Sinclair Inc
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
SBGI$13.68-3.5%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-10.
0001971213-24-000037
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-09.
0001971213-24-000056
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 121 previous paragraphs and 123 current paragraphs.
55 unchanged; 54 reworded; 11 added; 9 removed; 3 previous and 3 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
•In June 2024, Sinclair partnered with Feeding America to coordinate Sinclair Cares: Summer Hunger Relief, an awareness and fundraising campaign to help provide meals to children and families across the U.S. in the summer.
Current report
•In July 2024, Sinclair awarded scholarships to 12 university students as a part of its annual Diversity Scholarship program.
Current report
NextGen Broadcast (ATSC 3.0)
Current report
Core advertising revenue. Core advertising revenue decreased $2 million for the three months ended June 30, 2024, when compared to the same period in 2023. Core advertising revenue decreased $11 million for the six months ended June 30, 2024, when compared to the same period in 2023, with no particular product/services category dominating the variance.
Current report
(a)Includes $3 million and $5 million for the three and six months ended June 30, 2024, respectively, and $1 million and $2 million for the three and six months ended June 30, 2023, respectively, of intercompany expense related to certain services provided by the local media segment, which is eliminated in consolidation.
Current report
(d)Non-media expenses for the three and six months ended June 30, 2024 include $1 million and $3 million, respectively, and for the three and six months ended June 30, 2023 include $1 million and $2 million, respectively, of intercompany expense related to certain services and sales provided by the local media segment, which is eliminated in consolidation.
Current report
Revenue. Media revenues increased $3 million for the three months ended June 30, 2024, when compared to the same period in 2023, primarily due to an increase in advertising revenue related to our digital initiatives. Media revenues remained flat for the six months ended June 30, 2024, when compared to the same period in 2023. Non-media revenues increased $3 million and $4 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily due to an increase in broadcast equipment sales.
Current report
Income tax (provision) benefit. The effective tax rate for the three months ended June 30, 2024, was a provision of 19.0% as compared to a benefit of 18.9% during the same period in 2023. The change from benefit to provision is primarily due to a book loss in 2023 compared to book income in 2024.
Current report
(b)Non-media revenues for the six months ended June 30, 2023 include $1 million of intercompany revenue related to certain services and sales provided to the local media segment, which is eliminated in consolidation.
Current report
Income tax benefit. The effective tax rate for the three months ended June 30, 2024, was a benefit of 38.5% as compared to a benefit of 21.5% during the same period in 2023. The increase in the effective tax rate for the three months ended June 30, 2024, as compared to the same period in 2023, is primarily due to accrual of interest income attributable to prior years’ pending income tax refund claims.
Current report
Net cash flows used in SBG's investing activities increased during the three months ended June 30, 2024, when compared to the same period in 2023, primarily due to the $193 million A/R Facility principal payment received from DSPV in the prior period.
Removed paragraphs (9)
Previous report
•In January 2024, Sinclair announced a comprehensive multi-year distribution agreement with Verizon for carriage on FiOS TV, covering Tennis Channel and SBG's local television stations in 10 markets.
Previous report
•In January 2024, Sinclair renewed its distribution agreement with the National Content & Technology Cooperative ("NCTC") that allows NCTC's member companies to opt into a multi-year retransmission consent agreement for SBG's owned and operated stations and includes an agreement for Tennis Channel.
Previous report
•In January 2024, SBG and FOX Corporation reached an agreement for a multi-year renewal of all FOX affiliations in SBG markets, including where SBG provides sales and other services under JSAs or MSAs.
Previous report
•In March 2024, Sinclair launched Sinclair Cares: Supporting Children’s Literacy, a partnership with Reading Is Fundamental, the nation’s leading children’s literacy nonprofit, to create awareness around children’s literacy challenges and help get books into the hands of children across the U.S. through a virtual book drive.
Previous report
NextGen Broadcasting (ATSC 3.0)
Previous report
Core advertising revenue. Core advertising revenue decreased $9 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to decreases across certain advertising categories, most notably entertainment and medical, which decreased $5 million and $2 million, respectively.
Previous report
Depreciation and amortization expenses. Depreciation and amortization expenses decreased $1 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to assets retired during 2023.
Previous report
(a)Includes $2 million and $1 million for the three months ended March 31, 2024 and 2023, respectively, of intercompany expense related to certain services provided by the local media segment, which is eliminated in consolidation.
Previous report
Revenue. Media revenues decreased $3 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to the sale of our Stadium Network ("Stadium"). Non-media revenues increased $1 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to an increase in sales within our consolidated real estate investments.
Reworded paragraphs (54)
Previous wording
Results of Operations — an analysis of Sinclair's and SBG's revenues and expenses for the three months ended March 31, 2024 and 2023.
Current wording
Results of Operations — an analysis of Sinclair's and SBG's revenues and expenses for the three and six months ended June 30, 2024 and 2023.
Previous wording
Liquidity and Capital Resources — a discussion of Sinclair's and SBG's primary sources of liquidity and an analysis of Sinclair's and SBG's cash flows from or used in operating activities, investing activities, and financing activities during the three months ended March 31, 2024.
Current wording
Liquidity and Capital Resources — a discussion of Sinclair's and SBG's primary sources of liquidity and an analysis of Sinclair's and SBG's cash flows from or used in operating activities, investing activities, and financing activities during the three and six months ended June 30, 2024.
Previous wording
•To date in 2024, SBG's newsrooms have won a total of 47 journalism awards.
Current wording
•To date in 2024, SBG's newsrooms have won a total of 176 journalism awards.
Previous wording
•In April 2024, WBFF FOX 45, Baltimore's #1 ranked news outlet and the David D. Smith Family Foundation donated $50 thousand and $100 thousand, respectively, to the Maryland Tough Baltimore Strong Key Bridge Fund.
Current wording
•In April 2024, WBFF FOX 45 and the David D. Smith Family Foundation donated $50 thousand and $100 thousand, respectively, to the Maryland Tough Baltimore Strong Key Bridge Fund.
Previous wording
•In April 2024, Sinclair announced the launch of its Broadspan datacasting platform to enable data distribution capability across all current Sinclair NextGen Broadcast (ATSC 3.0) markets where it serves as the host station. Edgio, Inc., a leading content delivery network, will become the Company's first NextGen commercial partner.
Current wording
•In April 2024, Sinclair announced the launch of its Broadspan datacasting platform to enable data distribution capability across all current Sinclair NextGen Broadcast (ATSC 3.0) markets where it serves as the host station and announced its first go to market partner, leading a content delivery network.
Previous wording
•In 2024, Sinclair, in coordination with other broadcasters, and led by BitPath, its joint venture with another broadcaster, has deployed NextGen TV, powered by ATSC 3.0, in the market below. This brings the total number of our markets in which NextGen TV has been deployed to 44:
Current wording
•In 2024, Sinclair, in coordination with other broadcasters, and led by BitPath, its joint venture with another broadcaster, has deployed NextGen TV, powered by ATSC 3.0, in the two markets below. This brings the total number of our markets in which NextGen TV has been deployed to 45:
Previous wording
•In January 2024, Sinclair announced that it has agreed, subject to Sinclair and DSG completing definitive documentation, to a global settlement and release of all claims associated with the litigation filed by DSG and DSG’s wholly-owned subsidiary, Diamond Sports Net, LLC, in July 2023 and on March 1, 2024, the court approved the settlement. The settlement terms include Sinclair’s cash payment to DSG of $495 million. Additionally, under the terms of the settlement, Sinclair will provide transition services to DSG to allow DSG to become a self-standing entity going forward. An initial payment of $50 million was made in March 2024, which was funded by Ventures, and the remaining $445 million was paid in April 2024, of which $347 million was paid by STG and $98 million was paid by Ventures.
Current wording
•In January 2024, Sinclair announced that it had agreed to a global settlement and release of all claims associated with the litigation filed by DSG and DSG’s wholly-owned subsidiary, Diamond Sports Net, LLC, in July 2023 and on March 1, 2024, the court approved the settlement. The settlement terms included Sinclair’s cash payment to DSG of $495 million. Additionally, under the terms of the settlement, Sinclair would provide transition services to DSG to allow DSG to become a self-standing entity going forward. An initial payment of $50 million was made in March 2024, which was funded by Ventures, and the remaining $445 million was paid in April 2024, of which $347 million was paid by STG and $98 million was paid by Ventures.
Previous wording
•In May 2024, Jason Smith was promoted to Executive Vice Chairman from his former position of Vice President, Chief of Staff.
Current wording
•In May 2024, Jason Smith was promoted to Executive Vice Chairman of the Company from his former position of Vice President, Chief of Staff.
Previous wording
Any references to the second, third, or fourth quarters are to the three months ended June 30, September 30, or December 31, respectively, for the year being discussed. As of March 31, 2024, we had two reportable segments for accounting purposes, local media and tennis.
Current wording
Any references to the first, third, or fourth quarters are to the three months ended March 31, September 30, or December 31, respectively, for the year being discussed. As of June 30, 2024, we had two reportable segments for accounting purposes, local media and tennis.
Previous wording
The operating results of our tennis segment are usually subject to cyclical fluctuations due to the amount and significance of tournaments that take place in the respective quarters during the year. The first and fourth quarter operating results are usually higher than the second and third quarters' because of the amount and significance of tournaments that are played during those periods.
Current wording
The operating results of our tennis segment are usually subject to cyclical fluctuations due to the number and significance of tournaments that take place in the respective quarters during the year. The first and fourth quarter operating results are usually higher than the second and third quarters' because of the number and significance of tournaments that are played during those periods.
Previous wording
(a)Includes $2 million and $1 million for the three months ended March 31, 2024 and 2023, respectively, of intercompany revenue related to certain services provided to the tennis segment, which is eliminated in consolidation.
Current wording
(a)Includes $3 million and $5 million for the three and six months ended June 30, 2024, respectively, and $1 million and $2 million for the three and six months ended June 30, 2023, respectively, of intercompany revenue related to certain services provided to the tennis segment, which is eliminated in consolidation.
Previous wording
(b)Includes $2 million and $1 million for the three months ended March 31, 2024 and 2023, respectively, of intercompany expense related to certain services provided by other, which is eliminated in consolidation.
Current wording
(b)Includes $3 million and $5 million for the three and six months ended June 30, 2024, respectively, and $2 million and $3 million for the three and six months ended June 30, 2023, respectively, of intercompany expense related to certain services provided by other, which is eliminated in consolidation.
Previous wording
Distribution revenue. Distribution revenue, which represents payments from Distributors for our broadcast signals, increased $3 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to an increase in contractual rates, partially offset by a decrease in subscribers.
Current wording
Distribution revenue. Distribution revenue, which represents payments from Distributors for our broadcast signals, increased $12 million or 3% and $15 million or 2% for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023. Contractual rate increases favorably impacted period-over-period distribution revenue by mid-teen percentages for both the three and six months ended June 30, 2024, respectively, which was offset by a decrease in subscribers by low double-digit percentages for both periods, respectively.
Previous wording
Political advertising revenue. Political advertising revenue increased $21 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to 2024 being a political year, compared to 2023 which was a non-political year.
Current wording
Political advertising revenue. Political advertising revenue increased $34 million and $55 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily due to 2024 being a presidential political year, compared to 2023 which was an off-year election cycle, and therefore only had a small number of political races and correspondingly less political advertising spend.
Previous wording
Other media revenues. Other media revenues increased $7 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to an increase related to providing certain services under management services agreements.
Current wording
Other media revenues. Other media revenues increased $7 million and $14 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily due to an increase related to providing certain services under management services agreements.
Previous wording
Media programming and production expenses. Media programming and production expenses increased $12 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to an increase in fees pursuant to network affiliation agreements as a result of increased contractual rates.
Current wording
Media programming and production expenses. Media programming and production expenses increased $13 million and $25 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily due to an increase in fees pursuant to network affiliation agreements as a result of increased contractual rates.
Previous wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses increased $8 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to an increase in trade related expenses.
Current wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses increased $3 million for the three months ended June 30, 2024, when compared to the same period in 2023, primarily due to an increase in third-party fulfillment costs from our digital business as a result of increased digital revenues. Media selling, general and administrative expenses increased $11 million for the six months ended June 30, 2024, when compared to the same period in 2023, primarily due to a $4 million increase in third-party fulfillment cost from our digital business as a result of increased digital revenues, a $2 million increase in national sale commissions, and a $1 million increase in trade related expenses.
Previous wording
Amortization of program contract costs. The amortization of program contract costs decreased $3 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily related to reduced programming renewal costs.
Current wording
Amortization of program costs. The amortization of program costs decreased $1 million and $4 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily related to reduced programming renewal costs.
Previous wording
Non-media expenses. Non-media expenses decreased $4 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily related to decreased expenses associated with our broadcast technology related initiatives.
Current wording
Non-media expenses. Non-media expenses decreased $1 million and $5 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily related to decreased expenses associated with our broadcast technology related initiatives.
Previous wording
Interest expense including amortization of debt discount and deferred financing costs. Interest expense increased $2 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to increased interest expense related to our variable rate debt resulting from higher interest rates.
Current wording
Interest expense including amortization of debt discount and deferred financing costs. Interest expense remained flat for the three months ended June 30, 2024, when compared to the same period in 2023. Interest expense increased $2 million for the six months ended June 30, 2024, when compared to the same period in 2023, primarily due to increased interest expense related to our variable rate debt resulting from higher interest rates.
Previous wording
Other income, net. During the three months ended March 31, 2024, we recognized $26 million in proceeds related to the sale of certain broadcast related assets and $4 million in interest income.
Current wording
Other income, net. During the six months ended June 30, 2024, we recognized a $26 million gain related to the sale of certain broadcast related assets and $8 million in interest income.
Previous wording
Distribution revenue. Distribution revenue, which is generated through fees received from Distributors for the right to distribute Tennis Channel, increased $7 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to an increase in subscribers as a result of increased carriage that occurred during the second quarter of 2023 and the first quarter of 2024.
Current wording
Distribution revenue. Distribution revenue, which is generated through fees received from Distributors for the right to distribute Tennis Channel, increased $5 million or 11% and $12 million or 13% for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023. Contractual rate increases favorably impacted period-over-period distribution revenue by low double-digit percentages for both the three and six months ended June 30, 2024, respectively, and subscriber increases favorably impacted period-over-period distribution revenue by high-teen percentages for both periods, respectively, which was due to carriage agreements with new Distributors in the second quarter of 2023 and first quarter of 2024. This increase in subscribers was offset by a decrease in subscribers from existing Distributors of mid-teen percentages for both periods, respectively.
Previous wording
Core advertising revenue. Core advertising revenue is primarily generated from sales of commercial time within Tennis Channel programming. Core advertising revenue increased $1 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to an increase in the number of tournaments aired in the current period versus the prior period.
Current wording
Core advertising revenue. Core advertising revenue is primarily generated from sales of commercial time within Tennis Channel programming. Core advertising revenue remained flat for the three months ended June 30, 2024, when compared to the same period in 2023. Core advertising revenue increased $1 million for the six months ended June 30, 2024, when compared to the same period in 2023, primarily due to an increase in the number of tournaments aired in the current period versus the prior period.
Previous wording
Media programming and production expenses. Media programming and production expenses increased $3 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to an increase in production related employee compensation costs.
Current wording
Media programming and production expenses. Media programming and production expenses increased $3 million and $6 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily due to an increase in live production expenses related to an increase in the number of tournaments aired in the current periods versus the prior periods.
Previous wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses increased $2 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to an increase in expenses related to certain services provided by the local media segment, which is eliminated in consolidation.
Current wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses increased $5 million and $7 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily due to an increase in expenses related to certain services provided by the local media segment, which is eliminated in consolidation, and employee compensation cost.
Previous wording
(a)Media revenues for the three months ended March 31, 2023 include $1 million of intercompany revenue related to certain services and sales provided to the local media segment, which is eliminated in consolidation.
Current wording
(a)Media revenues for the three and six months ended June 30, 2024 include $3 million and $5 million, respectively, and for the three and six months ended June 30, 2023 include $2 million and $3 million, respectively, of intercompany revenue related to certain services and sales provided to the local media segment, which is eliminated in consolidation.
Previous wording
(b)Non-media revenues for the three months ended March 31, 2024 and 2023 include $3 million and $1 million, respectively, of intercompany revenue related to certain services and sales provided to the local media segment, which is eliminated in consolidation.
Current wording
(b)Non-media revenues for the three and six months ended June 30, 2024 and 2023 include $1 million and $4 million, respectively, and for the three and six months ended June 30, 2023 include $1 million and $2 million, respectively, of intercompany revenue related to certain services and sales provided to the local media segment, which is eliminated in consolidation.
Previous wording
(c)Media expenses for the three months ended March 31, 2023 include $1 million of intercompany expense primarily related to certain services provided by the local media segment, which is eliminated in consolidation.
Current wording
(c)Media expenses for the three and six months ended June 30, 2023 include $1 million and $2 million, respectively, of intercompany expense primarily related to certain services provided by the local media segment, which is eliminated in consolidation.
Previous wording
Expenses. Media expenses decreased $9 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to the sale of Stadium. Non-media expenses increased $6 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to an increase in expenses related to our technical services business.
Current wording
Expenses. Media expenses decreased $6 million and $15 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily due to the sale of our Stadium Network. Non-media expenses increased $5 million and $11 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily due to an increase in expenses related to our technical services business and an increase in expenses associated with higher broadcast equipment sales.
Previous wording
Income from equity method investments. During the three months ended March 31, 2024 and 2023, we recognized a gain of $17 million on the sale of two of our investments and a gain of $33 million on the sale of two of our real estate investments, respectively, which is included in income from equity method investments in our consolidated statements of operations.
Current wording
Income (loss) from equity method investments. During the three and six months ended June 30, 2024, we recognized gains of $78 million and $93 million, respectively, related to the sale of one of our investments, which is included in income (loss) from equity method investments in our consolidated statements of operations. During the six months ended June 30, 2023 we recognized a gain of $33 million on the sale of two of our real estate investments, which is included in income (loss) from equity method investments in our consolidated statements of operations.
Previous wording
Corporate general and administrative expenses. The table above and the explanation that follows cover total consolidated corporate general and administrative expenses. Corporate general and administrative expenses remained flat for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to a $5 million increase in employee compensation costs, partially offset by a $3 million decrease in legal, consulting, and regulatory costs, primarily related to the litigation discussed under Note 5. Commitments and Contingencies within Sinclair's Consolidated Financial Statements.
Current wording
Corporate general and administrative expenses. The table above and the explanation that follows cover total consolidated corporate general and administrative expenses. Corporate general and administrative expenses decreased $12 million for both the three and six months ended June 30, 2024, when compared to the same periods in 2023, primarily due to a decrease in legal, consulting, and regulatory costs, primarily related to the litigation discussed under Note 5. Commitments and Contingencies within Sinclair's Consolidated Financial Statements.
Previous wording
Income tax benefit. The effective tax rate for the three months ended March 31, 2024, was a benefit of 18.3% as compared to a benefit of 1870.7% during the same period in 2023. The decrease in the effective tax rate for the three months ended March 31, 2024, when compared to the same period in 2023, is primarily due to a release of the 2023 valuation allowance on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j) as a result of the change in the tax classification of the legal entity owning the Diamond Sports business because of the exit of the sole minority investor.
Current wording
The effective tax rate for the six months ended June 30, 2024, was a provision of 1.7% as compared to a benefit of 189.3% during the same period in 2023. The decrease in the effective tax rate for the six months ended June 30, 2024, as compared to the same period in 2023, is primarily due to a release of the 2023 valuation allowance on deferred tax assets relating to deductibility of interest expense under the IRC Section 163(j) as a result of the change in the tax classification of the legal entity owning the DSG business because of the exit of the sole minority investor.
Previous wording
Any references to the second, third, or fourth quarters are to the three months ended June 30, September 30, or December 31, respectively, for the year being discussed. As of March 31, 2024, SBG had one reportable segment for accounting purposes, local media.
Current wording
Any references to the first, third, or fourth quarters are to the three months ended March 31, September 30, or December 31, respectively, for the year being discussed. As of June 30, 2024, SBG had one reportable segment for accounting purposes, local media.
Previous wording
Refer to Local Media Segment above under Sinclair, Inc.'s Results of Operations for a discussion of SBG's local media segment, which is the same as Sinclair's local media segment for all of the three months ended March 31, 2024 and 2023.
Current wording
Refer to Local Media Segment above under Sinclair, Inc.'s Results of Operations for a discussion of SBG's local media segment, which is the same as Sinclair's local media segment for all of the three and six months ended June 30, 2024 and 2023.
Previous wording
The following table sets forth SBG's revenues and expenses for tennis, non-broadcast digital and internet solutions, technical services, and non-media investments (collectively, other) for the period presented, prior to the Reorganization (in millions):
Current wording
The following table sets forth SBG's revenues and expenses for tennis, non-broadcast digital and internet solutions, technical services, and non-media investments (collectively, other) for the periods presented, prior to the Reorganization (in millions):
Previous wording
(a)Media revenues for the three months ended March 31, 2024 and 2023 include $2 million and $1 million, respectively, of intercompany revenue related to certain services and sales provided to the local media segment, which is eliminated in consolidation.
Current wording
(a)Media revenues for the three and six months ended June 30, 2023 include $2 million and $3 million, respectively, of intercompany revenue related to certain services and sales provided to the local media segment, which is eliminated in consolidation.
Previous wording
(c)Media expenses for the three months ended March 31, 2023 include $1 million of intercompany expense primarily related to certain services provided by the local media segment, which is eliminated in consolidation.
Current wording
(c)Media expenses for the six months ended June 30, 2023 include $1 million of intercompany expense primarily related to certain services provided by the local media segment, which is eliminated in consolidation.
Previous wording
(d)Non-media expenses for the three months ended March 31, 2024 include $2 million of intercompany expense related to certain services and sales provided by the local media segment, which is eliminated in consolidation.
Current wording
(d)Non-media expenses for both the three and six months ended June 30, 2023 include $1 million of intercompany expense related to certain services and sales provided by the local media segment, which is eliminated in consolidation.
Previous wording
The revenue and expense items noted above for the three months ended March 31, 2023 represent activity prior to the Reorganization which occurred June 1, 2023, thus there is no activity presented for periods subsequent to May 31, 2023. See Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies within SBG's Consolidated Financial Statements.
Current wording
The revenue and expense items noted above for the three and six months ended June 30, 2023 represent activity prior to the Reorganization which occurred June 1, 2023, thus there is no activity presented for periods subsequent to May 31, 2023. See Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies within SBG's Consolidated Financial Statements.
Previous wording
Corporate general and administrative expenses. The table above and the explanation that follows cover total consolidated corporate general and administrative expenses. Corporate general and administrative expenses decreased by $17 million for the three months ended March 31, 2024, when compared to the same period in 2023, primarily due to a decrease in legal, consulting, and regulatory costs.
Current wording
Corporate general and administrative expenses. The table above and the explanation that follows cover total consolidated corporate general and administrative expenses. Corporate general and administrative expenses decreased by $23 million and $40 million for the three and six months ended June 30, 2024, respectively, when compared to the same periods in 2023, primarily due to a decrease in legal, consulting, and regulatory costs, primarily related to the litigation discussed under Note 5. Commitments and Contingencies within SBG's Consolidated Financial Statements.
Showing the first 40 of 54 pairs. Open the source sections for the rest.
Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
Net cash flows from Sinclair's investing activities decreased during the six months ended June 30, 2024, when compared to the same period in 2023, primarily due to a decrease in the distributions and proceeds from investments.
Current report — wording carried from elsewhere
Net cash flows used in Sinclair's financing activities decreased during the six months ended June 30, 2024, when compared to the same period in 2023, primarily due to the repurchase of outstanding Common Stock and the redeemable subsidiary preferred equity in the prior period.
Current report — wording carried from elsewhere
Net cash flows from SBG's financing activities increased during the three months ended June 30, 2024, when compared to the same period in 2023, primarily due to a decrease in the repayment of debt and an increase in net contributions from member as a result of the Reorganization, as discussed in Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies within SBG's Consolidated Financial Statements, in the current period and the repurchase of outstanding Old Sinclair Common Stock in the prior period.
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
•In March 2024, Sinclair reached a comprehensive, multiyear distribution agreement with Charter Communications, Inc. for continued carriage of Tennis Channel and SBG’s owned local broadcast stations.
Previous report — wording carried elsewhere
•In January 2024, STG purchased $27 million aggregate principal amount of the Term Loan B-2 for consideration of $25 million and during the first quarter of 2024 we repaid $34 million across all tranches of the Term Loan B in scheduled principal payments.
Previous report — wording carried elsewhere
(b)Non-media revenues for the three months ended March 31, 2023 include $1 million of intercompany revenue related to certain services and sales provided to the local media segment, which is eliminated in consolidation.