CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents		$ 616	$ 697
Accounts receivable, net of allowance for doubtful accounts of $4 and $5, respectively		624	637
Income taxes receivable		0	5
Prepaid expenses and other current assets		186	146
Assets held-for-sale		33	0
Total current assets		1,459	1,485
Property and equipment, net		665	705
Operating lease assets		117	123
Goodwill		2,087	2,082
Indefinite-lived intangible assets		149	150
Other assets		617	710
Total assets	[1]	5,670	5,885
Current liabilities:
Accounts payable and accrued liabilities		558	416
Income taxes payable		47	0
Current portion of notes payable, finance leases, and commercial bank financing		25	38
Current portion of operating lease liabilities		23	22
Current portion of program contracts payable		41	69
Other current liabilities		74	60
Liabilities held-for-sale		4	0
Total current liabilities		772	605
Notes payable, finance leases, and commercial bank financing, less current portion		4,081	4,091
Operating lease liabilities, less current portion		122	130
Program contracts payable, less current portion		10	13
Deferred tax liabilities		193	335
Other long-term liabilities		199	195
Total liabilities	[1]	5,377	5,369
Commitments and contingencies (See Note 4)
SBG member's deficit:
Accumulated deficit		(244)	10
Accumulated other comprehensive income		1	2
Total Sinclair shareholders’ equity		361	583
Noncontrolling interests		(68)	(67)
Total equity		293	516
Total liabilities and equity		5,670	5,885
Customer relationships, net
Current assets:
Definite-lived intangible assets, net		289	302
Other definite-lived intangible assets, net
Current assets:
Definite-lived intangible assets, net		287	328
Sinclair Broadcast Group, LLC
Current assets:
Cash and cash equivalents		224	291
Accounts receivable, net of allowance for doubtful accounts of $4 and $5, respectively		541	582
Income taxes receivable		0	29
Prepaid expenses and other current assets		108	104
Assets held-for-sale		33	0
Total current assets		906	1,006
Property and equipment, net		651	692
Operating lease assets		116	123
Goodwill		2,004	2,016
Indefinite-lived intangible assets		122	123
Other assets		232	212
Total assets	[2]	4,484	4,689
Current liabilities:
Accounts payable and accrued liabilities		458	374
Income taxes payable		13	0
Current portion of notes payable, finance leases, and commercial bank financing		25	38
Current portion of operating lease liabilities		22	22
Current portion of program contracts payable		41	69
Other current liabilities		70	56
Liabilities held-for-sale		4	0
Total current liabilities		633	559
Notes payable, finance leases, and commercial bank financing, less current portion		4,081	4,091
Operating lease liabilities, less current portion		121	130
Program contracts payable, less current portion		10	13
Deferred tax liabilities		267	373
Other long-term liabilities		155	149
Total liabilities	[2]	5,267	5,315
Commitments and contingencies (See Note 4)
SBG member's deficit:
Accumulated deficit		(715)	(560)
Accumulated other comprehensive income		1	2
Total Sinclair shareholders’ equity		(714)	(558)
Noncontrolling interests		(69)	(68)
Total equity		(783)	(626)
Total liabilities and equity		4,484	4,689
Sinclair Broadcast Group, LLC | Customer relationships, net
Current assets:
Definite-lived intangible assets, net		169	191
Sinclair Broadcast Group, LLC | Other definite-lived intangible assets, net
Current assets:
Definite-lived intangible assets, net		$ 284	$ 326

[1] Our consolidated total assets as of June 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIE”) of $61 million and $70 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of June 30, 2025 and December 31, 2024 include total liabilities of VIEs of $7 million and $16 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 7. Variable Interest Entities.

[2] Sinclair Broadcast Group, LLC’s (“SBG”) consolidated total assets as of June 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIE”) of $61 million and $70 million, respectively, which can only be used to settle the obligations of the VIEs. SBG’s consolidated total liabilities as of June 30, 2025 and December 31, 2024 include total liabilities of VIEs of $7 million and $16 million, respectively, for which the creditors of the VIEs have no recourse to SBG. See Note 6. Variable Interest Entities.