SEGMENT DATA (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Segment Financial Information

Segment financial information reviewed by the CODM is included in the following tables for the years ended December 31, 2025, 2024, and 2023 (in millions):


As of December 31, 2025	Local media		Tennis		Other & Corporate		Eliminations		Consolidated
Goodwill	$	2,004	$	61	$	20	$	—	$	2,085
Assets	4,574		243		1,132		—		5,949


As of December 31, 2024	Local media		Tennis		Other & Corporate		Eliminations		Consolidated
Goodwill	$	2,016	$	61	$	5	$	—	$	2,082
Assets	4,591		253		1,043		(2)		5,885


For the year ended December 31, 2025	Local media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,774	$	265	$	166	$	(36)	(b)	$	3,169
Media programming and production expenses	1,526		125		2		—			1,653
Media selling, general and administrative expenses	666		65		107		(32)			806
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	227		21		2		(1)			249
Amortization of program costs	74		—		—		—			74
Corporate general and administrative expenses	118		2		65		—			185

(Gain) loss on asset dispositions and other, net	(24)		—		5		—			(19)
Other segment items (a)	8		—		43		(3)			48
Operating income (loss)	$	179	$	52	$	(58)	$	—		$	173

Interest expense including amortization of debt discount and deferred financing costs	$	395	$	—	$	—	$	—		$	395
(Loss) income from equity method investments	—		(3)		64		—			61
Gain on extinguishment of debt	6		—		—		—			6
Other income (expense), net	8		—		(6)		—			2
Loss before income taxes										$	(153)

Capital expenditures	$	73	$	2	$	—	$	(1)		$	74


For the year ended December 31, 2024	Local media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	3,254	$	247	$	76	$	(29)	(b)	$	3,548
Media programming and production expenses	1,536		125		—		—			1,661
Media selling, general and administrative expenses	742		53		21		(22)			794
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	231		21		2		(4)			250

Amortization of program costs	74		—		—		—			74
Corporate general and administrative expenses	117		2		66		—			185

Gain on asset dispositions and other, net	(18)		—		(2)		—			(20)
Other segment items (a)	8		—		48		(3)			53
Operating income (loss)	$	564	$	46	$	(59)	$	—		$	551

Interest expense including amortization of debt discount and deferred financing costs	$	304	$	—	$	—	$	—		$	304
(Loss) income from equity method investments	—		(3)		121		—			118
Gain on extinguishment of debt	1		—		—		—			1
Other income (expense), net	40		—		(11)		—			29
Income before income taxes										$	395

Capital expenditures	$	80	$	1	$	5	$	(2)		$	84


For the year ended December 31, 2023	Local media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,866	$	228	$	62	$	(22)	(b)	$	3,134
Media programming and production expenses	1,488		115		13		(5)			1,611
Media selling, general and administrative expenses	694		41		22		(10)			747
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	243		21		10		(3)			271

Amortization of program costs	80		—		—		—			80
Corporate general and administrative expenses	134		1		559		—			694
Loss on deconsolidation of subsidiary	—		—		10		—			10
(Gain) loss on asset dispositions and other, net	(14)		—		17		—			3
Other segment items (a)	14		—		39		(4)			49
Operating income (loss)	$	227	$	50	$	(608)	$	—		$	(331)

Interest expense including amortization of debt discount and deferred financing costs	$	305	$	—	$	—	$	—		$	305
(Loss) income from equity method investments	—		(2)		31		—			29
Gain on extinguishment of debt	15		—		—		—			15
Other income (expense), net	33		—		(78)		—			(45)
Loss before income taxes										$	(637)

Capital expenditures	$	86	$	1	$	5	$	—		$	92

(a)Other segment items relate primarily to non-media expenses.

(b)Includes $22 million, $13 million, and $8 million for the years ended December 31, 2025, 2024, and 2023, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.

Sinclair Broadcast Group, LLC

Segment data

Schedule of Segment Financial Information

Segment financial information reviewed by the CODM is included in the following tables for the years ended December 31, 2025, 2024, and 2023 (in millions):


As of December 31, 2025	Local media		Corporate		Consolidated
Goodwill	$	2,004	$	—	$	2,004
Assets	4,592		71		4,663


As of December 31, 2024	Local media		Corporate		Consolidated
Goodwill	$	2,016	$	—	$	2,016
Assets	4,624		65		4,689


For the year ended December 31, 2025	Local media		Corporate		Consolidated
Revenue	$	2,774	$	—	$	2,774
Media programming and production expenses	1,526		—		1,526
Media selling, general and administrative expenses	666		—		666
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	227		—		227

Amortization of program costs	74		—		74
Corporate general and administrative expenses	118		—		118

(Gain) loss on asset dispositions and other, net	(24)		16		(8)
Other segment items (a)	8		—		8
Operating income (loss)	$	179	$	(16)	$	163

Interest expense including amortization of debt discount and deferred financing costs	$	395	$	—	$	395

Gain on extinguishment of debt	6		—		6
Other income, net	8		—		8
Loss before income taxes					$	(218)

Capital expenditures	$	73	$	—	$	73


For the year ended December 31, 2024	Local media		Corporate		Consolidated
Revenue	$	3,254	$	—	$	3,254
Media programming and production expenses	1,536		—		1,536
Media selling, general and administrative expenses	742		—		742
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	231		—		231

Amortization of program costs	74		—		74
Corporate general and administrative expenses	117		6		123

Gain on asset dispositions and other, net	(18)		—		(18)
Other segment items (a)	8		—		8
Operating income (loss)	$	564	$	(6)	$	558

Interest expense including amortization of debt discount and deferred financing costs	$	304	$	—	$	304

Gain on extinguishment of debt	1		—		1
Other income, net	40		—		40
Income before income taxes					$	295

Capital expenditures	$	80	$	—	$	80


For the year ended December 31, 2023	Local media		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,866	$	119	$	(7)	(b)	$	2,978
Media programming and production expenses	1,488		59		(4)			1,543
Media selling, general and administrative expenses	694		27		(2)			719
Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets	243		10		(1)			252

Amortization of program costs	80		—		—			80
Corporate general and administrative expenses	134		520		—			654
Loss on deconsolidation of subsidiary	—		10		—			10
(Gain) loss on asset dispositions and other, net	(14)		12		—			(2)
Other segment items (a)	14		10		—			24
Operating income (loss)	$	227	$	(529)	$	—		$	(302)

Interest expense including amortization of debt discount and deferred financing costs	$	305	$	—	$	—		$	305
Income from equity method investments	—		31		—			31
Gain on extinguishment of debt	15		—		—			15
Other income (expense), net	33		(76)		—			(43)
Loss before income taxes								$	(604)

Capital expenditures	$	86	$	4	$	—		$	90

(a)Other segment items relate primarily to non-media expenses.

(b)Includes $3 million for the year ended December 31, 2023 of revenue for services provided by local media to other, which is eliminated in consolidation.