CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)

6 Months Ended

Jun. 30, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Schedule of condensed consolidating balance sheet

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF JUNE 30, 2015

(in thousands) (unaudited)

	Sinclair Broadcast Group, Inc.		Sinclair Television Group, Inc.		Guarantor Subsidiaries and KDSM, LLC		Non- Guarantor Subsidiaries			Eliminations			Sinclair Consolidated
Cash	$	—	$	49,400	$	1,068	$	14,111		$	—		$	64,579
Accounts and other receivables	—		—		356,389		29,418			(1,237		)	384,570
Other current assets	2,456		15,466		63,074		22,866			(9,212		)	94,650
Total current assets	2,456		64,866		420,531		66,395			(10,449		)	543,799
Property and equipment, net	3,416		21,783		551,889		172,701			(7,935		)	741,854
Assets held for sale	—		—		1,843		—			—			1,843
Investment in consolidated subsidiaries	438,600		3,476,007		4,079		—			(3,918,686		)	—
Goodwill	—		—		1,947,027		4,275			—			1,951,302
Broadcast licenses	—		—		113,955		16,960			—			130,915
Definite-lived intangible assets	—		—		1,659,249		197,479			(63,809		)	1,792,919
Other long-term assets	59,027		636,526		115,999		151,204			(744,407		)	218,349
Total assets	$	503,499	$	4,199,182	$	4,814,572	$	609,014		$	(4,745,286	)	$	5,380,981
Accounts payable and accrued liabilities	$	161	$	42,461	$	181,306	$	26,381		$	(14,070	)	$	236,239
Current portion of long-term debt	217		49,547		1,437		10,734			—			61,935
Current portion of affiliate long-term debt	1,556		—		1,136		1,409			(1,220		)	2,881
Other current liabilities	1,208		—		87,741		8,362			(1,485		)	95,826
Total current liabilities	3,142		92,008		271,620		46,886			(16,775		)	396,881
Long-term debt	—		3,623,777		33,592		150,716			—			3,808,085
Affiliate long-term debt	2,700		—		12,216		358,791			(356,932		)	16,775
Other liabilities	28,598		29,278		1,019,773		170,322			(534,990		)	712,981
Total liabilities	34,440		3,745,063		1,337,201		726,715			(908,697		)	4,934,722
Total Sinclair Broadcast Group equity (deficit)	469,059		454,119		3,477,371		(90,747		)	(3,840,743		)	469,059
Noncontrolling interests in consolidated subsidiaries	—		—		—		(26,954		)	4,154			(22,800		)
Total liabilities and equity (deficit)	$	503,499	$	4,199,182	$	4,814,572	$	609,014		$	(4,745,286	)	$	5,380,981

CONDENSED CONSOLIDATING BALANCE SHEET

AS OF DECEMBER 31, 2014

(in thousands)

	Sinclair Broadcast Group, Inc.		Sinclair Television Group, Inc.		Guarantor Subsidiaries and KDSM, LLC		Non- Guarantor Subsidiaries			Eliminations			Sinclair Consolidated
Cash	$	—	$	3,394	$	1,749	$	12,539		$	—		$	17,682
Accounts and other receivables	—		164		359,486		25,111			(1,258		)	383,503
Other current assets	5,741		12,996		98,751		12,721			(11,733		)	118,476
Assets held for sale	—		—		—		6,504			—			6,504
Total current assets	5,741		16,554		459,986		56,875			(12,991		)	526,165
Property and equipment, net	3,949		17,554		569,372		168,762			(7,099		)	752,538
Assets held for sale	—		—		1,843		6,974			—			8,817
Investment in consolidated subsidiaries	395,225		3,585,037		3,978		—			(3,984,240		)	—
Goodwill	—		—		1,963,254		1,299			—			1,964,553
Broadcast Licenses	—		—		118,115		16,960			—			135,075
Definite-lived intangible assets	—		—		1,698,919		184,441			(65,097		)	1,818,263
Other long-term assets	65,988		555,877		132,611		121,273			(670,832		)	204,917
Total assets	$	470,903	$	4,175,022	$	4,948,078	$	556,584		$	(4,740,259	)	$	5,410,328
Accounts payable and accrued liabilities	$	541	$	46,083	$	201,102	$	24,325		$	(13,680	)	$	258,371
Current portion of long-term debt	529		42,953		1,302		68,332			—			113,116
Current portion of affiliate long-term debt	1,464		—		1,182		1,026			(1,047		)	2,625
Other current liabilities	1,208		—		107,867		9,749			(1,407		)	117,417
Liabilities held for sale	—		—		—		2,477			—			2,477
Total current liabilities	3,742		89,036		311,453		105,909			(16,134		)	494,006
Long-term debt	—		3,638,286		34,338		82,198			—			3,754,822
Affiliate long-term debt	3,508		—		12,802		319,901			(319,902		)	16,309
Other liabilities	35,771		28,856		1,003,213		169,935			(497,927		)	739,848
Total liabilities	43,021		3,756,178		1,361,806		677,943			(833,963		)	5,004,985
Total Sinclair Broadcast Group equity (deficit)	427,882		418,844		3,586,272		(94,632		)	(3,910,484		)	427,882
Noncontrolling interests in consolidated subsidiaries	—		—		—		(26,727		)	4,188			(22,539		)
Total liabilities and equity (deficit)	$	470,903	$	4,175,022	$	4,948,078	$	556,584		$	(4,740,259	)	$	5,410,328

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, 2015

(in thousands) (unaudited)

	Sinclair Broadcast Group, Inc.			Sinclair Television Group, Inc.			Guarantor Subsidiaries and KDSM, LLC			Non- Guarantor Subsidiaries			Eliminations			Sinclair Consolidated
Net revenue	$	—		$	—		$	522,405		$	52,908		$	(21,146	)	$	554,167
Program and production	—			—			180,033			20,550			(19,495		)	181,088
Selling, general and administrative	1,457			11,429			100,579			3,683			(193		)	116,955
Depreciation, amortization and other operating expenses	266			809			109,201			32,135			(627		)	141,784
Total operating expenses	1,723			12,238			389,813			56,368			(20,315		)	439,827
Operating (loss) income	(1,723		)	(12,238		)	132,592			(3,460		)	(831		)	114,340
Equity in earnings of consolidated subsidiaries	46,369			85,483			(50		)	—			(131,802		)	—
Interest expense	(106		)	(44,969		)	(1,165		)	(7,470		)	6,046			(47,664		)
Other income (expense)	944			444			203			1,466			—			3,057
Total other income (expense)	47,207			40,958			(1,012		)	(6,004		)	(125,756		)	(44,607		)
Income tax benefit (provision)	303			19,584			(44,899		)	1,678			—			(23,334		)
Net income (loss)	45,787			48,304			86,681			(7,786		)	(126,587		)	46,399
Net income attributable to the noncontrolling interests	—			—			—			(646		)	34			(612		)
Net income (loss) attributable to Sinclair Broadcast Group	$	45,787		$	48,304		$	86,681		$	(8,432	)	$	(126,553	)	$	45,787
Comprehensive income (loss)	$	46,483		$	48,315		$	86,756		$	(7,786	)	$	(127,285	)	$	46,483

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE THREE MONTHS ENDED JUNE 30, 2014

(in thousands) (unaudited)

	Sinclair Broadcast Group, Inc.			Sinclair Television Group, Inc.			Guarantor Subsidiaries and KDSM, LLC			Non- Guarantor Subsidiaries			Eliminations			Sinclair Consolidated
Net revenue	$	—		$	—		$	430,334		$	47,527		$	(22,725	)	$	455,136
Program and production	—			114			133,440			21,492			(20,743		)	134,303
Selling, general and administrative	1,155			14,000			80,324			3,511			(575		)	98,415
Depreciation, amortization and other operating expenses	267			1,138			93,889			24,805			(720		)	119,379
Total operating expenses	1,422			15,252			307,653			49,808			(22,038		)	352,097
Operating (loss) income	(1,422		)	(15,252		)	122,681			(2,281		)	(687		)	103,039
Equity in earnings of consolidated subsidiaries	42,662			75,388			—			—			(118,050		)	—
Interest expense	(149		)	(37,082		)	(1,224		)	(6,974		)	5,308			(40,121		)
Other income (expense)	941			86			465			285			(20		)	1,757
Total other income (expense)	43,454			38,392			(759		)	(6,689		)	(112,762		)	(38,364		)
Income tax benefit (provision)	(697		)	19,209			(43,691		)	2,105			—			(23,074		)
Net income (loss)	41,335			42,349			78,231			(6,865		)	(113,449		)	41,601
Net income attributable to the noncontrolling interests	—			—			—			(299		)	33			(266		)
Net income (loss) attributable to Sinclair Broadcast Group	$	41,335		$	42,349		$	78,231		$	(7,164	)	$	(113,416	)	$	41,335
Comprehensive income (loss)	$	42,247		$	42,515		$	78,231		$	(5,887	)	$	(114,859	)	$	42,247

CONDENSED CONSOLIDATING STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED JUNE 30, 2015

(in thousands) (unaudited)

	Sinclair Broadcast Group, Inc.			Sinclair Television Group, Inc.			Guarantor Subsidiaries and KDSM, LLC			Non- Guarantor Subsidiaries			Eliminations			Sinclair Consolidated
Net revenue	$	—		$	—		$	999,076		$	99,912		$	(40,046	)	$	1,058,942
Program and production	—			—			349,727			40,399			(38,023		)	352,103
Selling, general and administrative	2,501			26,212			199,927			6,323			(105		)	234,858
Depreciation, amortization and other operating expenses	533			1,584			211,560			60,385			(968		)	273,094
Total operating expenses	3,034			27,796			761,214			107,107			(39,096		)	860,055
Operating (loss) income	(3,034		)	(27,796		)	237,862			(7,195		)	(950		)	198,887
Equity in earnings of consolidated subsidiaries	70,693			149,948			(100		)	—			(220,541		)	—
Interest expense	(207		)	(88,842		)	(2,341		)	(14,176		)	11,254			(94,312		)
Other income (expense)	2,294			291			266			3,570			—			6,421
Total other income (expense)	72,780			61,397			(2,175		)	(10,606		)	(209,287		)	(87,891		)
Income tax benefit (provision)	323			40,199			(83,277		)	2,994			—			(39,761		)
Net income (loss)	70,069			73,800			152,410			(14,807		)	(210,237		)	71,235
Net income attributable to the noncontrolling interests	—			—			—			(1,200		)	34			(1,166		)
Net income (loss) attributable to Sinclair Broadcast Group	$	70,069		$	73,800		$	152,410		$	(16,007	)	$	(210,203	)	$	70,069
Comprehensive income (loss)	$	71,403		$	73,817		$	152,561		$	(14,807	)	$	(211,571	)	$	71,403

Schedule of condensed consolidating statement of cash flows

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2015

(in thousands) (unaudited)

	Sinclair Broadcast Group, Inc.			Sinclair Television Group, Inc.			Guarantor Subsidiaries and KDSM, LLC			Non- Guarantor Subsidiaries			Eliminations			Sinclair Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES	$	(142	)	$	(70,337	)	$	265,762		$	(24,664	)	$	7,397		$	178,016
CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	—			(5,852		)	(40,875		)	(1,097		)	762			(47,062		)
Purchase of alarm monitoring contracts	—			—			—			(16,673		)	—			(16,673		)
Distributions from equity and costs method investees	3,486			500			—			4,182			—			8,168
Investments in equity and cost method investees	—			(4,401		)	(33		)	(33,375		)	—			(37,809		)
Other, net	—			(1,461		)	4,788			156			—			3,483
Net cash flows (used in) from investing activities	3,486			(11,214		)	(36,120		)	(46,807		)	762			(89,893		)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Proceeds from notes payable, commercial bank financing and capital leases	—			349,562			—			15,291			—			364,853
Repayments of notes payable, commercial bank financing and capital leases	(312		)	(357,328		)	(611		)	(2,229		)	—			(360,480		)
Dividends paid on Class A and Class B Common Stock	(31,464		)	—			—			—			—			(31,464		)
Repurchase of outstanding Class A Common Stock	(7,803		)	—			—			—			—			(7,803		)
Increase (decrease) in intercompany payables	37,036			138,814			(230,262		)	62,571			(8,159		)	—
Other, net	(801		)	(3,491		)	550			(2,590		)	—			(6,332		)
Net cash flows (used in) from financing activities	(3,344		)	127,557			(230,323		)	73,043			(8,159		)	(41,226		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	—			46,006			(681		)	1,572			—			46,897
CASH AND CASH EQUIVALENTS, beginning of period	—			3,394			1,749			12,539			—			17,682
CASH AND CASH EQUIVALENTS, end of period	$	—		$	49,400		$	1,068		$	14,111		$	—		$	64,579

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED JUNE 30, 2014

(in thousands) (unaudited)

	Sinclair Broadcast Group, Inc.			Sinclair Television Group, Inc.			Guarantor Subsidiaries and KDSM, LLC			Non- Guarantor Subsidiaries			Eliminations			Sinclair Consolidated
NET CASH FLOWS (USED IN) FROM OPERATING ACTIVITIES	$	(2,354	)	$	(73,198	)	$	232,107		$	19,126		$	4,303		$	179,984
CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	—			(2,935		)	(21,993		)	(1,659		)	—			(26,587		)
Purchase of alarm monitoring contracts	—			—			—			(7,835		)	—			(7,835		)
Decrease in restricted cash	—			(900		)	217			—			—			(683		)
Investments in equity and cost method investees	—			—			—			(6,167		)	—			(6,167		)
Payments for acquisition of assets in other operating divisions	—			—			—			(8,273		)	—			(8,273		)
Proceeds from termination of life insurance policies	—			17,042			—			—			—			17,042
Other, net	1,000			—			264			(67		)	—			1,197
Net cash flows (used in) from investing activities	1,000			13,207			(21,512		)	(24,001		)	—			(31,306		)
CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:
Proceeds from notes payable, commercial bank financing and capital leases	—			91,796			—			10,928			—			102,724
Repayments of notes payable, commercial bank financing and capital leases	(268		)	(17,056		)	(482		)	(3,308		)	—			(21,114		)
Dividends paid on Class A and Class B Common Stock	(29,284		)	—			—			—			—			(29,284		)
Repurchase of outstanding Class A Common Stock	(82,371		)	—			—			—			—			(82,371		)
Increase (decrease) in intercompany payables	111,767			130,501			(238,219		)	254			(4,303		)	—
Other, net	1,510			(235		)	—			(4,466		)	—			(3,191		)
Net cash flows (used in) from financing activities	1,354			205,006			(238,701		)	3,408			(4,303		)	(33,236		)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	—			145,015			(28,106		)	(1,467		)	—			115,442
CASH AND CASH EQUIVALENTS, beginning of period	—			237,974			28,594			13,536			—			280,104
CASH AND CASH EQUIVALENTS, end of period	$	—		$	382,989		$	488		$	12,069		$	—		$	395,546