SEGMENT DATA (Tables)

6 Months Ended

Jun. 30, 2023

Segment data

Schedule of Segment Financial Information

Segment financial information is included in the following tables for the periods presented (in millions):

As of June 30, 2023	Local Media		Tennis		Other & Corporate		Eliminations		Consolidated
Assets	$	4,315	$	309	$	1,577	$	—	$	6,201

For the three months ended June 30, 2023	Local Media			Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	699	(b)	$	60	$	14	$	(5)	(a)	$	768
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	67			5		1		—			73
Amortization of program contract costs	19			—		—		—			19
Corporate general and administrative expenses	46			—		16		—			62
(Gain) loss on asset dispositions and other, net of impairment	(2)			—		7		—			5
Operating income (loss)	22			3		(28)		—			(3)
Interest expense including amortization of debt discount and deferred financing costs	76			—		—		—			76
Loss from equity method investments	—			—		(1)		—			(1)

For the six months ended June 30, 2023	Local Media			Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,404	(b)	$	115	$	31	$	(9)	(a)	$	1,541
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	126			10		3		(1)			138
Amortization of program contract costs	41			—		—		—			41
Corporate general and administrative expenses	78			—		42		—			120
(Gain) loss on asset dispositions and other, net of impairment	(3)			—		14		—			11
Operating income (loss)	63			21		(66)		—			18
Interest expense including amortization of debt discount and deferred financing costs	150			—		—		—			150
Income from equity method investments	—			—		30		—			30

For the three months ended June 30, 2022	Local Media			Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	760	(b)	$	58	$	27	$	(8)	(a)	$	837
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	61			5		2		(1)			67
Amortization of program contract costs	21			—		—		—			21
Corporate general and administrative expenses	34			—		4		—			38
Gain on asset dispositions and other, net of impairment	(4)			—		—		—			(4)
Operating income (loss)	116			—		(9)		—			107
Interest expense including amortization of debt discount and deferred financing costs	54			—		3		(3)			54
Income from equity method investments	—			—		3		—			3

For the six months ended June 30, 2022	Local Media			Tennis		Local Sports (c)		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,514	(b)	$	114	$	482	$	57	$	(42)	(a)	$	2,125
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	122			10		54		4		(2)			188
Amortization of sports programming rights	—			—		326		—		—			326
Amortization of program contract costs	46			—		—		—		—			46
Corporate general and administrative expenses	77			—		1		7		—			85
Gain on deconsolidation of subsidiary	—			—		—		(3,357)		—			(3,357)
Gain on asset dispositions and other, net of impairment	(8)			—		—		(1)		—			(9)
Operating income (loss)	211			24		(4)		3,342		—			3,573
Interest expense including amortization of debt discount and deferred financing costs	99			—		72		6		(8)			169
Income from equity method investments	—			—		10		5		—			15

(a)Includes $2 million and $3 million for the three and six months ended June 30, 2023, respectively, and $3 million and $10 million for the three and six months ended June 30, 2022, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation; $1 million for the six months ended June 30, 2023, and $1 million and $25 million for the three and six months ended June 30, 2022, respectively, of revenue for services provided by local media to other and local sports, which is eliminated in consolidation; and $1 million and $2 million for the three and six months ended June 30, 2023, respectively, and $1 million and $2 million for the three and six months ended June 30, 2022, respectively, of intercompany revenue related to certain services provided to local media from tennis, which is eliminated in consolidation.

(b)Includes $14 million and $24 million for the three and six months ended June 30, 2023, respectively, and $10 million and $15 million for the three and six months ended June 30, 2022, respectively, of revenue for services provided by local media under management services agreements after the Deconsolidation, which is not eliminated in consolidation. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

(c)Represents the activity prior to the Deconsolidation on March 1, 2022. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

Sinclair Broadcast Group, LLC

Segment data

Schedule of Segment Financial Information

Segment financial information is included in the following tables for the periods presented (in millions):

As of June 30, 2023	Local Media		Other & Corporate		Eliminations		Consolidated
Assets	$	4,349	$	645	$	—	$	4,994

For the three months ended June 30, 2023	Local Media			Other & Corporate (c)		Eliminations		Consolidated
Revenue	$	699	(b)	$	47	$	(3)	$	743
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	67			3		—		70
Amortization of program contract costs	19			—		—		19
Corporate general and administrative expenses	46			12		—		58
(Gain) loss on asset dispositions and other, net of impairment	(2)			6		—		4
Operating income (loss)	22			(18)		—		4
Interest expense including amortization of debt discount and deferred financing costs	76			—		—		76

For the six months ended June 30, 2023	Local Media			Other & Corporate (c)		Eliminations			Consolidated
Revenue	$	1,404	(b)	$	119	$	(7)	(a)	$	1,516
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	126			10		(1)			135
Amortization of program contract costs	41			—		—			41
Corporate general and administrative expenses	78			38		—			116
(Gain) loss on asset dispositions and other, net of impairment	(3)			13		—			10
Operating income (loss)	63			(38)		—			25
Interest expense including amortization of debt discount and deferred financing costs	150			—		—			150
Income from equity method investments	—			31		—			31

For the three months ended June 30, 2022	Local Media			Other & Corporate		Eliminations			Consolidated
Revenue	$	760	(b)	$	85	$	(8)	(a)	$	837
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	61			7		(1)			67
Amortization of program contract costs	21			—		—			21
Corporate general and administrative expenses	34			4		—			38
Gain on asset dispositions and other, net of impairment	(4)			—		—			(4)
Operating income (loss)	116			(9)		—			107
Interest expense including amortization of debt discount and deferred financing costs	54			3		(3)			54
Income from equity method investments	—			3		—			3

For the six months ended June 30, 2022	Local Media			Local Sports (d)		Other & Corporate		Eliminations			Consolidated
Revenue	$	1,514	(b)	$	482	$	171	$	(42)	(a)	$	2,125
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	122			54		14		(2)			188
Amortization of sports programming rights	—			326		—		—			326
Amortization of program contract costs	46			—		—		—			46
Corporate general and administrative expenses	77			1		7		—			85
Gain on deconsolidation of subsidiary	—			—		(3,357)		—			(3,357)
Gain on asset dispositions and other, net of impairment	(8)			—		(1)		—			(9)
Operating income (loss)	211			(4)		3,366		—			3,573
Interest expense including amortization of debt discount and deferred financing costs	99			72		6		(8)			169
Income from equity method investments	—			10		5		—			15

(a)Includes $1 million for the six months ended June 30, 2023, and $1 million and $25 million for the three and six months ended June 30, 2022, respectively, of revenue for services provided by local media to other and local sports, which is eliminated in consolidation.

(b)Includes $14 million and $24 million for the three and six months ended June 30, 2023, respectively, and $10 million and $15 million for the three and six months ended June 30, 2022, respectively, of revenue for services provided by local media under management services agreements after the Deconsolidation, which is not eliminated in consolidation. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

(c)Represents the activity in tennis, non-broadcast digital and internet solutions, technical services, and non-media investments (collectively, other) prior to the Reorganization on June 1, 2023 and the activity in corporate prior and subsequent to the Reorganization. See Company Reorganization within Note 1. Nature of Operations and Summary of Significant Accounting Policies.

(d)Represents the activity prior to the Deconsolidation on March 1, 2022. See Deconsolidation of Diamond Sports Intermediate Holdings LLC within Note 1. Nature of Operations and Summary of Significant Accounting Policies.