolidation, we accounted for our investment in the Yankee Entertainment and
Sports Network, LLC (“YES Network”) as an equity method investment, which was recorded within other assets in our
consolidated balance sheets, and in which our proportionate share of the net income generated by the investment was included
within income from equity method investments in our consolidated statements of operations. We recorded income of $10 million
related to our investment for the year ended December 31, 2022.
Other Investments
We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily
determinable, we have the option to value investments at cost plus observable changes in value, less impairment. Additionally,
certain investments are measured at net asset value (“NAV”).
As of December 31, 2024 and 2023, we held $228 million and $162 million, respectively, in investments measured at fair value
and $116 million and $189 million, respectively, in investments measured at NAV. We recognized fair value adjustment losses of
$32 million, $87 million, and $145 million for the years ended December 31, 2024, 2023, and 2022, respectively, associated with
these securities, which is reflected in other income (expense), net in our consolidated statements of operations.
Investments accounted for utilizing the measurement alternative were $38 million and $36 million as of December 31, 2024
and 2023, respectively. We recorded a $2 million impairment related to one investment and a $6 million impairment related to
one investment for the years ended December 31, 2024 and 2023, respectively, which are reflected in other income (expense), net
in our consolidated statements of operations. We recorded no impairment related to these investments for the year ended
December 31, 2022.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
54

On November 18, 2020, we entered into a commercial agreement with Bally’s Corporation (“Bally’s”). As part of this
arrangement, we received warrants to acquire up to 8.2 million shares of Bally’s common stock for a penny per share, of which
3.3 million are exercisable upon meeting certain performance metrics. We also received options to purchase up to 1.6 million
shares of Bally’s common stock with exercise prices between $30 and $45 per share, exercisable after four years. In April 2021,
we made an incremental investment of $93 million in Bally’s in the form of non-voting perpetual warrants, convertible into 1.7
million shares of Bally’s common stock at an exercise price of $0.01 per share, subject to certain adjustments. These investments
are reflected at fair value within our financial statements. See Note 17. Fair Value Measurements for further discussion.
As of December 31, 2024 and 2023, our unfunded commitments related to certain equity investments totaled $63 million and
$103 million, respectively, including $60 million and $74 million, respectively, related to investments measured at NAV.
Note Receivable
We were party to an Accounts Receivable Securitization Facility (“A/R Facility”), held by Diamond Sports Finance SPV, LLC
(“DSPV”), an indirect wholly-owned subsidiary of DSIH. On May 10, 2023, DSPV paid the Company approximately $199 million,
representing the aggregate outstanding principal amount of the loans under the A/R Facility, accrued interest, and outstanding
fees and expenses. The A/R Facility was terminated on March 14, 2024.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
55

6.
NOTES PAYABLE AND COMMERCIAL BANK FINANCING:
Notes payable, finance leases, and commercial bank financing (including “finance leases to affiliates”) consisted of the
following as of December 31, 2024 and 2023 (in millions):
2024
2023
Bank Credit Agreement:
Term Loan B-2, due September 30, 2026 (a)
$
1,175
$
1,215
Term Loan B-3, due April 1, 2028
714
722
Term Loan B-4, due April 21, 2029
731
739
STG Notes:
5.125% Unsecured Notes, due February 15, 2027
274
274
5.500% Unsecured Notes, due March 1, 2030
485
485
4.125% Senior Secured Notes, due December 1, 2030
737
737
Debt of variable interest entities
7
7
Debt of non-media subsidiaries
—
15
Finance leases
30
20
Finance leases - affiliate
12
7
Total outstanding principal
4,165
4,221
Less: Deferred financing costs and discounts
(36)
(46)
Less: Current portion
(35)
(34)
Less: Finance leases - affiliate, current portion
(3)
(2)
Net carrying value of long-term debt
$
4,091
$
4,139
(a)
For the year ended December 31, 2024, STG repurchased $27 million aggregate principal amount of the Term Loan B-2 for consideration of
$25 million. See Bank Credit Agreement below.
Debt under the Bank Credit Agreement, notes payable, and finance leases as of December 31, 2024 matures as follows (in
millions):
Notes and
Bank Credit
Agreement
Finance Leases
Total
2025
$
30
$
11
$
41
2026
1,177
11
1,188
2027
292
8
300
2028
699
6
705
2029
702
6
708
2030 and thereafter
1,223
10
1,233
Total minimum payments
4,123
52
4,175
Less: Deferred financing costs and discounts
(36)
—
(36)
Less: Amount representing future interest
—
(10)
(10)
Net carrying value of total debt
$
4,087
$
42
$
4,129
Interest expense in our consolidated statements of operations was $304 million, $305 million, and $296 million for the years
ended December 31, 2024, 2023, and 2022, respectively. Interest expense included amortization of deferred financing costs and
debt discounts of $10 million for each of the years ended December 31, 2024 and 2023 and $12 million for the year ended
December 31, 2022.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
56

The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended
December 31, 2024 and 2023:
Weighted Average Effective
Rate
Stated Rate
2024
2023
Bank Credit Agreement:
Term Loan B-2 (a)
SOFR plus 2.50%
8.17%
7.98%
Term Loan B-3 (a)
SOFR plus 3.00%
8.64%
8.35%
Term Loan B-4 (b)
SOFR plus 3.75%
9.83%
9.77%
Revolving Credit Facility (b) (c)
SOFR plus 2.00%
—%
—%
STG Notes:
5.125% Unsecured Notes
5.13%
5.33%
5.33%
5.500% Unsecured Notes
5.50%
5.66%
5.66%
4.125% Secured Notes
4.13%
4.31%
4.31%
(a)
The STG Term Loan B-2 converted to using the Secured Overnight Financing Rate (“SOFR”) upon the complete phase-out of LIBOR on
June 30, 2023 and was subject to customary credit spread adjustments set at the time of the rate conversion. The STG Term Loan B-3 has
LIBOR to SOFR conversion terms, including the applicable credit spread adjustments, built into the existing agreement.
(b)
Interest rate terms on the STG Term Loan B-4 and revolving credit facility include additional customary credit spread adjustments.
(c)
We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio (as defined in the Bank
Credit Agreement) is less than or equal to 2.75x, less than or equal to 3.0x but greater than 2.75x, or greater than 3.0x, respectively. The
revolving credit facility is priced at SOFR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the Bank
Credit Agreement) is less than or equal to certain levels. As of December 31, 2024 and 2023, there were no outstanding borrowings, $1
million in letters of credit outstanding, and $649 million available under the revolving credit facility. The total revolving credit facility
contains two tranches, one for $612.5 million which expires on April 21, 2027 and one for $37.5 million which expires on December 4, 2025.
See Bank Credit Agreement below for further information.
We recorded a $23 million original issuance discount for the year ended December 31, 2022. Debt issuance costs and original
issuance discounts are presented as a direct deduction from, or addition to, the carrying amount of an associated debt liability,
except for debt issuance costs related to our revolving credit facility, which are presented within other assets in our consolidated
balance sheets.
Bank Credit Agreement
Prior to the refinancing subsequent event discussed in Note 18. Subsequent Events, STG, a wholly owned subsidiary of SBG,
had a syndicated credit facility which includes both revolving credit and issued term loans (the “Bank Credit Agreement”).
The Bank Credit Agreement included a financial maintenance covenant, the first lien leverage ratio (as defined in the Bank
Credit Agreement), which required such ratio not to exceed 4.5x, measured as of the end of each fiscal quarter. As of
December 31, 2024, the STG first lien leverage ratio was below 4.5x. The financial maintenance covenant was only applicable if
35% or more of the capacity (as a percentage of total commitments) under the revolving credit facility, measured as of the last day
of each quarter, was utilized under the revolving credit facility as of such date. Since there was no utilization under the revolving
credit facility as of December 31, 2024, STG was not subject to the financial maintenance covenant under the Bank Credit
Agreement. The Bank Credit Agreement contained other restrictions and covenants which we were in compliance with as of
December 31, 2024.
On April 21, 2022, STG entered into the Fourth Amendment (the “Fourth Amendment”) to the Bank Credit Agreement with
JPMorgan Chase Bank, N.A., as administrative agent, the guarantors party thereto (the “Guarantors”) and the lenders and other
parties thereto.
Pursuant to the Fourth Amendment, STG raised Term B-4 Loans (as defined in the Bank Credit Agreement) in an aggregate
principal amount of $750 million, which mature on April 21, 2029 (the “Term Loan B-4”). The Term Loan B-4 was issued at 97%
of par and bears interest, at STG’s option, at Term SOFR plus 3.75% (subject to customary credit spread adjustments) or base
rate plus 2.75%. The proceeds from the Term Loan B-4 were used to refinance all of STG’s outstanding Term Loan B-1 due
January 2024 and to redeem STG’s outstanding 5.875% senior notes due 2026. In addition, the maturity of $612.5 million of the
total $650 million of revolving commitments under the Bank Credit Agreement were extended to April 21, 2027, with the
remaining $37.5 million continuing to mature on December 4, 2025. For the year ended December 31, 2022, we capitalized an
original issuance discount of $23 million associated with the issuance of the Term Loan B-4, which is reflected as a reduction to
the outstanding debt balance and will be recognized as interest expense over the term of the outstanding debt utilizing the
effective interest method. We recognized a loss on extinguishment of $10 million for the year ended December 31, 2022.
The Term Loan B-2, Term Loan B-3, and Term Loan B-4 amortize in equal quarterly installments in an aggregate amount
equal to 1% of the original amount of such term loan, with the balance being payable on the maturity date.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
57

During the year ended December 31, 2023, STG repurchased $30 million aggregate principal amount of the Term Loan B-2 for
consideration of $26 million. We recognized a gain on extinguishment of $3 million for the year ended December 31, 2023.
During the year ended December 31, 2024, STG repurchased $27 million aggregate principal amount of the Term Loan B-2 for
consideration of $25 million. We recognized a gain on extinguishment of $1 million for the year ended December 31, 2024.
STG Notes
During the year ended December 31, 2022, we purchased $118 million aggregate principal amount of the 5.125% Notes in open
market transactions for consideration of $104 million. The 5.125% Notes acquired during the year ended December 31, 2022
were canceled immediately following their acquisition. We recognized a gain on extinguishment of the 5.125% Notes of $13
million for the year ended December 31, 2022.
During the year ended December 31, 2023, we purchased $7 million, $15 million, and $13 million aggregate principal amount
of the 5.125% Unsecured Notes, the 5.500% Unsecured Notes, and the 4.125% Secured Notes, respectively, in open market
transactions for consideration of $6 million, $8 million, and $8 million, respectively. The STG Notes acquired during the year
ended December 31, 2023 were canceled immediately following their acquisition. We recognized a gain on extinguishment of the
STG Notes of $12 million for the year ended December 31, 2023.
The price at which we may redeem the STG Notes is set forth in the respective indenture of the STG Notes. Also, if we sell
certain of our assets or experience specific kinds of changes of control, the holders of these STG Notes may require us to
repurchase some or all of the outstanding STG Notes.
Debt of Variable Interest Entities and Guarantees of Third-Party Obligations
We jointly, severally, unconditionally, and irrevocably guaranteed $2 million of debt of certain third parties as of both
December 31, 2024 and 2023, all of which related to consolidated VIEs is included in our consolidated balance sheets. We
provide a guarantee of certain obligations of a regional sports network subject to a maximum annual amount of $122 million with
annual escalations of 4% for the next four years. As of December 31, 2024, we have determined that it is not probable that we
would have to perform under any of these guarantees. Additionally, we believe that as of January 1, 2025, we have no further
obligations related to this guarantee, however the counterparty associated with the related agreement may not agree with our
conclusion. See Note 12. Commitments and Contingencies for further discussion.
Interest Rate Swap
During the year ended December 31, 2023, we entered into an interest rate swap effective February 7, 2023 and terminating on
February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional
amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on SOFR. See Hedge
Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies for further discussion. As of
both December 31, 2024 and 2023, the fair value of the interest rate swap was an asset of $1 million, which is recorded in other
assets in our consolidated balance sheets.
Finance Leases
For more information related to our finance leases and affiliate finance leases see Note 7. Leases and Note 14. Related Person
Transactions, respectively.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
58

7.
LEASES:
We determine if a contractual arrangement is a lease at inception. Our lease arrangements provide the Company the right to
utilize certain specified tangible assets for a period of time in exchange for consideration. Our leases primarily relate to building
space, tower space, and equipment. We do not separate non-lease components from our building and tower leases for the
purposes of measuring our lease liabilities and assets. Our leases consist of operating leases and finance leases which are
presented separately in our consolidated balance sheets. Leases with an initial term of 12 months or less are not recorded on the
balance sheet.
We recognize a lease liability and a right of use asset at the lease commencement date based on the present value of the future
lease payments over the lease term discounted using our incremental borrowing rate. Implicit interest rates within our lease
arrangements are rarely determinable. Right of use assets also include, if applicable, prepaid lease payments and initial direct
costs, less incentives received.
We recognize operating lease expense on a straight-line basis over the term of the lease within operating expenses. Expense
associated with our finance leases consists of two components, including interest on our outstanding finance lease obligations
and amortization of the related right of use assets. The interest component is recorded in interest expense and amortization of
the finance lease asset is recognized on a straight-line basis over the term of the lease in depreciation of property and equipment.
Our leases do not contain any material residual value guarantees or material restrictive covenants. Some of our leases include
optional renewal periods or termination provisions which we assess at inception to determine the term of the lease, subject to
reassessment in certain circumstances.
The following table presents lease expense we have recorded in our consolidated statements of operations for the years ended
December 31, 2024, 2023, and 2022 (in millions):
2024
2023
2022
Finance lease expense:
Amortization of finance lease asset
$
4
$
4
$
3
Interest on lease liabilities
3
2
3
Total finance lease expense
7
6
6
Operating lease expense (a)
37
38
41
Total lease expense
$
44
$
44
$
47
(a)
Includes variable lease expense of $6 million for each of the years ended December 31, 2024 and 2023 and $7 million for the year ended
December 31, 2022.
The following table summarizes our outstanding operating and finance lease obligations as of December 31, 2024 (in millions):
Operating
Leases
Finance
Leases
Total
2025
$
31
$
11
$
42
2026
29
11
40
2027
28
8
36
2028
24
6
30
2029
18
6
24
2030 and thereafter
59
10
69
Total undiscounted obligations
189
52
241
Less imputed interest
(37)
(10)
(47)
Present value of lease obligations
$
152
$
42
$
194
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
59

The following table summarizes supplemental balance sheet information related to leases as of December 31, 2024 and
December 31, 2023 (in millions, except lease term and discount rate):
2024
2023
Operating
Leases
Finance
Leases
Operating
Leases
Finance
Leases
Lease assets, non-current
$
123
$
30
(a) $
142
$
12
(a)
Lease liabilities, current
$
22
$
8
$
21
$
6
Lease liabilities, non-current
130
34
152
21
Total lease liabilities
$
152
$
42
$
173
$
27
Weighted average remaining lease term (in years)
7.14
5.62
7.85
5.26
Weighted average discount rate
6.3 %
8.0 %
6.2 %
7.9 %
(a)
Finance lease assets are reflected in property and equipment, net in our consolidated balance sheets.
The following table presents other information related to leases for the years ended December 31, 2024, 2023, and 2022 (in
millions):
2024
2023
2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
33
$
33
$
35
Operating cash flows from finance leases
$
3
$
2
$
3
Financing cash flows from finance leases
$
7
$
7
$
6
Leased assets obtained in exchange for new operating lease liabilities
$
5
$
25
$
15
Leased assets obtained in exchange for new finance lease liabilities
$
22
$
—
$
1
8.
PROGRAM CONTRACTS:
Future payments required under television program contracts as of December 31, 2024 were as follows (in millions):
2025
$
69
2026
9
2027
4
Total
82
Less: Current portion
(69)
Long-term portion of program contracts payable
$
13
Each future period’s film liability includes contractual amounts owed, but what is contractually owed does not necessarily
reflect what we are expected to pay during that period. While we are contractually bound to make the payments reflected in the
table during the indicated periods, industry protocol typically enables us to make film payments on a three-month lag. Included
in the current portion amount are payments due in arrears of $12 million. In addition, we have entered into non-cancelable
commitments for future television program rights aggregating to $48 million as of December 31, 2024.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
60

9.
REDEEMABLE NONCONTROLLING INTERESTS:
We account for redeemable noncontrolling interests in accordance with ASC 480, Distinguishing Liabilities from Equity, and
classify them as mezzanine equity in our consolidated balance sheets because their possible redemption is outside of the control
of the Company. Our redeemable non-controlling interests previously consisted of the following:
Redeemable Subsidiary Preferred Equity
On August 23, 2019, Diamond Sports Holdings, LLC (“DSH”), an indirect parent of DSG and indirect wholly-owned subsidiary
of the Company, issued preferred equity (the “Redeemable Subsidiary Preferred Equity”).
On February 10, 2023, we purchased the remaining 175,000 units of the Redeemable Subsidiary Preferred Equity for an
aggregate purchase price of $190 million representing 95% of the sum of the remaining unreturned capital contribution of $175
million, and accrued and unpaid dividends up to, but not including, the date of purchase.
Dividends accrued for the years ended December 31, 2023 and 2022 were $3 million and $13 million, respectively, and are
reflected in net loss (income) attributable to redeemable noncontrolling interests in our consolidated statements of operations.
Dividends accrued during 2023 and 2022 were paid in kind and added to the liquidation preference.
10.
COMMON STOCK:
Holders of Class A Common Stock are entitled to one vote per share and holders of Class B Common Stock are entitled to ten
votes per share, except for votes relating to “going private” and certain other transactions. Substantially all of the Class B
Common Stock is held by David D. Smith, Frederick G. Smith, J. Duncan Smith and Robert E. Smith who entered into a
stockholders’ agreement pursuant to which they have agreed to vote for each other as candidates for election to the Board until
December 31, 2025. The Class A Common Stock and the Class B Common Stock vote together as a single class, except as
otherwise may be required by Maryland law, on all matters presented for a vote. Holders of Class B Common Stock may at any
time convert their shares into the same number of shares of Class A Common Stock. During 2024, 2023, and 2022, no Class B
Common Stock shares were converted into Class A Common Stock shares.
The Bank Credit Agreement and some of our subordinate debt instruments have restrictions on our ability to pay dividends on
our common stock unless certain specific conditions are satisfied, including, but not limited to:
•
no event of default then exists under each indenture or certain other specified agreements relating to our debt; and
•
after taking into account the dividends payment, we are within certain restricted payment requirements contained
in each indenture.
During 2024 and 2023, the Board declared a quarterly dividend in the months of February, May, August, and November which
were paid in March, June, September, and December, respectively. Total dividend payments for each of the years ended
December 31, 2024 and 2023 were $1.00 per share. In February 2025, the Board declared a quarterly dividend of $0.25 per
share. Future dividends on our common shares, if any, will be at the discretion of the Board and will depend on several factors
including our results of operations, cash requirements and surplus, financial condition, covenant restrictions, and other factors
that the Board may deem relevant. The holders of Class A Common Stock and Class B Common Stock have the same rights
related to dividends.
On August 4, 2020, the Board authorized an additional $500 million share repurchase authorization in addition to the
previous repurchase authorization of $1 billion. There is no expiration date and currently, management has no plans to terminate
this program. No Class A Common Stock was repurchased during the year ended December 31, 2024. As of December 31, 2024,
the total remaining repurchase authorization was $547 million. All shares are repurchased under a Rule 10b5-1 plan.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
61

11.
INCOME TAXES:
The provision (benefit) for income taxes consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in
millions):
2024
2023
2022
Current (benefit) provision for income taxes:
Federal
$
(10)
$
5
$
6
State
4
(5)
3
(6)
—
9
Deferred provision (benefit) for income taxes:
Federal
86
(342)
868
State
(4)
(16)
36
82
(358)
904
Provision (benefit) for income taxes
$
76
$
(358)
$
913
The following is a reconciliation of federal income taxes at the applicable statutory rate to the recorded provision:
2024
2023
2022
Federal statutory rate
21.0 %
21.0 %
21.0 %
Adjustments:
State income taxes, net of federal tax benefit (a)
5.1 %
4.6 %
2.0 %
Valuation allowance (b)
(4.9)%
30.6 %
1.6 %
Pending tax refunds interest income (c)
(3.4)%
— %
— %
Federal tax credits
(1.5)%
0.6 %
(0.2)%
Other
2.8 %
(0.5)%
0.9 %
Effective income tax rate
19.1 %
56.3 %
25.3 %
(a)
Included in state income taxes are deferred income tax effects related to certain acquisitions, intercompany mergers, tax elections, law
changes and/or impact of changes in apportionment.
(b)
Our 2024 income tax provision includes a $19 million decrease in valuation allowance primarily as a result of a change in recent years from
cumulative loss to cumulative earnings in certain state jurisdictions, and a remeasurement of state net deferred tax assets due to state
apportionment updates. Our 2023 income tax provision includes a $212 million decrease related to the release of valuation allowance
associated with the federal interest expense carryforwards under the IRC Section 163(j). Our 2022 income tax provision includes a net
$56 million addition related to an increase in valuation allowance associated with the federal interest expense carryforwards under the IRC
Section 163(j) and primarily offset by a decrease in valuation allowance on certain state deferred tax assets resulting from the
Deconsolidation.
(c)
Our 2024 income tax provision includes a $14 million accrual of interest income attributable to prior years’ pending income tax refund
claims, including an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’
pending income tax refund claims.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
62

Temporary differences between the financial reporting carrying amounts and the tax bases of assets and liabilities give rise to
deferred taxes. Total deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 were as follows (in
millions):
2024
2023
Deferred Tax Assets:
Net operating losses:
Federal
$
86
$
111
State
149
151
IRC Section 163(j) interest expense carryforward
139
93
Tax Credits
91
87
Investment in Bally's securities
62
83
Capitalized research and development expenses
52
38
Other
80
80
659
643
Valuation allowance for deferred tax assets
(101)
(120)
Total deferred tax assets
$
558
$
523
Deferred Tax Liabilities:
Goodwill and intangible assets
$
(360)
$
(367)
Property & equipment, net
(93)
(104)
Investment in DSIH
(405)
(250)
Other
(35)
(54)
Total deferred tax liabilities
(893)
(775)
Net deferred tax liabilities
$
(335)
$
(252)
At December 31, 2024, the Company had approximately $411 million and $3,377 million of gross federal and state net
operating losses, respectively. Except for those without an expiration date, these losses will expire during various years from 2025
to 2044, and some of them are subject to annual limitations under the IRC Section 382 and similar state provisions. As discussed
in Income Taxes within Note 1. Nature of Operations and Summary of Significant Accounting Policies, we establish a valuation
allowance in accordance with the guidance related to accounting for income taxes. As of December 31, 2024, a valuation
allowance has been provided for deferred tax assets related to certain temporary basis differences and a substantial portion of our
available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing
temporary basis differences, alternative tax strategies, current and cumulative losses, and projected future taxable income.
Although realization is not assured for the remaining deferred tax assets, we believe it is more likely than not that they will be
realized in the future. During the year ended December 31, 2024, we decreased our valuation allowance by $19 million to $101
million. The decrease was primarily a result of a change in recent years from cumulative loss to cumulative earnings in certain
state jurisdictions, and a remeasurement of state net deferred tax assets due to state apportionment updates. During the year
ended December 31, 2023, we decreased our valuation allowance by $192 million to $120 million. The decrease was primarily
due to the release of valuation allowance related to interest expense carryforwards under the IRC Section 163(j) offset by a
change in judgment in the realizability of certain state deferred tax assets.
Due to DSG’s emergence from bankruptcy in early 2025, we expect to record a gain upon disposition for tax purposes. This will
result in a material tax payment and movement to certain deferred tax assets and liabilities, primarily those related to investment
in DSIH, net operating losses, and tax credits.
The following table summarizes the activity related to our accrued unrecognized tax benefits (in millions):
2024
2023
2022
Balance at January 1,
$
14
$
17
$
15
Additions related to prior year tax positions
—
—
2
Additions related to current year tax positions
1
1
1
Reductions related to settlements with taxing authorities
—
(2)
—
Reductions related to expiration of the applicable statute of limitations
—
(2)
(1)
Balance at December 31,
$
15
$
14
$
17
We are subject to U.S. federal income tax as well as income tax of multiple state jurisdictions. Our 2014 through 2020 federal
tax returns are currently under audit, and several of our subsidiaries are currently under state examinations for various years. We
do not anticipate that resolution of these matters will result in a material change to our consolidated financial statements. In
addition, we do not believe that our liability for unrecognized tax benefits would be materially impacted, in the next twelve
months, as a result of expected statute of limitations expirations and resolution of examination issues and settlements with tax
authorities.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
63

12.
COMMITMENTS AND CONTINGENCIES:
Litigation, Claims, and Regulatory Matters
We are a party to lawsuits, claims, and regulatory matters from time to time in the ordinary course of business. Actions
currently pending are in various stages and no material judgments or decisions have been rendered by hearing boards or courts
in connection with such actions. Except as noted below, we do not believe the outcome of these matters, individually or in the
aggregate, will have a material effect on the Company’s financial statements.
FCC Matters. On May 22, 2020, the Federal Communications Commission (“FCC”) released an Order and Consent Decree
pursuant to which the Company agreed to pay $48 million to resolve the matters covered by a Notice of Apparent Liability for
Forfeiture (“NAL”) issued in December 2017 proposing a $13 million fine for alleged violations of the FCC’s sponsorship
identification rules by the Company and certain of its subsidiaries, the FCC’s investigation of the allegations raised in the Hearing
Designation Order issued in connection with the Company’s proposed acquisition of Tribune, and a retransmission related
matter. The Company submitted the $48 million payment on August 19, 2020. As part of the consent decree, the Company also
agreed to implement a four year compliance plan (which compliance plan terminated on May 29, 2024). Two petitions were filed
on June 8, 2020 seeking reconsideration of the Order and Consent Decree. The Company filed an opposition to the petitions on
June 18, 2020, and the petitions remain pending.
On September 1, 2020, one of the individuals who filed a petition for reconsideration of the Order and Consent Decree filed a
petition to deny the license renewal application of WBFF(TV), Baltimore, MD, and the license renewal applications of two other
Baltimore, MD stations with which the Company has a JSA or LMA, Deerfield Media station WUTB(TV) and Cunningham
Broadcasting Corporation (“Cunningham”) station WNUV(TV). The Company filed an opposition to the petition on October 1,
2020. On January 18, 2024, a motion was filed to request substitution of the petitioner, who is deceased. On January 29, 2024,
the Company filed (1) an opposition to the motion for substitution and (2) a motion to dismiss the petition to deny the renewal
applications. An opposition was filed to the motion to dismiss on February 5, 2024, and the Company timely filed its reply on
February 13, 2024, and the matter remains pending. Licensees are authorized to continue operating stations in accordance with
their existing licenses while their renewal applications are pending before the FCC.
On September 2, 2020, the FCC adopted a Memorandum Opinion and Order and NAL against the licensees of several stations
with whom the Company has LMAs, JSAs, and/or SSAs in response to a complaint regarding those stations’ retransmission
consent negotiations. The NAL proposed a $0.5 million penalty for each station, totaling $9 million. The licensees filed a
response to the NAL on October 15, 2020, asking the FCC to dismiss the proceeding or, alternatively, to reduce the proposed
forfeiture to $25,000 per station. On July 28, 2021, the FCC issued a forfeiture order in which the $0.5 million penalty was
upheld for all but one station. A Petition for Reconsideration of the forfeiture order was filed on August 7, 2021. On March 14,
2022, the FCC released a Memorandum Opinion and Order and Order on Reconsideration, which reaffirmed the forfeiture order,
and dismissed (and in the alternative, denied) the Petition for Reconsideration, and stated that because the fines were not paid
within the period stated in the July 2021 forfeiture order the FCC may refer the case to the U.S. Department of Justice (“DOJ”)
for enforcement of the forfeiture pursuant to Section 504 of the Communications Act. Our understanding is that enforcement
remains pending. The Company is not a party to this forfeiture order; however, our consolidated financial statements include an
accrual of additional expenses of $8 million for the above legal matters during the year ended December 31, 2021, as we
consolidate these stations as VIEs.
On September 21, 2022, the FCC released an NAL against the licensees of a number of stations, including 83 Company stations
and several stations with whom the Company has LMAs, JSAs, and/or SSAs, for violation of the FCC’s limitations on commercial
matter in children’s television programming related to KidsClick network programming distributed by the Company in 2018. The
NAL proposed a fine of $2.7 million against the Company, and fines ranging from $20,000 to $26,000 per station for the other
licensees, including the LMA, JSA, and/or SSA stations, for a total of $3.4 million. As of December 31, 2024, we have accrued
$3.4 million. On October 21, 2022, the Company filed a written response seeking reduction of the proposed fine amount. On
September 6, 2024, the FCC denied the Company’s request for reduction of the fine (and similar requests filed by certain other
licensees) and issued a forfeiture order imposing the fine as proposed in the NAL. The Company and all other affected licensees
filed a joint petition for reconsideration of the forfeiture order on October 7, 2024 and the matter remains pending.
Other Matters. On November 6, 2018, the Company agreed to enter into a proposed consent decree with the DOJ. This consent
decree resolves the DOJ’s investigation into the sharing of pacing information among certain stations in some local markets. The
DOJ filed the consent decree and related documents in the U.S. District Court for the District of Columbia on November 13, 2018.
The U.S. District Court for the District of Columbia entered the consent decree on May 22, 2019. The consent decree is not an
admission of any wrongdoing by the Company and does not subject the Company to any monetary damages or penalties. The
Company believes that even if the pacing information was shared as alleged, it would not have impacted any pricing of
advertisements or the competitive nature of the market. The consent decree requires the Company to adopt certain antitrust
compliance measures, including the appointment of an Antitrust Compliance Officer, consistent with what the DOJ has required
in previous consent decrees in other industries. The consent decree also requires the Company’s stations not to exchange pacing
and certain other information with other stations in their local markets, which the Company’s management had already
instructed them not to do.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
64

The Company is aware of twenty-two putative class action lawsuits that were filed against the Company following published
reports of the DOJ investigation into the exchange of pacing data within the industry. On October 3, 2018, these lawsuits were
consolidated in the Northern District of Illinois. The consolidated action alleges that the Company and thirteen other
broadcasters conspired to fix prices for commercials to be aired on broadcast television stations throughout the United States and
engaged in unlawful information sharing, in violation of the Sherman Antitrust Act. The consolidated action seeks damages,
attorneys’ fees, costs and interest, as well as injunctions against adopting practices or plans that would restrain competition in
the ways the plaintiffs have alleged. The Court denied the defendants’ motion to dismiss on November 6, 2020. Discovery
commenced shortly after that and is continuing. On December 8, 2023, the Court granted final approval of the settlements the
plaintiffs had reached with four of the original defendants (CBS, Fox, Cox Media, and ShareBuilders), who agreed to pay a total of
$48 million to settle the plaintiffs’ claims against them. The plaintiffs are continuing to pursue their claims against the Company
and the other non-settling defendants. Under the current schedule set by the Court, fact discovery is scheduled to close 90 days
after a Special Master completes his review of the plaintiffs’ objections to the defendants’ privilege claims. The plaintiffs have
paused their depositions of fact witnesses pending completion of the privilege review. The privilege review is ongoing and the
Special Master has not indicated when he expects it to be completed; however, the Court, at a status conference in December
2024, urged the parties to restart depositions in April 2025 even if the privilege review is not complete by then. On December 6,
2024, the plaintiffs filed a motion seeking sanctions against the Company in connection with the loss of certain cell phone data.
On February 4, 2025, following a briefing on that motion, the Court heard arguments and took the motion under advisement.
The Court scheduled the next status conference for March 18, 2025.
The Company and the other non-settling defendants
continue to believe the lawsuits are without merit and intend to vigorously defend themselves against all such claims.
On July 19, 2023, as part of the bankruptcy proceedings of DSG, at such time, an independently managed and unconsolidated
subsidiary of Sinclair, DSG and its wholly-owned subsidiary, Diamond Sports Net, LLC, filed a complaint (the “Diamond
Litigation”), under seal, in the United States Bankruptcy Court for the Southern District of Texas naming certain subsidiaries of
Sinclair, including SBG and STG and certain officers of SBG and STG, as defendants.
In the complaint, plaintiffs challenged a series of transactions involving SBG and certain of its subsidiaries, on the one hand,
and DSG and its subsidiaries, on the other hand, since SBG acquired the former Fox Sports regional sports networks from The
Walt Disney Company in August 2019. The complaint alleged, among other things, that the management services agreement (the
“MSA”) entered into by STG and DSG was not fair to DSG and was designed to benefit STG and SBG; that the Bally’s transaction
in November 2020 through which Bally’s acquired naming rights to certain regional sports networks was not fair to DSG and was
designed to benefit STG and SBG; and that certain distributions made by DSG that were used to pay down preferred equity of
DSH, were inappropriate and were conducted at a time when DSG was insolvent. The complaint also alleged that SBG and its
subsidiaries (other than DSG and its subsidiaries) received payments or indirect benefits of approximately $1.5 billion as a result
of the alleged misconduct. The complaint asserted a variety of claims, including certain fraudulent transfers of assets, unlawful
distributions and payments, breaches of contracts, unjust enrichment and breaches of fiduciary duties. The plaintiffs sought,
among other relief, avoidance of fraudulent transfers and unlawful distributions, and unspecified monetary damages to be
determined.
On March 1, 2024, the court approved a global settlement and release of all claims associated with the Diamond Litigation,
which settlement included an amendment to the MSA. Sinclair entered into the settlement, without admitting any fault or
wrongdoing. The settlement terms included, among other things, DSG’s dismissal with prejudice of its $1.5 billion litigation
against Sinclair and all other defendants, along with the full and final satisfaction and release of all claims in that litigation
against all defendants, including Sinclair and its subsidiaries, in exchange for Sinclair’s cash payment to DSG of $495 million.
Additionally, under the terms of the settlement, Sinclair would provide transition services to DSG to allow DSG to become a self-
standing entity going forward. During the first quarter of 2024, we paid $50 million related to the settlement. The final
settlement payment was made during the second quarter of 2024 and of the total $495 million settlement amount paid, $347
million was paid by STG and $148 million was paid by Ventures. On January 2, 2025, DSG announced that it had emerged from
bankruptcy, at which time, Sinclair’s equity interest in DSG was terminated.
As described under Note 6. Notes Payable and Commercial Bank Financing we have provided a guarantee that requires us to
provide funding to the Marquee Sports Network (“Marquee”) under certain circumstances. On July 19, 2024, Marquee sent us a
funding notice seeking $29 million under the Marquee guarantee by August 1, 2024 purportedly to make payments under certain
agreements to affiliates of the Chicago Cubs, an affiliate of which is also a co-owner of Marquee. Based on the information
provided to us by Marquee, Marquee has sufficient cash to make such payments without funding under the Marquee guarantee.
For this and other reasons, we do not believe we are contractually required to provide funding under the Marquee guarantee at
this time and have so informed Marquee. On August 2, 2024, Marquee sent us another letter claiming that our failure to timely
pay the amounts subject to Marquee’s funding notice constitutes a breach of the Marquee guarantee and requesting payment of
such amounts no later than August 17, 2024 at which time Marquee has stated it will pursue any and all available remedies
pursuant to the Marquee guarantee. As of January 1, 2025, we believe we have no further obligations related to the guarantee,
however, Marquee may not agree with our conclusion. This dispute may result in litigation, and based on our expectation of
Marquee’s claims, we believe we have meritorious defenses and intend to vigorously defend against such claims.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
65

Changes in the Rules of Television Ownership, Local Marketing Agreements, Joint Sales Agreements,
Retransmission Consent Negotiations, and National Ownership Cap
Certain of our stations have entered into what have commonly been referred to as local marketing agreements or LMAs. One
typical type of LMA is a programming agreement between two separately owned television stations serving the same market,
whereby the licensee of one station programs substantial portions of the broadcast day and sells advertising time during such
programming segments on the other licensee’s station subject to the latter licensee’s ultimate editorial and other controls. We
believe these arrangements allow us to reduce our operating expenses and enhance profitability.
In 1999, the FCC established a local television ownership rule that made certain LMAs attributable. The FCC adopted policies
to exempt from attribution “legacy” LMAs that were entered into prior to November 5, 1996 and permitted the applicable stations
to continue operations pursuant to the LMAs until the conclusion of the FCC’s 2004 biennial review. The FCC stated it would
conduct a case-by-case review of legacy LMAs and assess the appropriateness of extending the exemption periods. The FCC did
not initiate any review of legacy LMAs in 2004 or as part of its subsequent quadrennial reviews. We do not know when, or if, the
FCC will conduct any such review of legacy LMAs. Currently, all of our LMAs are exempt from attribution under the local
television ownership rule because they were entered into prior to November 5, 1996. If the FCC were to eliminate the exemption
for these LMAs, we would have to terminate or modify these LMAs.
In September 2015, the FCC released a Notice of Proposed Rulemaking in response to a Congressional directive in STELAR to
examine the “totality of the circumstances test” for good-faith negotiations of retransmission consent. The proposed rulemaking
seeks comment on new factors and evidence to consider in its evaluation of claims of bad faith negotiation, including service
interruptions prior to a “marquee sports or entertainment event,” restrictions on online access to broadcast programming during
negotiation impasses, broadcasters’ ability to offer bundles of broadcast signals with other broadcast stations or cable networks,
and broadcasters’ ability to invoke the FCC’s exclusivity rules during service interruptions. On July 14, 2016, the FCC’s Chairman
at the time announced that the FCC would not, at that time, proceed to adopt additional rules governing good faith negotiations
of retransmission consent but did not formally terminate the rulemaking. No formal action has yet been taken on this Proposed
Rulemaking, and we cannot predict if the FCC will terminate the rulemaking or take other action.
On November 20, 2017, the FCC released an Ownership Order on Reconsideration that eliminated or revised several media
ownership rules. Among other things, the Order on Reconsideration (1) retained the “Top-Four Prohibition” (which generally
restricts common ownership of two top-four rated stations in a market) but introduced a process by which entities could seek a
waiver of the Top-Four Prohibition on a case-by-case basis; (2) eliminated the “Eight-Voices Test” that previously allowed
common ownership of two stations in a single market only if eight or more independently-owned television stations would
remain in the market (allowing common ownership of up to two stations in a market as long as such ownership does not violate
the Top-Four Prohibition), and (3) eliminated the JSA attribution rule. The Ownership Order on Reconsideration was vacated
and remanded by the U.S. Court of Appeals for the Third Circuit in September 2019, but the Supreme Court ultimately reversed
the Third Circuit’s decision on April 1, 2021 and the Ownership Order on Reconsideration became effective on June 30, 2021.
On December 18, 2017, the FCC released a Notice of Proposed Rulemaking to examine the FCC’s national ownership cap,
including the UHF discount. The UHF discount allows television station owners to discount the coverage of UHF stations when
calculating compliance with the FCC’s national ownership cap, which prohibits a single entity from owning television stations
that reach, in total, more than 39% of all the television households in the nation. All but 21 of the stations we currently own and
operate, or to which we provide programming services, are UHF. We cannot predict the outcome of the rulemaking proceeding.
With the application of the UHF discount counting all our present stations we reach approximately 24% of U.S. households.
Changes to the national ownership cap could limit our ability to make television station acquisitions.
On December 22, 2023, the FCC completed its 2018 Quadrennial Regulatory Review (the “2018 Ownership Order”). The 2018
Ownership Order declined to loosen or eliminate any of the existing television ownership rules and expanded the Top-Four
Prohibition to multicast streams and LPTV stations, each of which were not previously considered as part of the local television
ownership rules. The expanded rule prohibits a broadcaster with a top-four-rated television station from acquiring the network
affiliation of another top-four rated station in the market and airing that second top-four network on a multicast stream or
commonly owned LPTV station under certain circumstances. Affiliation arrangements existing as of the release of the 2018
Ownership Order that would otherwise violate the expanded Top-Four Prohibition will not be subject to divestiture, but such
arrangements will not be transferrable or assignable absent case-by-case approval. The 2018 Ownership Order also revised the
methodology for determining whether a station is rated among the top-four stations in the market, retained the SSA disclosure
requirement, and declined to attribute SSAs or JSAs. The 2018 Ownership Order’s expansion of the Top-Four Prohibition to
multicast streams and LPTV stations may affect the Company’s ability to acquire programming or to sell or acquire stations due
to the need to divest grandfathered affiliations. Broadcast industry parties filed three separate appeals of the 2018 Ownership
Order which were consolidated in March 2024 and remain pending before the U.S. Court of Appeals for the Eighth Circuit. We
cannot predict the outcome of these appeals.
On December 22, 2022, the FCC released a Public Notice to initiate the 2022 Quadrennial Regulatory Review, seeking
comment on the Local Radio Ownership Rule, the Local Television Ownership Rule, and the Dual Network Rule. This proceeding
remains pending. We cannot predict the outcome of that rulemaking proceeding. Changes to these rules could impact our ability
to make radio or television station acquisitions.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
66

13.
VARIABLE INTEREST ENTITIES:
Certain of our stations provide services to other station owners within the same respective market through agreements, such as
LMAs, where we provide programming, sales, operational, and administrative services, and JSAs and SSAs, where we provide
non-programming, sales, operational, and administrative services. In certain cases, we have also entered into purchase
agreements or options to purchase the license related assets of the licensee. We typically own the majority of the non-license
assets of the stations, and in some cases where the licensee acquired the license assets concurrent with our acquisition of the non-
license assets of the station, we have provided guarantees to the bank for the licensee’s acquisition financing. The terms of the
agreements vary but generally have initial terms of over five years with several optional renewal terms. Based on the terms of the
agreements and the significance of our investment in the stations, we are the primary beneficiary when, subject to the ultimate
control of the licensees, we have the power to direct the activities which significantly impact the economic performance of the
VIE through the services we provide and we absorb losses and returns that would be considered significant to the VIEs. The fees
paid between us and the licensees pursuant to these arrangements are eliminated in consolidation.
The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in
our consolidated balance sheets as of December 31, 2024 and 2023 were as follows (in millions):
2024
2023
ASSETS
Current assets:
Accounts receivable, net
$
18
$
23
Other current assets
3
3
Total current asset
21
26
Property and equipment, net
8
11
Goodwill and indefinite-lived intangible assets
15
15
Definite-lived intangible assets, net
26
33
Total assets
$
70
$
85
LIABILITIES
Current liabilities:
Other current liabilities
$
13
$
14
Long-term liabilities:
Notes payable, finance leases, and commercial bank financing, less current portion
5
6
Other long-term liabilities
3
3
Total liabilities
$
21
$
23
The amounts above represent the combined assets and liabilities of the VIEs described above, for which we are the primary
beneficiary. Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs, which are
excluded from above, were $128 million and $130 million as of December 31, 2024 and December 31, 2023, respectively, as these
amounts are eliminated in consolidation. The assets of each of these consolidated VIEs can only be used to settle the obligations
of the VIE. As of December 31, 2024, all of the liabilities are non-recourse to us except for the debt of certain VIEs. See Debt of
Variable Interest Entities and Guarantees of Third-Party Obligations under Note 6. Notes Payable and Commercial Bank
Financing for further discussion. The risk and reward characteristics of the VIEs are similar.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
67

Other VIEs
We have several investments in entities which are considered VIEs. However, we do not participate in the management of
these entities, including the day-to-day operating decisions or other decisions which would allow us to control the entity, and
therefore, we are not considered the primary beneficiary of these VIEs.
The carrying amounts of our investments in these VIEs for which we are not the primary beneficiary were $79 million and $192
million as of December 31, 2024 and 2023, respectively, and are included in other assets in our consolidated balance sheets. See
Note 5. Other Assets for more information related to our equity investments. Our maximum exposure is equal to the carrying
value of our investments. The income and loss related to equity method investments and other equity investments are recorded
in income from equity method investments and other income (expense), net, respectively, in our consolidated statements of
operations. We recorded a loss of $65 million, a gain of $27 million, and a gain of $58 million for the years ended December 31,
2024, 2023, and 2022, respectively, related to these investments.
Prior to DSG’s emergence from bankruptcy on January 2, 2025, we held substantially all the equity of DSIH and provided
certain management and general and administrative services to subsidiaries of DSIH. However, it was determined that we were
not the primary beneficiary because we lacked the ability to control the activities that most significantly drove the economics of
the business. As of December 31, 2024, the carrying amount of our investment in DSIH was zero and there was no obligation for
us to provide additional financial support.
We were also party to the A/R Facility held by an indirect wholly-owned subsidiary of DSIH which had a maturity date of
September 23, 2024. The A/R Facility was terminated on March 14, 2024. See Note Receivable within Note 5. Other Assets.
14.
RELATED PERSON TRANSACTIONS:
Transactions With Our Controlling Shareholders
David, Frederick, J. Duncan, and Robert Smith (collectively, the “controlling shareholders”) are brothers and hold
substantially all of our Class B Common Stock and some of our Class A Common Stock. We engaged in the following transactions
with them and/or entities in which they have substantial interests:
Leases.
Certain assets used by us and our operating subsidiaries are leased from entities owned by the controlling
shareholders. Lease payments made to these entities were $6 million for each of the years ended December 31, 2024, 2023, and
2022.
Finance leases payable related to the aforementioned relationships were $12 million, net of $2 million interest, and $7 million,
net of $1 million interest, as of December 31, 2024 and 2023, respectively. The finance leases mature in periods through 2030.
For further information on finance leases to affiliates, see Note 6. Notes Payable and Commercial Bank Financing.
Charter Aircraft. We lease aircraft owned by certain controlling shareholders. For all leases, we incurred aggregate expenses
of $0.1 million, $0.2 million and $0.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.
Investments. During the year ended December 31, 2023, we made an investment of $22 million in a company in which certain
of our controlling shareholders also hold an equity interest.
Real Estate Sales. A real estate project we had an investment in was purchased by a controlling shareholder during the year
ended December 31, 2024. We recognized a gain of $4 million for the year ended December 31, 2024 as a result of this
transaction.
The Baltimore Sun. David Smith is the majority shareholder of The Baltimore Sun. We have entered into agreements with The
Baltimore Sun to provide independent contractor services, sales representation, news resource sharing, and content sharing. In
relation to these agreements, we recorded revenue of $0.3 million for the year ended December 31, 2024.
Cunningham Broadcasting Corporation
Cunningham owns a portfolio of television stations, including: WNUV-TV Baltimore, Maryland; WRGT-TV Dayton, Ohio;
WVAH-TV Charleston, West Virginia; WMYA-TV Anderson, South Carolina; WTTE-TV Columbus, Ohio; WDBB-TV
Birmingham, Alabama; WBSF-TV Flint, Michigan; WGTU-TV/WGTQ-TV Traverse City/Cadillac, Michigan; WEMT-TV Tri-
Cities, Tennessee; WYDO-TV Greenville, North Carolina; KBVU-TV/KCVU-TV Eureka/Chico-Redding, California; WPFO-TV
Portland, Maine; KRNV-DT/KENV-DT Reno, Nevada/Salt Lake City, Utah; and KTXD-TV in Dallas, Texas (collectively, the
Cunningham Stations). Certain of our stations provide services to these Cunningham Stations pursuant to LMAs or JSAs and
SSAs. See Note 13. Variable Interest Entities, for further discussion of the scope of services provided under these types of
arrangements.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
68

All of the non-voting stock of the Cunningham Stations is owned by trusts for the benefit of the children of our controlling
shareholders. We consolidate certain subsidiaries of Cunningham with which we have variable interests through various
arrangements related to the Cunningham Stations.
The services provided to WNUV-TV, WMYA-TV, WTTE-TV, WRGT-TV and WVAH-TV are governed by a master agreement
which has a current term that expires on July 1, 2028 and there is one additional five-year renewal terms remaining with final
expiration on July 1, 2033. We also executed purchase agreements to acquire the license related assets of these stations from
Cunningham, which grant us the right to acquire, and grant Cunningham the right to require us to acquire, subject to applicable
FCC rules and regulations, 100% of the capital stock or the assets of these individual subsidiaries of Cunningham. Pursuant to the
terms of this agreement we are obligated to pay Cunningham an annual fee for the television stations equal to the greater of (i)
3% of each station’s annual net broadcast revenue or (ii) $6 million. The aggregate purchase price of these television stations
increases by 6% annually. A portion of the fee is required to be applied to the purchase price to the extent of the 6% increase. The
cumulative prepayments made under these purchase agreements were $69 million and $65 million as of December 31, 2024 and
2023, respectively. The remaining aggregate purchase price of these stations, net of prepayments, was $54 million for both the
years ended December 31, 2024 and 2023. Additionally, we provide services to WDBB-TV pursuant to an LMA, which expires
April 22, 2030, and have a purchase option to acquire for $0.2 million. We paid Cunningham, under these agreements, $12
million for each of the years ended December 31, 2024 and 2023 and $10 million for the year ended December 31, 2022.
The agreements with KBVU-TV/KCVU-TV, KRNV-DT/KENV-DT, WBSF-TV, WDBB-TV, WEMT-TV, WGTU-TV/WGTQ-TV,
WPFO-TV, and WYDO-TV expire between August 2025 and April 2030, and certain stations have renewal provisions for
successive eight-year periods.
As we consolidate the licensees as VIEs, the amounts we earn or pay under the arrangements are eliminated in consolidation
and the gross revenues of the stations are reported in our consolidated statements of operations. Our consolidated revenues
include $155 million, $140 million, and $159 million for the years ended December 31, 2024, 2023, and 2022, respectively,
related to the Cunningham Stations.
We have an agreement with Cunningham to provide master control equipment and provide master control services to a station
in Johnstown, PA with which Cunningham has an LMA that expires in June 2025. Under the agreement, Cunningham paid us an
initial fee of $1 million and pays us $0.3 million annually for master control services plus the cost to maintain and repair the
equipment. In addition, we have an agreement with Cunningham to provide a news share service with the Johnstown, PA station
for an annual fee of $0.6 million which increases by 3% on each anniversary and which expires in November 2025.
We have multi-cast agreements with Cunningham Stations in the Eureka/Chico-Redding, California; Tri-Cities, Tennessee;
Anderson, South Carolina; Baltimore, Maryland; Portland, Maine; Charleston, West Virginia; Dallas, Texas; and Greenville,
North Carolina markets. In exchange for carriage of these networks in their markets, we paid $2 million for each of the years
ended December 31, 2024 and 2023 and $1 million for the year ended December 31, 2022 under these agreements.
Leased Property by Real Estate Ventures
Prior to September 2024, certain of our real estate ventures entered into leases with entities owned by members of the Smith
Family. Total rent received under these leases was $1 million for each of the years ended December 31, 2024, 2023, and 2022.
WG Communications Group.
The wife of Robert Weisbord, our Chief Operating Officer and President of Local Media, has an ownership interest in WG
Communications Group (“WGC”). We received revenue from advertisers represented by WGC of $0.3 million for each of the
years ended December 31, 2024, 2023, and 2022 and made payments to WGC of $0.1 million for the year ended December 31,
2024 and less than $0.1 million each of the years ended December 31, 2023 and 2022.
Diamond Sports Intermediate Holdings LLC
Up until DSG’s emergence from bankruptcy on January 2, 2025, we accounted for our equity interest in DSIH as an equity
method investment, however we no longer hold an equity interest in DSIH subsequent to DSG’s emergence.
Management Services Agreement. We had a management services agreement with DSG, a wholly-owned subsidiary of DSIH,
in which we provided DSG with affiliate sales and marketing services and general and administrative services. Pursuant to this
agreement, the local media segment recorded $60 million, $49 million, and $60 million of revenue for the years ended
December 31, 2024, 2023, and 2022, respectively, of which $24 million was eliminated in consolidation prior to the
Deconsolidation for the year ended December 31, 2022.
Distributions. DSIH made distributions to DSH for tax payments on the dividends of the Redeemable Subsidiary Preferred
Equity of $7 million for the year ended December 31, 2022.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
69

Note receivable. For the year ended December 31, 2023, we received payments totaling $203 million related to the note
receivable associated with the A/R facility, including $199 million from DSPV on May 10, 2023, representing the aggregate
outstanding principal amount of the loans under the A/R Facility, accrued interest, and outstanding fees and expenses. For the
year ended December 31, 2022, we received payments totaling $60 million from DSPV and funded an additional $40 million
related to the note receivable associated with the A/R Facility.
We recorded revenue of $14 million, $19 million, and $15 million for the years ended December 31, 2024, 2023, and 2022,
respectively, within other related to certain other transactions between DSIH and the Company.
Other Equity Method Investees
YES Network. In August 2019, YES Network, which was accounted for as an equity method investment prior to the
Deconsolidation, entered into a management services agreement with the Company, in which the Company provides certain
services for an initial term that expires on August 29, 2025. The agreement will automatically renew for two 2-year renewal
terms, with a final expiration on August 29, 2029. Pursuant to the terms of the agreement, the YES Network paid us a
management services fee of $1 million for the year ended December 31, 2022.
DSIH had a minority interest in certain mobile production businesses. Prior to the Deconsolidation, we accounted for these as
equity method investments. DSIH made payments to these businesses for production services totaling $5 million for the year
ended December 31, 2022.
Sports Programming Rights
Affiliates of professional teams had non-controlling equity interests in certain of the RSNs. DSIH paid $61 million for the year
ended December 31, 2022 under sports programming rights agreements covering the broadcast of regular season games
associated with these professional teams. Prior to the Deconsolidation, these payments were recorded in our consolidated
statements of operations and cash flows.
Employees
Jason Smith, Executive Vice Chairman of the Company, is the son of Frederick Smith, who is a Vice President of the Company
and a member of the Board. Jason Smith received total compensation of $1 million, consisting of salary and bonus, for each of
the years ended December 31, 2024, 2023, and 2022 and was granted 37,566 shares of restricted stock, vesting over two years,
and 500,000 stock appreciation rights, vesting over two years, for the year ended December 31, 2024.
Ethan White, an employee of the Company, is the son-in-law of J. Duncan Smith, who is a Vice President of the Company and
Secretary of the Board. Ethan White received total compensation of $0.2 million for each of the years ended December 31, 2024
and 2023 and $0.1 million for the year ended December 31, 2022, consisting of salary and bonus, and was granted 1,503 shares
of restricted stock, vesting over two years, and 1,252 shares of restricted stock, vesting over two years, for the years ended
December 31, 2024 and 2023, respectively.
Amberly Thompson, an employee of the Company, is the daughter of Donald Thompson, who is an Executive Vice President
and Chief Human Resources Officer of the Company. Amberly Thompson received total compensation of $0.2 million for each of
the years ended December 31, 2024 and 2023 and $0.1 million for the year ended December 31, 2022, consisting of salary and
bonus.
Frederick Smith is the brother of David Smith, Executive Chairman of the Company and Chairman of the Board; J. Duncan
Smith; and Robert Smith, a member of the Board. Frederick Smith received total compensation of $1 million for each of the years
ended December 31, 2024, 2023, and 2022, consisting of salary, bonus, and earnings related to Frederick Smith’s participation in
the Company’s deferred compensation plan.
J. Duncan Smith is the brother of David Smith, Frederick Smith, and Robert Smith. J. Duncan Smith received total
compensation of $1 million for each of the years ended December 31, 2024, 2023, and 2022, consisting of salary and bonus.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
70

15.
EARNINGS PER SHARE:
The following table reconciles income (“numerator”) and shares (“denominator”) used in our computations of earnings per
share for the years ended December 31, 2024, 2023, and 2022 (in millions, except share amounts which are reflected in
thousands):
2024
2023
2022
Income (“Numerator”)
Net (loss) income
$
319
$
(279)
$
2,701
Net loss (income) attributable to the redeemable noncontrolling interests
—
4
(20)
Net income attributable to the noncontrolling interests
(9)
(16)
(29)
Numerator for basic and diluted earnings per common share available to
common shareholders
$
310
$
(291)
$
2,652
Shares (“Denominator”)
Basic weighted-average common shares outstanding
65,782
65,125
70,653
Dilutive effect of stock settled appreciation rights and outstanding stock options
314
—
3
Diluted weighted-average common and common equivalent shares outstanding
66,096
65,125
70,656
The net earnings per share amounts are the same for Class A and Class B Common Stock because the holders of each class are
legally entitled to equal per share distributions whether through dividends or in liquidation.
The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands)
that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-
dilutive.
2024
2023
2022
Weighted-average stock-settled appreciation rights and outstanding stock
options excluded
5,626
4,425
3,370
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
71

16.
SEGMENT DATA:
For the year ended December 31, 2024, we had two reportable segments: local media and tennis. Our local media segment
includes our television stations, original networks and content and provides these through free over-the-air programming to
television viewing audiences for stations in markets located throughout the continental United States, as well as distributes the
content of these stations to MVPDs for distribution to their customers in exchange for contractual fees. Our tennis segment
provides viewers coverage of many of tennis’ top tournaments and original professional sport and tennis lifestyle shows. Prior to
the Deconsolidation on March 1, 2022, we had one additional reportable segment: local sports. Our local sports segment
consisted of RSNs, which owned the exclusive rights to air, among other sporting events, the games of professional sports teams
in designated local viewing areas. Other and corporate are not reportable segments but are included for reconciliation purposes.
Other primarily consists of non-broadcast digital and internet solutions, technical services, and non-media investments.
Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location.
As a result of the Reorganization, the local media segment assets are owned and operated by SBG, the assets of the tennis
segment are owned and operated by Ventures, and the other Transferred Assets, which are included in other and corporate, are
owned and operated by Ventures.
All of our businesses and operations are located within the United States. We define our segments on the basis of the way in
which internally reported financial information is reviewed by our chief operating decision maker (“CODM”). Our chief executive
officer is the CODM of the organization. The CODM meets regularly with segment managers to review performance, significant
initiatives, opportunities, and key operating processes. The CODM measures segment performance based on operating income
(loss) and considers budget-to-actual and forecast-to-actual variances on a quarterly basis for making decisions on the
Company’s strategy and allocation of resources.
Segment financial information reviewed by the CODM is included in the following tables for the years ended December 31,
2024, 2023, and 2022 (in millions):
As of December 31, 2024
Local media
Tennis
Other &
Corporate
Eliminations
Consolidated
Goodwill
$
2,016
$
61
$
5
$
—
$
2,082
Assets
4,591
253
1,043
(2)
5,885
As of December 31, 2023
Local media
Tennis
Other &
Corporate
Eliminations
Consolidated
Goodwill
$
2,016
$
61
$
5
$
—
$
2,082
Assets
4,747
293
1,048
(3)
6,085
For the year ended December 31, 2024
Local media
Tennis
Other &
Corporate
Eliminations
Consolidated
Revenue
$
3,254
$
247
$
76
$
(29) (b) $
3,548
Media programming and production expenses
1,536
125
—
—
1,661
Media selling, general and administrative expenses
742
53
21
(22)
794
Depreciation of property and equipment and
amortization of definite-lived intangible assets and
other assets
231
21
2
(4)
250
Amortization of program costs
74
—
—
—
74
Corporate general and administrative expenses
117
2
66
—
185
Gain on asset dispositions and other, net of
impairment
(18)
—
(2)
—
(20)
Other segment items (a)
8
—
48
(3)
53
Operating income (loss)
$
564
$
46
$
(59) $
—
$
551
Interest expense including amortization of debt
discount and deferred financing costs
$
304
$
—
$
—
$
—
$
304
(Loss) income from equity method investments
—
(3)
121
—
118
Gain on extinguishment of debt
1
—
—
—
1
Other income (expense), net
40
—
(11)
—
29
Income before income taxes
$
395
Capital expenditures
$
80
$
1
$
5
$
(2)
$
84
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
72

For the year ended December 31, 2023
Local media
Tennis
Other &
Corporate
Eliminations
Consolidated
Revenue
$
2,866
$
228
$
62
$
(22) (b)
$
3,134
Media programming and production expenses
1,488
115
13
(5)
1,611
Media selling, general and administrative expenses
694
41
22
(10)
747
Depreciation of property and equipment and
amortization of definite-lived intangible assets and
other assets
243
21
10
(3)
271
Amortization of program costs
80
—
—
—
80
Corporate general and administrative expenses
134
1
559
—
694
Loss on deconsolidation of subsidiary
—
—
10
—
10
(Gain) loss on asset dispositions and other, net of
impairment
(14)
—
17
—
3
Other segment items (a)
14
—
39
(4)
49
Operating income (loss)
$
227
$
50
$
(608) $
—
$
(331)
Interest expense including amortization of debt
discount and deferred financing costs
$
305
$
—
$
—
$
—
$
305
(Loss) income from equity method investments
—
(2)
31
—
29
Gain on extinguishment of debt
15
—
—
—
15
Other income (expense), net
33
—
(78)
—
(45)
Loss before income taxes
$
(637)
Capital expenditures
$
86
$
1
$
5
$
—
$
92
For the year ended December 31,
2022
Local
media
Tennis
Local
sports (c)
Other &
Corporate
Eliminations
Consolidated
Revenue
$
3,193
$
217
$
482
$
95
$
(59) (b) $
3,928
Media programming and production
expenses
1,450
97
376 (d)
30
(11)
1,942
Media selling, general and
administrative expenses
704
47
55
43
(37)
812
Depreciation of property and
equipment and amortization of
definite-lived intangible assets and
other assets
243
21
54
7
(4)
321
Amortization of program costs
90
—
—
—
—
90
Corporate general and administrative
expenses
117
—
1
42
—
160
Gain on deconsolidation of subsidiary
—
—
—
(3,357) (e)
—
(3,357)
Gain on asset dispositions and other,
net of impairment
(17)
—
—
(47)
—
(64)
Other segment items (a)
15
—
—
36
(7)
44
Operating income (loss)
$
591
$
52
$
(4)
$
3,341
$
—
$
3,980
Interest expense including
amortization of debt discount and
deferred financing costs
$
226
$
—
$
72
$
6
$
(8)
$
296
Income from equity method
investments
—
—
10
46
—
56
Gain on extinguishment of debt
3
—
—
—
—
3
Other income (expense), net
28
1
(3)
(153)
(2)
(129)
Income before income taxes
$
3,614
Capital expenditures
$
96
$
1
$
2
$
6
$
—
$
105
(a)
Other segment items relate primarily to non-media expenses.
(b)
Includes $13 million, $8 million, and $12 million for the years ended December 31, 2024, 2023, and 2022, respectively, of revenue for
services provided by other to local media, which is eliminated in consolidation.
(c)
Represents the activity prior to the Deconsolidation on March 1, 2022.
(d)
Includes amortization of sports programming rights of $326 million for the year ended December 31, 2022.
(e)
Represents the gain recognized as a result of the Deconsolidation.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
73

17.
FAIR VALUE MEASUREMENTS:
Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income
approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or
replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure
fair value. The following is a brief description of those three levels:
•
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
•
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These
include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or
liabilities in markets that are not active.
•
Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
The following table sets forth the face value and fair value of our financial assets and liabilities as of December 31, 2024 and
2023 (in millions):
2024
2023
Face Value
Fair Value
Face Value
Fair Value
Level 1:
Investments in equity securities
N/A
$
19
N/A
$
6
Money market funds
N/A
$
601
N/A
$
588
Deferred compensation assets
N/A
$
47
N/A
$
45
Deferred compensation liabilities
N/A
$
46
N/A
$
44
Level 2:
Investments in equity securities (a)
N/A
$
141
N/A
$
110
Interest rate swap (b)
N/A
$
1
N/A
$
1
STG (c):
5.500% Senior Notes due 2030
$
485
$
328
$
485
$
362
5.125% Senior Notes due 2027
$
274
$
249
$
274
$
248
4.125% Senior Secured Notes due 2030
$
737
$
546
$
737
$
521
Term Loan B-2, due September 30, 2026
$
1,175
$
1,160
$
1,215
$
1,124
Term Loan B-3, due April 1, 2028
$
714
$
575
$
722
$
595
Term Loan B-4, due April 21, 2029
$
731
$
589
$
739
$
602
Debt of variable interest entities (c)
$
7
$
7
$
7
$
7
Debt of non-media subsidiaries (c)
$
—
$
—
$
15
$
15
Level 3:
Investments in equity securities (d)
N/A
$
68
N/A
$
46
N/A - Not applicable
(a)
Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading
prices of the underlying common equity securities less the exercise price.
(b)
The fair value of the interest rate swap was an asset as of both December 31, 2024 and December 31, 2023. See Hedge Accounting within
Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 6. Notes Payable and
Commercial Bank Financing.
(c)
Amounts are carried in our consolidated balance sheets net of debt discount and deferred financing costs, which are excluded in the above
table, of $36 million and $46 million as of December 31, 2024 and 2023, respectively.
(d)
Amounts primarily relate to warrants and options to acquire common equity in Bally’s. For the years ended December 31, 2024, 2023, and
2022, we recorded a fair value adjustment gain of $19 million, loss of $29 million, and loss of $112 million, respectively, related to these
interests. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity. The fair value
of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying
common stock and the exercise price of the options, which range from $30 to $45 per share.
The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as
Level 3 under the fair value hierarchy (in millions):
Options and Warrants
Fair Value at December 31, 2022
$
75
Measurement adjustments
(29)
Fair Value at December 31, 2023
46
Measurement adjustments
22
Fair Value at December 31, 2024
$
68
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
74

18.
SUBSEQUENT EVENTS:
In February 2025, STG substantially completed a series of financing transactions (the “Transactions”), including a new money
financing and debt recapitalization, which strengthened the Company’s balance sheet and better positioned it for long-term
growth, as follows:
• STG issued $1,430 million aggregate principal amount of 8.125% first-out first lien secured notes due 2033 (the “New
First-Out Notes”), which mature on February 15, 2033.
• Approximately $711.4 million aggregate principal amount outstanding of Term Loan B-3 was exchanged on a dollar-for-
dollar basis into second-out first lien Term Loan B-6 maturing December 31, 2029, issued under a new credit agreement
(the “New Credit Agreement”) and bear interest at SOFR plus 3.30%.
• All of the $731.3 million aggregate principal amount outstanding of Term Loan B-4 was exchanged into second-out first
lien Term Loan B-7 maturing December 31, 2030, issued under the New Credit Agreement and bear interest at SOFR
plus 4.10%.
• $575 million of commitments under the existing revolving credit facility were exchanged into new first-out first lien
revolving commitments (the “First-Out Revolving Credit Facility”) under the New Credit Agreement, which mature
February 12, 2030 and borrowings thereunder will bear interest at SOFR plus 2.00%.
• We expect $432 million of the existing 4.125% Senior Secured Notes due 2030 will be exchanged into new 9.750%
senior secured second lien notes due 2033 (the “New Second Lien Notes”), which mature on February 15, 2033.
• Approximately $242 million of the existing 4.125% Senior Secured Notes due 2030 are expected to be exchanged into
new 4.375% second-out first lien secured notes due 2032 (the “New Second-Out Notes”), which mature on December 31,
2032, pursuant to an exchange offer and consent solicitation which expires March 7, 2025, assuming all eligible holders
tender thereunder. Any existing 4.125% Senior Secured Notes due 2030 held by eligible holders who do not tender have
effectively become unsecured obligations as the related indenture was amended to release all liens on the collateral and
eliminate substantially all covenants and certain events of default.
• The full $1,175 million outstanding balance of Term Loan B-2 was repaid in full.
• Approximately $63.6 million aggregate principal amount of 4.125% Senior Secured Notes due 2030 were repurchased at
84% of the principal amount.
• Approximately $104 million aggregate principal amount of 5.125% Senior Notes due 2027 were repurchased at 97% of
the principal amount.
• The existing Bank Credit Agreement was amended concurrent with the Transactions and entering into the New Credit
Agreement, subordinating the secured obligations thereunder and eliminating substantially all covenants and certain
events of default. As a result, the remaining $2.7 million of Term Loan B-3 and the remaining $75 million of
commitments under the existing revolving credit facility are ranked as third lien obligations.
The New Credit Agreement and the indentures for the New First-Out Notes, New Second-Out Notes, and New Second Lien
Notes (collectively, the “New Indentures”) contain certain restrictive covenants including, but not limited to, restrictions on
indebtedness,
liens,
restricted
payments
(including
repayment
of
certain
subordinated
debt),
investments, mergers,
consolidations, sales and other dispositions of assets and affiliate transactions. These covenants are subject to a number of
exceptions and limitations as described in the New Credit Agreement and New Indentures. The New Credit Agreement and New
Indentures also include events of default, including certain cross-default and cross-acceleration provisions with other debt of
STG, customary for agreements of its type.
The First-Out Revolving Credit Facility includes a financial maintenance covenant, which requires the first-out first lien
leverage ratio not to exceed 3.5x, measured as of the end of each fiscal quarter, which is only applicable if more than 35% of the
capacity (as a percentage of total commitments) under the First-Out Revolving Credit Facility, measured as of the last day of each
fiscal quarter, is utilized as of such date.
We are currently in the process of evaluating the impact to our financial statements related to the Transactions.
SINCLAIR, INC.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
75

SINCLAIR BROADCAST GROUP, LLC
CONSOLIDATED BALANCE SHEETS
(In millions, except share and per share data)
As of December 31,
2024
2023
ASSETS
Current Assets:
Cash and cash equivalents
$
291
$
319
Accounts receivable, net of allowance for doubtful accounts of $5 and $4, respectively
582
568
Income taxes receivable
29
7
Prepaid expenses and other current assets
104
139
Total current assets
1,006
1,033
Property and equipment, net
692
692
Operating lease assets
123
142
Goodwill
2,016
2,016
Indefinite-lived intangible assets
123
123
Customer relationships, net
191
238
Other definite-lived intangible assets, net
326
409
Other assets
212
184
Total assets (a)
$
4,689
$
4,837
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable and accrued liabilities
$
374
$
851
Current portion of notes payable, finance leases, and commercial bank financing
38
36
Current portion of operating lease liabilities
22
21
Current portion of program contracts payable
69
76
Other current liabilities
56
50
Total current liabilities
559
1,034
Notes payable, finance leases, and commercial bank financing, less current portion
4,091
4,124
Operating lease liabilities, less current portion
130
152
Program contracts payable, less current portion
13
14
Deferred tax liabilities
373
283
Other long-term liabilities
149
158
Total liabilities (a)
5,315
5,765
Commitments and contingencies (See Note 11)
SBG member’s deficit:
Accumulated deficit
(560)
(865)
Accumulated other comprehensive income
2
1
Total SBG member's deficit
(558)
(864)
Noncontrolling interests
(68)
(64)
Total deficit
(626)
(928)
Total liabilities and deficit
$
4,689
$
4,837
The accompanying notes are an integral part of these consolidated financial statements.
(a)
Our consolidated total assets as of December 31, 2024 and 2023 include total assets of VIEs of $70 million and $85 million, respectively,
which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of December 31, 2024 and 2023 include total
liabilities of the VIEs of $16 million and $17 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 12.
Variable Interest Entities.
76

SINCLAIR BROADCAST GROUP, LLC
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(In millions, except share and per share data)
2024
2023
2022
REVENUES:
Media revenues
$
3,254
$
2,968
$
3,894
Non-media revenues
—
10
34
Total revenues
3,254
2,978
3,928
OPERATING EXPENSES:
Media programming and production expenses
1,536
1,543
1,942
Media selling, general and administrative expenses
742
719
812
Amortization of program costs
74
80
90
Non-media expenses
8
24
44
Depreciation of property and equipment
102
104
100
Corporate general and administrative expenses
123
654
160
Amortization of definite-lived intangible and other assets
129
148
221
Loss (gain) on deconsolidation of subsidiary
—
10
(3,357)
Gain on asset dispositions and other, net of impairment
(18)
(2)
(64)
Total operating expenses (gains)
2,696
3,280
(52)
Operating income (loss)
558
(302)
3,980
OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred
financing costs
(304)
(305)
(296)
Gain on extinguishment of debt
1
15
3
Income from equity method investments
—
31
56
Other income (expense), net
40
(43)
(129)
Total other expense, net
(263)
(302)
(366)
Income (loss) before income taxes
295
(604)
3,614
INCOME TAX (PROVISION) BENEFIT
(60)
359
(913)
NET INCOME (LOSS)
235
(245)
2,701
Net loss (income) attributable to redeemable noncontrolling interests
—
4
(20)
Net (income) loss attributable to the noncontrolling interests
(6)
(16)
(29)
NET INCOME (LOSS) ATTRIBUTABLE TO SBG
$
229
$
(257)
$
2,652
The accompanying notes are an integral part of these consolidated financial statements.
77

SINCLAIR BROADCAST GROUP, LLC
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(In millions)
2024
2023
2022
Net income (loss)
$
235
$
(245)
$
2,701
Unrealized gain on interest rate swap, net of taxes
1
—
—
Adjustments to post-retirement obligations, net of taxes
—
—
3
Share of other comprehensive gain of equity method investments
—
—
3
Comprehensive income (loss)
236
(245)
2,707
Comprehensive loss (income) attributable to redeemable noncontrolling
interests
—
4
(20)
Comprehensive income attributable to noncontrolling interests
(6)
(16)
(29)
Comprehensive income (loss) attributable to SBG
$
230
$
(257)
$
2,658
The accompanying notes are an integral part of these consolidated financial statements.
78

SINCLAIR BROADCAST GROUP, LLC
CONSOLIDATED STATEMENT OF (DEFICIT) EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE YEARS ENDED DECEMBER 31 2024, 2023, and 2022
(In millions, except share data)
Old Sinclair Shareholders
Redeemable
Noncontrolling
Interests
Class A
Common Stock
Class B
Common Stock
Additional
Paid-In
Capital
(Accumulated
Deficit)
Retained
Earnings
Accumulated
Other
Comprehensive
(Loss) Income
Noncontrolling
Interests
Total
(Deficit)
Equity
Shares
Values
Shares
Values
BALANCE,
December 31, 2021 $
197
49,314,303
$
1
23,775,056
$
—
$
691
$
(2,460)
$
(2)
$
64
$
(1,706)
Dividends
declared and
paid on Old
Sinclair Class A
and Class B
Common Stock
($1.00 per
share)
—
—
—
—
—
—
(70)
—
—
(70)
Repurchases of
Old Sinclair
Class A Common
Stock
—
(4,850,398)
—
—
—
(120)
—
—
—
(120)
Old Sinclair
Class A Common
Stock issued
pursuant to
employee benefit
plans
—
1,383,974
—
—
—
53
—
—
—
53
Distributions to
noncontrolling
interests, net
(7)
—
—
—
—
—
—
—
(12)
(12)
Other
comprehensive
income
—
—
—
—
—
—
—
6
—
6
Deconsolidation
of subsidiary
(16)
—
—
—
—
—
—
(3)
(148)
(151)
Net income
20
—
—
—
—
—
2,652
—
29
2,681
BALANCE,
December 31,
2022
$
194
45,847,879
$
1
23,775,056
$
—
$
624
$
122
$
1
$
(67)
$
681
The accompanying notes are an integral part of these consolidated financial statements.
79

SINCLAIR BROADCAST GROUP, LLC
CONSOLIDATED STATEMENT OF MEMBER’S EQUITY (DEFICIT) AND REDEEMABLE NONCONTROLLING INTERESTS
FOR THE YEARS ENDED DECEMBER 31 2024, 2023, and 2022
(In millions, except share data)
SBG Member
Redeemable
Noncontrolling
Interests
Old Class A
Common Stock
Old Class B
Common Stock
Old
Additional
Paid-In
Capital
Retained
Earnings
(Accumulated
Deficit)
Accumulated
Other
Comprehensive
Income
Noncontrolling
Interests
Total
Equity
(Deficit)
Shares
Values
Shares
Values
BALANCE,
December 31,
2022
$
194
45,847,879
$
1
23,775,056
$
—
$
624
$
122
$
1
$
(67)
$
681
Dividends
declared and
paid on Old
Sinclair Class
A and Class B
Common
Stock ($0.25
per share)
—
—
—
—
—
—
(18)
—
—
(18)
Repurchases
of Old Sinclair
Class A
Common
Stock
—
(8,785,022)
—
—
—
(153)
—
—
—
(153)
Old Sinclair
Class A
Common
Stock issued
pursuant to
employee
benefit plans
—
2,274,558
—
—
—
40
—
—
—
40
Old Sinclair
Class A and
Class B
Common
Stock
converted to
SBG member’s
equity
—
(39,337,415)
(1)
(23,775,056
—
—
—
—
—
(1)
Deemed
dividend to
parent
—
—
—
—
—
(511)
(635)
—
(1)
(1,147)
Distribution to
parent
—
—
—
—
—
—
(77)
—
—
(77)
Repurchase of
redeemable
subsidiary
preferred
equity
(190)
—
—
—
—
—
—
—
—
—
Distributions
to
noncontrolling
interests, net
—
—
—
—
—
—
—
—
(12)
(12)
Net (loss)
income
(4)
—
—
—
—
—
(257)
—
16
(241)
BALANCE,
December 31,
2023
$
—
—
$
—
—
$
—
$
—
$
(865)
$
1
$
(64)
$
(928)
The accompanying notes are an integral part of these consolidated financial statements.
80

SINCLAIR BROADCAST GROUP, LLC
CONSOLIDATED STATEMENT OF MEMBER’S DEFICIT
FOR THE YEARS ENDED DECEMBER 31 2024, 2023, and 2022
(In millions)
SBG Member
Accumulated
Deficit
Accumulated
Other
Comprehensive
Income
Noncontrolling
Interests
Total Deficit
BALANCE, December 31, 2023
$
(865)
$
1
$
(64)
$
(928)
Contributions from member, net
76
—
—
76
Distributions to noncontrolling interests
—
—
(10)
(10)
Other comprehensive income
—
1
—
1
Net income
229
—
6
235
BALANCE, December 31, 2024
$
(560)
$
2
$
(68)
$
(626)
The accompanying notes are an integral part of these consolidated financial statements.
81

SINCLAIR BROADCAST GROUP, LLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE YEARS ENDED DECEMBER 31, 2024, 2023, AND 2022
(In millions)
2024
2023
2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)
$
235
$
(245)
$
2,701
Adjustments to reconcile net income (loss) to net cash flows from operating
activities:
Amortization of sports programming rights
—
—
326
Amortization of definite-lived intangible and other assets
129
148
221
Depreciation of property and equipment
102
104
100
Amortization of program costs
74
80
90
Equity-based compensation
49
45
50
Deferred tax provision (benefit)
91
(359)
906
Gain on asset dispositions and other, net of impairment
(14)
(2)
(11)
Loss (gain) on deconsolidation of subsidiary
—
10
(3,357)
Income from equity method investments
—
(31)
(56)
(Income) loss from investments
(25)
77
133
Distributions from investments
—
29
87
Sports programming rights payments
—
—
(325)
Rebate payments to distributors
—
—
(15)
Gain on extinguishment of debt
(1)
(15)
(3)
Changes in assets and liabilities, net of acquisitions, deconsolidation of subsidiary,
and asset transfer to Ventures:
(Increase) decrease in accounts receivable
(20)
9
20
Decrease (increase) in prepaid expenses and other current assets
37
4
(96)
Net change in due to/from member
(3)
43
—
(Decrease) increase in accounts payable and accrued and other current
liabilities
(480)
486
(14)
Net change in current and long-term net income taxes payable/receivable
(35)
(3)
147
Decrease in program contracts payable
(80)
(88)
(103)
Other, net
12
(32)
(2)
Net cash flows from operating activities
71
260
799
CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:
Acquisition of property and equipment
(80)
(90)
(105)
Deconsolidation of subsidiary cash
—
—
(315)
Purchases of investments
(4)
(39)
(75)
Distributions and proceeds from investments
43
204
99
Other, net
3
9
15
Net cash flows (used in) from investing activities
(38)
84
(381)
CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing
—
—
728
Repayments of notes payable, commercial bank financing, and finance leases
(61)
(85)
(863)
Repurchase of outstanding Old Sinclair Class A Common Stock
—
(153)
(120)
Dividends paid on Old Sinclair Class A and Class B Common Stock
—
(18)
(70)
Dividends paid on redeemable subsidiary preferred equity
—
—
(7)
Repurchase of redeemable subsidiary preferred equity
—
(190)
—
Contributions from (distributions to) member, net
10
(448)
—
Distributions to noncontrolling interests, net
(10)
(12)
(12)
Other, net
—
(3)
(9)
Net cash flows used in financing activities
(61)
(909)
(353)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND
RESTRICTED CASH
(28)
(565)
65
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of year
319
884
819
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of year
$
291
$
319
$
884
The accompanying notes are an integral part of these consolidated financial statements.
82

1.
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:
Nature of Operations
Sinclair Broadcast Group, LLC (“SBG”), a Maryland limited liability company and a wholly owned subsidiary of Sinclair, Inc.
(“Sinclair”), is a diversified media company with national reach and a strong focus on providing high-quality content on SBG’s
local television stations and digital platform. The content, distributed through SBG’s broadcast platform and third-party
platforms, consists of programming provided by third-party networks and syndicators, local news, sports and other original
programming produced by SBG and SBG owned networks. Additionally, prior to the Reorganization (as defined below in
Company Reorganization), SBG had interests in, owned, managed, and/or operated Tennis Channel, digital media companies,
technical and software services companies, research and development companies for the advancement of broadcast technology,
and other media and non-media related businesses and assets, including real estate, venture capital, private equity, and direct
investments.
As of December 31, 2024, SBG had one reportable segment: local media. The local media segment consists primarily of SBG’s
185 broadcast television stations in 86 markets, which SBG owns, provides programming and operating services pursuant to
LMAs, or provides sales services and other non-programming operating services pursuant to other outsourcing agreements, such
as JSAs and SSAs. These stations broadcast 641 channels as of December 31, 2024. For the purpose of this report, these 185
stations and 641 channels are referred to as SBG’s stations and channels. Prior to the Deconsolidation on March 1, 2022 (as
defined below in Deconsolidation of Diamond Sports Intermediate Holdings LLC), SBG had one additional reportable segment,
local sports. This segment consisted of regional sports networks (“RSNs”), which owned the exclusive rights to air, among other
sporting events, the games of professional sports teams in designated local viewing areas.
Principles of Consolidation
The consolidated financial statements include SBG’s accounts and those of SBG’s wholly-owned and majority-owned
subsidiaries and VIEs for which SBG is the primary beneficiary. Noncontrolling interests represent a minority owner’s
proportionate share of the equity in certain of SBG’s consolidated entities. Noncontrolling interests which may be redeemed by
the holder, and the redemption is outside of SBG’s control, are presented as redeemable noncontrolling interests. All
intercompany transactions and account balances have been eliminated in consolidation.
SBG consolidates VIEs when SBG is the primary beneficiary. SBG is the primary beneficiary of a VIE when SBG has the power
to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to
absorb losses or the right to receive returns that would be significant to the VIE. See Note 12. Variable Interest Entities for more
information on SBG’s VIEs.
Investments in entities over which SBG has significant influence but not control are accounted for using the equity method of
accounting. Income from equity method investments represents SBG’s proportionate share of net income or loss generated by
equity method investees.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
83

Company Reorganization
On April 3, 2023, the company formerly known as Sinclair Broadcast Group, Inc., a Maryland corporation (“Old Sinclair”),
entered into an Agreement of Share Exchange and Plan of Reorganization (the “Share Exchange Agreement”) with Sinclair and
Sinclair Holdings, LLC, a Maryland limited liability company (“Sinclair Holdings”). The purpose of the transactions
contemplated by the Share Exchange Agreement was to effect a holding company reorganization in which Sinclair would become
the publicly-traded parent company of Old Sinclair.
Effective at 12:00 am Eastern U.S. time on June 1, 2023 (the “Share Exchange Effective Time”), pursuant to the Share
Exchange Agreement and Articles of Share Exchange filed with the Maryland State Department of Assessments and Taxation, the
share exchange between Sinclair and Old Sinclair was completed (the “Share Exchange”). Immediately following the Share
Exchange Effective Time, Old Sinclair converted from a Maryland corporation to a Maryland limited liability company named
Sinclair Broadcast Group, LLC. On the day following the Share Exchange Effective Time, Sinclair Holdings became the
intermediate holding company between Sinclair and SBG, and SBG transferred certain of its assets (the “Transferred Assets”) to
Sinclair Ventures, LLC, a new indirect wholly-owned subsidiary of Sinclair (“Ventures”). We refer to the Share Exchange and the
related steps described above collectively as the “Reorganization.” The Transferred Assets included technical and software
services companies, intellectual property for the advancement of broadcast technology, and other media and non-media related
businesses and assets including real estate, venture capital, private equity, and direct investments, as well as Compulse, a
marketing technology and managed services company, and Tennis Channel and related assets.
As a result of the Reorganization, SBG’s consolidated statements of operations the year ended December 31, 2023 includes five
months of activity related to the Transferred Assets prior to the Reorganization. Subsequent to June 1, 2023, the assets and
liabilities of the Transferred Assets are no longer included within SBG’s consolidated balance sheets. Any discussions related to
results, operations, and accounting policies associated with the Transferred Assets are referring to the periods prior to the
Reorganization.
The Reorganization is considered a transaction between entities under common control and therefore the Transferred Assets
were transferred from SBG to Ventures at a net book value of $1,147 million for the year ended December 31, 2023, which is
recognized in SBG’s consolidated statement of member’s equity (deficit) and redeemable noncontrolling interests as a dividend to
SBG’s parent.
Deconsolidation of Diamond Sports Intermediate Holdings LLC
On March 1, 2022, Old Sinclair’s subsidiary Diamond Sports Intermediate Holdings, LLC, and certain of its subsidiaries
(collectively “DSIH”) completed a series of transactions (the “DSIH Transaction”). As part of the DSIH Transaction, the
governance structure of DSIH was modified including changes to the composition of its Board of Managers, resulting in the
SBG’s loss of voting control. As a result, DSIH, whose operations represented the entirety of SBG’s local sports segment, was
deconsolidated from SBG’s consolidated financial statements effective as of March 1, 2022 (the “Deconsolidation”). SBG’s
consolidated statements of operations for the year ended December 31, 2022 therefore includes two months of activity related to
DSIH prior to the Deconsolidation. Subsequent to February 28, 2022, the assets and liabilities of DSIH are no longer included
within SBG’s consolidated balance sheets. Any discussions related to results, operations, and accounting policies associated with
DSIH are referring to the periods prior to the Deconsolidation.
Upon Deconsolidation, SBG recognized a gain before income taxes of approximately $3,357 million, which is recorded within
gain on deconsolidation of subsidiary in SBG’s consolidated statements of operations for the year ended December 31, 2022. For
the year ended December 31, 2023, we recorded an adjustment to the deconsolidation gain of $10 million.
Use of Estimates
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of
America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities,
revenues, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual
results could differ from those estimates.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
84

Recent Accounting Pronouncements
In October 2021, the FASB issued guidance to improve the accounting for acquired revenue contracts with customers in a
business combination by addressing diversity in practice. ASU 2021-08 requires that an acquiring entity recognize and measure
contract assets and contract liabilities acquired in a business combination in accordance with Topic 606, as if it had originated
the contracts. The guidance was effective for fiscal years beginning after December 15, 2022, including interim periods within
those fiscal years. SBG adopted this guidance during the first quarter of 2023. The impact of the adoption did not have a material
impact on SBG’s consolidated financial statements.
In November 2023, the FASB issued guidance to improve reportable segment disclosure requirements, primarily through
enhanced disclosures about significant segment expenses. The guidance was effective for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024, applied retrospectively. Early adoption was
permitted. SBG adopted this guidance during the fourth quarter of 2024. See Note 14. Segment Data for more information.
In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures,
requiring annual disclosure of consistent categories and greater disaggregation of information in the rate reconciliation table;
additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to
or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax
rate); income taxes paid disaggregated by jurisdiction; and income or loss before income tax disaggregated between foreign and
domestic. The guidance is effective for annual periods beginning after December 15, 2024, applied prospectively. Early adoption
is permitted. SBG is currently evaluating the impact of this guidance.
In November 2024, the FASB issued guidance requiring disclosure of disaggregated information about certain income
statement expense line items. The guidance is effective for annual reporting periods beginning after December 15, 2026 and
interim reporting periods beginning after December 15, 2027. Early adoption is permitted. SBG is currently evaluating the impact
of this guidance.
Cash and Cash Equivalents
SBG consider all highly liquid investments with an original maturity of three months or less when purchased to be cash
equivalents.
Accounts Receivable
SBG regularly reviews accounts receivable and determines an appropriate estimate for the allowance for doubtful accounts
based upon the impact of economic conditions on the merchant’s ability to pay, past collection experience, and such other factors
which, in management’s judgment, deserve current recognition. In turn, a provision is charged against earnings in order to
maintain the appropriate allowance level.
A rollforward of the allowance for doubtful accounts for the years ended December 31, 2024, 2023, and 2022 is as follows (in
millions):
2024
2023
2022
Balance at beginning of period
$
4
$
5
$
7
Charged to expense
5
3
4
Net write-offs
(4)
(3)
(6)
Transferred to Ventures
—
(1)
—
Balance at end of period
$
5
$
4
$
5
As of December 31, 2024, four customers accounted for 11%, 10%, 10%, and 10%, respectively, of SBG’s accounts receivable,
net. As of December 31, 2023, two customers accounted for 10% and 10%, respectively, of SBG’s accounts receivable, net. As of
December 31, 2022, one customer accounted for 13% of SBG’s accounts receivable, net. For purposes of this disclosure, a single
customer may include multiple entities under common control.
Broadcast Television Programming
SBG has agreements with programming syndicators for the rights to television programming over contract periods, which
generally run from one to three years. Contract payments are made in installments over terms that are generally equal to or
shorter than the contract period. Pursuant to accounting guidance for the broadcasting industry, an asset and a liability for the
rights acquired and obligations incurred under a license agreement are reported on the balance sheet when the cost of each
program is known or reasonably determinable, the program material has been accepted by the licensee in accordance with the
conditions of the license agreement, and the program is available for its first showing or telecast. The portion of program
contracts which is payable within one year is reflected as a current liability in the accompanying consolidated balance sheets.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
85

The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost
or fair value. Program costs are amortized on a straight-line basis except for contracts greater than three years which are
amortized utilizing an accelerated method. Program costs estimated by management to be amortized in the succeeding year are
classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected
by amortization or fair value adjustments.
SBG assesses program costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value.
Sports Programming Rights
DSIH had multi-year program rights agreements that provided DSIH with the right to produce and telecast professional live
sports games within a specified territory in exchange for a rights fee. Prior to the Deconsolidation, SBG amortized these rights as
an expense over each season based upon contractually stated rates. Amortization was accelerated in the event that the stated
contractual rates over the term of the rights agreement resulted in an expense recognition pattern that was inconsistent with the
projected growth of revenue over the contractual term.
Impairment of Goodwill, Indefinite-lived Intangible Assets, and Other Long-lived Assets
SBG evaluates goodwill and indefinite lived intangible assets for impairment annually in the fourth quarter, or more
frequently, if events or changes in circumstances indicate that an impairment may exist. SBG’s goodwill has been allocated to,
and is tested for impairment at, the reporting unit level. A reporting unit is an operating segment or a component of an operating
segment to the extent that the component constitutes a business for which discrete financial information is available and
regularly reviewed by management. Components of an operating segment with similar characteristics are aggregated when
testing goodwill for impairment.
In the performance of SBG’s annual assessment of goodwill for impairment, SBG has the option to qualitatively assess whether
it is more likely than not that a reporting unit has been impaired. As part of this qualitative assessment, SBG weighs the relative
impact of factors that are specific to the reporting units as well as industry, regulatory, and macroeconomic factors that could
affect the significant inputs used to determine the fair value of the assets. SBG also considers the significance of the excess fair
value over carrying value in prior quantitative assessments.
If SBG concludes that it is more likely than not that a reporting unit is impaired, or if SBG elects not to perform the optional
qualitative assessment, SBG will determine the fair value of the reporting unit and compare it to the net book value of the
reporting unit. If the fair value is less than the net book value, SBG will record an impairment to goodwill for the amount of the
difference. SBG estimates the fair value of SBG’s reporting units utilizing the income approach involving the performance of a
discounted cash flow analysis. SBG’s discounted cash flow model is based on SBG’s judgment of future market conditions based
on SBG’s internal forecast of future performance, as well as discount rates that are based on a number of factors including market
interest rates, a weighted average cost of capital analysis, and includes adjustments for market risk and company specific risk.
SBG’s indefinite-lived intangible assets consist primarily of SBG’s broadcast licenses and a trade name. For SBG’s annual
impairment test for indefinite-lived intangible assets, SBG has the option to perform a qualitative assessment to determine
whether it is more likely than not that these assets are impaired. As part of this qualitative assessment SBG weighs the relative
impact of factors that are specific to the indefinite-lived intangible assets as well as industry, regulatory, and macroeconomic
factors that could affect the significant inputs used to determine the fair value of the assets. SBG also considers the significance of
the excess fair value over carrying value in prior quantitative assessments. When evaluating SBG’s broadcast licenses for
impairment, the qualitative assessment is done at the market level because the broadcast licenses within the market are
complementary and together enhance the single broadcast license of each station. If SBG concludes that it is more likely than not
that one of SBG’s broadcast licenses is impaired, SBG will perform a quantitative assessment by comparing the aggregate fair
value of the broadcast licenses in the market to the respective carrying values. SBG estimates the fair values of SBG’s broadcast
licenses using the Greenfield method, which is an income approach. This method involves a discounted cash flow model that
incorporates several variables, including, but not limited to, market revenues and long-term growth projections, estimated
market share for the typical participant without a network affiliation, and estimated profit margins based on market size and
station type. The model also assumes outlays for capital expenditures, future terminal values, an effective tax rate assumption
and a discount rate based on a number of factors including market interest rates, a weighted average cost of capital analysis
based on the target capital structure for a television station, and includes adjustments for market risk and company specific risk.
If the carrying amount of the broadcast licenses exceeds the fair value, then an impairment loss is recorded to the extent that the
carrying value of the broadcast licenses exceeds the fair value.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
86

SBG evaluates long-lived assets, including definite-lived intangible assets, for impairment if events or changes in
circumstances indicate that the carrying amount of such assets may not be recoverable. SBG evaluates the recoverability of long-
lived assets by comparing the carrying amount of the assets within an asset group to the estimated undiscounted future cash
flows associated with the asset group. An asset group represents the lowest level of cash flow generated by a group of assets that
are largely independent of the cash flows of other assets. At the time that such evaluations indicate that the future undiscounted
cash flows are not sufficient to recover the carrying value of the asset group, an impairment loss is determined by comparing the
estimated fair value of the asset group to the carrying value. SBG estimates fair value using an income approach involving the
performance of a discounted cash flow analysis.
For the years ended December 31, 2024, 2023, and 2022, SBG did not identify any indicators that goodwill, indefinite-lived or
long-lived assets may not be recoverable. See Note 4. Goodwill, Indefinite-Lived Intangible Assets, and Other Intangible Assets
for more information.
SBG believes it has made reasonable estimates and utilized appropriate assumptions in the performance of SBG’s impairment
assessments. If future results are not consistent with SBG’s assumptions and estimates, including future events such as a
deterioration of market conditions, loss of significant customers, and significant increases in discount rates, among other factors,
SBG could be exposed to impairment charges in the future. Any resulting impairment loss could have a material adverse impact
on SBG’s consolidated balance sheets, consolidated statements of operations, and consolidated statements of cash flows.
When factors indicate that there may be a decrease in the value of an equity method investment, SBG assesses whether a loss in
value has occurred. If that loss is deemed to be other than temporary, an impairment loss is recorded accordingly. For any equity
method investments that indicate a potential impairment, SBG estimates the fair values of those investments using a
combination of a market-based approach, which considers earnings and cash flow multiples of comparable businesses and recent
market transactions, as well as an income approach involving the performance of a discounted cash flow analysis. See Note 5.
Other Assets for more information.
Accounts Payable and Accrued Liabilities
Accounts payable and accrued liabilities consisted of the following as of December 31, 2024 and 2023 (in millions):
2024
2023
Compensation and employee benefits
$
96
$
93
Interest
11
12
Programming related obligations
171
156
Legal, litigation, and regulatory (a)
26
504
Accounts payable and other operating expenses
70
86
Total accounts payable and accrued liabilities
$
374
$
851
(a)
See Note 11. Commitments and Contingencies for additional information regarding the litigation accruals recorded.
We expense these activities when incurred.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
87

Income Taxes
SBG recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts
and the tax bases of assets and liabilities. SBG provides a valuation allowance for deferred tax assets if SBG determines that it is
more likely than not that some or all of the deferred tax assets will not be realized. In evaluating SBG’s ability to realize net
deferred tax assets, SBG considers all available evidence, both positive and negative, including SBG’s past operating results, tax
planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable
income, SBG must make certain judgments that are based on the plans and estimates used to manage SBG’s underlying
businesses on a long-term basis. As of December 31, 2024 and 2023, a valuation allowance has been provided for deferred tax
assets related to certain temporary basis differences, and a substantial amount of SBG’s available state net operating loss
carryforwards based on past operating results, expected timing of the reversals of existing temporary basis differences,
alternative tax strategies and projected future taxable income. Future changes in operating and/or taxable income or other
changes in facts and circumstances could significantly impact the ability to realize SBG’s deferred tax assets which could have a
material effect on SBG’s consolidated financial statements.
Management periodically performs a comprehensive review of SBG’s tax positions, and SBG records a liability for
unrecognized tax benefits if such tax positions are more likely than not to be sustained upon examination based on their technical
merits, including the resolution of any appeals or litigation processes. Significant judgment is required in determining whether
positions taken are more likely than not to be sustained, and it is based on a variety of facts and circumstances, including
interpretation of the relevant federal and state income tax codes, regulations, case law and other authoritative pronouncements.
Based on this analysis, the status of ongoing audits and the expiration of applicable statute of limitations, liabilities are adjusted
as necessary. The resolution of audits is unpredictable and could result in tax liabilities that are significantly higher or lower than
for what SBG has provided. See Note 10. Income Taxes, for further discussion of accrued unrecognized tax benefits.
Hedge Accounting
SBG entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a
portion of SBG’s exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed
interest rate of 3.90%, and SBG receives a floating rate of interest based on the Secured Overnight Financing Rate (“SOFR”).
SBG has determined that the interest rate swap meets the criteria for hedge accounting. The initial value of the interest rate
swap and any changes in value in subsequent periods is included in accumulated other comprehensive income, with a
corresponding change recorded in assets or liabilities depending on the position of the swap. Gains or losses on the monthly
settlement of the interest rate swap are reflected in interest expense in SBG’s consolidated statements of operations. Cash flows
related to the interest rate swap are classified as operating activities in SBG’s consolidated statements of cash flows. See Interest
Rate Swap within Note 6. Notes Payable and Commercial Bank Financing for further discussion.
Supplemental Information — Statements of Cash Flows
For the years ended December 31, 2024, 2023, and 2022, SBG had the following cash transactions (in millions):
2024
2023
2022
Income taxes paid
$
3
$
5
$
18
Income tax refunds
$
—
$
1
$
158
Interest paid
$
296
$
294
$
387
Non-cash investing activities included property and equipment purchases of $5 million for each of the years ended
December 31, 2024, 2023, and 2022.
SBG received equity shares in investments valued at $13 million and $3 million for the years ended December 31, 2024 and
2022, respectively, in exchange for an equivalent value of advertising spots.
Included in the contributions from (distributions to) member, net within Cash Flows Used in Financing Activities in SBG’s
Consolidated Statements of Cash Flows, were dividends to Sinclair to fund its portion of the dividends to Sinclair shareholders
and parent company expenses of $121 million and $74 million for the years ended December 31, 2024 and 2023, respectively.
For the year ended December 31, 2024, these dividends were offset by a contribution from member related to the $148 million
from Ventures related to the DSG litigation settlement (see Note 11. Commitments and Contingencies for further detail). The
year ended December 31, 2023 also reflects the distribution related to the transfer of $360 million of cash to Ventures as part of
the Reorganization.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
88

Revenue Recognition
The following table presents SBG’s revenue disaggregated by type and segment for the years ended December 31, 2024, 2023,
and 2022 (in millions):
For the year ended December 31, 2024
Local media
Distribution revenue
$
1,543
Core advertising revenue
1,152
Political advertising revenue
405
Other media, non-media, and intercompany revenue
154
Total revenues
$
3,254
For the year ended December 31, 2023
Local media
Other
Eliminations
Total
Distribution revenue
$
1,491
$
76
$
—
$
1,567
Core advertising revenue
1,192
29
(5)
1,216
Political advertising revenue
44
—
—
44
Other media, non-media, and intercompany revenue
139
14
(2)
151
Total revenues
$
2,866
$
119
$
(7) $
2,978
For the year ended December 31, 2022
Local
media
Local
sports
Other
Eliminations
Total
Distribution revenue
$
1,531
$
433
$
179
$
—
$
2,143
Core Advertising revenue
1,186
44
74
(22)
1,282
Political advertising revenue
332
—
—
—
332
Other media, non-media, and intercompany revenue
144
5
59
(37)
171
Total revenues
$
3,193
$
482
$
312
$
(59)
$
3,928
Distribution Revenue. SBG generates distribution revenue through fees received from Distributors for the right to distribute
SBG’s stations, other properties, and, prior to the Deconsolidation, the RSNs. Distribution arrangements are generally governed
by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements
represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to SBG’s
customers (“as usage occurs”) which corresponds with the satisfaction of SBG’s performance obligation. Revenue is calculated
based upon the contractual rate multiplied by an estimated number of subscribers. SBG’s customers will remit payments based
upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical
adjustments to subscriber estimates have not been material.
Core Advertising Revenue. SBG generates core advertising revenue primarily from the sale of non-political advertising spots/
impressions within SBG’s broadcast television, digital platforms, and, prior to the Deconsolidation, RSNs. Core advertising
revenue is recognized in the period in which the advertising spots/impressions are delivered. In arrangements where SBG
provides audience ratings guarantees, to the extent that there is a ratings shortfall, SBG will defer a proportionate amount of
revenue until the ratings shortfall is settled through the delivery of additional advertising. The term of SBG’s advertising
arrangements is generally less than one year and the timing between when an advertisement is aired and when payment is due is
not significant. In certain circumstances, SBG requires customers to pay in advance; payments received in advance of satisfying
SBG’s performance obligations are reflected as deferred revenue.
Political Advertising Revenue. SBG generates political advertising revenue primarily from the sale of political advertising
spots/impressions within SBG’s broadcast television and digital platforms. Political advertising revenue is recognized in the
period in which the advertising spots/impressions are delivered. In arrangements where SBG provides audience ratings
guarantees, to the extent that there is a ratings shortfall, SBG will defer a proportionate amount of revenue until the ratings
shortfall is settled through the delivery of additional advertising. The term of SBG’s advertising arrangements is generally less
than one year and the timing between when an advertisement is aired and when payment is due is not significant. In certain
circumstances, SBG requires customers to pay in advance; payments received in advance of satisfying SBG’s performance
obligations are reflected as deferred revenue.
Practical Expedients and Exemptions. SBG expenses sales commissions when incurred because the period of benefit for these
costs is one year or less. These costs are recorded within media selling, general and administrative expenses. In accordance with
ASC 606, SBG does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length
of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage based royalty.
Arrangements with Multiple Performance Obligations. SBG’s contracts with customers may include multiple performance
obligations. For such arrangements, SBG allocates revenues to each performance obligation based on its relative standalone
selling price, which is generally based on the prices charged to customers.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
89

Deferred Revenues. SBG records deferred revenue when cash payments are received or due in advance of SBG’s performance,
including amounts which are refundable. SBG classifies deferred revenue as either current in other current liabilities or long-
term in other long-term liabilities within SBG’s consolidated balance sheets, based on the timing of when SBG expects to satisfy
performance obligations. Deferred revenue was $163 million, $171 million, and $200 million as of December 31, 2024, 2023, and
2022, respectively, of which $112 million, $124 million, and $144 million as of December 31, 2024, 2023, and 2022, respectively,
was reflected in other long-term liabilities in SBG’s consolidated balance sheets. Deferred revenue recognized for the years ended
December 31, 2024 and 2023 that was included in the deferred revenue balance as of December 31, 2023 and 2022 was $44
million and $47 million, respectively.
For the year ended December 31, 2024, one customer accounted for 10% of SBG’s total revenues. For the year ended
December 31, 2023, two customers accounted for 11% and 10% respectively, of SBG’s total revenues. For the year ended
December 31, 2022, three customers accounted for 12%, 11%, and 10%, respectively, of SBG’s total revenues. For purposes of this
disclosure, a single customer may include multiple entities under common control.
Advertising Expenses
Promotional advertising expenses are recorded in the period when incurred and are included in media production and other
non-media expenses. Total advertising expenses, net of advertising co-op credits, was $7 million for the year ended December 31,
2024 and $9 million for each of the years ended December 31, 2023 and 2022.
Financial Instruments
Financial instruments, as of December 31, 2024 and 2023, consisted of cash and cash equivalents, trade accounts receivable,
accounts payable, accrued liabilities and notes payable. The carrying amounts approximate fair value for each of these financial
instruments, except for the notes payable. See Note 15. Fair Value Measurements for additional information regarding the fair
value of notes payable.
Post-retirement Benefits
SBG maintains a supplemental executive retirement plan which was inherited upon the acquisition of certain stations. As of
December 31, 2024, the estimated projected benefit obligation was $13 million, of which $1 million is included in accrued
expenses and $12 million is included in other long-term liabilities in SBG’s consolidated balance sheets. At December 31, 2024,
the projected benefit obligation was measured using a 5.44% discount rate compared to a discount rate of 4.92% for the year
ended December 31, 2023. For each of the years ended December 31, 2024 and 2023, SBG made $1 million in benefit payments.
SBG recognized an actuarial gain of $0.4 million and loss of $0.3 million through other comprehensive income for the years
ended December 31, 2024 and 2023, respectively. For each of the years ended December 31, 2024 and 2023, SBG recognized $1
million of periodic pension expense, reported in other income (expense), net in SBG’s consolidated balance sheets.
Reclassifications
Certain reclassifications have been made to prior years’ consolidated financial statements to conform to the current year’s
presentation.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
90

2.
EQUITY-BASED COMPENSATION PLANS:
In June 1996, Old Sinclair’s Board of Directors adopted, upon approval of the shareholders by proxy, the 1996 Long-Term
Incentive Plan (“LTIP”). Under the LTIP, SBG issued restricted stock awards (“RSAs”), stock grants to its non-employee
directors, stock-settled appreciation rights (“SARs”), and stock options. In June 2022, Old Sinclair’s Board of Directors adopted,
upon approval of the shareholders by proxy, the 2022 Stock Incentive Plan (“SIP”). Upon approval of the SIP, it succeeded the
LTIP and no additional awards were granted under the LTIP. All outstanding awards granted under the LTIP will remain subject
to their original terms. The purpose of the SIP is to provide stock-based incentives that align the interests of employees,
consultants, and outside directors with those of the stockholders of Sinclair by motivating employees to achieve long-term results
and rewarding them for their achievements, and to attract and retain the types of employees, consultants, and outside directors
who will contribute to SBG’s long-range success. The amounts presented here represent equity-based compensation associated
with employees of SBG that were awarded and will be settled in Class A Common Stock of Sinclair.
Additionally, SBG has the following arrangements that involve equity-based compensation: employer matching contributions
for participants in Sinclair’s 401(k) Profit Sharing Plan and Trust (“the 401(k) Plan”) and an employee stock purchase plan
(“ESPP”). Equity-based compensation expense has no effect on SBG’s consolidated cash flows. For the years ended December 31,
2024, 2023, and 2022, SBG recorded equity-based compensation of $49 million, $45 million, and $50 million, respectively.
Below is a summary of the key terms and methods of valuation of SBG’s equity-based compensation awards:
Restricted Stock Awards
RSAs issued in 2024 have certain restrictions that generally lapse over two years at 50% and 50%, respectively. RSAs issued in
2023 have certain restrictions that generally lapse after two years at 100% or over two years at 50% and 50%, respectively. RSAs
issued in 2022 have certain restrictions that generally lapse over two years at 50% and 50%, respectively. As the restrictions
lapse, the Sinclair Class A Common Stock may be freely traded on the open market. The fair value assumes the closing value of
the stock on the measurement date.
The following is a summary of changes in unvested restricted stock:
RSAs
Weighted-Average
Price
Unvested shares at December 31, 2023
834,158
$
21.62
2024 Activity:
Granted
1,322,688
13.32
Vested
(826,771)
13.74
Forfeited (a)
(13,018)
13.86
Unvested shares at December 31, 2024
1,317,057
$
18.31
(a) Forfeitures are recognized as they occur.
SBG recorded compensation expense of $18 million for the year ended December 31, 2024 and $19 million for each of the years
ended December 31, 2023 and 2022. The majority of the unrecognized compensation expense of $8 million as of December 31,
2024 will be recognized in 2025.
Equity Grants to Non-Employee Directors
In addition to fees paid in cash to SBG’s non-employee directors, on the date of each annual meeting of Sinclair shareholders,
each non-employee directors receives a grant of unrestricted shares of Sinclair Class A Common Stock. Sinclair issued 113,658 in
2024 and Old Sinclair issued 80,496 shares in 2023 and 60,732 shares in 2022. SBG recorded expense of $1 million for each of
the years ended December 31, 2024 and 2023 and $2 million for the year ended December 31, 2022, which was based on the
average share price of the stock on the date of grant.
Stock-Settled Appreciation Rights
These awards entitle holders to the appreciation in Sinclair’s Class A Common Stock over the base value of each SAR over the
term of the award. The SARs have a 10-year term with vesting periods ranging from zero to four years. The base value of each
SAR is equal to the closing price of Sinclair’s Class A Common Stock on the date of grant. For the years ended December 31,
2024, 2023, and 2022, SBG recorded compensation expense of $13 million, $7 million, and $10 million, respectively.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
91

The following is a summary of the 2024 activity:
SARs
Weighted-Average
Price
Outstanding SARs at December 31, 2023
4,744,680
$
25.75
2024 Activity:
Granted
3,625,160
13.31
Outstanding SARs at December 31, 2024
8,369,840
$
20.36
As of December 31, 2024, there was no aggregate intrinsic value of the SARs outstanding which had a weighted average
remaining contractual life of 8 years.
Valuation of SARS. Our SARs were valued using the Black-Scholes pricing model utilizing the following assumptions:
2024
2023
2022
Risk-free interest rate
4.1 %
4.4 %
1.6 %
Expected years to exercise
5 years
5 years
5 years
Expected volatility
58.8 %
52.1 %
49.6 %
Annual dividend yield
7.8 %
6.8 %
3.0 %
The risk-free interest rate is based on the U.S. Treasury yield curve, in effect at the time of grant, for U.S. Treasury STRIPS that
approximate the expected life of the award. The expected volatility is based on Sinclair’s historical stock prices over a period
equal to the expected life of the award. The annual dividend yield is based on Sinclair’s annual dividend per share divided by
Sinclair’s share price on the grant date.
Options
Options are fully vested and have a weighted average remaining contractual term of 1 year. As of December 31, 2024, there was
no aggregate intrinsic value for the options outstanding. There was no expense recognized for each of the years ended
December 31, 2024, 2023, and 2022.
The following is a summary of changes in outstanding options:
Options
Weighted-Average
Price
Outstanding options at December 31, 2023
375,000
$
31.25
2024 Activity:
Expired
(125,000)
27.36
Outstanding options at December 31, 2024
250,000
$
33.20
401(k) Match
The Sinclair, Inc. 401(k) Plan is available as a benefit for SBG’s eligible employees. Contributions made to the 401(k) Plan
include an employee elected salary reduction amount with a match calculation (the “Match”). The Match and any additional
discretionary contributions may be made using Sinclair’s Class A Common Stock, if the Sinclair Board so chooses. Typically, the
Match is made using Sinclair’s Class A Common Stock.
The value of the Match is based on the level of elective deferrals into the 401(k) Plan. The number of shares of Sinclair’s
Class A Common Stock granted under the Match is determined based upon the closing price on or about March 1st of each year
for the previous calendar year’s Match. SBG recorded $16 million for the year ended December 31, 2024 and $17 million for each
of the years ended December 31, 2023 and 2022 of compensation expense related to the Match.
Employee Stock Purchase Plan
The ESPP allows eligible employees to purchase Sinclair Class A Common Stock at 85% of the lesser of the fair value of the
common stock as of the first day of the quarter and as of the last day of that quarter, subject to certain limits as defined in the
ESPP. The compensation expense recorded related to the ESPP was $1 million for each of the years ended December 31, 2024
and 2023 and $2 million for the year ended December 31, 2022.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
92

3.
PROPERTY AND EQUIPMENT:
Property and equipment are stated at cost, less accumulated depreciation. Depreciation is generally computed under the
straight-line method over the following estimated useful lives:
Buildings and improvements
10 - 30 years
Operating equipment
5 - 10 years
Office furniture and equipment
5 - 10 years
Leasehold improvements
Lesser of 10 - 30 years or lease term
Automotive equipment
3 - 5 years
Property and equipment under finance leases
Lease term
Acquired property and equipment is depreciated on a straight-line basis over the respective estimated remaining useful lives.
Property and equipment consisted of the following as of December 31, 2024 and 2023 (in millions):
2024
2023
Land and improvements
$
72
$
71
Buildings and improvements
305
287
Operating equipment
923
894
Office furniture and equipment
155
142
Leasehold improvements
48
45
Automotive equipment
64
64
Finance lease assets
69
61
Construction in progress
70
93
1,706
1,657
Less: accumulated depreciation
(1,014)
(965)
$
692
$
692
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
93

4.
GOODWILL, INDEFINITE-LIVED INTANGIBLE ASSETS, AND OTHER INTANGIBLE ASSETS:
Goodwill, which arises from the purchase price exceeding the assigned value of the net assets of an acquired business, represents
the value attributable to unidentifiable intangible elements being acquired. The change in the carrying amount of goodwill at
December 31, 2024 and 2023 was as follows (in millions):
Local media
Other
Consolidated
Balance at December 31, 2022
$
2,016
$
72
$
2,088
Disposition
—
(6)
(6)
Transferred to Ventures
—
(66)
(66)
Balance at December 31, 2023
$
2,016
$
—
$
2,016
Balance at December 31, 2024
$
2,016
$
—
$
2,016
SBG’s accumulated goodwill impairment was $3,029 million as of both December 31, 2024 and 2023, of which $414 million
related to our local media segment and $2,615 million related to our local sports segment (prior to the Deconsolidation) as of both
December 31, 2024 and 2023, respectively.
For SBG’s annual goodwill impairment tests related to its local media reporting unit in 2024 and 2023 and its other reporting
units in 2022, SBG concluded that it was more-likely-than-not that goodwill was not impaired for the reporting units in which we
performed a qualitative assessment. The qualitative factors reviewed during SBG’s annual assessments indicated stable or
improving margins and favorable or stable forecasted economic conditions including stable discount rates and comparable or
improving business multiples. Additionally, the results of prior quantitative assessments supported significant excess fair value
over carrying value of SBG’s reporting units. SBG did not have any indicators of impairment in any interim period in 2024 or 2023
and therefore did not perform interim impairment tests for goodwill during those periods.
For SBG’s annual goodwill impairment test related to its local media reporting unit in 2022, SBG elected to perform a
quantitative assessment and concluded that its fair value substantially exceeded its carrying value. The key assumptions used to
determine the fair value of SBG’s local media reporting unit consisted primarily of significant unobservable inputs (Level 3 fair
value inputs), including discount rates, estimated cash flows, profit margins, and growth rates. The discount rate used to determine
the fair value of SBG’s local media reporting unit is based on a number of factors including market interest rates, a weighted
average cost of capital analysis based on the target capital structure for a television broadcasting company and includes
adjustments for market risk and company specific risk. Estimated cash flows are based upon internally developed estimates and
growth rates and profit margins are based on market studies, industry knowledge, and historical performance.
As of December 31, 2024 and 2023, the carrying amount of SBG’s indefinite-lived intangible assets was as follows (in millions):
Local media
Other
Consolidated
Balance at December 31, 2022 (a)
$
123
$
27
$
150
Transferred to Ventures
—
(27)
(27)
Balance at December 31, 2023 (a) (b)
$
123
$
—
$
123
Balance at December 31, 2024 (a) (b)
$
123
$
—
$
123
(a)
SBG’s indefinite-lived intangible assets in its local media segment relate to broadcast licenses and SBG’s indefinite-lived intangible assets in
other relate to trade names.
(b)
Approximately $14 million of indefinite-lived intangible assets relate to consolidated VIEs as of December 31, 2024 and 2023.
SBG did not have any indicators of impairment for its indefinite-lived intangible assets in 2024 or 2023, and therefore did not
perform interim impairment tests during those periods. SBG performed its annual impairment tests for indefinite-lived intangibles
in 2024 and 2023 and as a result of its qualitative assessments, SBG recorded no impairment.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
94

The following table shows the gross carrying amount and accumulated amortization of SBG’s definite-lived intangibles (in
millions):
As of December 31, 2024
Gross
Carrying
Value
Accumulated
Amortization
Net
Amortized intangible assets:
Customer relationships
$
817
$
(626)
$
191
Network affiliation
$
1,435
$
(1,112)
$
323
Other
21
(18)
3
Total other definite-lived intangible assets (a)
$
1,456
$
(1,130)
$
326
Total definite-lived intangible assets
$
2,273
$
(1,756)
$
517
As of December 31, 2023
Gross
Carrying
Value
Accumulated
Amortization
Net
Amortized intangible assets:
Customer relationships (b)
$
817
$
(579)
$
238
Network affiliation
$
1,435
$
(1,032)
$
403
Other
21
(15)
6
Total other definite-lived intangible assets (a) and (b)
$
1,456
$
(1,047)
$
409
Total definite-lived intangible assets
$
2,273
$
(1,626)
$
647
(a)
Approximately $26 million and $33 million of definite-lived intangible assets relate to consolidated VIEs as of December 31, 2024 and 2023,
respectively.
(b)
During 2023, $142 million of customer relationships and $7 million of other definite-lived intangible assets were transferred to Ventures as
part of the Reorganization, as discussed in Company Reorganization under Note 1. Nature of Operations and Summary of Significant
Accounting Policies.
Definite-lived intangible assets and other assets subject to amortization are being amortized on a straight-line basis over their
estimated useful lives. The definite-lived intangible assets are amortized over a weighted average useful life of 14 years for customer
relationships and 15 years for network affiliations. The amortization expense of the definite-lived intangible and other assets for the
years ended December 31, 2024, 2023, and 2022 was $129 million, $148 million, and $225 million, respectively, of which $4
million for the year ended December 31, 2022 was associated with the amortization of favorable sports contracts prior to the
Deconsolidation and is presented within media programming and production expenses in SBG’s consolidated statements of
operations. SBG analyzes specific definite-lived intangibles for impairment when events occur that may impact their value in
accordance with the respective accounting guidance for long-lived assets. There were no impairment charges recorded for the years
ended December 31, 2024, 2023, and 2022, as there were no indicators of impairment.
The following table shows the estimated annual amortization expense of the definite-lived intangible assets for the next five years
and thereafter (in millions):
2025
$
123
2026
122
2027
109
2028
83
2029
48
2030 and thereafter
32
$
517
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
95

5.
OTHER ASSETS:
Other assets as of December 31, 2024 and 2023 consisted of the following (in millions):
2024
2023
Equity method investments
$
1
$
1
Other investments
13
—
Income tax receivable
144
131
Other
54
52
Total other assets
$
212
$
184
Equity Method Investments
Prior to the Reorganization, SBG had a portfolio of investments, including a number of entities that are primarily focused on
the development of real estate and other media and non-media businesses. No investments were individually significant for the
years ended December 31, 2024, 2023, and 2022.
Diamond Sports Intermediate Holdings LLC. Subsequent to the Deconsolidation, SBG’s equity interest in DSIH is accounted
for under the equity method of accounting. As of March 1, 2022, SBG reflected the investment in DSIH at fair value, which was
determined to be nominal. For the year ended December 31, 2024, SBG recorded no equity method loss related to the investment
because the carrying value of the investment is zero and SBG is not obligated to fund losses incurred by DSIH. See
Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of
Significant Accounting Policies. SBG no longer holds an equity interest in DSIH subsequent to Diamond Sports Group, LLC’s
(“DSG”) emergence from bankruptcy on January 2, 2025.
YES Network Investment. Prior to the Deconsolidation, SBG accounted for its investment in the Yankee Entertainment and
Sports Network, LLC (“YES Network”) as an equity method investment, which was recorded within other assets in SBG’s
consolidated balance sheets, and in which SBG’s proportionate share of the net income generated by the investment was included
within income from equity method investments in SBG’s consolidated statements of operations. SBG recorded income of $10
million related to its investment for the year ended December 31, 2022.
Other Investments
SBG’s investments, excluding equity method investments, are accounted for at fair value or, in situations where fair value is not
readily determinable, SBG has the option to value investments at cost plus observable changes in value, less impairment.
Additionally, certain investments are measured at net asset value (“NAV”).
All of the investments measured at fair value were transferred to Ventures as part of the Reorganization. Investments
measured at NAV were $5 million as of December 31, 2024. SBG recognized fair value adjustment losses of $73 million and $145
million for the years ended December 31, 2023 and 2022, respectively, associated with these securities, which is reflected in other
income (expense), net in SBG’s consolidated statements of operations.
Investments accounted for utilizing the measurement alternative were $8 million as of December 31, 2024. SBG recorded a $6
million impairment related to one investment for the year ended December 31, 2023, which is reflected in other income
(expense), net in SBG’s consolidated statements of operations. SBG recorded no impairments related to these investments for the
years ended December 31, 2024 and 2022.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
96

6.
NOTES PAYABLE AND COMMERCIAL BANK FINANCING:
Notes payable, finance leases, and commercial bank financing (including “finance leases to affiliates”) consisted of the
following as of December 31, 2024 and 2023 (in millions):
2024
2023
Bank Credit Agreement:
Term Loan B-2, due September 30, 2026 (a)
$
1,175
$
1,215
Term Loan B-3, due April 1, 2028
714
722
Term Loan B-4, due April 21, 2029
731
739
STG Notes:
5.125% Unsecured Notes, due February 15, 2027
274
274
5.500% Unsecured Notes, due March 1, 2030
485
485
4.125% Senior Secured Notes, due December 1, 2030
737
737
Debt of variable interest entities
7
7
Finance leases
30
20
Finance leases - affiliate
12
7
Total outstanding principal
4,165
4,206
Less: Deferred financing costs and discounts
(36)
(46)
Less: Current portion
(35)
(34)
Less: Finance leases - affiliate, current portion
(3)
(2)
Net carrying value of long-term debt
$
4,091
$
4,124
(a)
During the year ended December 31, 2024, STG repurchased $27 million aggregate principal amount of the Term Loan B-2 for
consideration of $25 million. See Bank Credit Agreement below.
Debt under the Bank Credit Agreement, notes payable, and finance leases as of December 31, 2024 matures as follows (in
millions):
Notes and
Bank Credit
Agreement
Finance Leases
Total
2025
$
30
$
11
$
41
2026
1,177
11
1,188
2027
292
8
300
2028
699
6
705
2029
702
6
708
2030 and thereafter
1,223
10
1,233
Total minimum payments
4,123
52
4,175
Less: Deferred financing costs and discounts
(36)
—
(36)
Less: Amount representing future interest
—
(10)
(10)
Net carrying value of total debt
$
4,087
$
42
$
4,129
Interest expense in SBG’s consolidated statements of operations was $304 million, $305 million, and $296 million for the
years ended December 31, 2024, 2023, and 2022, respectively. Interest expense included amortization of deferred financing costs
and debt discounts of $10 million for each of the years ended December 31, 2024 and 2023 and $12 million for the year ended
December 31, 2022.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
97

The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended
December 31, 2024 and 2023:
Weighted Average Effective
Rate
Stated Rate
2024
2023
Bank Credit Agreement:
Term Loan B-2 (a)
SOFR plus 2.50%
8.17%
7.98%
Term Loan B-3 (a)
SOFR plus 3.00%
8.64%
8.35%
Term Loan B-4 (b)
SOFR plus 3.75%
9.83%
9.77%
Revolving Credit Facility (b) (c)
SOFR plus 2.00%
—%
—%
STG Notes:
5.125% Unsecured Notes
5.13%
5.33%
5.33%
5.500% Unsecured Notes
5.50%
5.66%
5.66%
4.125% Secured Notes
4.13%
4.31%
4.31%
(a)
The STG Term Loan B-2 converted to using the Secured Overnight Financing Rate (“SOFR”) upon the complete phase-out of LIBOR on
June 30, 2023 and was subject to customary credit spread adjustments set at the time of the rate conversion. The STG Term Loan B-3 has
LIBOR to SOFR conversion terms, including the applicable credit spread adjustments, built into the existing agreement.
(b)
Interest rate terms on the STG Term Loan B-4 and revolving credit facility include additional customary credit spread adjustments.
(c)
STG incurs a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if the first lien indebtedness ratio (as defined in the Bank
Credit Agreement) is less than or equal to 2.75x, less than or equal to 3.0x but greater than 2.75x, or greater than 3.0x, respectively. The
revolving credit facility is priced at SOFR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the Bank
Credit Agreement) is less than or equal to certain levels. As of December 31, 2024 and 2023, there were no outstanding borrowings, $1
million in letters of credit outstanding, and $649 million available under the revolving credit facility. The total revolving credit facility
contains two tranches, one for $612.5 million which expires on April 21, 2027 and one for $37.5 million which expires on December 4, 2025.
See Bank Credit Agreement below for further information.
SBG recorded a $23 million original issuance discount for the year ended December 31, 2022. Debt issuance costs and original
issuance discounts are presented as a direct deduction from, or addition to, the carrying amount of an associated debt liability,
except for debt issuance costs related to the revolving credit facility, which are presented within other assets in SBG’s
consolidated balance sheets.
Bank Credit Agreement
Prior to the refinancing subsequent event discussed in Note 16. Subsequent Events, STG, a wholly owned subsidiary of SBG,
had a syndicated credit facility which includes both revolving credit and issued term loans (the “Bank Credit Agreement”).
The Bank Credit Agreement included a financial maintenance covenant, the first lien leverage ratio (as defined in the Bank
Credit Agreement), which required such ratio not to exceed 4.5x, measured as of the end of each fiscal quarter. As of
December 31, 2024, the STG first lien leverage ratio was below 4.5x. The financial maintenance covenant was only applicable if
35% or more of the capacity (as a percentage of total commitments) under the revolving credit facility, measured as of the last day
of each quarter, was utilized under the revolving credit facility as of such date. Since there was no utilization under the revolving
credit facility as of December 31, 2024, STG was not subject to the financial maintenance covenant under the Bank Credit
Agreement. The Bank Credit Agreement contained other restrictions and covenants with which STG was in compliance as of
December 31, 2024.
On April 21, 2022, STG entered into the Fourth Amendment (the “Fourth Amendment”) to the Bank Credit Agreement with
JPMorgan Chase Bank, N.A., as administrative agent, the guarantors party thereto (the “Guarantors”) and the lenders and other
parties thereto.
Pursuant to the Fourth Amendment, STG raised Term B-4 Loans (as defined in the Bank Credit Agreement) in an aggregate
principal amount of $750 million, which mature on April 21, 2029 (the “Term Loan B-4”). The Term Loan B-4 was issued at 97%
of par and bears interest, at STG’s option, at Term SOFR plus 3.75% (subject to customary credit spread adjustments) or base
rate plus 2.75%. The proceeds from the Term Loan B-4 were used to refinance all of STG’s outstanding Term Loan B-1 due
January 2024 and to redeem STG’s outstanding 5.875% senior notes due 2026. In addition, the maturity of $612.5 million of the
total $650 million of revolving commitments under the Bank Credit Agreement were extended to April 21, 2027, with the
remaining $37.5 million continuing to mature on December 4, 2025. For the year ended December 31, 2022, SBG capitalized an
original issuance discount of $23 million associated with the issuance of the Term Loan B-4, which is reflected as a reduction to
the outstanding debt balance and will be recognized as interest expense over the term of the outstanding debt utilizing the
effective interest method. SBG recognized a loss on extinguishment of $10 million for the year ended December 31, 2022.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
98

The Term Loan B-2, Term Loan B-3, and Term Loan B-4 amortize in equal quarterly installments in an aggregate amount
equal to 1% of the original amount of such term loan, with the balance being payable on the maturity date.
During the year ended December 31, 2023, STG repurchased $30 million aggregate principal amount of the Term Loan B-2 for
consideration of $26 million. SBG recognized a gain on extinguishment of $3 million for the year ended December 31, 2023.
During the year ended December 31, 2024, STG repurchased $27 million aggregate principal amount of the Term Loan B-2 for
consideration of $25 million. SBG recognized a gain on extinguishment of $1 million for the year ended December 31, 2024.
STG Notes
During the year ended December 31, 2022, STG purchased $118 million aggregate principal amount of the 5.125% Notes in
open market transactions for consideration of $104 million. The 5.125% Notes acquired during the year ended December 31,
2022 were canceled immediately following their acquisition. SBG recognized a gain on extinguishment of the 5.125% Notes of $13
million for the year ended December 31, 2022.
During the year ended December 31, 2023, STG purchased $7 million, $15 million, and $13 million aggregate principal amount
of the 5.125% Unsecured Notes, the 5.500% Unsecured Notes, and the 4.125% Secured Notes, respectively, in open market
transactions for consideration of $6 million, $8 million, and $8 million, respectively. The STG Notes acquired during the year
ended December 31, 2023 were canceled immediately following their acquisition. SBG recognized a gain on extinguishment of
the STG Notes of $12 million for the year ended December 31, 2023.
The price at which STG may redeem the STG Notes is set forth in the respective indenture of the STG Notes. Also, if SBG sells
certain assets or experiences specific kinds of changes of control, the holders of these STG Notes may require SBG to repurchase
some or all of the outstanding STG Notes.
Debt of Variable Interest Entities and Guarantees of Third-Party Obligations
SBG jointly, severally, unconditionally, and irrevocably guaranteed $2 million of debt of certain third parties as of both
December 31, 2024 and 2023, all of which related to consolidated VIEs is included in our consolidated balance sheets. SBG
provides a guarantee of certain obligations of a regional sports network subject to a maximum annual amount of $122 million
with annual escalations of 4% for the next four years. As of December 31, 2024, SBG has determined that it is not probable that
SBG would have to perform under any of these guarantees. Additionally, we believe that as of January 1, 2025, we have no further
obligations related to this guarantee, however the counterparty associated with the related agreement may not agree with our
conclusion. See Note 11. Commitments and Contingencies for further discussion.
Interest Rate Swap
During the year ended December 31, 2023, STG entered into an interest rate swap effective February 7, 2023 and terminating
on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional
amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on SOFR. See Hedge
Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies for further discussion. As of
both December 31, 2024 and 2023, the fair value of the interest rate swap was an asset of $1 million, which is recorded in other
assets in SBG’s consolidated balance sheets.
Finance Leases
For more information related to SBG’s finance leases and affiliate finance leases see Note 7. Leases and Note 13. Related
Person Transactions, respectively.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
99

7.
LEASES:
SBG determines if a contractual arrangement is a lease at inception. SBG’s lease arrangements provide SBG the right to utilize
certain specified tangible assets for a period of time in exchange for consideration. SBG’s leases primarily relate to building space,
tower space, and equipment. SBG does not separate non-lease components from building and tower leases for the purposes of
measuring lease liabilities and assets. SBG’s leases consist of operating leases and finance leases which are presented separately
in SBG’s consolidated balance sheets. Leases with an initial term of 12 months or less are not recorded on the balance sheet.
SBG recognizes a lease liability and a right of use asset at the lease commencement date based on the present value of the
future lease payments over the lease term discounted using SBG’s incremental borrowing rate. Implicit interest rates within
SBG’s lease arrangements are rarely determinable. Right of use assets also include, if applicable, prepaid lease payments and
initial direct costs, less incentives received.
SBG recognizes operating lease expense on a straight-line basis over the term of the lease within operating expenses. Expense
associated with SBG’s finance leases consists of two components, including interest on outstanding finance lease obligations and
amortization of the related right of use assets. The interest component is recorded in interest expense and amortization of the
finance lease asset is recognized on a straight-line basis over the term of the lease in depreciation of property and equipment.
SBG’s leases do not contain any material residual value guarantees or material restrictive covenants. Some of SBG’s leases
include optional renewal periods or termination provisions which SBG assess at inception to determine the term of the lease,
subject to reassessment in certain circumstances.
The following table presents lease expense SBG has recorded in SBG’s consolidated statements of operations for the years
ended December 31, 2024, 2023, and 2022 (in millions):
2024
2023
2022
Finance lease expense:
Amortization of finance lease asset
$
4
$
4
$
3
Interest on lease liabilities
3
2
3
Total finance lease expense
7
6
6
Operating lease expense (a)
36
38
41
Total lease expense
$
43
$
44
$
47
(a)
Includes variable lease expense of $6 million for each of the years ended December 31, 2024 and 2023 and $7 million for the year ended
December 31, 2022.
The following table summarizes SBG’s outstanding operating and finance lease obligations as of December 31, 2024 (in
millions):
Operating
Leases
Finance
Leases
Total
2025
$
31
$
11
$
42
2026
29
11
40
2027
28
8
36
2028
24
6
30
2029
18
6
24
2030 and thereafter
59
10
69
Total undiscounted obligations
189
52
241
Less imputed interest
(37)
(10)
(47)
Present value of lease obligations
$
152
$
42
$
194
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
100

The following table summarizes supplemental balance sheet information related to leases as of December 31, 2024 and
December 31, 2023 (in millions, except lease term and discount rate):
2024
2023
Operating
Leases
Finance
Leases
Operating
Leases
Finance
Leases
Lease assets, non-current
$
123
$
30
(a) $
142
$
12
(a)
Lease liabilities, current
$
22
$
8
$
21
$
6
Lease liabilities, non-current
130
34
152
21
Total lease liabilities
$
152
$
42
$
173
$
27
Weighted average remaining lease term (in years)
7.15
5.62
7.85
5.26
Weighted average discount rate
6.3 %
8.0 %
6.2 %
7.9 %
(a)
Finance lease assets are reflected in property and equipment, net in SBG’s consolidated balance sheets.
The following table presents other information related to SBG’s leases for the years ended December 31, 2024, 2023, and 2022
(in millions):
2024
2023
2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases
$
32
$
33
$
35
Operating cash flows from finance leases
$
3
$
2
$
3
Financing cash flows from finance leases
$
7
$
7
$
6
Leased assets obtained in exchange for new operating lease liabilities
$
5
$
25
$
15
Leased assets obtained in exchange for new finance lease liabilities
$
22
$
—
$
1
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
101

8.
PROGRAM CONTRACTS:
Future payments required under television program contracts as of December 31, 2024 were as follows (in millions):
2025
$
69
2026
9
2027
4
Total
82
Less: Current portion
(69)
Long-term portion of program contracts payable
$
13
Each future period’s film liability includes contractual amounts owed, but what is contractually owed does not necessarily
reflect what SBG is expected to pay during that period. While SBG is contractually bound to make the payments reflected in the
table during the indicated periods, industry protocol typically enables SBG to make film payments on a three-month lag.
Included in the current portion amount are payments due in arrears of $12 million. In addition, SBG has entered into non-
cancelable commitments for future television program rights aggregating to $48 million as of December 31, 2024.
9.
REDEEMABLE NONCONTROLLING INTERESTS:
SBG accounts for redeemable noncontrolling interests in accordance with ASC 480, Distinguishing Liabilities from Equity,
and classifies them as mezzanine equity in SBG’s consolidated balance sheets because their possible redemption is outside of
SBG’s control. SBG’s redeemable non-controlling interests previously consisted of the following:
Redeemable Subsidiary Preferred Equity
On August 23, 2019, Diamond Sports Holdings, LLC (“DSH”), an indirect parent of DSG and indirect wholly-owned subsidiary
of the Company, issued preferred equity (the “Redeemable Subsidiary Preferred Equity”).
On February 10, 2023, SBG purchased the remaining 175,000 units of the Redeemable Subsidiary Preferred Equity for an
aggregate purchase price of $190 million representing 95% of the sum of the remaining unreturned capital contribution of $175
million, and accrued and unpaid dividends up to, but not including, the date of purchase.
Dividends accrued for the years ended December 31, 2023 and 2022 were $3 million and $13 million, respectively, and are
reflected in net loss (income) attributable to redeemable noncontrolling interests in SBG’s consolidated statements of operations.
Dividends accrued during 2023 and 2022 were paid in kind and added to the liquidation preference.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
102

10.
INCOME TAXES:
The provision (benefit) for income taxes consisted of the following for the years ended December 31, 2024, 2023, and 2022 (in
millions):
2024
2023
2022
Current (benefit) provision for income taxes:
Federal
$
(35)
$
5
$
6
State
4
(5)
3
(31)
—
9
Deferred provision (benefit) for income taxes:
Federal
95
(331)
868
State
(4)
(28)
36
91
(359)
904
Provision (benefit) for income taxes
$
60
$
(359)
$
913
The following is a reconciliation of federal income taxes at the applicable statutory rate to the recorded provision:
2024
2023
2022
Federal statutory rate
21.0 %
21.0 %
21.0 %
Adjustments:
State income taxes, net of federal tax benefit (a)
6.0 %
4.7 %
2.0 %
Valuation allowance (b)
(5.8)%
33.5 %
1.6 %
Pending tax refunds interest income (c)
(4.6)%
— %
— %
Non-deductible items
1.9 %
(0.6)%
— %
Federal tax credits
(1.9)%
0.6 %
(0.2)%
Adjustment to prior year taxes
1.7 %
— %
— %
Other
2.0 %
0.2 %
0.9 %
Effective income tax rate
20.3 %
59.4 %
25.3 %
(a)
Included in state income taxes are deferred income tax effects related to certain acquisitions, intercompany mergers, tax elections, law
changes and/or impact of changes in apportionment.
(b)
SBG’s 2024 income tax provision includes a $17 million decrease in valuation allowance primarily result of a change in recent years from
cumulative loss to cumulative earnings in certain state jurisdictions, and a remeasurement of state net deferred tax assets due to state
apportionment updates. SBG’s 2023 income tax provision includes a $212 million decrease related to the release of valuation allowance
associated with the federal interest expense carryforwards under the IRC Section 163(j). SBG’s 2022 income tax provision includes a net
$56 million addition related to an increase in valuation allowance associated with the federal interest expense carryforwards under the IRC
Section 163(j) and primarily offset by a decrease in valuation allowance on certain state deferred tax assets resulting from the
Deconsolidation.
(c)
SBG’s 2024 income tax provision includes a $14 million accrual of interest income attributable to prior years’ pending income tax refund
claims, including an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’
pending income tax refund claims.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
103

Temporary differences between the financial reporting carrying amounts and the tax bases of assets and liabilities give rise to
deferred taxes. Total deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 were as follows (in
millions):
2024
2023
Deferred Tax Assets:
Net operating losses:
Federal
$
75
$
97
State
149
152
IRC Section 163(j) interest expense carryforward
139
93
Tax Credits
90
87
Capitalized research and development expenses
44
35
Other
81
83
578
547
Valuation allowance for deferred tax assets
(96)
(113)
Total deferred tax assets
$
482
$
434
Deferred Tax Liabilities:
Goodwill and intangible assets
$
(331)
$
(334)
Property & equipment, net
(87)
(98)
Investment in DSIH
(405)
(250)
Other
(32)
(35)
Total deferred tax liabilities
(855)
(717)
Net deferred tax liabilities
$
(373)
$
(283)
At December 31, 2024, SBG had approximately $358 million and $3,366 million of gross federal and state net operating losses,
respectively. Except for those without an expiration date, these losses will expire during various years from 2025 to 2044, and
some of them are subject to annual limitations under the IRC Section 382 and similar state provisions. As discussed in Income
Taxes under Note 1. Nature of Operations and Summary of Significant Accounting Policies, SBG establishes a valuation
allowance in accordance with the guidance related to accounting for income taxes. As of December 31, 2024, a valuation
allowance has been provided for deferred tax assets related to certain temporary basis differences and a substantial portion of
SBG’s available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing
temporary basis differences, alternative tax strategies, current and cumulative losses, and projected future taxable income.
Although realization is not assured for the remaining deferred tax assets, SBG believes it is more likely than not that they will be
realized in the future. During the year ended December 31, 2024, SBG decreased its valuation allowance by $17 million to $96
million. The decrease was primarily a result of a change in recent years from cumulative loss to cumulative earnings in certain
state jurisdictions, and a remeasurement of state net deferred tax assets due to state apportionment updates. During the year
ended December 31, 2023, SBG decreased its valuation allowance by $199 million to $113 million. The decrease was primarily
due to the release of valuation allowance related to interest expense carryforwards under the IRC Section 163(j) offset by a
change in judgment in the realizability of certain state deferred tax assets.
Due to DSG’s emergence from bankruptcy in early 2025, SBG expects to record a gain upon disposition for tax purposes. This
will result in a material tax payment and movement to certain deferred tax assets and liabilities, primarily those related to
investment in DSIH, net operating losses, and tax credits.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
104

The following table summarizes the activity related to SBG’s accrued unrecognized tax benefits (in millions):
2024
2023
2022
Balance at January 1,
$
12
$
17
$
15
Additions related to prior year tax positions
—
—
2
Additions related to current year tax positions
1
1
1
Reductions related to positions transferred to Ventures
—
(2)
—
Reductions related to settlements with taxing authorities
—
(2)
—
Reductions related to expiration of the applicable statute of limitations
—
(2)
(1)
Balance at December 31,
$
13
$
12
$
17
As of 2023, SBG is a subsidiary of Sinclair and is subject to U.S. federal income tax as part of the consolidated return. SBG is
also subject to income tax of multiple state jurisdictions. SBG’s 2014 through 2020 federal tax returns are currently under audit,
and several of SBG’s subsidiaries are currently under state examinations for various years. SBG does not anticipate that
resolution of these matters will result in a material change to SBG’s financial statements. In addition, SBG does not believe that
SBG’s liability for unrecognized tax benefits would be materially impacted, in the next twelve months, as a result of expected
statute of limitations expirations and resolution of examination issues and settlements with tax authorities.
11.
COMMITMENTS AND CONTINGENCIES:
Litigation, Claims, and Regulatory Matters
SBG is party to lawsuits, claims, and regulatory matters from time to time in the ordinary course of business. Actions currently
pending are in various stages and no material judgments or decisions have been rendered by hearing boards or courts in
connection with such actions. Except as noted below, SBG does not believe the outcome of these matters, individually or in the
aggregate, will have a material effect on SBG’s financial statements.
FCC Matters. On May 22, 2020, the Federal Communications Commission (“FCC”) released an Order and Consent Decree
pursuant to which the Company agreed to pay $48 million to resolve the matters covered by a Notice of Apparent Liability for
Forfeiture (“NAL”) issued in December 2017 proposing a $13 million fine for alleged violations of the FCC’s sponsorship
identification rules by the Company and certain of its subsidiaries, the FCC’s investigation of the allegations raised in the Hearing
Designation Order issued in connection with the Company’s proposed acquisition of Tribune, and a retransmission related
matter. The Company submitted the $48 million payment on August 19, 2020. As part of the consent decree, the Company also
agreed to implement a four year compliance plan (which compliance plan terminated on May 29, 2024). Two petitions were filed
on June 8, 2020 seeking reconsideration of the Order and Consent Decree. The Company filed an opposition to the petitions on
June 18, 2020, and the petitions remain pending.
On September 1, 2020, one of the individuals who filed a petition for reconsideration of the Order and Consent Decree filed a
petition to deny the license renewal application of WBFF(TV), Baltimore, MD, and the license renewal applications of two other
Baltimore, MD stations with which the Company has a JSA or LMA, Deerfield Media station WUTB(TV) and Cunningham
Broadcasting Corporation (“Cunningham”) station WNUV(TV). The Company filed an opposition to the petition on October 1,
2020. On January 18, 2024, a motion was filed to request substitution of the petitioner, who is deceased. On January 29, 2024,
the Company filed (1) an opposition to the motion for substitution and (2) a motion to dismiss the petition to deny the renewal
applications. An opposition was filed to the motion to dismiss on February 5, 2024, and the Company timely filed its reply on
February 13, 2024, and the matter remains pending. Licensees are authorized to continue operating stations in accordance with
their existing licenses while their renewal applications are pending before the FCC.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
105

On September 2, 2020, the FCC adopted a Memorandum Opinion and Order and NAL against the licensees of several stations
with whom the Company has LMAs, JSAs, and/or SSAs in response to a complaint regarding those stations’ retransmission
consent negotiations. The NAL proposed a $0.5 million penalty for each station, totaling $9 million. The licensees filed a
response to the NAL on October 15, 2020, asking the FCC to dismiss the proceeding or, alternatively, to reduce the proposed
forfeiture to $25,000 per station. On July 28, 2021, the FCC issued a forfeiture order in which the $0.5 million penalty was
upheld for all but one station. A Petition for Reconsideration of the forfeiture order was filed on August 7, 2021. On March 14,
2022, the FCC released a Memorandum Opinion and Order and Order on Reconsideration, which reaffirmed the forfeiture order,
dismissed (and in the alternative, denied) the Petition for Reconsideration, and stated that because the fines were not paid within
the period stated in the July 2021 forfeiture order the FCC may refer the case to the U.S. Department of Justice (“DOJ”) for
enforcement of the forfeiture pursuant to Section 504 of the Communications Act. Our understanding is that enforcement
remains pending. The Company is not a party to this forfeiture order; however, SBG’s consolidated financial statements include
an accrual of additional expenses of $8 million for the above legal matters during the year ended December 31, 2021, as SBG
consolidates these stations as VIEs.
On September 21, 2022, the FCC released an NAL against the licensees of a number of stations, including 83 SBG stations and
several stations with whom SBG has LMAs, JSAs, and/or SSAs, for violation of the FCC’s limitations on commercial matter in
children’s television programming related to KidsClick network programming distributed by the Company in 2018. The NAL
proposed a fine of $2.7 million against SBG, and fines ranging from $20,000 to $26,000 per station for the other licensees,
including the LMA, JSA, and/or SSA stations, for a total of $3.4 million. As of December 31, 2024, SBG has accrued $3.4 million.
On October 21, 2022, the Company filed a written response seeking reduction of the proposed fine amount. On September 6,
2024, the FCC denied the Company’s request for reduction of the fine (and similar requests filed by certain other licensees) and
issued a forfeiture order imposing the fine as proposed in the NAL. The Company and all other affected licensees filed a joint
petition for reconsideration of the forfeiture order on October 7, 2024 and the matter remains pending.
Other Matters. On November 6, 2018, the Company agreed to enter into a proposed consent decree with the DOJ. This consent
decree resolves the DOJ’s investigation into the sharing of pacing information among certain stations in some local markets. The
DOJ filed the consent decree and related documents in the U.S. District Court for the District of Columbia on November 13, 2018.
The U.S. District Court for the District of Columbia entered the consent decree on May 22, 2019. The consent decree is not an
admission of any wrongdoing by the Company and does not subject the Company to any monetary damages or penalties. The
Company believes that even if the pacing information was shared as alleged, it would not have impacted any pricing of
advertisements or the competitive nature of the market. The consent decree requires the Company to adopt certain antitrust
compliance measures, including the appointment of an Antitrust Compliance Officer, consistent with what the DOJ has required
in previous consent decrees in other industries. The consent decree also requires the Company’s stations not to exchange pacing
and certain other information with other stations in their local markets, which the Company’s management had already
instructed them not to do.
The Company is aware of twenty-two putative class action lawsuits that were filed against the Company following published
reports of the DOJ investigation into the exchange of pacing data within the industry. On October 3, 2018, these lawsuits were
consolidated in the Northern District of Illinois. The consolidated action alleges that the Company and thirteen other
broadcasters conspired to fix prices for commercials to be aired on broadcast television stations throughout the United States and
engaged in unlawful information sharing, in violation of the Sherman Antitrust Act. The consolidated action seeks damages,
attorneys’ fees, costs and interest, as well as injunctions against adopting practices or plans that would restrain competition in
the ways the plaintiffs have alleged. The Court denied the defendants’ motion to dismiss on November 6, 2020. Discovery
commenced shortly after that and is continuing. On December 8, 2023, the Court granted final approval of the settlements the
plaintiffs had reached with four of the original defendants (CBS, Fox, Cox Media, and ShareBuilders), who agreed to pay a total of
$48 million to settle the plaintiffs’ claims against them. The plaintiffs are continuing to pursue their claims against the Company
and the other non-settling defendants.Under the current schedule set by the Court, fact discovery is scheduled to close 90 days
after a Special Master completes his review of the plaintiffs’ objections to the defendants’ privilege claims. The plaintiffs have
paused their depositions of fact witnesses pending completion of the privilege review. The privilege review is ongoing and the
Special Master has not indicated when he expects it to be completed; however, the Court, at a status conference in December
2024, urged the parties to restart depositions in April 2025 even if the privilege review is not complete by then. On December 6,
2024, the plaintiffs filed a motion seeking sanctions against the Company in connection with the loss of certain cell phone data.
On February 4, 2025, following a briefing on that motion, the Court heard arguments and took the motion under advisement.
The Court scheduled the next status conference for March 18, 2025.
The Company and the other non-settling defendants
continue to believe the lawsuits are without merit and intend to vigorously defend themselves against all such claims.
On July 19, 2023, as part of the bankruptcy proceedings of DSG, at such time, an independently managed and unconsolidated
subsidiary of Sinclair, DSG and its wholly-owned subsidiary, Diamond Sports Net, LLC, filed a complaint (the “Diamond
Litigation”), under seal, in the United States Bankruptcy Court for the Southern District of Texas naming certain subsidiaries of
Sinclair, including SBG and STG and certain officers of SBG and STG, as defendants.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
106

In the complaint, plaintiffs challenged a series of transactions involving SBG and certain of its subsidiaries, on the one hand,
and DSG and its subsidiaries, on the other hand, since SBG acquired the former Fox Sports regional sports networks from The
Walt Disney Company in August 2019. The complaint alleged, among other things, that the management services agreement (the
“MSA”) entered into by STG and DSG was not fair to DSG and was designed to benefit STG and SBG; that the Bally’s Corporation
(“Bally’s”) transaction in November 2020 through which Bally’s acquired naming rights to certain regional sports networks was
not fair to DSG and was designed to benefit STG and SBG; and that certain distributions made by DSG that were used to pay
down preferred equity of DSH, were inappropriate and were conducted at a time when DSG was insolvent. The complaint also
alleged that SBG and its subsidiaries (other than DSG and its subsidiaries) received payments or indirect benefits of
approximately $1.5 billion as a result of the alleged misconduct. The complaint asserted a variety of claims, including certain
fraudulent transfers of assets, unlawful distributions and payments, breaches of contracts, unjust enrichment and breaches of
fiduciary duties. The plaintiffs sought, among other relief, avoidance of fraudulent transfers and unlawful distributions, and
unspecified monetary damages to be determined.
On March 1, 2024, the court approved a global settlement and release of all claims associated with the Diamond Litigation,
which settlement included an amendment to the MSA. Sinclair entered into the settlement, without admitting any fault or
wrongdoing. The settlement terms included, among other things, DSG’s dismissal with prejudice of its $1.5 billion litigation
against Sinclair and all other defendants, along with the full and final satisfaction and release of all claims in that litigation
against all defendants, including Sinclair and its subsidiaries, in exchange for Sinclair’s cash payment to DSG of $495 million.
Additionally, under the terms of the settlement, Sinclair would provide transition services to DSG to allow DSG to become a self-
standing entity going forward. During the first quarter of 2024, SBG paid $50 million related to the settlement. The final
settlement payment was made during the second quarter of 2024 and of the total $495 million settlement amount paid, $347
million was paid by STG and $148 million was paid by Ventures. On January 2, 2025, DSG announced that it had emerged from
bankruptcy, at which time, SBG’s equity interest in DSG was terminated.
As described under Note 6. Notes Payable and Commercial Bank Financing, SBG has provided a guarantee that requires SBG
to provide funding to the Marquee Sports Network (“Marquee”) under certain circumstances. On July 19, 2024, Marquee sent
SBG a funding notice seeking $29 million under the Marquee guarantee by August 1, 2024 purportedly to make payments under
certain agreements to affiliates of the Chicago Cubs, an affiliate of which is also a co-owner of Marquee. Based on the information
provided to SBG by Marquee, Marquee has sufficient cash to make such payments without funding under the Marquee
guarantee. For this and other reasons, SBG does not believe it is contractually required to provide funding under the Marquee
guarantee at this time and have so informed Marquee. On August 2, 2024, Marquee sent SBG another letter claiming that SBG’s
failure to timely pay the amounts subject to Marquee’s funding notice constitutes a breach of the Marquee guarantee and
requesting payment of such amounts no later than August 17, 2024 at which time Marquee has stated it will pursue any and all
available remedies pursuant to the Marquee guarantee. As of January 1, 2025, we believe we have no further obligations related
to the guarantee, however, Marquee may not agree with our conclusion. This dispute may result in litigation, and based on SBG’s
expectation of Marquee’s claims, SBG believes that it has meritorious defenses and intends to vigorously defend against such
claims.
Changes in the Rules of Television Ownership, Local Marketing Agreements, Joint Sales Agreements,
Retransmission Consent Negotiations, and National Ownership Cap
Certain of SBG’s stations have entered into what have commonly been referred to as local marketing agreements or LMAs. One
typical type of LMA is a programming agreement between two separately owned television stations serving the same market,
whereby the licensee of one station programs substantial portions of the broadcast day and sells advertising time during such
programming segments on the other licensee’s station subject to the latter licensee’s ultimate editorial and other controls. SBG
believes these arrangements allow it to reduce SBG’s operating expenses and enhance profitability.
In 1999, the FCC established a local television ownership rule that made certain LMAs attributable. The FCC adopted policies
to exempt from attribution “legacy” LMAs that were entered into prior to November 5, 1996 and permitted the applicable stations
to continue operations pursuant to the LMAs until the conclusion of the FCC’s 2004 biennial review. The FCC stated it would
conduct a case-by-case review of legacy LMAs and assess the appropriateness of extending the exemption periods. The FCC did
not initiate any review of legacy LMAs in 2004 or as part of its subsequent quadrennial reviews. SBG does not know when, or if,
the FCC will conduct any such review of legacy LMAs. Currently, all of SBG’s LMAs are exempt from attribution under the local
television ownership rule because they were entered into prior to November 5, 1996. If the FCC were to eliminate the exemption
for these LMAs, SBG would have to terminate or modify these LMAs.
In September 2015, the FCC released a Notice of Proposed Rulemaking in response to a Congressional directive in STELAR to
examine the “totality of the circumstances test” for good-faith negotiations of retransmission consent. The proposed rulemaking
seeks comment on new factors and evidence to consider in its evaluation of claims of bad faith negotiation, including service
interruptions prior to a “marquee sports or entertainment event,” restrictions on online access to broadcast programming during
negotiation impasses, broadcasters’ ability to offer bundles of broadcast signals with other broadcast stations or cable networks,
and broadcasters’ ability to invoke the FCC’s exclusivity rules during service interruptions. On July 14, 2016, the FCC’s Chairman
at the time announced that the FCC would not, at that time, proceed to adopt additional rules governing good faith negotiations
of retransmission consent but did not formally terminate the rulemaking. No formal action has yet been taken on this Proposed
Rulemaking, and SBG cannot predict if the FCC will terminate the rulemaking or take other action.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
107

On November 20, 2017, the FCC released an Ownership Order on Reconsideration that eliminated or revised several media
ownership rules. Among other things, the Order on Reconsideration (1) retained the “Top-Four Prohibition” (which generally
restricts common ownership of two top-four rated stations in a market) but introduced a process by which entities could seek a
waiver of the Top-Four Prohibition on a case-by-case basis; (2) eliminated the “Eight-Voices Test” that previously allowed
common ownership of two stations in a single market only if eight or more independently-owned television stations would
remain in the market (allowing common ownership of up to two stations in a market as long as such ownership does not violate
the Top-Four Prohibition), and (3) eliminated the JSA attribution rule. The Ownership Order on Reconsideration was vacated
and remanded by the U.S. Court of Appeals for the Third Circuit in September 2019, but the Supreme Court ultimately reversed
the Third Circuit’s decision on April 1, 2021 and the Ownership Order on Reconsideration became effective on June 30, 2021.
On December 18, 2017, the FCC released a Notice of Proposed Rulemaking to examine the FCC’s national ownership cap,
including the UHF discount. The UHF discount allows television station owners to discount the coverage of UHF stations when
calculating compliance with the FCC’s national ownership cap, which prohibits a single entity from owning television stations
that reach, in total, more than 39% of all the television households in the nation. All but 21 of the stations SBG currently owns
and operates, or to which SBG provides programming services are UHF. SBG cannot predict the outcome of the rulemaking
proceeding. With the application of the UHF discount counting all of SBG’s present stations SBG reaches approximately 24% of
U.S. households. Changes to the national ownership cap could limit SBG’s ability to make television station acquisitions.
On December 22, 2023, the FCC completed its 2018 Quadrennial Regulatory Review (the “2018 Ownership Order”). The 2018
Ownership Order declined to loosen or eliminate any of the existing television ownership rules and expanded the Top-Four
Prohibition to multicast streams and LPTV stations, each of which were not previously considered as part of the local television
ownership rules. The expanded rule prohibits a broadcaster with a top-four-rated television station from acquiring the network
affiliation of another top-four rated station in the market and airing that second top-four network on a multicast stream or
commonly owned LPTV station under certain circumstances. Affiliation arrangements existing as of the release of the 2018
Ownership Order that would otherwise violate the expanded Top-Four Prohibition will not be subject to divestiture, but such
arrangements will not be transferrable or assignable absent case-by-case approval. The 2018 Ownership Order also revised the
methodology for determining whether a station is rated among the top-four stations in the market, retained the SSA disclosure
requirement, and declined to attribute SSAs or JSAs. The 2018 Ownership Order’s expansion of the Top-Four Prohibition to
multicast streams and LPTV stations may affect the Company’s ability to acquire programming or to sell or acquire stations due
to the need to divest grandfathered affiliations. Broadcast industry parties filed three separate appeals of the 2018 Ownership
Order which were consolidated in March 2024 and remain pending before the U.S. Court of Appeals for the Eighth Circuit. We
cannot predict the outcome of these appeals.
On December 22, 2022, the FCC released a Public Notice to initiate the 2022 Quadrennial Regulatory Review, seeking
comment on the Local Radio Ownership Rule, the Local Television Ownership Rule, and the Dual Network Rule and the
proceeding remains pending. We cannot predict the outcome of that rulemaking proceeding. Changes to these rules could impact
our ability to make radio or television station acquisitions.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
108

12.
VARIABLE INTEREST ENTITIES:
Certain of SBG’s stations provide services to other station owners within the same respective market through agreements, such
as LMAs, where SBG provides programming, sales, operational, and administrative services, and JSAs and SSAs, where SBG
provides non-programming, sales, operational, and administrative services. In certain cases, SBG has also entered into purchase
agreements or options to purchase the license related assets of the licensee. SBG typically owns the majority of the non-license
assets of the stations, and in some cases where the licensee acquired the license assets concurrent with SBG’s acquisition of the
non-license assets of the station, SBG has provided guarantees to the bank for the licensee’s acquisition financing. The terms of
the agreements vary but generally have initial terms of over five years with several optional renewal terms. Based on the terms of
the agreements and the significance of SBG’s investment in the stations, SBG is the primary beneficiary when, subject to the
ultimate control of the licensees, SBG has the power to direct the activities which significantly impact the economic performance
of the VIE through the services SBG provides and SBG absorbs losses and returns that would be considered significant to the
VIEs. The fees paid between SBG and the licensees pursuant to these arrangements are eliminated in consolidation.
The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above which have been included in
SBG’s consolidated balance sheets as of December 31, 2024 and 2023 were as follows (in millions):
2024
2023
ASSETS
Current assets:
Accounts receivable, net
$
18
$
23
Other current assets
3
3
Total current asset
21
26
Property and equipment, net
8
11
Goodwill and indefinite-lived intangible assets
15
15
Definite-lived intangible assets, net
26
33
Total assets
$
70
$
85
LIABILITIES
Current liabilities:
Total current liabilities
$
13
$
14
Long-term liabilities:
Notes payable, finance leases, and commercial bank financing, less current portion
5
6
Other long-term liabilities
3
3
Total liabilities
$
21
$
23
The amounts above represent the combined assets and liabilities of the VIEs described above, for which we are the primary
beneficiary. Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs, which are
excluded from above, were $128 million and $130 million as of December 31, 2024 and 2023, respectively, as these amounts are
eliminated in consolidation. The assets of each of these consolidated VIEs can only be used to settle the obligations of the VIE. As
of December 31, 2024, all of the liabilities are non-recourse to us except for the debt of certain VIEs. See Debt of Variable
Interest Entities and Guarantees of Third-Party Obligations under Note 6. Notes Payable and Commercial Bank Financing for
further discussion. The risk and reward characteristics of the VIEs are similar.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
109

Other VIEs
Prior to the Reorganization, SBG had several investments in entities which are considered VIEs. However, SBG did not
participate in the management of these entities, including the day-to-day operating decisions or other decisions which would
allow SBG to control the entity, and therefore, SBG was not considered the primary beneficiary of these VIEs. SBG’s investments
in these VIEs for which SBG was not the primary beneficiary were transferred to Ventures as part of the Reorganization.
The income and loss related to equity method investments and other equity investments are recorded in income from equity
method investments and other income (expense), net, respectively, in SBG’s consolidated statements of operations. SBG
recorded gains of $37 million and $58 million for the years ended December 31, 2023 and 2022, respectively, related to these
investments.
Prior to DSG’s emergence from bankruptcy on January 2, 2025, SBG held substantially all the equity of DSIH and provided
certain management and general and administrative services to subsidiaries of DSIH. However, it was determined that SBG was
not the primary beneficiary because SBG lacked the ability to control the activities that most significantly drove the economics of
the business. As of December 31, 2024, the carrying amount of SBG’s investment in DSIH was zero and there was no obligation
for SBG to provide additional financial support.
SBG was also party to the A/R Facility held by an indirect wholly-owned subsidiary of DSIH which had a maturity date of
September 23, 2024. The A/R Facility was terminated on March 14, 2024. See Note Receivable within Note 5. Other Assets.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
110

13.
RELATED PERSON TRANSACTIONS:
Transactions With SBG’s Indirect Controlling Shareholders
David, Frederick, J. Duncan, and Robert Smith (collectively, the “Sinclair controlling shareholders”) are brothers and hold
substantially all of the Sinclair Class B Common Stock and some of the Sinclair Class A Common Stock. SBG engaged in the
following transactions with them and/or entities in which they have substantial interests:
Leases. Certain assets used by SBG and SBG’s operating subsidiaries are leased from entities owned by the Sinclair controlling
shareholders. Lease payments made to these entities were $6 million for each of the years ended December 31, 2024, 2023, and
2022.
Finance leases payable related to the aforementioned relationships were $12 million, net of $2 million interest, and $7 million,
net of $1 million interest, as of December 31, 2024 and 2023, respectively. The finance leases mature in periods through 2030.
For further information on finance leases to affiliates, see Note 6. Notes Payable and Commercial Bank Financing.
Charter Aircraft. SBG leases aircraft owned by certain controlling shareholders. For all leases, we incurred aggregate expenses
of $0.1 million, $0.2 million, and $0.4 million for the years ended December 31, 2024, 2023, and 2022, respectively.
The Baltimore Sun. David Smith is the majority shareholder of The Baltimore Sun. SBG has entered into agreements with The
Baltimore Sun to provide independent contractor services, sales representation, news resource sharing, and content sharing. In
relation to these agreements, SBG recorded revenue of $0.1 million for the year ended December 31, 2024.
Cunningham Broadcasting Corporation
Cunningham owns a portfolio of television stations, including: WNUV-TV Baltimore, Maryland; WRGT-TV Dayton, Ohio;
WVAH-TV Charleston, West Virginia; WMYA-TV Anderson, South Carolina; WTTE-TV Columbus, Ohio; WDBB-TV
Birmingham, Alabama; WBSF-TV Flint, Michigan; WGTU-TV/WGTQ-TV Traverse City/Cadillac, Michigan; WEMT-TV Tri-
Cities, Tennessee; WYDO-TV Greenville, North Carolina; KBVU-TV/KCVU-TV Eureka/Chico-Redding, California; WPFO-TV
Portland, Maine; KRNV-DT/KENV-DT Reno, Nevada/Salt Lake City, Utah; and KTXD-TV in Dallas, Texas (collectively, the
Cunningham Stations). Certain of SBG’s stations provide services to these Cunningham Stations pursuant to LMAs or JSAs and
SSAs. See Note 12. Variable Interest Entities, for further discussion of the scope of services provided under these types of
arrangements.
All of the non-voting stock of the Cunningham Stations is owned by trusts for the benefit of the children of the Sinclair
controlling shareholders. SBG consolidates certain subsidiaries of Cunningham with which SBG has variable interests through
various arrangements related to the Cunningham Stations.
The services provided to WNUV-TV, WMYA-TV, WTTE-TV, WRGT-TV and WVAH-TV are governed by a master agreement
which has a current term that expires on July 1, 2028 and there is one additional 5-year renewal terms remaining with final
expiration on July 1, 2033. SBG also executed purchase agreements to acquire the license related assets of these stations from
Cunningham, which grant SBG the right to acquire, and grant Cunningham the right to require SBG to acquire, subject to
applicable FCC rules and regulations, 100% of the capital stock or the assets of these individual subsidiaries of Cunningham.
Pursuant to the terms of this agreement SBG is obligated to pay Cunningham an annual fee for the television stations equal to the
greater of (i) 3% of each station’s annual net broadcast revenue or (ii) $6 million. The aggregate purchase price of these television
stations increases by 6% annually. A portion of the fee is required to be applied to the purchase price to the extent of the 6%
increase. The cumulative prepayments made under these purchase agreements were $69 million and $65 million as of
December 31, 2024 and 2023, respectively. The remaining aggregate purchase price of these stations, net of prepayments, was
$54 million for both the years ended December 31, 2024 and 2023. Additionally, SBG provides services to WDBB-TV pursuant to
an LMA, which expires April 22, 2030, and have a purchase option to acquire for $0.2 million. SBG paid Cunningham, under
these agreements, $12 million for each of the years ended December 31, 2024 and 2023 and $10 million for the year ended
December 31, 2022.
The agreements with KBVU-TV/KCVU-TV, KRNV-DT/KENV-DT, WBSF-TV, WDBB-TV, WEMT-TV, WGTU-TV/WGTQ-TV,
WPFO-TV, and WYDO-TV expire between August 2025 and April 2030, and certain stations have renewal provisions for
successive eight-year periods.
As SBG consolidates the licensees as VIEs, the amounts SBG earns or pays under the arrangements are eliminated in
consolidation and the gross revenues of the stations are reported in SBG’s consolidated statements of operations. SBG’s
consolidated revenues include $155 million, $140 million, and $159 million for the years ended December 31, 2024, 2023, and
2022, respectively, related to the Cunningham Stations.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
111

SBG has an agreement with Cunningham to provide master control equipment and provide master control services to a station
in Johnstown, PA with which Cunningham has an LMA that expires in June 2025. Under the agreement, Cunningham paid SBG
an initial fee of $1 million and pays SBG $0.3 million annually for master control services plus the cost to maintain and repair the
equipment. In addition, SBG has an agreement with Cunningham to provide a news share service with the Johnstown, PA station
for an annual fee of $0.6 million which increases by 3% on each anniversary and which expires in November 2025.
SBG has multi-cast agreements with Cunningham Stations in the Eureka/Chico-Redding, California; Tri-Cities, Tennessee;
Anderson, South Carolina; Baltimore, Maryland; Portland, Maine; Charleston, West Virginia; Dallas, Texas; and Greenville,
North Carolina markets. In exchange for carriage of these networks in their markets, SBG paid $2 million for both of the years
ended December 31, 2024 and 2023 and $1 million for the year ended December 31, 2022 under these agreements.
Leased Property by Real Estate Ventures
Prior to September 2024, certain of SBG’s real estate ventures entered into leases with entities owned by members of the
Smith Family. Total rent received under these leases was $1 million for each of the years ended December 31, 2024, 2023, and
2022.
WG Communications Group.
The wife of Robert Weisbord, our Chief Operating Officer and President of Local Media, has an ownership interest in WG
Communications Group (“WGC”). SBG received revenue from advertisers represented by WGC of $0.3 million for each of the
years ended December 31, 2024, 2023, and 2022 and made payments to WGC of $0.1 million for the year ended December 31,
2024 and less than $0.1 million for each of the years ended December 31, 2023 and 2022.
Sinclair, Inc.
Subsequent to the Reorganization, Sinclair is the sole member of SBG. See Company Reorganization within Note 1. Nature of
Operations and Summary of Significant Accounting Policies for further discussion.
SBG recorded revenue of $10 million and $5 million for the years ended December 31, 2024 and 2023, respectively, within the
local media segment related to sales services provided by SBG to Sinclair, and certain of its direct and indirect subsidiaries.
SBG recorded expenses of $14 million and $6 million for the years ended December 31, 2024 and 2023, respectively, within the
local media segment related to digital advertising services provided by Sinclair, and certain of its direct and indirect subsidiaries,
to SBG.
SBG made net cash distributions of $72 million and $482 million to Sinclair, and certain of its direct and indirect subsidiaries,
for the years ended December 31, 2024 and 2023, respectively.
As of December 31, 2024, SBG had a payable to Sinclair, and certain of its direct and indirect subsidiaries, of $3 million,
included within other current liabilities in SBG’s consolidated balance sheets. As of December 31, 2023, SBG had a receivable
from Sinclair, and certain of its direct and indirect subsidiaries, of $3 million, included within prepaid expenses and other
current assets in SBG’s consolidated balance sheets.
Diamond Sports Intermediate Holdings LLC
Up until DSG’s emergence from bankruptcy on January 2, 2025, SBG accounted for its equity interest in DSIH as an equity
method investment, however SBG no longer holds an equity interest in DSIH subsequent to DSG’s emergence.
Management Services Agreement. SBG had a management services agreement with DSG, a wholly-owned subsidiary of DSIH,
in which SBG provided DSG with affiliate sales and marketing services and general and administrative services. Pursuant to this
agreement, the local media segment recorded $60 million, $49 million, and $60 million of revenue for the years ended
December 31, 2024, 2023 and 2022, respectively, of which $24 million was eliminated in consolidation prior to the
Deconsolidation for the year ended December 31, 2022.
Distributions. DSIH made distributions to DSH for tax payments on the dividends of the Redeemable Subsidiary Preferred
Equity of $7 million for the year ended December 31, 2022.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
112

Note receivable. For the year ended December 31, 2023, SBG received payments totaling $203 million related to the note
receivable associated with the A/R Facility, including $199 million from Diamond Sports Finance SPV, LLC (“DSPV”), an indirect
wholly-owned subsidiary of DSIH, on May 10, 2023, representing the aggregate outstanding principal amount of the loans under
the A/R Facility, accrued interest, and outstanding fees and expenses. For the year ended December 31, 2022, SBG received
payments totaling $60 million from DSPV and funded an additional $40 million related to the note receivable associated with the
A/R Facility.
SBG recorded revenue of $3 million, $11 million, and $15 million for the years ended December 31, 2024, 2023, and 2022,
respectively, within the local media segment related to certain other transactions between DSIH and SBG.
Other Equity Method Investees
YES Network. In August 2019, YES Network, which was accounted for as an equity method investment prior to the
Deconsolidation, entered into a management services agreement with SBG, in which SBG provides certain services for an initial
term that expires on August 29, 2025. The agreement will automatically renew for two 2-year renewal terms, with a final
expiration on August 29, 2029. Pursuant to the terms of the agreement, the YES Network paid SBG a management services fee of
$1 million for the year ended December 31, 2022.
DSIH had a minority interest in certain mobile production businesses. Prior to the Deconsolidation, SBG accounted for these
as equity method investments. DSIH made payments to these businesses for production services totaling $5 million for the year
ended December 31, 2022.
Sports Programming Rights
Affiliates professional teams had non-controlling equity interests in certain of the RSNs. DSIH paid $61 million for the year
ended December 31, 2022 under sports programming rights agreements covering the broadcast of regular season games
associates with these professional teams. Prior to the Deconsolidation, these payments were recorded in SBG’s consolidated
statements of operations of operations and cash flows.
Employees
Jason Smith, Executive Vice Chairman of SBG, is the son of Frederick Smith, who is a Vice President of SBG and a member of
SBG’s Board of Managers. Jason Smith received total compensation of $1 million, consisting of salary and bonus, for each of the
years ended December 31, 2024, 2023, and 2022 and was granted 37,566 shares of restricted stock, vesting over two years, and
500,000 stock appreciation rights, vesting over two years, for the year ended December 31, 2024.
Ethan White, an employee of SBG, is the son-in-law of J. Duncan Smith, who is a Vice President of SBG and a member of SBG’s
Board of Managers. Ethan White received total compensation of $0.2 million for each of the years ended December 31, 2024 and
2023 and $0.1 million for the year ended December 31, 2022, consisting of salary and bonus, and was granted 1,503 shares of
restricted stock, vesting over two years, and 1,252 shares of restricted stock, vesting over two years, for the years ended
December 31, 2024 and 2023, respectively.
Amberly Thompson, an employee of the Company, is the daughter of Donald Thompson, who is an Executive Vice President
and Chief Human Resources Officer of SBG. Amberly Thompson received total compensation of $0.2 million for each of the years
ended December 31, 2024 and 2023 and $0.1 million for the year ended December 31, 2022, consisting of salary and bonus.
Frederick Smith is the brother of David Smith, Executive Chairman of SBG and a member of SBG’s Board of Managers, and J.
Duncan Smith. Frederick Smith received total compensation of $1 million for each of the years ended December 31, 2024, 2023,
and 2022, consisting of salary, bonus, and earnings related to Frederick Smith’s participation in the Company’s deferred
compensation plan.
J. Duncan Smith is the brother of David Smith and Frederick Smith. J. Duncan Smith received total compensation of $1
million for each of the years ended December 31, 2024, 2023, and 2022, consisting of salary and bonus.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
113

14.
SEGMENT DATA:
For the year ended December 31, 2024, SBG had one reportable segment: local media. SBG’s local media segment includes
SBG’s television stations, original networks and content and provides these through free over-the-air programming to television
viewing audiences for stations in markets located throughout the continental United States, as well as distributes the content of
these stations to MVPDs for distribution to their customers in exchange for contractual fees. Prior to the Deconsolidation on
March 1, 2022, SBG had one additional reportable segment: local sports. SBG’s local sports segment consisted of RSNs, which
owned the exclusive rights to air, among other sporting events, the games of professional sports teams in designated local viewing
areas. Other and corporate are not reportable segments but are included for reconciliation purposes. Prior to the Reorganization,
other primarily consisted of tennis, non-broadcast digital and internet solutions, technical services, and non-media investments.
Corporate costs primarily include SBG’s costs to operate the parent company of its subsidiaries. All of SBG’s businesses are
located within the United States.
All of SBG’s businesses and operations are located within the United States. SBG defines segment on the basis of the way in
which internally reported financial information is reviewed by SBG’s chief operating decision maker (“CODM”). SBG’s chief
executive officer is the CODM of the organization. The CODM meets regularly with the segment manager to review performance,
significant initiatives, opportunities, and key operating processes. The CODM measures segment performance based on
operating income (loss) and considers budget-to-actual and forecast-to-actual variances on a quarterly basis for making decisions
on SBG’s strategy and allocation of resources.
Segment financial information reviewed by the CODM is included in the following tables for the years ended December 31,
2024, 2023, and 2022 (in millions):
As of December 31, 2024
Local
media
Corporate
Consolidated
Goodwill
$
2,016
$
—
$
2,016
Assets
4,624
65
4,689
As of December 31, 2023
Local
media
Corporate
Consolidated
Goodwill
$
2,016
$
—
$
2,016
Assets
4,750
87
4,837
For the year ended December 31, 2024
Local
media
Corporate
Consolidated
Revenue
$
3,254
$
—
$
3,254
Media programming and production expenses
1,536
—
1,536
Media selling, general and administrative expenses
742
—
742
Depreciation of property and equipment and
amortization of definite-lived intangible assets and
other assets
231
—
231
Amortization of program costs
74
—
74
Corporate general and administrative expenses
117
6
123
Gain on asset dispositions and other, net of
impairment
(18)
—
(18)
Other segment items (a)
8
—
8
Operating income (loss)
$
564
$
(6) $
558
Interest expense including amortization of debt
discount and deferred financing costs
$
304
$
—
$
304
Gain on extinguishment of debt
1
—
1
Other income, net
40
—
40
Income before income taxes
$
295
Capital expenditures
$
80
$
—
$
80
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
114

For the year ended December 31, 2023
Local
media
Other &
Corporate
Eliminations
Consolidated
Revenue
$
2,866
$
119
$
(7) (b) $
2,978
Media programming and production expenses
1,488
59
(4)
1,543
Media selling, general and administrative expenses
694
27
(2)
719
Depreciation of property and equipment and
amortization of definite-lived intangible assets and
other assets
243
10
(1)
252
Amortization of program costs
80
—
—
80
Corporate general and administrative expenses
134
520
—
654
Loss on deconsolidation of subsidiary
—
10
—
10
(Gain) loss on asset dispositions and other, net of
impairment
(14)
12
—
(2)
Other segment items (a)
14
10
—
24
Operating income (loss)
$
227
$
(529) $
—
$
(302)
Interest expense including amortization of debt
discount and deferred financing costs
$
305
$
—
$
—
$
305
Income from equity method investments
—
31
—
31
Gain on extinguishment of debt
15
—
—
15
Other income (expense), net
33
(76)
—
(43)
Loss before income taxes
$
(604)
Capital expenditures
$
86
$
4
$
—
$
90
For the year ended December 31, 2022
Local
media
Local
sports (c)
Other &
Corporate
Eliminations
Consolidated
Revenue
$
3,193
$
482
$
312
$
(59) (b) $
3,928
Media programming and production expenses
1,450
376 (d)
127
(11)
1,942
Media selling, general and administrative expenses
704
55
90
(37)
812
Depreciation of property and equipment and
amortization of definite-lived intangible assets and
other assets
243
54
28
(4)
321
Amortization of program costs
90
—
—
—
90
Corporate general and administrative expenses
117
1
42
—
160
Gain on deconsolidation of subsidiary
—
—
(3,357) (e)
—
(3,357)
Gain on asset dispositions and other, net of
impairment
(17)
—
(47)
—
(64)
Other segment items (a)
15
—
36
(7)
44
Operating income (loss)
$
591
$
(4)
$
3,393
$
—
$
3,980
Interest expense including amortization of debt
discount and deferred financing costs
$
226
$
72
$
6
$
(8)
$
296
Income from equity method investments
—
10
46
—
56
Gain on extinguishment of debt
3
—
—
—
3
Other income (expense), net
28
(3)
(152)
(2)
(129)
Income before income taxes
$
3,614
Capital expenditures
$
96
$
2
$
7
$
—
$
105
(a)
Other segment items relate primarily to non-media expenses.
(b)
Includes $3 million and $12 million for the years ended December 31, 2023 and 2022, respectively, of revenue for services provided by local
media to other, which is eliminated in consolidation.
(c)
Represents the activity prior to the Deconsolidation on March 1, 2022.
(d)
Includes amortization of sports programming rights of $326 million for the year ended December 31, 2022.
(e)
Represents the gain recognized as a result of the Deconsolidation.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
115

15.
FAIR VALUE MEASUREMENTS:
Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income
approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or
replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure
fair value. The following is a brief description of those three levels:
•
Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.
•
Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These
include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or
liabilities in markets that are not active.
•
Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.
The following table sets forth the face value and fair value of our financial assets and liabilities as of December 31, 2024 and
2023 (in millions):
2024
2023
Face Value
Fair Value
Face Value
Fair Value
Level 1:
Money market funds
N/A
$
253
N/A
$
309
Level 2:
Interest rate swap (a)
N/A
$
1
N/A
$
1
STG (b):
5.500% Senior Notes due 2030
$
485
$
328
$
485
$
362
5.125% Senior Notes due 2027
$
274
$
249
$
274
$
248
4.125% Senior Secured Notes due 2030
$
737
$
546
$
737
$
521
Term Loan B-2, due September 30, 2026
$
1,175
$
1,160
$
1,215
$
1,124
Term Loan B-3, due April 1, 2028
$
714
$
575
$
722
$
595
Term Loan B-4, due April 21, 2029
$
731
$
589
$
739
$
602
Debt of variable interest entities (b)
$
7
$
7
$
7
$
7
N/A - Not applicable
(a)
The fair value of the interest rate swap was an asset as of both December 31, 2024 and December 31, 2023. See Hedge Accounting within
Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 6. Notes Payable and
Commercial Bank Financing.
(b)
Amounts are carried in SBG’s consolidated balance sheets net of debt discount and deferred financing costs, which are excluded in the above
table, of $36 million and $46 million as of December 31, 2024 and 2023, respectively.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
116

16.
SUBSEQUENT EVENTS:
In February 2025, STG substantially completed a series of financing transactions (the “Transactions”), including a new money
financing and debt recapitalization, which strengthened the SBG’s balance sheet and better positioned it for long-term growth, as
follows:
• STG issued $1,430 million aggregate principal amount of 8.125% first-out first lien secured notes due 2033 (the “New
First-Out Notes”), which mature on February 15, 2033.
• Approximately $711.4 million aggregate principal amount outstanding of Term Loan B-3 was exchanged on a dollar-for-
dollar basis into second-out first lien Term Loan B-6 maturing December 31, 2029, issued under a new credit agreement
(the “New Credit Agreement”) and bear interest at SOFR plus 3.30%.
• All of the $731.3 million aggregate principal amount outstanding of Term Loan B-4 was exchanged into second-out first
lien Term Loan B-7 maturing December 31, 2030, issued under the New Credit Agreement and bear interest at SOFR
plus 4.10%.
• $575 million of commitments under the existing revolving credit facility were exchanged into new first-out first lien
revolving commitments (the “First-Out Revolving Credit Facility”) under the New Credit Agreement, which mature
February 12, 2030 and borrowings thereunder will bear interest at SOFR plus 2.00%.
• We expect $432 million of the existing 4.125% Senior Secured Notes due 2030 will be exchanged into new 9.750%
senior secured second lien notes due 2033 (the “New Second Lien Notes”), which mature on February 15, 2033.
• Approximately $242 million of the existing 4.125% Senior Secured Notes due 2030 are expected to be exchanged into
new 4.375% second-out first lien secured notes due 2032 (the “New Second-Out Notes”), which mature on December 31,
2032, pursuant to an exchange offer and consent solicitation which expires March 7, 2025, assuming all eligible holders
tender thereunder. Any existing 4.125% Senior Secured Notes due 2030 held by eligible holders who do not tender have
effectively become unsecured obligations as the related indenture was amended to release all liens on the collateral and
eliminate substantially all covenants and certain events of default.
• The full $1,175 million outstanding balance of Term Loan B-2 was repaid in full.
• Approximately $63.6 million aggregate principal amount of 4.125% Senior Secured Notes due 2030 were repurchased at
84% of the principal amount.
• Approximately $104 million aggregate principal amount of 5.125% Senior Notes due 2027 were repurchased at 97% of
the principal amount.
• The existing Bank Credit Agreement was amended concurrent with the Transactions and entering into the New Credit
Agreement, subordinating the secured obligations thereunder and eliminating substantially all covenants and certain
events of default. As a result, the remaining $2.7 million of Term Loan B-3 and the remaining $75 million of
commitments under the existing revolving credit facility are ranked as third lien obligations.
The New Credit Agreement and the indentures for the New First-Out Notes, New Second-Out Notes, and New Second Lien
Notes (collectively, the “New Indentures”) contain certain restrictive covenants including, but not limited to, restrictions on
indebtedness,
liens,
restricted
payments
(including
repayment
of
certain
subordinated
debt),
investments, mergers,
consolidations, sales and other dispositions of assets and affiliate transactions. These covenants are subject to a number of
exceptions and limitations as described in the New Credit Agreement and New Indentures. The New Credit Agreement and New
Indentures also include events of default, including certain cross-default and cross-acceleration provisions with other debt of
STG, customary for agreements of its type.
The First-Out Revolving Credit Facility includes a financial maintenance covenant, which requires the first-out first lien
leverage ratio not to exceed 3.5x, measured as of the end of each fiscal quarter, which is only applicable if more than 35% of the
capacity (as a percentage of total commitments) under the First-Out Revolving Credit Facility, measured as of the last day of each
fiscal quarter, is utilized as of such date.
SBG is currently in the process of evaluating the impact to SBG’s financial statements related to the Transactions.
SINCLAIR BROADCAST GROUP, LLC
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
117

Report of Independent Registered Public Accounting Firm
To the Board of Directors and Shareholders of Sinclair, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Sinclair, Inc and its subsidiaries (the “Company”) as of
December 31, 2024 and 2023, the related consolidated statements of operations, of comprehensive income (loss), and of cash
flows for each of the three years in the period ended December 31, 2024, of equity for the year ended December 31, 2024, of
equity and redeemable noncontrolling interests for the year ended December 31, 2023, and of (deficit) equity and redeemable
noncontrolling interests for the year ended December 31, 2022, including the related notes (collectively referred to as the
“consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of
December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the
three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United
States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the
COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control
over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the
Report of Management on Internal Control over Financial Reporting appearing under Controls and Procedures. Our
responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control
over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the
audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement,
whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material
respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement
of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We
believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
SINCLAIR, INC.
118

Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial
statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or
disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or
complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate
opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Revenue Recognition – Local Media Segment Advertising Revenue
As discussed in Note 1 to the consolidated financial statements, the Company recorded advertising revenue of $1,557 million
relating to the local media segment for the year ended December 31, 2024. Advertising revenue is generated primarily from the
sale of advertising spots/impressions. Advertising revenue is recognized in the period in which the advertising spots/impressions
are delivered.
The principal consideration for our determination that performing procedures relating to the local media segment advertising
revenue is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company’s revenue
recognition.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall
opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to
revenue recognition for advertising revenue, including controls over the recording of advertising revenue in the period in which
the advertising spots/impressions are delivered. These procedures also included, among others, evaluating revenue recognition
for a sample of advertising transactions by obtaining taped recordings denoting the as-aired advertisements and comparing those
ads to the invoices generated and cash received against revenue transactions recorded in the consolidated financial statements.
Baltimore, Maryland
February 26, 2025
We have served as the Company’s auditor since 2009.
SINCLAIR, INC.
119

Report of Independent Registered Public Accounting Firm
To the Board of Managers and Member of Sinclair Broadcast Group, LLC
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Sinclair Broadcast Group, LLC and its subsidiaries (the
“Company”) as of December 31, 2024 and 2023, the related consolidated statements of operations, of comprehensive income
(loss), and of cash flows for each of the three years in the period ended December 31, 2024, of member’s deficit for the year ended
December 31, 2024, of member’s equity (deficit) and redeemable noncontrolling interests for the year ended December 31, 2023,
and of (deficit) equity and redeemable noncontrolling interests for the year ended December 31, 2022, including the related notes
(collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over
financial reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013)
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial
position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the
three years in the period ended December 31, 2024 in conformity with accounting principles generally accepted in the United
States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial
reporting as of December 31, 2024, based on criteria established in Internal Control - Integrated Framework (2013) issued by the
COSO.
Basis for Opinions
The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control
over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the
Report of Management on Internal Control over Financial Reporting appearing under Controls and Procedures. Our
responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control
over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting
Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with
the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the
PCAOB.
We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan and perform the audits to obtain reasonable
assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud,
and whether effective internal control over financial reporting was maintained in all material respects.
Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement
of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated
financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by
management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control
over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the
assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We
believe that our audits provide a reasonable basis for our opinions.
Definition and Limitations of Internal Control over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the
reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that
(i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions
of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation
of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the
company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s
assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also,
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
SINCLAIR BROADCAST GROUP, LLC
120

Critical Audit Matters
The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial
statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or
disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or
complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated
financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate
opinion on the critical audit matter or on the accounts or disclosures to which it relates.
Revenue Recognition – Local Media Segment Advertising Revenue
As discussed in Note 1 to the consolidated financial statements, the Company recorded advertising revenue of $1,557 million
relating to the local media segment for the year ended December 31, 2024. Advertising revenue is generated primarily from the
sale of advertising spots/impressions. Advertising revenue is recognized in the period in which the advertising spots/impressions
are delivered.
The principal consideration for our determination that performing procedures relating to the local media segment advertising
revenue is a critical audit matter is a high degree of auditor effort in performing procedures related to the Company’s revenue
recognition.
Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall
opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to
revenue recognition for advertising revenue, including controls over the recording of advertising revenue in the period in which
the advertising spots/impressions are delivered. These procedures also included, among others, evaluating revenue recognition
for a sample of advertising transactions by obtaining taped recordings denoting the as-aired advertisements and comparing those
ads to the invoices generated and cash received against revenue transactions recorded in the consolidated financial statements.
Baltimore, Maryland
February 26, 2025
We have served as the Company’s auditor since 2009.
SINCLAIR BROADCAST GROUP, LLC
121


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Board of Directors
David D. Smith
Chairman of the Board, 
Executive Chairman
Sinclair, Inc.
Frederick G. Smith
Vice President
Sinclair, Inc.
J. Duncan Smith
Secretary, 
Vice President
Sinclair, Inc.
Robert E. Smith
Founder
Stages Music Arts
Laurie R. Beyer
Executive Vice President,
Chief Financial Officer
GBMC Healthcare, Inc.
Benjamin S. Carson, Sr.
Chairman & Founder, American
Cornerstone Institute
17th Secretary of the United States Depart-
ment of Housing and Urban Development
Emeritus Professor of Neurosurgery,
Johns Hopkins Medicine
Howard E. Friedman
Founding Partner
Lanx Management, LLC
Daniel C. Keith
President and Founder
Cavanaugh Group, Inc.
Benson E. Legg
Retired Chief Judge
United States District Court for the District 
of Maryland
Corporate Officers
David D. Smith
Executive Chairman
Jason R. Smith
Executive Vice Chairman
Christopher S. Ripley
President & Chief Executive Officer
Robert D. Weisbord
Chief Operating Officer and
President, Local Media 
Lucy A. Rutishauser 
Executive Vice President, 
Chief Financial Officer
David B. Gibber 
Executive Vice President, 
Chief Legal Officer
Annual Meeting
The Annual Meeting of stockholders will be 
held at Sinclair, Inc.’s corporate offices,
10706 Beaver Dam Road
Hunt Valley, MD 21030
Thursday, June 5, 2025
Independent Registered Public
Accounting Firm
PricewaterhouseCoopers, LLP
100 East Pratt Street, Suite 2600
Baltimore, MD 21202-1096
Common Stock
The Company’s Class A Common Stock 
trades on the Nasdaq Global Select Market 
tier of the Nasdaq Stock Market under the 
symbol SBGI.
Transfer Agent & Registrar
Questions regarding stock certificates, 
change of address, or other stock transfer 
account matters may be directed to:
Equiniti Trust Company, LLC
Operations Center
55 Challenger Road, Floor 2
Ridgefield Park, NJ 07660
Toll Free: 1-800-937-5449
Email: helpAST@equiniti.com 
Website: https://equiniti.com/us/ast-access/
individuals/
Form 10-K Annual Report
A copy of the Company’s 2024 Form 10-K, 
as filed with the Securities and Exchange 
Commission, is available, at no charge, on 
the Company’s website www.sbgi.net or 
upon written request to:
Chris King, VP Investor Relations
Sinclair, Inc.
10706 Beaver Dam Road
Hunt Valley, MD 21030
410-568-1500
SI NCLAI R, I NC.
SHAREHOLDER I N FORMATION