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NOTES PAYABLE AND COMMERCIAL BANK FINANCING (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Schedule of Notes Payable, Capital Leases and the Bank Credit Agreement
Notes payable, finance leases, and commercial bank financing (including “finance leases to affiliates”) consisted of the following as of December 31, 2024 and 2023 (in millions):
 20242023
Bank Credit Agreement:
Term Loan B-2, due September 30, 2026 (a)$1,175 $1,215 
Term Loan B-3, due April 1, 2028714 722 
Term Loan B-4, due April 21, 2029731 739 
STG Notes:
5.125% Unsecured Notes, due February 15, 2027
274 274 
5.500% Unsecured Notes, due March 1, 2030
485 485 
4.125% Senior Secured Notes, due December 1, 2030
737 737 
Debt of variable interest entities7 7 
Debt of non-media subsidiaries— 15 
Finance leases30 20 
Finance leases - affiliate12 7 
Total outstanding principal4,165 4,221 
Less: Deferred financing costs and discounts(36)(46)
Less: Current portion(35)(34)
Less: Finance leases - affiliate, current portion(3)(2)
Net carrying value of long-term debt$4,091 $4,139 
 
(a)For the year ended December 31, 2024, STG repurchased $27 million aggregate principal amount of the Term Loan B-2 for consideration of $25 million. See Bank Credit Agreement below.
Schedule of Maturity of Indebtedness Under the Notes Payable, Capital Leases and the Bank Credit Agreement
Debt under the Bank Credit Agreement, notes payable, and finance leases as of December 31, 2024 matures as follows (in millions):
 Notes and 
Bank Credit Agreement		Finance LeasesTotal
2025$30 $11 $41 
20261,177 11 1,188 
2027292 8 300 
2028699 6 705 
2029702 6 708 
2030 and thereafter1,223 10 1,233 
Total minimum payments4,123 52 4,175 
Less: Deferred financing costs and discounts(36)— (36)
Less: Amount representing future interest— (10)(10)
Net carrying value of total debt$4,087 $42 $4,129 
Schedule of Debt
The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended December 31, 2024 and 2023:
Weighted Average Effective Rate
Stated Rate20242023
Bank Credit Agreement:
Term Loan B-2 (a)
SOFR plus 2.50%
8.17%7.98%
Term Loan B-3 (a)
SOFR plus 3.00%
8.64%8.35%
Term Loan B-4 (b)
SOFR plus 3.75%
9.83%9.77%
Revolving Credit Facility (b) (c)
SOFR plus 2.00%
—%—%
STG Notes:
5.125% Unsecured Notes
5.13%5.33%5.33%
5.500% Unsecured Notes
5.50%5.66%5.66%
4.125% Secured Notes
4.13%4.31%4.31%
(a)The STG Term Loan B-2 converted to using the Secured Overnight Financing Rate (“SOFR”) upon the complete phase-out of LIBOR on June 30, 2023 and was subject to customary credit spread adjustments set at the time of the rate conversion. The STG Term Loan B-3 has LIBOR to SOFR conversion terms, including the applicable credit spread adjustments, built into the existing agreement.
(b)Interest rate terms on the STG Term Loan B-4 and revolving credit facility include additional customary credit spread adjustments.
(c)We incur a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if our first lien indebtedness ratio (as defined in the Bank Credit Agreement) is less than or equal to 2.75x, less than or equal to 3.0x but greater than 2.75x, or greater than 3.0x, respectively. The revolving credit facility is priced at SOFR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2024 and 2023, there were no outstanding borrowings, $1 million in letters of credit outstanding, and $649 million available under the revolving credit facility. The total revolving credit facility contains two tranches, one for $612.5 million which expires on April 21, 2027 and one for $37.5 million which expires on December 4, 2025. See Bank Credit Agreement below for further information.
Sinclair Broadcast Group, LLC  
Debt Instrument [Line Items]  
Schedule of Notes Payable, Capital Leases and the Bank Credit Agreement
Notes payable, finance leases, and commercial bank financing (including “finance leases to affiliates”) consisted of the following as of December 31, 2024 and 2023 (in millions):
 20242023
Bank Credit Agreement:
Term Loan B-2, due September 30, 2026 (a)$1,175 $1,215 
Term Loan B-3, due April 1, 2028714 722 
Term Loan B-4, due April 21, 2029731 739 
STG Notes:
5.125% Unsecured Notes, due February 15, 2027
274 274 
5.500% Unsecured Notes, due March 1, 2030
485 485 
4.125% Senior Secured Notes, due December 1, 2030
737 737 
Debt of variable interest entities7 7 
Finance leases30 20 
Finance leases - affiliate12 7 
Total outstanding principal4,165 4,206 
Less: Deferred financing costs and discounts(36)(46)
Less: Current portion(35)(34)
Less: Finance leases - affiliate, current portion(3)(2)
Net carrying value of long-term debt$4,091 $4,124 
 
(a)During the year ended December 31, 2024, STG repurchased $27 million aggregate principal amount of the Term Loan B-2 for consideration of $25 million. See Bank Credit Agreement below.
Schedule of Maturity of Indebtedness Under the Notes Payable, Capital Leases and the Bank Credit Agreement
Debt under the Bank Credit Agreement, notes payable, and finance leases as of December 31, 2024 matures as follows (in millions):
 Notes and 
Bank Credit Agreement		Finance LeasesTotal
2025$30 $11 $41 
20261,177 11 1,188 
2027292 8 300 
2028699 6 705 
2029702 6 708 
2030 and thereafter1,223 10 1,233 
Total minimum payments4,123 52 4,175 
Less: Deferred financing costs and discounts(36)— (36)
Less: Amount representing future interest— (10)(10)
Net carrying value of total debt$4,087 $42 $4,129 
Schedule of Debt
The stated and weighted average effective interest rates on the above obligations are as follows, for the years ended December 31, 2024 and 2023:
Weighted Average Effective Rate
Stated Rate20242023
Bank Credit Agreement:
Term Loan B-2 (a)
SOFR plus 2.50%
8.17%7.98%
Term Loan B-3 (a)
SOFR plus 3.00%
8.64%8.35%
Term Loan B-4 (b)
SOFR plus 3.75%
9.83%9.77%
Revolving Credit Facility (b) (c)
SOFR plus 2.00%
—%—%
STG Notes:
5.125% Unsecured Notes
5.13%5.33%5.33%
5.500% Unsecured Notes
5.50%5.66%5.66%
4.125% Secured Notes
4.13%4.31%4.31%
(a)The STG Term Loan B-2 converted to using the Secured Overnight Financing Rate (“SOFR”) upon the complete phase-out of LIBOR on June 30, 2023 and was subject to customary credit spread adjustments set at the time of the rate conversion. The STG Term Loan B-3 has LIBOR to SOFR conversion terms, including the applicable credit spread adjustments, built into the existing agreement.
(b)Interest rate terms on the STG Term Loan B-4 and revolving credit facility include additional customary credit spread adjustments.
(c)STG incurs a commitment fee on undrawn capacity of 0.25%, 0.375%, or 0.50% if the first lien indebtedness ratio (as defined in the Bank Credit Agreement) is less than or equal to 2.75x, less than or equal to 3.0x but greater than 2.75x, or greater than 3.0x, respectively. The revolving credit facility is priced at SOFR plus 2.00%, subject to decrease if the specified first lien leverage ratio (as defined in the Bank Credit Agreement) is less than or equal to certain levels. As of December 31, 2024 and 2023, there were no outstanding borrowings, $1 million in letters of credit outstanding, and $649 million available under the revolving credit facility. The total revolving credit facility contains two tranches, one for $612.5 million which expires on April 21, 2027 and one for $37.5 million which expires on December 4, 2025. See Bank Credit Agreement below for further information.