ACQUISITIONS AND DISPOSITIONS OF ASSETS (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of allocated fair value of acquired assets and liabilities assumed

The following table summarizes our current allocation of the fair value of acquired assets, assumed liabilities, and noncontrolling interests of the Acquired RSNs (in millions):



	Initial Allocation (a)			Adjustments			Updated Allocation
Cash and cash equivalents	$	823		$	1		$	824
Accounts receivable, net	604			2			606
Prepaid expenses and other current assets	176			(1		)	175
Property and equipment, net	25			—			25
Definite-lived intangible assets, net	7,676			(951		)	6,725
Other assets	52			—			52
Accounts payable and accrued liabilities	(261		)	80			(181		)
Other long-term liabilities	(579		)	183			(396		)
Goodwill	1,924			691			2,615
Fair value of identifiable net assets acquired	$	10,440		$	5		$	10,445
Redeemable noncontrolling interests	(380		)	—			(380		)
Noncontrolling interests	(231		)	(17		)	(248		)
Gross purchase price	$	9,829		$	(12	)	$	9,817
Purchase price, net of cash acquired	$	9,006		$	(13	)	$	8,993

(a)

As reported in our September 30, 2019 Form 10-Q.

The following table summarizes the allocated fair value of acquired assets and assumed liabilities (in millions):



Accounts receivable	$	15
Prepaid expenses and other current assets	1
Program contract costs	1
Property and equipment	27
Definite-lived intangible assets	162
Other assets	3
Accounts payable and accrued liabilities	(9		)
Program contracts payable	(1		)
Deferred tax liability	(66		)
Other long term liabilities	(12		)
Fair value of identifiable, net assets acquired	121
Goodwill	121
Total purchase price, net of cash acquired	$	242

Schedule of acquired operations included in the financial statements

The following tables summarize the results of the net revenues and operating income (loss) included in the financial statements of the Company beginning on the acquisition date of each acquisition as listed below (in millions):



Revenues	2019		2018		2017
RSN	$	1,139	$	—	$	—
Bonten	96		101		31
Other 2017 acquisitions	17		18		11
Total net revenues	$	1,252	$	119	$	42



Operating Income (Loss)	2019			2018			2017
RSN (a)	$	70		$	—		$	—
Bonten	19			21			7
Other 2017 acquisitions	(4		)	(2		)	—
Total operating income	$	85		$	19		$	7

(a)

Operating income (loss) includes transaction costs discussed below and excludes $35 million selling, general, and administrative expenses, respectively, for services provided by local news and marketing services to sports, which are eliminated in consolidation.

Schedule of unaudited pro forma results of operations

The following table sets forth unaudited pro forma results of operations, assuming that the RSN Acquisition, along with transactions necessary to finance the acquisition, occurred at the beginning of the year preceding the year of acquisition (in millions, except per data share):



	Unaudited
	2019		2018
Total revenues	$	6,689	$	6,874
Net income	$	328	$	732
Net income attributable to Sinclair Broadcast Group	$	130	$	524
Basic earnings per share attributable to Sinclair Broadcast Group	$	1.41	$	5.20
Diluted earnings per share attributable to Sinclair Broadcast Group	$	1.39	$	5.16