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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
REVENUES:        
Media revenues $ 831 $ 1,600 $ 2,106 $ 3,097
Non-media revenues 6 12 19 26
Revenue 837 1,612 2,125 3,123
OPERATING EXPENSES:        
Media programming and production expenses 403 1,345 1,161 2,368
Media selling, general and administrative expenses 195 234 415 447
Amortization of program contract costs 21 22 46 45
Non-media expenses 10 14 23 31
Depreciation of property and equipment 24 28 52 56
Corporate general and administrative expenses 38 36 85 97
Amortization of definite-lived intangible assets 43 119 136 244
Gain on deconsolidation of subsidiary 0 0 (3,357) 0
Gain on asset dispositions and other, net of impairment (4) (8) (9) (22)
Total operating expenses (gains) 730 1,790 (1,448) 3,266
Operating (loss) income 107 (178) 3,573 (143)
OTHER INCOME (EXPENSE):        
Interest expense including amortization of debt discount and deferred financing costs (54) (160) (169) (311)
Gain on extinguishment of debt 3 0 3 0
Income (loss) from equity method investments 3 2 15 11
Other (expense) income, net (105) (61) (165) 63
Total other expense, net (153) (219) (316) (237)
(Loss) income before income taxes (46) (397) 3,257 (380)
INCOME TAX BENEFIT (PROVISION) 40 69 (647) 78
NET (LOSS) INCOME (6) (328) 2,610 (302)
Net income attributable to the redeemable noncontrolling interests (5) (5) (9) (9)
Net loss (income) attributable to the noncontrolling interests 0 1 (25) (33)
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP $ (11) $ (332) $ 2,576 $ (344)
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR BROADCAST GROUP:        
Basic (loss) earnings per share (in dollars per share) $ (0.17) $ (4.41) $ 36.00 $ (4.59)
Diluted (loss) earnings per share (in dollars per share) $ (0.17) $ (4.41) $ 36.00 $ (4.59)
Basic weighted average common shares outstanding (in shares) 70,897 75,331 71,527 74,862
Diluted weighted average common and common equivalent shares outstanding (in shares) 70,897 75,331 71,533 74,862