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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS (Tables)
 6 Months Ended
Jun. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Schedule of condensed consolidating balance sheet
These statements are presented in accordance with the disclosure requirements under SEC Regulation S-X, Rule 3-10.

CONDENSED CONSOLIDATING BALANCE SHEET
AS OF JUNE 30, 2016
(in thousands) (unaudited)

 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
Cash
$
—

 
$
72,237

 
$
6,799

 
$
24,691

 
$
—

 
$
103,727

Accounts receivable
—

 
—

 
456,880

 
34,251

 
(1,247
)
 
489,884

Other current assets
219

 
6,292

 
62,550

 
18,106

 
(2,759
)
 
84,408

Total current assets
219

 
78,529

 
526,229

 
77,048

 
(4,006
)
 
678,019

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
2,352

 
19,376

 
572,156

 
142,792

 
(8,870
)
 
727,806

 
 
 
 
 
 
 
 
 
 
 
 
Investment in consolidated subsidiaries
543,948

 
3,772,032

 
4,179

 
—

 
(4,320,159
)
 
—

Goodwill
—

 
—

 
2,013,103

 
4,279

 
—

 
2,017,382

Indefinite-lived intangible assets
—

 
—

 
142,016

 
15,709

 
—

 
157,725

Definite-lived intangible assets
—

 
—

 
1,812,739

 
224,729

 
(61,682
)
 
1,975,786

Other long-term assets
50,901

 
742,864

 
104,553

 
150,306

 
(825,665
)
 
222,959

Total assets
$
597,420

 
$
4,612,801

 
$
5,174,975

 
$
614,863

 
$
(5,220,382
)
 
$
5,779,677

 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
100

 
$
50,101

 
$
196,045

 
$
29,053

 
$
(3,373
)
 
$
271,926

Current portion of long-term debt
—

 
59,938

 
1,751

 
113,355

 
—

 
175,044

Current portion of affiliate long-term debt
1,752

 
—

 
1,532

 
2,137

 
(1,920
)
 
3,501

Other current liabilities
—

 
—

 
72,960

 
8,309

 
—

 
81,269

Total current liabilities
1,852

 
110,039

 
272,288

 
152,854

 
(5,293
)
 
531,740

 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
—

 
3,912,120

 
31,977

 
40,165

 
—

 
3,984,262

Affiliate long-term debt
948

 
—

 
13,364

 
378,060

 
(376,419
)
 
15,953

Other liabilities
24,108

 
30,953

 
1,101,937

 
174,008

 
(626,178
)
 
704,828

Total liabilities
26,908

 
4,053,112

 
1,419,566

 
745,087

 
(1,007,890
)
 
5,236,783

 
 
 
 
 
 
 
 
 
 
 
 
Total Sinclair Broadcast Group equity (deficit)
570,512

 
559,689

 
3,755,409

 
(98,249
)
 
(4,216,849
)
 
570,512

Noncontrolling interests in consolidated subsidiaries
—

 
—

 
—

 
(31,975
)
 
4,357

 
(27,618
)
Total liabilities and equity (deficit)
$
597,420

 
$
4,612,801

 
$
5,174,975

 
$
614,863

 
$
(5,220,382
)
 
$
5,779,677

CONDENSED CONSOLIDATING BALANCE SHEET
AS OF DECEMBER 31, 2015
(in thousands)
  
 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
Cash
$
—

 
$
115,771

 
$
235

 
$
33,966

 
$
—

 
$
149,972

Accounts receivable
—

 
1,775

 
390,142

 
33,949

 
(1,258
)
 
424,608

Other current assets
3,648

 
5,172

 
99,118

 
23,278

 
(4,033
)
 
127,183

Total current assets
3,648

 
122,718

 
489,495

 
91,193

 
(5,291
)
 
701,763

 
 
 
 
 
 
 
 
 
 
 
 
Property and equipment, net
2,884

 
20,336

 
559,042

 
143,667

 
(8,792
)
 
717,137

 
 
 
 
 
 
 
 
 
 
 
 
Investment in consolidated subsidiaries
497,262

 
3,430,434

 
4,179

 
—

 
(3,931,875
)
 
—

Goodwill
—

 
—

 
1,926,814

 
4,279

 
—

 
1,931,093

Indefinite-lived intangible assets
—

 
—

 
114,841

 
17,624

 
—

 
132,465

Definite-lived intangible assets
—

 
—

 
1,602,454

 
206,975

 
(57,859
)
 
1,751,570

Other long-term assets
52,128

 
673,915

 
110,507

 
140,910

 
(779,173
)
 
198,287

Total assets
$
555,922

 
$
4,247,403

 
$
4,807,332

 
$
604,648

 
$
(4,782,990
)
 
$
5,432,315

 
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
104

 
$
49,428

 
$
179,156

 
$
27,462

 
$
(4,837
)
 
$
251,313

Current portion of long-term debt
—

 
57,640

 
1,611

 
106,358

 
(1,425
)
 
164,184

Current portion of affiliate long-term debt
1,651

 
—

 
1,311

 
456

 
(252
)
 
3,166

Other current liabilities
—

 
—

 
103,627

 
12,713

 
—

 
116,340

Total current liabilities
1,755

 
107,068

 
285,705

 
146,989

 
(6,514
)
 
535,003

 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
—

 
3,594,218

 
32,743

 
42,199

 
—

 
3,669,160

Affiliate long-term debt
1,857

 
—

 
14,240

 
366,042

 
(364,289
)
 
17,850

Other liabilities
26,500

 
28,866

 
1,060,211

 
171,102

 
(576,055
)
 
710,624

Total liabilities
30,112

 
3,730,152

 
1,392,899

 
726,332

 
(946,858
)
 
4,932,637

 
 
 
 
 
 
 
 
 
 
 
 
Total Sinclair Broadcast Group equity (deficit)
525,810

 
517,251

 
3,414,433

 
(91,703
)
 
(3,839,981
)
 
525,810

Noncontrolling interests in consolidated subsidiaries
—

 
—

 
—

 
(29,981
)
 
3,849

 
(26,132
)
Total liabilities and equity (deficit)
$
555,922

 
$
4,247,403

 
$
4,807,332

 
$
604,648

 
$
(4,782,990
)
 
$
5,432,315
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, 2016
(in thousands) (unaudited)
  
 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
Net revenue
$
—

 
$
—

 
$
627,517

 
$
62,037

 
$
(23,020
)
 
$
666,534

 
 
 
 
 
 
 
 
 
 
 
 
Media production expenses
—

 
—

 
235,138

 
30,440

 
(21,958
)
 
243,620

Selling, general and administrative
1,001

 
14,121

 
125,331

 
2,326

 
(12
)
 
142,767

Depreciation, amortization and other operating expenses
266

 
1,219

 
116,970

 
33,134

 
(516
)
 
151,073

Total operating expenses
1,267

 
15,340

 
477,439

 
65,900

 
(22,486
)
 
537,460

 
 
 
 
 
 
 
 
 
 
 
 
Operating (loss) income
(1,267
)
 
(15,340
)
 
150,078

 
(3,863
)
 
(534
)
 
129,074

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings of consolidated subsidiaries
49,136

 
100,678

 
69

 
—

 
(149,883
)
 
—

Interest expense
(41
)
 
(50,908
)
 
(1,098
)
 
(8,107
)
 
6,238

 
(53,916
)
Other income (expense)
1,087

 
148

 
622

 
190

 
—

 
2,047

Total other income (expense)
50,182

 
49,918

 
(407
)
 
(7,917
)
 
(143,645
)
 
(51,869
)
 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (provision)
504

 
18,034

 
(47,722
)
 
2,579

 
—

 
(26,605
)
Net income (loss)
49,419

 
52,612

 
101,949

 
(9,201
)
 
(144,179
)
 
50,600

Net income attributable to the noncontrolling interests
—

 
—

 
—

 
(1,262
)
 
81

 
(1,181
)
Net income (loss) attributable to Sinclair Broadcast Group
$
49,419

 
$
52,612

 
$
101,949

 
$
(10,463
)
 
$
(144,098
)
 
$
49,419

Comprehensive income (loss)
$
49,419

 
$
52,612

 
$
101,949

 
$
(9,201
)
 
$
(144,179
)
 
$
50,600

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

 
 
 
 
 
 
 
 
 
 
 
 
Media production expenses
—

 
—

 
180,033

 
21,272

 
(19,495
)
 
181,810

Selling, general and administrative
1,457

 
11,429

 
100,579

 
4,136

 
(193
)
 
117,408

Depreciation, amortization and other operating expenses
266

 
809

 
109,201

 
30,960

 
(627
)
 
140,609

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 SIX MONTHS ENDED JUNE 30, 2016
(in thousands) (unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
Sinclair
Broadcast
Group, Inc.
 
Sinclair
Television
Group, Inc.
 
Guarantor
Subsidiaries
and KDSM,
LLC
 
Non-
Guarantor
Subsidiaries
 
Eliminations
 
Sinclair
Consolidated
Net revenue
$
—

 
$
—

 
$
1,172,629

 
$
114,287

 
$
(41,493
)
 
$
1,245,423

 
 
 
 
 
 
 
 
 
 
 
 
Program and production
—

 
—

 
444,864

 
54,821

 
(40,188
)
 
459,497

Selling, general and administrative
2,003

 
36,219

 
236,442

 
4,487

 
(34
)
 
279,117

Depreciation, amortization and other operating expenses
532

 
2,410

 
225,445

 
63,990

 
(981
)
 
291,396

Total operating expenses
2,535

 
38,629

 
906,751

 
123,298

 
(41,203
)
 
1,030,010

 
 
 
 
 
 
 
 
 
 
 
 
Operating (loss) income
(2,535
)
 
(38,629
)
 
265,878

 
(9,011
)
 
(290
)
 
215,413

 
 
 
 
 
 
 
 
 
 
 
 
Equity in earnings of consolidated subsidiaries
73,424

 
175,533

 
119

 
—

 
(249,076
)
 
—

Interest expense
(136
)
 
(97,271
)
 
(2,299
)
 
(16,003
)
 
12,378

 
(103,331
)
Other income (expense)
2,230

 
267

 
609

 
(174
)
 
—

 
2,932

Total other income (expense)
75,518

 
78,529

 
(1,571
)
 
(16,177
)
 
(236,698
)
 
(100,399
)
 
 
 
 
 
 
 
 
 
 
 
 
Income tax benefit (provision)
576

 
41,137

 
(85,902
)
 
5,404

 
—

 
(38,785
)
Net income (loss)
73,559

 
81,037

 
178,405

 
(19,784
)
 
(236,988
)
 
76,229

Net income attributable to the noncontrolling interests
—

 
—

 
—

 
(2,161
)
 
(509
)
 
(2,670
)
Net income (loss) attributable to Sinclair Broadcast Group
$
73,559

 
$
81,037

 
$
178,405

 
$
(21,945
)
 
$
(237,497
)
 
$
73,559

Comprehensive income (loss)
$
73,559

 
$
81,037

 
$
178,405

 
$
(19,784
)
 
$
(236,988
)
 
$
76,229

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

 
41,677

 
(38,023
)
 
353,381

Selling, general and administrative
2,501

 
26,212

 
199,927

 
7,152

 
(105
)
 
235,687

Depreciation, amortization and other operating expenses
533

 
1,584

 
211,560

 
58,278

 
(968
)
 
270,987

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, 2016
(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 FROM(USED IN) OPERATING ACTIVITIES
$
2,296

 
$
(81,821
)
 
$
282,530

 
$
(8,483
)
 
$
15,136

 
$
209,658

CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:
 
 
 
 
 
 
 
 
 
 
 
Acquisition of property and equipment
—

 
(1,871
)
 
(45,155
)
 
(3,206
)
 
446

 
(49,786
)
Acquisition of businesses, net of cash acquired
—

 
—

 
(412,729
)
 
(10,375
)
 
—

 
(423,104
)
Purchase of alarm monitoring contracts
—

 
—

 
—

 
(21,616
)
 
—

 
(21,616
)
Investments in equity and cost method investees
—

 
(10,827
)
 
—

 
(11,016
)
 
—

 
(21,843
)
Loans to affiliates
—

 
(19,500
)
 
—

 
—

 
—

 
(19,500
)
Other, net
1,197

 
3,725

 
58

 
2,419

 
—

 
7,399

Net cash flows from (used in) investing activities
1,197

 
(28,473
)
 
(457,826
)
 
(43,794
)
 
446

 
(528,450
)
 
 
 
 
 
 
 
 
 
 
 
 
CASH FLOWS (USED IN) FROM FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

 
 

Proceeds from notes payable, commercial bank financing and capital leases
—

 
595,000

 
—

 
12,555

 
—

 
607,555

Repayments of notes payable, commercial bank financing and capital leases
—

 
(272,672
)
 
(719
)
 
(6,184
)
 
—

 
(279,575
)
Dividends paid on Class A and Class B Common Stock
(32,781
)
 
—

 
—

 
—

 
—

 
(32,781
)
Repurchase of outstanding Class A Common Stock
(11,247
)
 
—

 
—

 
—

 
—

 
(11,247
)
Increase (decrease) in intercompany payables
42,586

 
(249,887
)
 
181,829

 
41,172

 
(15,700
)
 
—

Other, net
(2,051
)
 
(5,681
)
 
750

 
(4,541
)
 
118

 
(11,405
)
Net cash flows (used in) from financing activities
(3,493
)
 
66,760

 
181,860

 
43,002

 
(15,582
)
 
272,547

 
 
 
 
 
 
 
 
 
 
 
 
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS
—

 
(43,534
)
 
6,564

 
(9,275
)
 
—

 
(46,245
)
CASH AND CASH EQUIVALENTS, beginning of period
—

 
115,771

 
235

 
33,966

 
—

 
149,972

CASH AND CASH EQUIVALENTS, end of period
$
—

 
$
72,237

 
$
6,799

 
$
24,691

 
$
—

 
$
103,727


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

 
$
(22,433
)
 
$
7,397

 
$
180,247

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
)
Investments in equity and cost method investees
—

 
(4,401
)
 
(33
)
 
(33,375
)
 
—

 
(37,809
)
Other, net
3,486

 
(961
)
 
4,788

 
4,338

 
—

 
11,651

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

 
(4,821
)
 
—

 
(8,563
)
Net cash flows (used in) from financing activities
(3,344
)
 
127,557

 
(230,323
)
 
70,812

 
(8,159
)
 
(43,457
)
 
 
 
 
 
 
 
 
 
 
 
 
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