CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions		Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents		$ 526	$ 697
Accounts receivable, net of allowance for doubtful accounts of $5 and $6, respectively		633	637
Income taxes receivable		0	5
Prepaid expenses and other current assets		180	146
Total current assets		1,339	1,485
Property and equipment, net		662	705
Operating lease assets		115	123
Goodwill		2,086	2,082
Indefinite-lived intangible assets		149	150
Other assets		646	710
Total assets	[1]	5,567	5,885
Current liabilities:
Accounts payable and accrued liabilities		459	416
Income taxes payable		1	0
Current portion of notes payable, finance leases, and commercial bank financing		25	38
Current portion of operating lease liabilities		24	22
Current portion of program contracts payable		81	69
Other current liabilities		76	60
Total current liabilities		666	605
Notes payable, finance leases, and commercial bank financing, less current portion		4,076	4,091
Operating lease liabilities, less current portion		118	130
Program contracts payable, less current portion		11	13
Deferred tax liabilities		236	335
Other long-term liabilities		184	195
Total liabilities	[1]	5,291	5,369
Commitments and contingencies (See Note 4)
Shareholders’ equity:
Additional paid-in capital		608	570
(Accumulated deficit) retained earnings		(263)	10
Accumulated other comprehensive income		1	2
Total Sinclair shareholders’ equity		347	583
Noncontrolling interests		(71)	(67)
Total equity		276	516
Total liabilities and equity		5,567	5,885
Class A Common Stock
Shareholders’ equity:
Common Stock		1	1
Class B Common Stock
Shareholders’ equity:
Common Stock		0	0
Customer relationships, net
Current assets:
Definite-lived intangible assets, net		285	302
Other definite-lived intangible assets, net
Current assets:
Definite-lived intangible assets, net		$ 285	$ 328

[1] Our consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIE”) of $78 million and $70 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $9 million and $16 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 7. Variable Interest Entities.