XML 70 R51.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables) - Sinclair Broadcast Group, LLC
 6 Months Ended
Jun. 30, 2023
Schedule of Condensed Consolidating Balance Sheet
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF JUNE 30, 2023
(in millions) (unaudited)

Sinclair
Broadcast
Group, LLC		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSBG Consolidated
Cash and cash equivalents$— $368 $— $— $— $368 
Accounts receivable, net— 1 526 17 — 544 
Other current assets18 55 94 2 (17)152 
Total current assets18 424 620 19 (17)1,064 
Property and equipment, net16 14 644 17 (2)689 
Investment in equity of consolidated subsidiaries274 3,144 — — (3,418)— 
Goodwill— — 2,015 1 — 2,016 
Indefinite-lived intangible assets— — 109 14 — 123 
Definite-lived intangible assets, net— — 707 36 (28)715 
Other long-term assets92 987 638 119 (1,449)387 
Total assets$400 $4,569 $4,733 $206 $(4,914)$4,994 
Accounts payable and accrued liabilities$5 $101 $266 $8 $(2)$378 
Current portion of long-term debt— 27 6 4 (1)36 
Other current liabilities4 2 114 21 (17)124 
Total current liabilities9 130 386 33 (20)538 
Long-term debt— 4,142 22 10 (4)4,170 
Other long-term liabilities802 56 1,183 166 (1,449)758 
Total liabilities811 4,328 1,591 209 (1,473)5,466 
Total SBG (deficit) equity(411)241 3,142 62 (3,445)(411)
Noncontrolling interests in consolidated subsidiaries— — — (65)4 (61)
Total liabilities and equity$400 $4,569 $4,733 $206 $(4,914)$4,994 
CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2022
(in millions)
  
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsOld Sinclair Consolidated
Cash and cash equivalents$47 $750 $1 $86 $— $884 
Accounts receivable, net— — 555 57 — 612 
Other current assets32 42 159 19 (65)187 
Total current assets79 792 715 162 (65)1,683 
Property and equipment, net— 31 668 51 (22)728 
Investment in equity of consolidated subsidiaries1,093 3,463 — — (4,556)— 
Goodwill— — 2,081 7 — 2,088 
Indefinite-lived intangible assets— — 136 14 — 150 
Definite-lived intangible assets, net— — 935 42 (31)946 
Other long-term assets411 938 512 573 (1,325)1,109 
Total assets$1,583 $5,224 $5,047 $849 $(5,999)$6,704 
Accounts payable and accrued liabilities$— $80 $300 $18 $(1)$397 
Current portion of long-term debt— 28 6 5 (1)38 
Other current liabilities4 8 139 87 (65)173 
Total current liabilities4 116 445 110 (67)608 
Long-term debt— 4,181 24 26 (4)4,227 
Other long-term liabilities831 52 1,120 314 (1,323)994 
Total liabilities835 4,349 1,589 450 (1,394)5,829 
Redeemable noncontrolling interests— — — 194 — 194 
Total Old Sinclair equity748 875 3,458 275 (4,608)748 
Noncontrolling interests in consolidated subsidiaries— — — (70)3 (67)
Total liabilities, redeemable noncontrolling interests, and equity$1,583 $5,224 $5,047 $849 $(5,999)$6,704 
Schedule of Condensed Consolidating Statement of Operations and Comprehensive Income
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED JUNE 30, 2023
(in millions) (unaudited)
  
 Sinclair
Broadcast
Group, LLC		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSBG Consolidated
Net revenue$— $15 $713 $33 $(18)$743 
Media programming and production expenses— 4 377 27 (11)397 
Selling, general and administrative expenses13 49 181 4 (5)242 
Depreciation, amortization and other operating expenses1 1 85 15 (2)100 
Total operating expenses14 54 643 46 (18)739 
Operating (loss) income(14)(39)70 (13)— 4 
Equity in (loss) earnings of consolidated subsidiaries(88)54 — — 34 — 
Interest expense— (75)— 2 (3)(76)
Other (expense) income(1)17 — (69)— (53)
Total other (expense) income(89)(4)— (67)31 (129)
Income tax benefit (provision)2 19 (15)20 — 26 
Net (loss) income(101)(24)55 (60)31 (99)
Net income attributable to the noncontrolling interests— — — (2)— (2)
Net (loss) income attributable to SBG$(101)$(24)$55 $(62)$31 $(101)
Comprehensive (loss) income$(101)$(15)$55 $(60)$31 $(90)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE THREE MONTHS ENDED JUNE 30, 2022
(in millions) (unaudited)
 
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsOld Sinclair Consolidated
Net revenue$— $11 $820 $46 $(40)$837 
Media programming and production expenses— 2 383 36 (18)403 
Selling, general and administrative expenses3 38 206 6 (20)233 
Depreciation, amortization and other operating expenses1 1 84 12 (4)94 
Total operating expenses4 41 673 54 (42)730 
Operating (loss) income(4)(30)147 (8)2 107 
Equity in (loss) earnings of consolidated subsidiaries(12)119 — — (107)— 
Interest expense— (53)— (4)3 (54)
Other income (expense)6 (2)— (103)— (99)
Total other (expense) income(6)64 — (107)(104)(153)
Income tax (provision) benefit(1)10 (27)58 — 40 
Net (loss) income(11)44 120 (57)(102)(6)
Net income attributable to the redeemable noncontrolling interests— — — (5)— (5)
Net (loss) income attributable to Old Sinclair$(11)$44 $120 $(62)$(102)$(11)
Comprehensive (loss) income$(11)$44 $120 $(57)$(102)$(6)
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2023
(in millions) (unaudited)
  
 Sinclair
Broadcast
Group, LLC		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSBG Consolidated
Net revenue$— $25 $1,452 $76 $(37)$1,516 
Media programming and production expenses— 7 753 61 (26)795 
Selling, general and administrative expenses38 84 368 9 (8)491 
Depreciation, amortization and other operating expenses2 2 167 37 (3)205 
Total operating expenses40 93 1,288 107 (37)1,491 
Operating (loss) income(40)(68)164 (31)— 25 
Equity in earnings of consolidated subsidiaries119 123 — — (242)— 
Interest expense— (148)(1)(1)— (150)
Other (expense) income(4)25 — (32)— (11)
Total other income (expense)115 — (1)(33)(242)(161)
Income tax benefit (provision)9 38 (38)221 — 230 
Net income (loss)84 (30)125 157 (242)94 
Net loss attributable to the redeemable noncontrolling interests— — — 4 — 4 
Net income attributable to the noncontrolling interests— — — (14)— (14)
Net income (loss) attributable to SBG$84 $(30)$125 $147 $(242)$84 
Comprehensive income (loss)$84 $(24)$125 $157 $(242)$100 
CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
FOR THE SIX MONTHS ENDED JUNE 30, 2022
(in millions) (unaudited)
  
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsOld Sinclair Consolidated
Net revenue$— $40 $1,611 $577 $(103)$2,125 
Media programming and production expenses— 2 745 448 (34)1,161 
Selling, general and administrative expenses6 86 405 69 (66)500 
Gain on deconsolidation of subsidiary(3,357)— — — — (3,357)
Depreciation, amortization and other operating expenses1 3 168 82 (6)248 
Total operating (gains) expenses(3,350)91 1,318 599 (106)(1,448)
Operating income (loss)3,350 (51)293 (22)3 3,573 
Equity in (loss) earnings of consolidated subsidiaries(50)219 — — (169)— 
Interest expense(4)(97)(1)(79)12 (169)
Other income (expense)10 (1)3 (153)(6)(147)
Total other (expense) income(44)121 2 (232)(163)(316)
Income tax (provision) benefit(730)30 (74)127 — (647)
Net income (loss)2,576 100 221 (127)(160)2,610 
Net income attributable to the redeemable noncontrolling interests— — — (9)— (9)
Net income attributable to the noncontrolling interests— — — (25)— (25)
Net income (loss) attributable to Old Sinclair$2,576 $100 $221 $(161)$(160)$2,576 
Comprehensive income (loss)$2,576 $100 $221 $(124)$(160)$2,613 
Schedule of Condensed Consolidating Statement of Cash Flows
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2023
(in millions) (unaudited)
  
Sinclair
Broadcast
Group, LLC		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsSBG Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES$(74)$(115)$91 $221 $(1)$122 
NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Acquisition of property and equipment— (2)(38)(2)1 (41)
Purchases of investments(4)— (21)(12)— (37)
Distributions from investments196 — — 8 — 204 
Other, net— — 3 1 — 4 
Net cash flows from (used in) investing activities192 (2)(56)(5)1 130 
NET CASH FLOWS USED IN FINANCING ACTIVITIES      
Repayments of notes payable, commercial bank financing and finance leases— (33)(3)(1)— (37)
Repurchase of outstanding Old Sinclair Class A Common Stock(153)— — — — (153)
Dividends paid on Old Sinclair Class A and Class B Common Stock(18)— — — — (18)
Redemption of redeemable subsidiary preferred equity— — — (190)— (190)
Distributions to member(250)— — (110)— (360)
Distributions to noncontrolling interests— — — (7)— (7)
Increase (decrease) in intercompany payables259 (232)(33)6 — — 
Other, net(3)— — — — (3)
Net cash flows used in financing activities(165)(265)(36)(302)— (768)
NET (DECREASE) INCREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH(47)(382)(1)(86)— (516)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period47 750 1 86 — 884 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period$— $368 $— $— $— $368 
CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2022
(in millions) (unaudited)
  
 Sinclair
Broadcast
Group, Inc.		Sinclair
Television
Group, Inc.		Guarantor
Subsidiaries
and KDSM,
LLC		Non-
Guarantor
Subsidiaries		EliminationsOld Sinclair Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES$(111)$(96)$616 $(206)$4 $207 
NET CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES
Acquisition of property and equipment— (2)(43)(2)2 (45)
Deconsolidation of subsidiary cash— — — (315)— (315)
Purchases of investments(44)(1)(3)(13)— (61)
Distributions from investments60 — 10 11 — 81 
Other, net— — 7 4 — 11 
Net cash flows from (used in) investing activities16 (3)(29)(315)2 (329)
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES     
Proceeds from notes payable and commercial bank financing— 728 — — — 728 
Repayments of notes payable, commercial bank financing and finance leases— (841)(3)(1)— (845)
Repurchase of outstanding Old Sinclair Class A Common Stock(104)— — — — (104)
Dividends paid on Old Sinclair Class A and Class B Common Stock(36)— — — — (36)
Dividends paid on redeemable subsidiary preferred equity— — — (3)— (3)
Distributions to noncontrolling interests— — — (5)— (5)
Increase (decrease) in intercompany payables269 248 (585)74 (6)— 
Other, net(4)(8)— — — (12)
Net cash flows from (used in) financing activities125 127 (588)65 (6)(277)
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH30 28 (1)(456)— (399)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period2 316 2 499 — 819 
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period$32 $344 $1 $43 $— $420