ACQUISITIONS (Tables)

12 Months Ended

Dec. 31, 2014

ACQUISITIONS

Schedule of initial allocated fair value of acquired assets and liabilities assumed

The following tables summarize the allocated fair value of acquired assets and assumed liabilities, including the net assets of consolidated VIEs (in thousands):

	MEG Stations			KSNV			Allbritton			Other			Total 2014 acquisitions
Accounts receivable	$	—		$	—		$	38,542		$	—		$	38,542
Prepaid expenses and other current assets	476			67			19,890			79			20,512
Program contract costs	1,889			482			1,204			2,561			6,136
Property and equipment	35,963			8,300			46,600			8,400			99,263
Broadcast licenses	4,202			—			13,700			125			18,027
Definite-lived intangible assets	93,156			61,725			564,100			71,025			790,006
Other assets	—			—			20,352			1,500			21,852
Assets held for sale	—			—			83,200			—			83,200
Accounts payable and accrued liabilities	(2,085		)	(277		)	(8,351		)	(1,143		)	(11,856		)
Program contracts payable	(1,889		)	(481		)	(1,140		)	(2,554		)	(6,064		)
Deferred tax liability	—			—			(261,393		)	—			(261,393		)
Other long term liabilities	—			(1,200		)	(17,025		)	—			(18,225		)
Fair value of identifiable net assets acquired	131,712			68,616			499,679			79,993			780,000
Goodwill	74,179			49,674			535,558			42,443			701,854
Total	$	205,891		$	118,290		$	1,035,237		$	122,436		$	1,481,854

	Fisher			Barrington			Other			Total 2013 acquisitions
Cash	$	13,531		$	—		$	—		$	13,531
Accounts receivable	29,485			—			8,226			37,711
Prepaid expenses and other current assets	19,133			681			5,217			25,031
Program contract costs	11,427			4,011			6,050			21,488
Property and equipment	73,968			73,621			67,034			214,623
Broadcast licenses	29,771			719			4,395			34,885
Definite-lived intangible assets	166,034			220,253			169,438			555,725
Other assets	9,284			—			1,394			10,678
Assets held for sale	6,339			—			—			6,339
Accounts payable and accrued liabilities	(20,127		)	(2,725		)	(3,926		)	(26,778		)
Program contracts payable	(10,977		)	(3,813		)	(6,331		)	(21,121		)
Deferred tax liability	(74,177		)	—			(2,304		)	(76,481		)
Other long term liabilities	(23,384		)	(65		)	(10,550		)	(33,999		)
Fair value of identifiable net assets acquired	230,307			292,682			238,643			761,632
Goodwill	143,942			75,004			45,538			264,484
Less: fair value of non-controlling interest	(1,053		)	—			—			(1,053		)
Total	$	373,196		$	367,686		$	284,181		$	1,025,063

	Four Points			Freedom			Newport			Other			Total 2012 acquisitions
Prepaid expenses and other current assets	$	456		$	373		$	1,390		$	160		$	2,379
Program contract costs	3,731			3,520			10,378			1,638			19,267
Property and equipment	34,578			54,109			53,883			16,545			159,115
Broadcast licenses	10,658			10,424			15,581			2,679			39,342
Definite-lived intangible assets	93,800			140,963			240,013			22,546			497,322
Other assets	548			278			1,097			—			1,923
Accounts payable and accrued liabilities	(381		)	(589		)	(3,928		)	(1,178		)	(6,076		)
Program contracts payable	(5,157		)	(3,404		)	(11,634		)	(4,252		)	(24,447		)
Fair value of identifiable net assets acquired	138,233			205,674			306,780			38,138			688,825
Goodwill	60,843			179,609			164,621			10,661			415,734
Total	$	199,076		$	385,283		$	471,401		$	48,799		$	1,104,559

The amounts allocated to definite-lived intangible assets

The following tables summarize the amounts allocated to definite-lived intangible assets representing the estimated fair values and estimated goodwill deductible for tax purposes (in thousands):

	MEG  Stations		KSNV		Allbritton		Other		Total 2014 acquisitions
Network affiliations	$	63,462	$	43,800	$	356,900	$	42,625	$	506,787
Decaying advertiser base	9,280		12,100		38,500		9,100		68,980
Other intangible assets	20,414		5,825		168,700		19,300		214,239
Fair value of identifiable definite-lived intangible assets acquired	$	93,156	$	61,725	$	564,100	$	71,025	$	790,006
Estimated goodwill deductible for tax purposes	$	74,179	$	49,674	$	—	$	42,443	$	166,296

	Fisher		Barrington		Other		Total 2013 acquisitions
Network affiliations	$	117,499	$	103,245	$	99,805	$	320,549
Decaying advertiser base	18,110		41,939		19,992		80,041
Other intangible assets	30,425		75,069		49,641		155,135
Fair value of identifiable definite-lived intangible assets acquired	$	166,034	$	220,253	$	169,438	$	555,725
Estimated goodwill deductible for tax purposes	$	10,765	$	75,004	$	111,208	$	196,977

	Four Points		Freedom		Newport		Other		Total 2012 acquisitions
Network affiliations	$	66,928	$	93,067	$	175,978	$	12,858	$	348,831
Decaying advertiser base	9,766		25,059		23,662		1,843		60,330
Other intangible assets	17,106		22,837		40,373		7,845		88,161
Fair value of identifiable definite-lived intangible assets acquired	$	93,800	$	140,963	$	240,013	$	22,546	$	497,322
Estimated goodwill deductible for tax purposes	$	60,843	$	179,609	$	164,621	$	10,661	$	415,734

The acquired operations included in the financial statements

The following tables summarize the results of the acquired operations included in the financial statements of the Company beginning on the acquisition date of each acquisition as listing above (in thousands):

Revenues	2014		2013		2012
MEG Stations	$	2,299	$	—	$	—
KSNV	5,972		—		—
Allbritton	106,258		—		—
Barrington	173,013		16,927		—
Fisher	184,534		79,078		—
Newport	162,824		149,044		11,674
Freedom (b)	127,916		108,585		91,046
Four Points (a)	75,058		73,673		69,964
Other stations acquired in:
2014	9,172		—		—
2013	139,521		52,440		—
2012	21,196		21,515		4,485
Total net broadcast revenues	$	1,007,763	$	501,262	$	177,169

Operating Income	2014		2013		2012
MEG Stations	$	1,010	$	—	$	—
KSNV	2,108		—		—
Allbritton	26,914		—		—
Barrington	34,875		4,096		—
Fisher	26,940		19,019		—
Newport	53,457		35,779		2,860
Freedom (b)	43,882		29,439		32,488
Four Points (a)	22,441		19,754		17,287
Other stations acquired in:
2014	1,569		—		—
2013	26,487		12,007		—
2012	2,091		946		(1,589		)
Total operating income	$	241,774	$	121,040	$	51,046

(a) These amounts exclude the operations of WLWC-TV which are classified as discontinued operations in the consolidated statements of operations.  See Note 3. Disposition of Assets and Discontinued Operations.

(b) These amounts exclude the operations of WLAJ-TV which are classified as discontinued operations in the consolidated statements of operations.  See Note 3. Disposition of Assets and Discontinued Operations.

Schedule of unaudited pro forma results of continuing operations

The 2012 period does not include the pro forma effects of the 2014 acquisitions, and as such will not provide comparability to the 2013 and 2014 pro forma periods presented in the following table (in thousands, except per share data):

	(Unaudited)
	2014		2013		2012
Total revenues	$	2,150,124	$	1,838,167	$	1,513,975
Net Income	$	189,174	$	41,323	$	153,807
Net Income attributable to Sinclair Broadcast Group	$	186,338	$	38,974	$	153,370
Basic earnings per share attributable to Sinclair Broadcast Group	$	1.92	$	0.42	$	1.89
Diluted earnings per share attributable to Sinclair Broadcast Group	$	1.90	$	0.42	$	1.89