XML 19 R4.htm IDEA: XBRL DOCUMENT v3.24.2.u1
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
REVENUES:        
Media revenues $ 819 $ 761 $ 1,611 $ 1,527
Non-media revenues 10 7 16 14
Total revenues 829 768 1,627 1,541
OPERATING EXPENSES:        
Media programming and production expenses 425 413 833 811
Media selling, general and administrative expenses 194 190 390 381
Amortization of program costs 18 19 37 41
Non-media expenses 13 9 25 21
Depreciation of property and equipment 25 32 50 56
Corporate general and administrative expenses 50 62 108 120
Amortization of definite-lived intangible assets 38 41 76 82
Loss on asset dispositions and other, net of impairment 2 5 2 11
Total operating expenses 765 771 1,521 1,523
Operating income (loss) 64 (3) 106 18
OTHER INCOME (EXPENSE):        
Interest expense including amortization of debt discount and deferred financing costs (76) (76) (152) (150)
Gain on extinguishment of debt 0 11 1 11
Income (loss) from equity method investments 78 (1) 92 30
Other expense, net (42) (38) (2) (27)
Total other expense, net (40) (104) (61) (136)
Income (loss) before income taxes 24 (107) 45 (118)
INCOME TAX (PROVISION) BENEFIT (5) 20 (1) 224
NET INCOME (LOSS) 19 (87) 44 106
Net loss attributable to the redeemable noncontrolling interests 0 0 0 4
Net income attributable to the noncontrolling interests (2) (2) (4) (14)
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR $ 17 $ (89) $ 40 $ 96
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR:        
Basic earnings per share (in dollars per share) $ 0.27 $ (1.38) $ 0.61 $ 1.44
Diluted earnings per share (in dollars per share) $ 0.27 $ (1.38) $ 0.61 $ 1.43
Basic weighted average common shares outstanding (in shares) 66,189 64,012 65,172 66,862
Diluted weighted average common and common equivalent shares outstanding (in shares) 66,189 64,012 65,296 66,947