Sinclair Broadcast Group, LLC
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
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, 2025 · Filed Aug 8, 2025
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 2025-03-31; filed 2025-05-09.
0001971213-25-000036
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0001971213-25-000057
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 112 previous paragraphs and 124 current paragraphs.
56 unchanged; 48 reworded; 20 added; 8 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 11 previous and 11 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 (20)
Current report
•In April 2025, Tennis Channel and the International Tennis Federation announced a multi-year extension of their long-running partnership with the Billie Jean King Cup by GainbridgeTM and Davis Cup, the World Cup of Tennis events for women and men, respectively.
Current report
•In June 2025, WTA Ventures (Womens Tennis Association) and Tennis Channel announced a new six-year media rights deal ensuring that Tennis Channel platforms will continue to be the exclusive home of WTA tennis in the United States through 2032.
Current report
•In June, SBG launched two local sports podcasts: "The Script", a podcast on the Ohio State Buckeyes with former Ohio State stars Cardale Jones and Chris “Beanie” Wells, along with ABC6/FOX28 Sports Director Dave Holmes; and "The Dynasty", a podcast on the Alabama Crimson Tide with former Alabama stars AJ McCarron and Trent Richardson, along with Chris Stewart, the voice of Alabama football.
Current report
•In July 2025, Sinclair Cares ran two campaigns, one raising nearly $200,000 in support of Texas Flood relief and another partnering with the American Cancer Society to raise awareness and support free rides to medical treatments.
Current report
•In July 2025, SBG launched WKOF in Syracuse, New York as an ATSC 3.0 lighthouse, marking the first time a television license was initiated under the NextGen Broadcast (ATSC 3.0) standard.
Current report
Transactions
Current report
•In June 2025, SBG purchased the broadcast assets of WSJV in South Bend-Elkhart, IN from Gray Television, Inc. ("Gray"), and sold the broadcast assets of WHOI in Peoria/Bloomington, IL to Gray.
Current report
•In June 2025, SBG acquired the license assets of KXVO in Omaha, NE, from Mitts Telecasting Company. SBG previously oversaw operations of the station under a LMA.
Current report
•In June 2025, Sinclair’s digital market agency rebranded under the Digital Remedy brand.
Current report
•In July 2025, SBG sold four owned stations within Milwaukee, WI (WVTV), Springfield, IL (WICS/WICD), Ottumwa, IA (KTVO), and Quincy, IL (KHQA).
Current report
•In August 2025, SBG acquired the license assets of WOLF in Hazleton, PA and WGFL in High Springs, FL from New Age Media, LLC. The Company previously oversaw the operations of the stations under MSAs.
Current report
•In August 2025, SBG acquired the license assets of KMEG in Sioux City, IA from Waitt Broadcasting. The Company previously oversaw the operations of the stations under a JSAs.
Current report
•In June 2025, Sinclair announced the appointment of Conrad Clemson as Chief Executive Officer of EdgeBeam Wireless, Sinclair’s NextGen Broadcast Joint Venture with industry peers.
Current report
•In July 2025, Sinclair announced the appointment of Narinder Sahai as Executive Vice President and Chief Financial Officer, effective immediately.
Current report
Gain on asset dispositions and other, net. During the three and six months ended June 30, 2025, we recognized $30 million and $39 million, respectively, of proceeds related to our cyber and directors and officers insurance policies. During the six months ended June 30, 2025, we recognized an estimated loss expected to be recognized upon closing of the stations sale of approximately $17 million. See Business Combinations and Station Disposals under Note 1. Nature of Operations and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements.
Current report
Loss on asset dispositions and other, net. During the three months ended June 30, 2025, we recognized a loss of $37 million related to the Marquee guarantee as discussed in Debt of Variable Interest Entities and Guarantees of Third-Party Obligations under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements offset by gains of $30 million related to proceeds from our cyber and directors and officers insurance policies, which are further discussed in Local Media Segment under Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations. During the six months ended June 30, 2025 we recognized an estimated loss of $17 million related to our station sales and a loss of $37 million related to the Marquee guarantee as discussed in Debt of Variable Interest Entities and Guarantees of Third-Party Obligations under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements, which was partially offset by gains of $39 million related to proceeds from our cyber and directors and officers insurance policies.
Current report
Income tax benefit (provision). The effective tax rate for the three months ended June 30, 2025 was a benefit of 18.9% as compared to a provision of 19.0% during the same period in 2024. The change from provision to benefit is primarily due to a book loss in 2025 compared to book income in 2024.
Current report
Loss on asset dispositions and other, net. During the three months ended June 30, 2025, SBG recognized a loss of $37 million related to the Marquee guarantee as discussed in Debt of Variable Interest Entities and Guarantees of Third-Party Obligations under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within SBG’s Consolidated Financial Statements offset by gains of $30 million related to proceeds from our cyber and directors and officers insurance policies, which are further discussed in Local Media Segment under Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations under Sinclair, Inc.’s Results of Operations. During the six months ended June 30, 2025 we recognized an estimated loss of $17 million related to our station sales and a loss of $37 million related to the Marquee guarantee as discussed in Debt of Variable Interest Entities and Guarantees of Third-Party Obligations under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within SBG’s Consolidated Financial Statements, which was partially offset by gains of $39 million related to proceeds from our cyber and directors and officers insurance policies, which are further discussed in Local Media Segment under Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations under Sinclair, Inc.’s Results of Operations.
Current report
Income tax benefit. The effective tax rate for the three months ended June 30, 2025 was a benefit of 17.9% as compared to a benefit of 38.5% during the same period in 2024. The decrease in the effective tax rate for the three months ended June 30, 2025, as compared to the same period in 2024, is primarily due to accrual of interest income attributable to prior years’ pending income tax refund claims.
Current report
Net cash flows used in Sinclair’s financing activities increased for the three months ended June 30, 2025, when compared to the same period in 2024, primarily due to the repurchase of the 5.125% Senior Notes due 2027 during the current period. Net cash flows used in Sinclair’s financing activities increased for the six months ended June 30, 2025, when compared to the same period in 2024, primarily due to the Transactions during the first quarter of 2025 and the repurchase of the 5.125% Senior Notes due 2027 during the second quarter of 2025. See Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements for further information related to the Transactions.
Removed paragraphs (8)
Previous report
•In January 2025, SBG and NBC announced a comprehensive multi-year agreement that renews station affiliation agreements for 21 of SBG’s owned and/or operated NBC affiliates and affiliations in five markets where SBG provides sales and other services under a joint sales agreement or marketing service agreement.
Previous report
•In the first quarter 2025, Sinclair reached a distribution agreement with YouTube TV to continue carriage of Tennis Channel, TennisChannel 2, CHARGE!, Comet, and ROAR. The agreement also added carriage of The Nest and PickleBall TV.
Previous report
•In January 2025, Sinclair and Tennis Channel announced Sinclair Cares: California Wildfires Relief, a fundraising partnership with the Salvation Army to provide disaster relief support across Southern California which helped provide critical aid, shelter, food, fresh water, and support for wildfire survivors and first responders in Los Angeles.
Previous report
•In March 2025, Sinclair announced a partnership with the Salvation Army to launch Sinclair Cares: From Homeless to Hope, a nationwide initiative, including content produced by SBG and airing on SBG’s newscasts, dedicated to raising awareness about homelessness by shedding light on the many faces of homelessness and highlighting solutions that offer hope and stability.
Previous report
•In January 2025, Sinclair joined with three broadcast peers and merged BitPath to form a new company, EdgeBeam Wireless, to provide robust wireless data services to a wide range of businesses and industries across the country.
Previous report
•In the first quarter 2025, Sinclair closed a new money financing and debt recapitalization to strengthen Sinclair’s balance sheet and better position it for long-term growth, which transactions are described more fully under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements and Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within SBG’s Consolidated Financial Statements.
Previous report
•In March 2025, Sinclair announced that Lucy Rutishauser, current Executive Vice President and Chief Financial Officer, will retire upon appointment and transition of her successor into the role. Following her retirement, Ms. Rutishauser is expected to serve as a senior advisor to the Company.
Previous report
Net cash flows used in Sinclair’s financing activities decreased for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to the Transactions. See Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements for further information.
Reworded paragraphs (48)
Previous wording
Results of Operations — an analysis of Sinclair’s and SBG’s revenues and expenses for the three months ended March 31, 2025 and 2024.
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, 2025 and 2024.
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, 2025.
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, 2025.
Previous wording
•To date in 2025, SBG’s newsrooms have won a total of 33 journalism awards, including four national headliner awards.
Current wording
•To date in 2025, SBG’s newsrooms have won a total of 208 journalism awards, including 25 RTDNA regional Edward R. Murrow Awards.
Previous wording
•In February 2025, Sinclair declared a quarterly dividend of $0.25 per share and in May 2025, Sinclair declared a quarterly dividend of $0.25 per share.
Current wording
•In May 2025, Sinclair declared a quarterly dividend of $0.25 per share. In August 2025, Sinclair declared a quarterly dividend of $0.25 per share.
Previous wording
In April 2025, STG repurchased $66 million aggregate principal amount of the 5.125% Senior Notes due 2027 for consideration of $62 million. The 5.125% Senior Notes due 2027 acquired in April 2025 were canceled immediately following their acquisition.
Current wording
•In the second quarter of 2025, STG repurchased $81 million aggregate principal amount of the 5.125% Senior Notes due 2027 for consideration of $77 million. The 5.125% Senior Notes due 2027 acquired in the second quarter of 2025 were canceled immediately following their acquisition.
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, 2025, 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, 2025, we had two reportable segments for accounting purposes, local media and tennis.
Previous wording
(a)Includes $3 million and $2 million for the three months ended March 31, 2025 and 2024, 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 $6 million for the three and six months ended June 30, 2025, respectively, and $3 million and $5 million for the three and six months ended June 30, 2024, respectively, of intercompany revenue related to certain services provided to the tennis segment, which is eliminated in consolidation.
Previous wording
(b)Includes $4 million and $2 million for the three months ended March 31, 2025 and 2024, respectively, of intercompany expense related to certain services provided by other, which is eliminated in consolidation.
Current wording
(b)Includes $5 million and $9 million for the three and six months ended June 30, 2025, respectively, and $3 million and $5 million for the three and six months ended June 30, 2024, respectively, of intercompany expense related to certain services provided by other, which is eliminated in consolidation.
Previous wording
Distribution revenue. Distribution revenue, which represents fees earned from Distributors for our broadcast signals, increased $11 million or 3% for the three months ended March 31, 2025, when compared to the same period in 2024. Contractual rate increases favorably impacted period-over-period distribution revenue by high-teen percentages for the three months ended March 31, 2025. The increase in distribution revenue as a result of increased contractual rates was offset by a decrease in Big-4 subscribers by low-teen percentages for the period.
Current wording
Distribution revenue. Distribution revenue, which represents fees earned from Distributors for our broadcast signals, decreased $4 million or 1% for the three months ended June 30, 2025, when compared to the same period in 2024. Subscriber decreases impacted period-over-period distribution revenue by low-teen percentages for the three months ended June 30, 2025, partially offset by favorable contractual rate increases by low-teen percentages. Distribution revenue increased $7 million or 1% for the six months ended June 30, 2025, when compared to the same period in 2024. Contractual rate increases favorably impacted period-over-period distribution revenue by low-teen percentages for the six months ended June 30, 2025, which was offset by a decrease in subscribers by low-teen percentages for the period.
Previous wording
Core advertising revenue. Core advertising revenue decreased $13 million for the three months ended March 31, 2025, when compared to the same period in 2024, with no particular product/services category dominating the variance.
Current wording
Core advertising revenue. Core advertising revenue decreased $13 million and $26 million for the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, with no particular product/services category dominating the variance.
Previous wording
Political advertising revenue. Political advertising revenue decreased $18 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to 2025 being an off-year election cycle, and therefore having only a small number of political races and correspondingly less political advertising spending, compared to 2024 which was a presidential political year.
Current wording
Political advertising revenue. Political advertising revenue decreased $34 million and $52 million for the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to 2025 being an off-year election cycle, and therefore having only a small number of political races and correspondingly less political advertising spending compared to 2024 which was a presidential political year.
Previous wording
Other media revenues. Other media revenues decreased $13 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to a decrease related to certain services under management services agreements.
Current wording
Other media revenues. Other media revenues decreased $20 million and $33 million for the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to a decrease related to certain services provided under management services agreements.
Previous wording
Media programming and production expenses. Media programming and production expenses increased $7 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to an increase in fees pursuant to network affiliation agreements and other programming contracts as a result of increased contractual rates.
Current wording
Media programming and production expenses. Media programming and production expenses decreased $2 million for the three months ended June 30, 2025, when compared to the same period in 2024, primarily due to a decrease in litigation and consulting expenses of $6 million, of which, the litigation item related to the reversal of approximately $3 million previously expensed as a result of the FCC consent decree that is further discussed in Litigation, Claims, and Regulatory Matters under Note 4. Commitments and Contingencies within Sinclair’s Consolidated Financial Statements, which were offset by an increase in fees pursuant to network affiliation agreements and other programming contracts of $4 million as a result of increased contractual rates. Media programming and production expenses increased $5 million for the six months ended June 30, 2025, when compared to the same period in 2024, primarily due to an increase in fees pursuant to network affiliation agreements and other programming contracts of $8 million as a result of increased contractual rates, which was offset by a decrease in litigation related expenses of $3 million as a result of the reversal of amounts previously expensed related to the FCC consent decree that is further discussed in Litigation, Claims, and Regulatory Matters under Note 4. Commitments and Contingencies within Sinclair’s Consolidated Financial Statements.
Previous wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses decreased $13 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to a $7 million decrease in trade related expenses, a $3 million decrease in employee compensation cost, and a $1 million decrease in national sale commissions.
Current wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses decreased $16 million for the three months ended June 30, 2025, when compared to the same period in 2024, primarily due to the FCC consent decree entered into in June 2025 which resulted in a reversal of $10 million previously expensed, as further discussed in Litigation, Claims, and Regulatory Matters under Note 4. Commitments and Contingencies within Sinclair’s Consolidated Financial Statements, a $3 million decrease in employee compensation cost, and a $2 million decrease in national sales commissions. Media selling, general and administrative expenses decreased $29 million for the six months ended June 30, 2025, when compared to the same period in 2024, primarily due to a $10 million decrease related to the FCC consent decree, as further discussed in Litigation, Claims, and Regulatory Matters under Note 4. Commitments and Contingencies within Sinclair’s Consolidated Financial Statements, a $9 million decrease in trade related expenses, a $6 million decrease in employee compensation cost, and a $3 million decrease in national sales commissions.
Previous wording
Interest expense including amortization of debt discount and deferred financing costs. Interest expense increased $68 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to a series of financing transactions completed during the first quarter of 2025, as described in Credit Agreement and Notes under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements. Included in interest expense for the three months ended March 31, 2025 is $68 million of one-time financing costs that will not recur in future periods.
Current wording
Interest expense including amortization of debt discount and deferred financing costs. Interest expense increased $6 million and $74 million for the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to the Transactions, as described in Credit Agreement and Notes under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements. Included in interest expense for the six months ended June 30, 2025 is $68 million of one-time financing costs that will not recur in future periods.
Previous wording
Gain on extinguishment of debt. Forthe three months ended March 31, 2025, we recognized a gain on extinguishment of the 4.125% Senior Secured Notes due 2030 and 5.125% Senior Notes due 2027 of$5 million and$3 million, respectively, and a loss on extinguishment of the Term Loan B-2 of$6 million. See Credit Agreement and Notes under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements.
Current wording
Gain on extinguishment of debt. During the three months ended June 30, 2025, we repurchased $81 million aggregate principal amount of the 5.125% Senior Notes due 2027 for consideration of $77 million and recognized a gain on extinguishmentof$4 million for both the three and six months ended June 30, 2025. Forthe six months ended June 30, 2025, in connection with the Transactions, we recognized a gain on extinguishment of the 4.125% Senior Secured Notes due 2030 and 5.125% Senior Notes due 2027 of$5 million and$3 million, respectively, and a loss on extinguishment of the Term Loan B-2 of$6 million. See Credit Agreement and Notes under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements.
Previous wording
Other income, net. For the three months ended March 31, 2024, we recognized a $26 million gain related to the sale of certain broadcast related investments 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
(a)Includes $3 million and $2 million for the three months ended March 31, 2025 and 2024, respectively, of intercompany expense related to certain services provided by the local media segment, which is eliminated in consolidation.
Current wording
(a)Includes $3 million and $6 million for the three and six months ended June 30, 2025, respectively, and $3 million and $5 million for the three and six months ended June 30, 2024, respectively, of intercompany expense related to certain services provided by the local media segment, which is eliminated in consolidation.
Previous wording
Distribution revenue. Distribution revenue, which represents fees earned from Distributors for the right to distribute Tennis Channel, increased $4 million or 8% for the three months ended March 31, 2025, when compared to the same period in 2024. Distribution revenue increased primarily due to low single-digit percentage increases in contractual rates for the three months ended March 31, 2025 and a low single-digit percentage increase in direct-to-consumer (“DTC”) subscriptions, partially offset by a decrease in subscribers by low single-digit percentages for the period.
Current wording
Distribution revenue. Distribution revenue, which represents fees earned from Distributors for the right to distribute Tennis Channel, increased $3 million or 6% for the three months ended June 30, 2025, when compared to the same period in 2024, primarily due to high-teen percentage increases in contractual rates for the three months ended June 30, 2025 and a high single-digit percentage increase in direct-to-consumer (“DTC”) subscriptions, partially offset by a decrease in subscribers by mid-teen percentages for the period. Distribution revenue increased $7 million or 7% for the six months ended June 30, 2025, when compared to the same period in 2024, primarily due to low double-digit percentage increases in contractual rates for the six months ended June 30, 2025 and a high single-digit percentage increase in DTC subscriptions, partially offset by a decrease in subscribers by low double-digit percentages for the period.
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, 2025, when compared to the same period in 2024, primarily due to additions in the 2025 tournament calendar compared to the 2024 tournament calendar.
Current wording
Core advertising revenue. Core advertising revenue is primarily generated from sales of commercial time within Tennis Channel programming. Core advertising revenue decreased $1 million for the three months ended June 30, 2025, when compared to the same period in 2024, primarily due to shifts in the 2025 tournament calendar compared to the 2024 tournament calendar. Core advertising revenue remained flat for the six months ended June 30, 2025, when compared to the same period in 2024.
Previous wording
Media programming and production expenses. Media programming and production expenses increased $2 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to an increase in tournament production costs and an increase in build-out costs associated with our DTC platform.
Current wording
Media programming and production expenses. Media programming and production expenses decreased $4 million and $2 million for the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to a decrease in tournament production costs primarily related to a shift in the 2025 tournament calendar.
Previous wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses increased $6 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to an increase in costs associated with the launch of the DTC platform.
Current wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses increased $4 million for the six months ended June 30, 2025, when compared to the same period in 2024, primarily due to an increase in costs associated with the launch of the DTC platform.
Previous wording
(b)Non-media revenues for the three months ended March 31, 2024 include $3 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, 2025 include $5 million and $9 million, respectively, and for the three and six months ended June 30, 2024 include $3 million and $5 million, respectively, of intercompany revenue related to certain services and sales provided to the local media segment, which is eliminated in consolidation.
Previous wording
(a)Media revenues for the three months ended March 31, 2025 and 2024 include $4 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.
Current wording
(b)Non-media revenues for both the three and six months ended June 30, 2025 include $1 million and for the three and six months ended June 30, 2024 include $1 million and $4 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)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
(c)Non-media expenses for both the three and six months ended June 30, 2025 include $1 million and for the three and six months ended June 30, 2024 include $1 million and $3 million, respectively, of intercompany expense related to certain services and sales provided by the local media segment, which is eliminated in consolidation.
Previous wording
Revenue. Media revenues increased $9 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to an increase in advertising revenue related to the acquisition of CPX Interactive, as discussed in Business Combinations and Station Disposals under Note 1. Nature of Operations and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements and our digital initiatives. Non-media revenues decreased $3 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to a decrease in broadcast equipment sales.
Current wording
Revenue. Media revenues increased $29 million and $38 million for the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to an increase in advertising revenue related to the acquisition of Digital Remedy, as discussed in Business Combinations and Station Disposals under Note 1. Nature of Operations and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements. Non-media revenues decreased $3 million and $6 million for the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to a decrease in broadcast equipment sales.
Previous wording
Expenses. Media expenses increased $7 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to an increase in selling, general and administrative expenses related to the acquisition of CPX Interactive, as discussed in Business Combinations and Station Disposals under Note 1. Nature of Operations and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements. Non-media expenses decreased $3 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to a decrease in expenses associated with lower broadcast equipment sales and a decrease in expenses related to our technical services business.
Current wording
Expenses. Media expenses increased $27 million and $34 million for the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to an increase in selling, general and administrative expenses related to the acquisition of Digital Remedy, as discussed in Business Combinations and Station Disposals under Note 1. Nature of Operations and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements. Non-media expenses remained flat for the three months ended June 30, 2025 and decreased $3 million for the six months ended June 30, 2025, when compared to the same periods in 2024, primarily due to a decrease in expenses associated with lower broadcast equipment sales and a decrease in expenses related to our technical services business.
Previous wording
(Loss) income from equity method investments. During the three months ended March 31, 2024, we recognized a gain of $17 million on the sale of two of our investments, which is included in (loss) 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, primarily related to the sales of certain of our investments, which is included in (loss) income from equity method investments in our consolidated statements of operations.
Previous wording
Other (expense) income, net. During the three months ended March 31, 2025 and 2024, we recognized a fair value adjustment loss of $73 million and a fair value adjustment gain of $2 million, respectively, associated with investments measured at fair value and NAV.
Current wording
Other expense, net. During the three months ended June 30, 2025 and 2024, we recognized fair value adjustment losses of $30 million and $45 million, respectively, associated with investments measured at fair value and NAV. During the six months ended June 30, 2025 and 2024, we recognized fair value adjustment losses of $103 million and $43 million, respectively, associated with investments measured at fair value and NAV.
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 $6 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to a decrease in employee compensation cost.
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 $5 million and $11 million for the three and six months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to a decrease in legal, consulting, and regulatory costs, primarily related to the litigation discussed under Note 4. Commitments and Contingencies within Sinclair’s Consolidated Financial Statementsand a decrease in employee compensation cost for the six months ended June 30, 2025.
Previous wording
Income tax benefit. The effective tax rate for the three months ended March 31, 2025 was a benefit of 23.0% as compared to a benefit of 18.3% during the same period in 2024. The increase in the effective tax rate for the three months ended March 31, 2025, when compared to the same period in 2024, is primarily due to an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’ pending income tax refund claims in 2024.
Current wording
The effective tax rate for the six months ended June 30, 2025 was a benefit of 21.8% as compared to a provision of 1.7% during the same period in 2024. The increase in the effective tax rate for the six months ended June 30, 2025, as compared to the same period in 2024, is primarily due to an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’ pending income tax refund claims in 2024.
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, 2025, 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, 2025, 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 the three months ended March 31, 2025 and 2024.
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 the three and six months ended June 30, 2025 and 2024.
Previous wording
As of March 31, 2025, the unrestricted subsidiaries (as defined in the New Credit Agreement, “Unrestricted Subsidiaries”) represented 0% of SBG’s total assets. For the three months ended March 31, 2025, the Unrestricted Subsidiaries represented 0% of SBG’s total revenues and decreased SBG’s total operating income by 18%.
Current wording
As of June 30, 2025, the unrestricted subsidiaries (as defined in the New Credit Agreement, “Unrestricted Subsidiaries”) represented 0% of SBG’s total assets. For both the three and six months ended June 30, 2025, the Unrestricted Subsidiaries represented 0% of SBG’s total revenues. For the three and six months ended June 30, 2025, the Unrestricted Subsidiaries decreased SBG’s total operating income by 8% and 11%, respectively.
Previous wording
As of March 31, 2025 and for the three months ended March 31, 2025 there were no restricted subsidiaries that were non-guarantors (as defined in the New Credit Agreement) of SBG.
Current wording
As of June 30, 2025 and for the three and six months ended June 30, 2025 there were no restricted subsidiaries that were non-guarantors (as defined in the New Credit Agreement) of SBG.
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 $4 million for the three months ended March 31, 2025, when compared to the same period in 2024, primarily due to a decrease in employee compensation cost.
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 $8 million and $12 million for the three months ended June 30, 2025, respectively, when compared to the same periods in 2024, primarily due to a decrease in legal, consulting, and regulatory costs, primarily related to the litigation discussed under Note 4. Commitments and Contingencies within SBG’s Consolidated Financial Statementsand a decrease in employee compensation cost for the six months ended June 30, 2025.
Previous wording
Income tax benefit. The effective tax rate for the three months ended March 31, 2025 was a benefit of 20.1% as compared to a benefit of 383.5% during the same period in 2024. The decrease in the effective tax rate for the three months ended March 31, 2025, when compared to the same period in 2024, is primarily due to an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’ pending income tax refund claims in 2024.
Current wording
The effective tax rate for the six months ended June 30, 2025 was a benefit of 19.5% as compared to a benefit of 1717.7% during the same period in 2024. The decrease in the effective tax rate for the six months ended June 30, 2025, as compared to the same period in 2024, is primarily due to an immaterial $7.5 million correcting adjustment related to the accrual of interest income attributable to prior years’ pending income tax refund claims in 2024.
Previous wording
As of March 31, 2025, Sinclair had net working capital of approximately $780 million, including $631 million in cash and cash equivalent balances, and $650 million of available borrowing capacity, including $575 million under the New Credit Agreement and $75 million under the Amended Credit Agreement. Cash on hand, cash generated by Sinclair’s operations, and borrowing capacity under the New Credit Agreement and the Amended Credit Agreement are used as Sinclair’s primary sources of liquidity.
Current wording
As of June 30, 2025, Sinclair had net working capital of approximately $687 million, including $616 million in cash and cash equivalent balances, and $650 million of available borrowing capacity, including $575 million under the New Credit Agreement and $75 million under the Amended Credit Agreement. Cash on hand, cash generated by Sinclair’s operations, and borrowing capacity under the New Credit Agreement and the Amended Credit Agreement are used as Sinclair’s primary sources of liquidity.
Previous wording
As of March 31, 2025, SBG had net working capital of approximately $387 million, including $277 million in cash and cash equivalent balances, and $650 million of available borrowing capacity, including $575 million under the New Credit Agreement and $75 million under the Amended Credit Agreement. Cash on hand, cash generated by SBG’s operations, and borrowing capacity under the New Credit Agreement and the Amended Credit Agreement are used as SBG’s primary sources of liquidity.
Current wording
As of June 30, 2025, SBG had net working capital of approximately $273 million, including $224 million in cash and cash equivalent balances, and $650 million of available borrowing capacity, including $575 million under the New Credit Agreement and $75 million under the Amended Credit Agreement. Cash on hand, cash generated by SBG’s operations, and borrowing capacity under the New Credit Agreement and the Amended Credit Agreement are used as SBG’s primary sources of liquidity.
Previous wording
During the three months ended March 31, 2025, STG completed a series of financing transactions (the “Transactions”), including a new money financing and debt recapitalization, which strengthened the Company’s balance sheet and better positioned it for long-term growth. STG’s nearest term maturity, Term Loan B-2 due 2026, was repaid with proceeds from the issuance of a new first-out first lien secured bond, along with the extension of maturities of other debt tranches, which significantly extended STG’s maturity profile. See Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements and Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within SBG’s Consolidated Financial Statements, for further information.
Current wording
During the six months ended June 30, 2025, STG completed the Transactions, including a new money financing and debt recapitalization, which strengthened the Company’s balance sheet and better positioned it for long-term growth. STG’s nearest term maturity, Term Loan B-2 due 2026, was repaid with proceeds from the issuance of a new first-out first lien secured bond, along with the extension of maturities of other debt tranches, which significantly extended STG’s maturity profile. See Credit Agreements and Notes under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements and Credit Agreements and Notes under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within SBG’s Consolidated Financial Statements, for further information.
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