SEGMENT DATA (Tables)

9 Months Ended

Sep. 30, 2025

Segment data

Schedule of Segment Financial Information

Segment financial information is included in the following tables for the periods presented (in millions):

As of September 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations		Consolidated
Assets	$	4,288	$	268	$	1,011	$	—	$	5,567

For the three months ended September 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	667	$	67	$	48	$	(9)	(b)	$	773
Media programming and production expenses	378		35		—		—			413
Media selling, general and administrative expenses	165		15		30		(7)			203
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	56		5		1		—			62
Amortization of program costs	21		—		—		—			21
Corporate general and administrative expenses	21		1		18		—			40
Gain on asset dispositions and other, net	(3)		—		(33)		—			(36)
Other segment items (a)	2		—		12		(2)			12
Operating income	$	27	$	11	$	20	$	—		$	58
Interest expense including amortization of debt discount and deferred financing costs	$	85	$	—	$	—	$	—		$	85
Loss from equity method investments	—		—		(2)		—			(2)
Other income, net	2		—		27		—			29
Income before income taxes										$	—
For the nine months ended September 30, 2025	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,040	$	203	$	115	$	(25)	(b)	$	2,333
Media programming and production expenses	1,148		101		2		—			1,251
Media selling, general and administrative expenses	497		48		72		(22)			595
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	166		15		2		—			183
Amortization of program costs	57		—		—		—			57
Corporate general and administrative expenses	85		2		50		—			137
(Gain) loss on asset dispositions and other, net	(23)		—		4		—			(19)
Other segment items (a)	6		—		33		(3)			36
Operating income (loss)	$	104	$	37	$	(48)	$	—		$	93
Interest expense including amortization of debt discount and deferred financing costs	$	311	$	—	$	—	$	—		$	311
Loss from equity method investments	—		(2)		(7)		—			(9)
Gain on extinguishment of debt	6		$	—	$	—	—			6
Other income (expense), net	8		—		(63)		—			(55)
Loss before income taxes										$	(276)

For the three months ended September 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	845	$	60	$	19	$	(7)	(b)	$	917
Media programming and production expenses	384		30		—		—			414
Media selling, general and administrative expenses	188		13		6		(6)			201
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	58		5		1		(1)			63
Amortization of program costs	18		—		—		—			18
Corporate general and administrative expenses	24		1		16		—			41
Gain on asset dispositions and other, net	(11)		—		(2)		—			(13)
Other segment items (a)	2		—		12		—			14
Operating income (loss)	$	182	$	11	$	(14)	$	—		$	179
Interest expense including amortization of debt discount and deferred financing costs	$	78	$	—	$	—	$	—		$	78
Income (loss) from equity method investments	1		(1)		—		—			—
Other income, net	2		—		22		—			24
Income before income taxes										$	125
For the nine months ended September 30, 2024	Local Media		Tennis		Other & Corporate		Eliminations			Consolidated
Revenue	$	2,322	$	190	$	54	$	(22)	(b)	$	2,544
Media programming and production expenses	1,149		98		—		—			1,247
Media selling, general and administrative expenses	549		42		16		(16)			591
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	174		16		2		(3)			189
Amortization of program costs	55		—		—		—			55
Corporate general and administrative expenses	94		2		53		—			149
Gain on asset dispositions and other, net	(11)		—		—		—			(11)
Other segment items (a)	6		—		36		(3)			39
Operating income (loss)	$	306	$	32	$	(53)	$	—		$	285
Interest expense including amortization of debt discount and deferred financing costs	$	230	$	—	$	—	$	—		$	230
Income (loss) from equity method investments	1		(2)		93		—			92
Gain on extinguishment of debt	1		—		—		—			1
Other income (expense), net	35		—		(13)		—			22
Income before income taxes										$	170

(a)Other segment items relate primarily to non-media expenses.

(b)Includes $5 million and $14 million for the three and nine months ended September 30, 2025, respectively, and $4 million and $9 million for the three and nine months ended September 30, 2024, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.

Sinclair Broadcast Group, LLC

Segment data

Schedule of Segment Financial Information

Segment financial information is included in the following tables for the periods presented (in millions):

As of September 30, 2025	Local Media		Corporate		Consolidated
Assets	$	4,318	$	64	$	4,382

For the three months ended September 30, 2025	Local Media		Corporate		Consolidated
Revenue	$	667	$	—	$	667
Media programming and production expenses	378		—		378
Media selling, general and administrative expenses	165		—		165
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	56		—		56
Amortization of program costs	21		—		21
Corporate general and administrative expenses	21		—		21
Gain on asset dispositions and other, net	(3)		(22)		(25)
Other segment items (a)	2		—		2
Operating income	$	27	$	22	$	49
Interest expense including amortization of debt discount and deferred financing costs	$	85	$	—	$	85
Other income, net	2		—		2
Loss before income taxes					$	(34)
For the nine months ended September 30, 2025	Local Media		Corporate		Consolidated
Revenue	$	2,040	$	—	$	2,040
Media programming and production expenses	1,148		—		1,148
Media selling, general and administrative expenses	497		—		497
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	166		—		166
Amortization of program costs	57		—		57
Corporate general and administrative expenses	85		—		85
(Gain) loss on asset dispositions and other, net	(23)		15		(8)
Other segment items (a)	6		—		6
Operating income (loss)	$	104	$	(15)	$	89
Interest expense including amortization of debt discount and deferred financing costs	$	311	$	—	$	311
Gain on extinguishment of debt	6		—		6
Other income, net	8		—		8
Loss before income taxes					$	(208)

For the three months ended September 30, 2024	Local Media		Consolidated
Revenue	$	845	$	845
Media programming and production expenses	384		384
Media selling, general and administrative expenses	188		188
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	58		58
Amortization of program costs	18		18
Corporate general and administrative expenses	24		24
Gain on asset dispositions and other, net	(11)		(11)
Other segment items (a)	2		2
Operating income	$	182	$	182
Interest expense including amortization of debt discount and deferred financing costs	$	78	$	78
Other income, net	3		3
Income before income taxes			$	107
For the nine months ended September 30, 2024	Local Media		Corporate		Consolidated
Revenue	$	2,322	$	—	$	2,322
Media programming and production expenses	1,149		—		1,149
Media selling, general and administrative expenses	549		—		549
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets	174		—		174
Amortization of program costs	55		—		55
Corporate general and administrative expenses	94		6		100
Gain on asset dispositions and other, net	(11)		—		(11)
Other segment items (a)	6		—		6
Operating income (loss)	$	306	$	(6)	$	300
Interest expense including amortization of debt discount and deferred financing costs	$	230	$	—	$	230
Gain on extinguishment of debt	1		—		1
Other income, net	36		—		36
Income before income taxes					$	107

(a)Other segment items relate primarily to non-media expenses.