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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Schedule of Carrying Value And Fair Value Of Notes And Debentures
The following table sets forth the face value and fair value of our financial assets and liabilities as of December 31, 2023 and 2022 (in millions):
 20232022
 Face ValueFair ValueFace ValueFair Value
Level 1:
Investments in equity securitiesN/A$6 N/A$6 
Money market fundsN/A$588 N/A$741 
Deferred compensation assetsN/A$45 N/A$41 
Deferred compensation liabilitiesN/A$44 N/A$35 
Level 2:    
Investments in equity securities (a)N/A$110 N/A$153 
Interest rate swap (b)N/A$1 N/A$— 
STG (c):
5.500% Senior Notes due 2030
$485 $362 $500 $347 
5.125% Senior Notes due 2027
$274 $248 $282 $230 
4.125% Senior Secured Notes due 2030
$737 $521 $750 $560 
Term Loan B-2, due September 30, 2026$1,215 $1,124 $1,258 $1,198 
Term Loan B-3, due April 1, 2028$722 $595 $729 $692 
Term Loan B-4, due April 21, 2029$739 $602 $746 $709 
Debt of variable interest entities (c)$7 $7 $8 $8 
Debt of non-media subsidiaries (c)$15 $15 $16 $16 
Level 3:
Investments in equity securities (d)N/A$46 N/A$75 
N/A - Not applicable
(a)Consists of unrestricted warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price.
(b)See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 7. Notes Payable and Commercial Bank Financing.
(c)Amounts are carried in our consolidated balance sheets net of debt discount and deferred financing costs, which are excluded in the above table, of $46 million and $56 million as of December 31, 2023 and 2022, respectively.
(d)On November 18, 2020, we entered into a commercial agreement with Bally's and received warrants and options to acquire common equity in the business. During the years ended December 31, 2023, 2022, and 2021, we recorded a fair value adjustment loss of $29 million, loss of $112 million, and loss of $50 million, respectively, related to these interests. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity. The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock and the exercise price of the options, which range from $30 to $45 per share.
Schedule of Changes In Level 3 Financial Liabilities Measured on Recurring Basis
The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy (in millions):
Options and Warrants
Fair Value at December 31, 2021$282 
Measurement adjustments(112)
Transfer to Level 2(95)
Fair Value at December 31, 202275 
Measurement adjustments (29)
Fair Value at December 31, 2023$46 
Sinclair Broadcast Group, LLC  
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]  
Schedule of Carrying Value And Fair Value Of Notes And Debentures
The following table sets forth the face value and fair value of our financial assets and liabilities as of December 31, 2023 and 2022 (in millions):
 20232022
 Face ValueFair ValueFace ValueFair Value
Level 1:
Investments in equity securities (a)N/A$— N/A$6 
Money market fundsN/A$309 N/A$741 
Deferred compensation assetsN/A$— N/A$41 
Deferred compensation liabilitiesN/A$— N/A$35 
Level 2:    
Investments in equity securities (a) (b)N/A$— N/A$153 
Interest rate swap (c)N/A$1 N/A$— 
STG (d):
5.500% Senior Notes due 2030
$485 $362 $500 $347 
5.125% Senior Notes due 2027
$274 $248 $282 $230 
4.125% Senior Secured Notes due 2030
$737 $521 $750 $560 
Term Loan B-2, due September 30, 2026$1,215 $1,124 $1,258 $1,198 
Term Loan B-3, due April 1, 2028$722 $595 $729 $692 
Term Loan B-4, due April 21, 2029$739 $602 $746 $709 
Debt of variable interest entities (d)$7 $7 $8 $8 
Debt of non-media subsidiaries (a) (d)$— $— $16 $16 
Level 3:
Investments in equity securities (a) (e)N/A$— N/A$75 
N/A - Not applicable
(a)The debt of non-media subsidiaries and the investments in equity securities were transferred to Ventures as part of the Reorganization.
(b)Consists of unrestricted warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price.
(c)SBG entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of SBG's exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.90%, and SBG receives a floating rate of interest based on SOFR. The fair value of the interest rate swap was an asset as of December 31, 2023. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 7. Notes Payable and Commercial Bank Financing.
(d)Amounts are carried in SBG's consolidated balance sheets net of debt discount and deferred financing costs, which are excluded in the above table, of $46 million and $56 million as of December 31, 2023 and 2022, respectively.
(e)On November 18, 2020, SBG entered into a commercial agreement with Bally's and received warrants and options to acquire common equity in the business. During the years ended December 31, 2023, 2022, and 2021, SBG recorded a fair value adjustment loss of $25 million, loss of $112 million, and loss of $50 million, respectively, related to these interests. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity. The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock, the exercise price of the options, which range from $30 to $45 per share. The warrants and options were transferred to Ventures as part of the Reorganization.
Schedule of Changes In Level 3 Financial Liabilities Measured on Recurring Basis
The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy (in millions):
Options and Warrants
Fair Value at December 31, 2021$282 
Measurement adjustments(112)
Transfer to Level 2(95)
Fair Value at December 31, 202275 
Measurement Adjustments(25)
Transfer to Ventures(50)
Fair Value at December 31, 2023$—