Sinclair Broadcast Group, LLC
For the period ended Mar 31, 2026. Filed May 6, 2026.
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.
Mar 31, 2026 · Filed May 6, 2026
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 2025-09-30; filed 2025-11-07.
0001971213-25-000073
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONSCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001971213-26-000025
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 119 previous paragraphs and 106 current paragraphs.
51 unchanged; 41 reworded; 13 added; 27 removed; 0 previous and 1 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 (13)
Current report
•In January 2026, Sinclair’s AMP Media launched Cousins, a weekly podcast series hosted by NBA icons Vince Carter and Tracy McGrady.
Current report
•In March 2026, Sinclair announced a partnership with Disabled American Veterans (“DAV”) to launch Sinclair Cares: DAV Community Impact Day, a nationwide volunteer campaign dedicated to supporting America’s veterans and their families.
Current report
•In February 2026, Sinclair acquired KMTR, KMCB, and KTCW in Eugene, OR from Roberts Media. Sinclair previously provided services to the stations under JSAs and SSAs.
Current report
•In February 2026, Sinclair acquired the non-license assets of KMYT and KOKI in Tulsa, OK.
Current report
•In February 2026, Sinclair disposed of the non-license assets of KLEW in Spokane, WA and KEPR, KIMA, KUNW, KORX, and KVVK in Yakima, WA.
Current report
•In March 2026, Sinclair acquired WHAM in Rochester, NY, WGTU/WGTQ in Traverse City, MI, WEYI in Flint, MI, KCVU/KBVU in Eureka/Chico-Redding, CA, WEMT in Tri-Cities, TN, WYDO in Greenville, NC and WPFO Portland, Maine from various partners. Sinclair previously provided services to the stations under JSAs and SSAs.
Current report
•In April 2026, STG repurchased $93 million aggregate principal amount of the Term Loan B-6 and $72 million aggregate principal amount of the Term Loan B-7, both at discounts of face value.
Current report
Depreciation and amortization expenses. Depreciation of property and equipment and amortization of definite-lived intangibles and other assets increased $4 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to an increase in intangible assets related to our acquisitions during the first quarter of 2026 and the third quarter of 2025, as well as amortization expense associated with our FCC licenses which began on January 1, 2026. See Acquisitions and Station Disposals and Changes in Accounting Estimates 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 March 31, 2026, we recorded a non-cash impairment of $8 million related to one of our real estate investments.
Current report
Income tax benefit. The effective tax rate for the three months ended March 31, 2026, was a benefit of 114.9% as compared to a benefit of 23.0% during the same period in 2025. The increase in the effective tax rate for the three months ended March 31, 2026, when compared to the same period in 2025, is primarily due to substantially magnified impact of many 2026 items as a result of small estimated annual pre-tax income.
Current report
The table above and explanations that follow cover SBG’s total consolidated corporate and unallocated expenses.
Current report
Income tax benefit. The effective tax rate for the three months ended March 31, 2026, was a benefit of 50.9% as compared to a benefit of 20.1% during the same period in 2025. The increase in the effective tax rate for the three months ended March 31, 2026, when compared to the same period in 2025, is primarily due to a 2026 release of a valuation allowance on certain state net operating losses resulting from a change in the filing methodology that impacted the realizability of the associated deferred tax assets.
Current report
Net cash flows used in SBG’s investing activities increased for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to the acquisition of the non-license assets of KMYT and KOKI in Tulsa, OK in the first quarter of 2026.
Removed paragraphs (27)
Previous report
•In August 2025, Tennis signed extensions with the International Tennis Federation for the Davis Cup (through 2028) and Billie Jean King Cup (through 2027).
Previous report
•In September 2025, Sinclair’s AMP Media launched the THE TUNDRA: A Podcast on The Green Bay Packers.
Previous 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.
Previous report
•In August 2025, Sinclair awarded scholarships to 15 university students as a part of its annual scholarship program.
Previous report
NextGen Broadcast (ATSC 3.0)
Previous 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.
Previous report
•In July 2025, SBG sold four owned stations within Milwaukee, WI (WVTV), Springfield, IL (WICS/WICD), Ottumwa, IA (KTVO), and Quincy, IL (KHQA).
Previous 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. SBG previously oversaw the operations of the stations under Management Service Agreements.
Previous report
•In August 2025, SBG acquired the license assets of KMEG in Sioux City, IA from Waitt Broadcasting. SBG previously oversaw the operations of the station under a JSA.
Previous report
•In August 2025, SBG acquired the license assets of KNSN in Reno, NV, KBTV in Beaumont, TX, and WSTR in Cincinnati, OH from Deerfield Media. SBG previously oversaw the operations of the stations under JSAs.
Previous report
•In September 2025, SBG acquired the non-license assets of WLNE in Providence, RI.
Previous report
•In October 2025, STG repurchased the remaining $89 million aggregate principal amount of the 5.125% Senior Notes due 2027 for consideration of $89 million. The 5.125% Senior Notes due 2027 acquired in the second quarter of 2025 were canceled immediately following their acquisition.
Previous report
Other Events
Previous report
•In July 2025, Sinclair announced the appointment of Narinder Sahai as Executive Vice President and Chief Financial Officer, effective immediately.
Previous report
Other income, net. During the nine months ended September 30, 2025, we recognized $8 million in interest income. During the nine months ended September 30, 2024, we recognized a $26 million gain related to the sale of certain broadcast related assets and $9 million in interest income.
Previous report
(b)Non-media revenue for the three and nine months ended September 30, 2025 includes $2 million and $3 million, respectively, and for the three and nine months ended September 30, 2024 includes $1 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 report
(c)Non-media expenses for the three and nine months ended September 30, 2025 include $2 million and $3 million, respectively, and for the nine months ended September 30, 2024 include $3 million of intercompany expense related to certain services and sales provided by the local media segment, which is eliminated in consolidation.
Previous report
(Loss) income from equity method investments. During the nine months ended September 30, 2024, we recognized gains of $93 million 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 report
Gain on asset dispositions and other, net. During the nine months ended September 30, 2025, we recognized a loss of $8 million related to our station sales and a loss of $15 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. These losses were offset by gains of $45 million related to proceeds from our cyber and directors and officers insurance policies, which are further discussed above in Local Media Segment and Other under Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Previous report
Income tax benefit (provision). The effective tax rate for the three months ended September 30, 2025, was a benefit of 188.6% as compared to a provision of 23.0% during the same period in 2024. The increase in the effective tax rate for the three months ended September 30, 2025, as compared to the same period in 2024, is primarily due to a small book loss in 2025 compared to book income in 2024.
Previous report
The effective tax rate for the nine months ended September 30, 2025, was a benefit of 22.1% as compared to a provision of 17.4% during the same period in 2024. The increase in the effective tax rate for the nine months ended September 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 report
Gain on asset dispositions and other, net. During the nine months ended September 30, 2025, SBG recognized a loss of $8 million related to station sales and a loss of $15 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. These losses were offset by gains of $35 million related to proceeds from SBG’s 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.
Previous report
Income tax benefit (provision). The effective tax rate for the three months ended September 30, 2025, was a benefit of 18.2% as compared to a provision of 22.8% during the same period in 2024. The decrease in the effective tax rate for the three months ended September 30, 2025, as compared to the same period in 2024, is primarily due to a book loss in 2025 compared to book income in 2024.
Previous report
The effective tax rate for the nine months ended September 30, 2025, was a benefit of 19.3% as compared to a provision of 13.6% during the same period in 2024. The increase in the effective tax rate for the nine months ended September 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 report
During the nine months ended September 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 Agreement and Notes under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements and Credit Agreement and Notes under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within SBG’s Consolidated Financial Statements, for further information.
Previous report
During the nine months ended September 30, 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 April 2025 were canceled immediately following their acquisition. In October 2025, STG repurchased the remaining $89 million aggregate principal amount of the 5.125% Senior Notes due 2027 for consideration of $89 million.
Previous report
Net cash flows used in SBG’s investing activities increased for the three months ended September 30, 2025, when compared to the same period in 2024, primarily due to a decrease in distributions and proceeds from the sale of broadcast investments. Net cash flows used in SBG’s investing activities increased for the nine months ended September 30, 2025, when compared to the same period in 2024, primarily due to a decrease in distributions and proceeds from the sale of broadcast investments, partially offset by a decrease in the acquisition of property and equipment in the current period.
Reworded paragraphs (41)
Previous wording
Results of Operations — an analysis of Sinclair’s and SBG’s revenue and expenses for the three and nine months ended September 30, 2025 and 2024.
Current wording
Results of Operations — an analysis of Sinclair’s and SBG’s revenue and expenses for the three months ended March 31, 2026 and 2025.
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 and nine months ended September 30, 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 months ended March 31, 2026.
Previous wording
•To date in 2025, SBG’s newsrooms have won a total of 227 journalism awards, including 25 RTDNA regional Edward R. Murrow Awards.
Current wording
•To date in 2026, our newsrooms have won a total of 24 journalism awards.
Previous wording
Any references to the first, second, or fourth quarters are to the three months ended March 31, June 30, or December 31, respectively, for the year being discussed. As of September 30, 2025, we had two reportable segments for accounting purposes, local media and tennis.
Current 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, 2026, we had two reportable segments for accounting purposes, local media and tennis.
Previous wording
The operating results of our local media segment are usually subject to cyclical fluctuations from political advertising. In even numbered years, political spending is usually significantly higher than in odd numbered years due to advertising expenditures preceding local and national elections. Additionally, every four years, political spending is usually elevated further due to advertising expenditures preceding the presidential election. Also, the second and fourth quarter operating results are usually higher than the first and third quarters’ because advertising expenditures are increased in anticipation of certain seasonal and holiday spending by consumers.
Current wording
The operating results of our local media segment are usually subject to cyclical fluctuations from political advertising. In even numbered years, political spending is usually significantly higher than in odd numbered years due to advertising expenditures preceding local and national elections. Additionally, every four years, political spending is usually elevated further due to advertising expenditures preceding the presidential election. Also, the second and fourth quarter operating results are usually higher than the first and third quarters’ operating results because advertising expenditures are increased in anticipation of certain seasonal and holiday spending by consumers.
Previous wording
(a)Includes $3 million and $8 million for the three and nine months ended September 30, 2025, respectively, and $2 million and $7 million for the three and nine months ended September 30, 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 for both the three months ended March 31, 2026 and 2025 of intercompany revenue related to certain services provided to the tennis segment, which is eliminated in consolidation.
Previous wording
(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 intercompany expense related to certain services provided by other, which is eliminated in consolidation.
Current wording
(b)Includes $8 million and $4 million for the three months ended March 31, 2026 and 2025, 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, decreased $13 million or 3% for the three months ended September 30, 2025, when compared to the same period in 2024. Subscriber decreases impacted period-over-period distribution revenue by mid-teen percentages for the three months ended September 30, 2025, partially offset by favorable contractual rate increases by low-teen percentages. Distribution revenue decreased $6 million or 1% for the nine months ended September 30, 2025, when compared to the same period in 2024. Subscriber decreases impacted period-over-period distribution revenue by mid-teen percentages for the nine months ended September 30, 2025, partially offset by favorable contractual rate increases by low-teen percentages.
Current wording
Distribution revenue. Distribution revenue, which represents fees earned from Distributors for our broadcast signals, increased $7 million or 2% for the three months ended March 31, 2026, when compared to the same period in 2025. Contractual rate increases favorably impacted period-over-period distribution revenue by single-digit percentages for the three months ended March 31, 2026, partially offset by subscriber decreases by low single-digit percentages.
Previous wording
Core advertising revenue. Core advertising revenue decreased $14 million and $40 million for the three and nine months ended September 30, 2025, respectively, when compared to the same periods in 2024, with no particular product/services category dominating the variance.
Current wording
Core advertising revenue. Core advertising revenue decreased $10 million for the three months ended March 31, 2026, when compared to the same period in 2025, with no particular product/services category dominating the variance.
Previous wording
Political advertising revenue. Political advertising revenue decreased $132 million and $184 million for the three and nine months ended September 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.
Current wording
Political advertising revenue. Political advertising revenue increased $12 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to 2026 being a midterm election year and therefore having a higher number of political races and correspondingly more political advertising spending compared to 2025, which was an off-year election cycle.
Previous wording
Other media revenue. Other media revenue decreased $19 million and $52 million for the three and nine months ended September 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.
Current wording
Other media revenue. Other media revenue decreased $2 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to a decrease related to certain services provided under trade and barter agreements.
Previous wording
Media programming and production expenses. Media programming and production expenses decreased $6 million for the three months ended September 30, 2025, when compared to the same period in 2024, primarily due to a $2 million decrease in both litigation and consulting related expenses and employee compensation cost, respectively. Media programming and production expenses decreased $1 million for the nine months ended September 30, 2025, when compared to the same period in 2024, primarily due to a decrease in litigation and consulting expenses of $7 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 $6 million as a result of increased contractual rates.
Current wording
Media programming and production expenses. Media programming and production expenses decreased $8 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to a decrease related to costs associated with our network affiliation agreements and other programming contracts and a decrease in consulting expenses.
Previous wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses decreased $23 million for the three months ended September 30, 2025, when compared to the same period in 2024, primarily due an $8 million decrease in national sales commissions, a $6 million decrease in costs relating to our digital business, a $4 million decrease in employee compensation cost, and a $2 million decrease in information technology cost. Media selling, general and administrative expenses decreased $52 million for the nine months ended September 30, 2025, when compared to the same period in 2024, primarily due to an $11 million decrease in national sales commissions, a $10 million decrease in employee compensation cost, 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 costs relating to our digital business, an $8 million decrease in trade related expenses, and a $4 million decrease in credit card fees.
Current wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses increased $1 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to a $2 million increase in employee compensation cost and in costs relating to our digital business, respectively, partially offset by a $2 million decrease in information technology costs.
Previous wording
Gain on asset dispositions and other, net. During the nine months ended September 30, 2025, we recognized $35 million of proceeds related to our cyber and directors and officers insurance policies, offset by a loss related to the sale of certain of our stations of approximately $8 million. See Acquisitions and Station Disposals under Note 1. Nature of Operations and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements.
Current wording
(Gain) loss on asset dispositions and other, net. During the three months ended March 31, 2025, we recognized a loss associated with the sale of certain local media assets of approximately $17 million (see Acquisitions and Station Disposals under Note 1. Nature of Operations and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements), which was offset by $9 million of proceeds related to our cyber and directors and officers insurance policies.
Previous wording
Interest expense including amortization of debt discount and deferred financing costs. Interest expense increased $7 million and $81 million for the three and nine months ended September 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 nine months ended September 30, 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 decreased $59 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to $68 million of one-time financing costs related to the financing transactions that occurred in the first quarter of 2025. See Credit Agreement and Notes under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing within Sinclair’s Consolidated Financial Statements.
Previous wording
Gain on extinguishment of debt. For the nine months ended September 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 thenine months ended September 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.
Current wording
Gain on extinguishment of debt. For the 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.
Previous wording
(a)Includes $3 million and $8 million for the three and nine months ended September 30, 2025, respectively, and $2 million and $7 million for the three and nine months ended September 30, 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 for both the three months ended March 31, 2026 and 2025 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 $1 million or 2% for the three months ended September 30, 2025, when compared to the same period in 2024, primarily due to high-teen percentage increases in contractual rates and a high single-digit percentage increase in direct-to-consumer (“DTC”) subscriptions, partially offset by a decrease in subscribers by high-teen percentages for the period. Distribution revenue increased $8 million or 5% for the nine months ended September 30, 2025, when compared to the same period in 2024, primarily due to low-teen percentage increases in contractual rates and a high single-digit percentage increase in DTC subscriptions, partially offset by a decrease in subscribers by low-teen percentages for the period.
Current wording
Distribution revenue. Distribution revenue, which represents fees earned from Distributors for the right to distribute Tennis Channel, remained flat for the three months ended March 31, 2026, when compared to the same period in 2025.
Previous wording
Core advertising revenue. Core advertising revenue is primarily generated from sales of commercial time within Tennis Channel programming. Core advertising revenue increased $6 million for both the three and nine months ended September 30, 2025, when compared to the same periods in 2024, primarily due to stronger linear sales, as well as higher advertising sales within the DTC platform as a result of increased subscribers.
Current wording
Core advertising revenue. Core advertising revenue is primarily generated from sales of commercial time within Tennis Channel programming. Core advertising revenue increased $2 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to stronger linear sales.
Previous wording
Media programming and production expenses. Media programming and production expenses increased $5 million and $3 million for the three and nine months ended September 30, 2025, respectively, when compared to the same periods in 2024, primarily due to an increase in tournament production costs, increases in contractual rates for tournament rights and increases in development costs related to the DTC platform.
Current wording
Media programming and production expenses. Media programming and production expenses increased $3 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to an increase in tournament production costs.
Previous wording
Media selling, general and administrative expenses. Media selling, general and administrative expenses increased $2 million for the three months ended September 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. Media selling, general and administrative expenses increased $6 million for the nine months ended September 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 and 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 $1 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to increased employee compensation cost.
Previous wording
(a)Media revenue for the three and nine months ended September 30, 2025 includes $5 million and $14 million, respectively, and for the three and nine months ended September 30, 2024 includes $4 million and $9 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 revenue for the three months ended March 31, 2026 and 2025 includes $8 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
Revenue. Media revenue increased $29 million and $67 million for the three and nine months ended September 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 Acquisitions and Station Disposals under Note 1. Nature of Operations and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements. Non-media revenue decreased $6 million for the nine months ended September 30, 2025, when compared to the same period in 2024, primarily due to a decrease in broadcast equipment sales.
Current wording
Revenue. Media revenue increased $25 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to an increase in advertising revenue related to the acquisition of Digital Remedy which was not reflected for the full period within the prior year, as discussed in Acquisitions and Station Disposals under Note 1. Nature of Operations and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements. Non-media revenue remained flat for the three months ended March 31, 2026, when compared to the same period in 2025.
Previous wording
Expenses. Media expenses increased $24 million and $58 million for the three and nine months ended September 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 Acquisitions 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 nine months ended September 30, 2025, when compared to the same period in 2024, primarily due to a decrease in expenses associated with lower broadcast equipment sales.
Current wording
Expenses. Media expenses increased $22 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to an increase in selling, general and administrative expenses related to the acquisition of Digital Remedy which was not reflected for the full period within the prior year, as discussed in Acquisitions and Station Disposals under Note 1. Nature of Operations and Summary of Significant Accounting Policies within Sinclair’s Consolidated Financial Statements. Non-media expenses increased $4 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to increased employee compensation cost.
Previous wording
Other income (expense), net. During the three months ended September 30, 2025 and 2024, we recognized fair value adjustment gains of $19 million and $15 million, respectively, associated with investments measured at fair value and NAV. During the nine months ended September 30, 2025 and 2024, we recognized fair value adjustment losses of $84 million and $28 million, respectively, associated with investments measured at fair value and NAV.
Current wording
Other expense, net. During the three months ended March 31, 2026 and 2025, we recognized fair value adjustment losses of $85 million and $73 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 $12 million for the nine months ended September 30, 2025, when compared to the same period 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 Statements, and a decrease in employee compensation cost.
Current wording
Corporate general and administrative expenses. Corporate general and administrative expenses decreased $3 million for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to a decrease in employee compensation cost and 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 Statements.
Previous wording
Any references to the first, second, or fourth quarters are to the three months ended March 31, June 30, or December 31, respectively, for the year being discussed. As of September 30, 2025, SBG had one reportable segment for accounting purposes, local media.
Current 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, 2026, SBG had one reportable segment for accounting purposes, local media.
Previous wording
The operating results of SBG’s local media segment are usually subject to cyclical fluctuations from political advertising. In even numbered years, political spending is usually significantly higher than in odd numbered years due to advertising expenditures preceding local and national elections. Additionally, every four years, political spending is usually elevated further due to advertising expenditures preceding the presidential election. Also, the second and fourth quarter operating results are usually higher than the first and third quarters’ because advertising expenditures are increased in anticipation of certain seasonal and holiday spending by consumers.
Current wording
The operating results of SBG’s local media segment are usually subject to cyclical fluctuations from political advertising. In even numbered years, political spending is usually significantly higher than in odd numbered years due to advertising expenditures preceding local and national elections. Additionally, every four years, political spending is usually elevated further due to advertising expenditures preceding the presidential election. Also, the second and fourth quarter operating results are usually higher than the first and third quarters’ operating results because advertising expenditures are increased in anticipation of certain seasonal and holiday spending by consumers.
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 and nine months ended September 30, 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 months ended March 31, 2026 and 2025.
Previous wording
As of September 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 nine months ended September 30, 2025, the Unrestricted Subsidiaries represented 0% of SBG’s total revenue. For the three and nine months ended September 30, 2025, the Unrestricted Subsidiaries decreased SBG’s total operating income by 4% and 7%, respectively.
Current wording
As of March 31, 2026, 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, 2026, the Unrestricted Subsidiaries represented 0% of SBG’s total revenue. For the three months ended March 31, 2026, the Unrestricted Subsidiaries decreased SBG’s total operating income by 7%.
Previous wording
As of September 30, 2025 and for the three and nine months ended September 30, 2025 there were no restricted subsidiaries that were non-guarantors (as defined in the New Credit Agreement) of SBG.
Current wording
As of March 31, 2026 and for the three months ended March 31, 2026, there were no restricted subsidiaries that were non-guarantors (as defined in the New Credit Agreement).
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 $3 million and $15 million for the three and nine months ended September 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 Statements.
Current wording
Corporate general and administrative expenses. Corporate general and administrative expenses decreased $3 million for the three months ended March 31, 2026, when compared to the same period in 2025, 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.
Previous wording
As of September 30, 2025, Sinclair had net working capital of approximately $673 million, including $526 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 March 31, 2026, Sinclair had net working capital of approximately $956 million, including $844 million in cash and cash equivalent balances, and $613 million of available borrowing capacity, including $575 million under the New Credit Agreement and $38 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 September 30, 2025, SBG had net working capital of approximately $208 million, including $122 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 March 31, 2026, SBG had net working capital of approximately $481 million, including $392 million in cash and cash equivalent balances, and $613 million of available borrowing capacity, including $575 million under the New Credit Agreement and $38 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 nine months ended September 30, 2025, Sinclair entered into agreements which increased estimated contractual amounts owed for tennis programming rights by $165 million which have terms that extend into 2032. There were no other material changes to Sinclair’s or SBG’s contractual cash obligations as of September 30, 2025.
Current wording
During the three months ended March 31, 2026, there were no material changes to Sinclair’s or SBG’s contractual cash obligations as of March 31, 2026.
Previous wording
Sinclair and SBG anticipate that existing cash and cash equivalents, cash flow from the local media segment’s operations, and borrowing capacity under the New Credit Agreement and the Amended Credit Agreement will be sufficient to satisfy the local media segment’s debt service obligations, capital expenditure requirements, and working capital needs for the next twelve months. Sinclair anticipates that existing cash and cash equivalents and cash flow from SBG, the tennis segment, and other’s operations will be sufficient to satisfy SBG, the tennis segment, and other’s debt service obligations, capital expenditure requirements, and working capital needs for the next twelve months. However, certain factors, including but not limited to the war in Ukraine, conflict in the Middle East, other geopolitical matters, natural disasters, pandemics, and potential tariffs and trade restrictions and their resulting effect on the economy, Sinclair’s and SBG’s advertisers, and Sinclair’s and SBG’s Distributors and their subscribers, could affect Sinclair’s and SBG’s liquidity and first-out first lien leverage ratio which could affect Sinclair’s and SBG’s ability to access the full borrowing capacity under the New Credit Agreement. In addition to the sources described above, Sinclair and SBG may rely upon various sources for long-term liquidity needs, such as but not limited to, the issuance of long-term debt, the issuance of Sinclair equity, for Sinclair only, the issuance of Ventures equity or debt, or other instruments convertible into or exchangeable for Sinclair equity, or the sale of assets. However, there can be no assurance that additional financing or capital or buyers of assets will be available, or that the terms of any transactions will be acceptable or advantageous to Sinclair or SBG.
Current wording
Sinclair and SBG anticipate that existing cash and cash equivalents, cash flow from the local media segment’s operations, and borrowing capacity under the New Credit Agreement, the Amended Credit Agreement, and the A/R Facility will be sufficient to satisfy the local media segment’s debt service obligations, capital expenditure requirements, and working capital needs for the next twelve months. Sinclair anticipates that existing cash and cash equivalents and cash flow from SBG, the tennis segment, and other’s operations will be sufficient to satisfy SBG’s, the tennis segment’s, and other’s debt service obligations, capital expenditure requirements, and working capital needs for the next twelve months. However, certain factors, including but not limited to the war in Ukraine, conflict in the Middle East, other geopolitical matters, natural disasters, pandemics and their resulting effect on the economy, Sinclair’s and SBG’s advertisers, and Sinclair’s and SBG’s Distributors and their subscribers, could affect Sinclair’s and SBG’s liquidity and first-out first lien leverage ratio which could affect Sinclair’s and SBG’s ability to access the full borrowing capacity under the New Credit Agreement. In addition to the sources described above, Sinclair and SBG may rely upon various sources for long-term liquidity needs, such as but not limited to, the issuance of long-term debt, the issuance of Sinclair equity, for Sinclair only, the issuance of Ventures equity or debt, or other instruments convertible into or exchangeable for Sinclair equity, or the sale of assets. However, there can be no assurance that additional financing or capital or buyers of assets will be available, or that the terms of any transactions will be acceptable or advantageous to Sinclair or SBG.
Previous wording
Net cash flows used in Sinclair’s operating activities increased for the three months ended September 30, 2025, when compared to the same period in 2024, primarily due to a decrease in cash collections from Distributors, a decrease in cash collections related to political revenue, and an increase in overhead costs, partially offset by cash receipts from insurance policies in the current period and a decrease in production costs. Net cash flows from Sinclair’s operating activities increased for the nine months ended September 30, 2025, when compared to the same period in 2024, primarily due to an increase in cash collections from Distributors, cash receipts from insurance policies in the current period, and the DSG settlement payment that occurred in the prior period, partially offset by a decrease in cash collections related to political revenue and an increase in production and overhead costs.
Current wording
Net cash flows from Sinclair’s operating activities increased for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to an increase in cash collections from Distributors, an increase in cash collections related to political revenue, and a decrease in production costs.
Previous wording
Net cash flows used in Sinclair’s investing activities increased for the three months ended September 30, 2025, when compared to the same period in 2024, primarily due to an increase in the acquisition of property and equipment in the current period. Net cash flows used in Sinclair’s investing activities increased for the nine months ended September 30, 2025, when compared to the same period in 2024, primarily due to a decrease in the distributions and proceeds from investments and the acquisition of Digital Remedy in the first quarter of 2025.
Current wording
Net cash flows used in Sinclair’s investing activities decreased for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to the acquisition of Digital Remedy in the first quarter of 2025.
Previous wording
Net cash flows used in Sinclair’s financing activities decreased for the three months ended September 30, 2025, when compared to the same period in 2024, primarily due to a decrease in repayments of debt during the current period due to the Transactions during the first quarter of 2025. Net cash flows used in Sinclair’s financing activities increased for the nine months ended September 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.
Current wording
Net cash flows used in Sinclair’s financing activities increased for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to the financing transactions that occurred in the first quarter of 2025.
Previous wording
Net cash flows used in SBG’s operating activities increased for the three months ended September 30, 2025, when compared to the same period in 2024, primarily due to a decrease in cash collections from Distributors and a decrease in cash collections related to political revenue, partially offset by cash receipts from insurance policies in the current period and a decrease in production and overhead costs. Net cash flows from SBG’s operating activities increased for the nine months ended September 30, 2025, when compared to the same period in 2024, primarily due to an increase in cash collections from Distributors, cash receipts from insurance policies in the current period, the DSG settlement payment that occurred in the prior period, and a decrease in production and overhead costs, partially offset by a decrease in cash collections related to political revenue.
Current wording
Net cash flows from SBG’s operating activities increased for the three months ended March 31, 2026, when compared to the same period in 2025, primarily due to an increase in cash collections from Distributors, an increase in cash collections related to political revenue, and a decrease in production costs.
Showing the first 40 of 41 pairs. Open the source sections for the rest.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
The table above and explanations that follow cover total consolidated corporate and unallocated expenses.