ACQUISITIONS AND DISPOSITIONS OF ASSETS (Tables)

12 Months Ended

Dec. 31, 2021

Business Combination and Asset Acquisition [Abstract]

Schedule of Allocated Fair Value of Acquired Assets and Liabilities Assumed

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

Cash and cash equivalents	$	824
Accounts receivable, net	606
Prepaid expenses and other current assets	175
Property and equipment, net	25
Customer relationships, net	5,439
Other definite-lived intangible assets, net	1,286
Other assets	52
Accounts payable and accrued liabilities	(181)
Other long-term liabilities	(396)
Goodwill	2,615
Fair value of identifiable net assets acquired	$	10,445
Redeemable noncontrolling interests	(380)
Noncontrolling interests	(248)
Gross purchase price	$	9,817
Purchase price, net of cash acquired	$	8,993

Schedule of Acquired Operations Included in the Financial Statements

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

	2021		2020		2019
Revenues:
Acquired RSNs	$	2,834	$	2,562	$	1,139
Other acquisitions in 2020	4		3		—
Other acquisitions in 2021	8		—		—
Total net revenues	$	2,846	$	2,565	$	1,139

	2021		2020		2019
Operating (Loss) Income:
Acquired RSNs (a)	$	(395)	$	(3,585)	$	70
Other acquisitions in 2020	(9)		(2)		—
Other acquisitions in 2021	(45)		—		—
Total operating (loss) income	$	(449)	$	(3,587)	$	70

(a)Operating (loss) income for the years ended December 31, 2020 and 2019 includes transaction costs discussed below, and for the years ended December 31, 2021, 2020, and 2019 excludes $109 million, $98 million, and $35 million, respectively, of selling, general, and administrative expenses for services provided by broadcast to local 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
Total revenues	$	6,689
Net income	$	328
Net income attributable to Sinclair Broadcast Group	$	130
Basic earnings per share attributable to Sinclair Broadcast Group	$	1.41
Diluted earnings per share attributable to Sinclair Broadcast Group	$	1.39