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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
FAIR VALUE MEASUREMENTS:  
Schedule of Carrying Value and Fair Value of Notes and Debentures
The following table sets forth the face value and fair value of our financial assets and liabilities for the periods presented (in millions):
 As of September 30, 2025As of December 31, 2024
 Face ValueFair ValueFace ValueFair Value
Level 1:
Investments in equity securitiesN/A$— N/A$19 
Money market fundsN/A378 N/A601 
Deferred compensation assetsN/A51 N/A47 
Deferred compensation liabilitiesN/A47 N/A46 
Level 2:
Investments in equity securities (a)N/A130 N/A141 
Interest rate swap (b)N/A— N/A1 
STG (c):
9.750% Second Lien Senior Secured Notes due 2033 (d)
$432 472 $— — 
8.125% First-Out First Lien Secured Notes due 2033 (d)
1,430 1,472 — — 
5.500% Senior Notes due 2030
485 415 485 328 
5.125% Senior Notes due 2027 (d)
89 89 274 249 
4.375% Second-Out First Lien Secured Notes due 2032 (d)
238 171 — — 
4.125% Senior Secured Notes due 2030 (d)
— — 737 546 
4.125% Unsecured Notes due 2030 (d)
4 3 — — 
Term Loan B-2, due September 30, 2026 (d)— — 1,175 1,160 
Term Loan B-3, due April 1, 2028 (d)3 2 714 575 
Term Loan B-4, due April 21, 2029 (d)— — 731 589 
Term Loan B-6, due December 31, 2029 (d)708 630 — — 
Term Loan B-7, due December 31, 2030 (d)728 648 — — 
Debt of variable interest entities (c)6 6 7 7 
Level 3:
Investments in equity securities (e)N/A2 N/A68 
N/A - Not applicable
(a)Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price.
(b)The fair value of the interest rate swap was a liability as of September 30, 2025 and an asset as of December 31, 2024. For further information, see Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing.
(c)Amounts are carried in our consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $56 million and $36 million as of September 30, 2025 and December 31, 2024, respectively.
(d)STG completed a series of financing transactions, including a new money financing and debt recapitalization, during the nine months ended September 30, 2025. In October 2025, STG repurchased the remaining $89 million aggregate principal amount of the 5.125% Senior Notes due 2027. For further information, see Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing.
(e)Amounts primarily relate to warrants and options to acquire common equity in Bally’s. We recorded a fair value adjustment loss of $8 million for the nine months ended September 30, 2025 and gains of $18 million and $10 million for the three and nine months ended September 30, 2024, respectively. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity. The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock and the exercise price of the options, which range from $30 to $45 per share. All outstanding awards to acquire common equity in Bally’s were converted to warrants and transferred to Level 2 during the nine months ended September 30, 2025.
Sinclair Broadcast Group, LLC  
FAIR VALUE MEASUREMENTS:  
Schedule of Carrying Value and Fair Value of Notes and Debentures
The following table sets forth the face value and fair value of SBG’s financial assets and liabilities for the periods presented (in millions):
 As of September 30, 2025As of December 31, 2024
 Face ValueFair ValueFace ValueFair Value
Level 1:
Money market fundsN/A$103 N/A$253 
Level 2:
Interest rate swap (a)N/A— N/A1 
STG (b):
9.750% Second Lien Senior Secured Notes due 2033 (c)
$432 472 $— — 
8.125% First-Out First Lien Secured Notes due 2033 (c)
1,430 1,472 — — 
5.500% Senior Notes due 2030
485 415 485 328 
5.125% Senior Notes due 2027 (c)
89 89 274 249 
4.375% Second-Out First Lien Secured Notes due 2032 (c)
238 171 — — 
4.125% Senior Secured Notes due 2030 (c)
— — 737 546 
4.125% Unsecured Notes due 2030 (c)
4 3 — — 
Term Loan B-2, due September 30, 2026 (c)— — 1,175 1,160 
Term Loan B-3, due April 1, 2028 (c)3 2 714 575 
Term Loan B-4, due April 21, 2029 (c)— — 731 589 
Term Loan B-6, due December 31, 2029 (c)708 630 — — 
Term Loan B-7, due December 31, 2030 (c)728 648 — — 
Debt of variable interest entities (b)6 6 7 7 
N/A - Not applicable

(a)The fair value of the interest rate swap was a liability as of September 30, 2025 and an asset as of December 31, 2024. For further information, see Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing.
(b)Amounts are carried in SBG’s consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $56 million and $36 million as of September 30, 2025 and December 31, 2024, respectively.
(c)STG completed a series of financing transactions, including a new money financing and debt recapitalization, during the nine months ended September 30, 2025. In October 2025, STG repurchased the remaining $89 million aggregate principal amount of the 5.125% Senior Notes due 2027. For further information, see Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing.