XML 20 R4.htm IDEA: XBRL DOCUMENT v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
REVENUES:        
Media revenues $ 908 $ 758 $ 2,519 $ 2,285
Non-media revenues 9 9 25 23
Total revenues 917 767 2,544 2,308
OPERATING EXPENSES:        
Media programming and production expenses 414 400 1,247 1,211
Media selling, general and administrative expenses 201 176 591 557
Amortization of program costs 18 18 55 59
Non-media expenses 14 15 39 36
Depreciation of property and equipment 26 24 76 80
Corporate general and administrative expenses 41 45 149 165
Amortization of definite-lived intangible assets 37 42 113 124
Loss on deconsolidation of subsidiary 0 10 0 10
(Gain) loss on asset dispositions and other, net of impairment (13) 0 (11) 11
Total operating expenses 738 730 2,259 2,253
Operating income 179 37 285 55
OTHER INCOME (EXPENSE):        
Interest expense including amortization of debt discount and deferred financing costs (78) (77) (230) (227)
Gain on extinguishment of debt 0 4 1 15
Income (loss) from equity method investments 0 0 92 30
Other income (expense), net 24 (21) 22 (48)
Total other expense, net (54) (94) (115) (230)
Income (loss) before income taxes 125 (57) 170 (175)
INCOME TAX (PROVISION) BENEFIT (29) 12 (30) 236
NET INCOME (LOSS) 96 (45) 140 61
Net loss attributable to the redeemable noncontrolling interests 0 0 0 4
Net income attributable to the noncontrolling interests (2) (1) (6) (15)
NET INCOME (LOSS) ATTRIBUTABLE TO SINCLAIR $ 94 $ (46) $ 134 $ 50
EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR:        
Basic earnings per share (in dollars per share) $ 1.43 $ (0.74) $ 2.06 $ 0.75
Diluted earnings per share (in dollars per share) $ 1.43 $ (0.74) $ 2.05 $ 0.75
Basic weighted average common shares outstanding (in shares) 66,355 63,325 65,570 65,670
Diluted weighted average common and common equivalent shares outstanding (in shares) 66,526 63,325 65,709 65,727