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SEGMENT DATA | 6 Months Ended
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Jun. 30, 2024
Segment data |
SEGMENT DATA | SEGMENT DATA: During the period ended June 30, 2023 we modified our segment reporting to align with the new organizational structure of the Company discussed within Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies. The segment information within the comparative periods presented has been recast to reflect this new presentation. We measure segment performance based on operating income (loss). For the quarter ended June 30, 2024, we had two reportable segments, local media and tennis. Our local media segment includes our television stations, original networks and content and provides these through free over-the-air programming to television viewing audiences for stations in markets located throughout the continental United States, as well as distributes the content of these stations to MVPDs for distribution to their customers in exchange for contractual fees. See Revenue Recognition under Note 1. Nature of Operations and Summary of Significant Accounting Policies for further detail. Our tennis segment provides viewers coverage of many of tennis' top tournaments and original professional sport and tennis lifestyle shows. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of non-broadcast digital and internet solutions, technical services, and non-media investments. Corporate costs primarily include our costs to operate as a public company and to operate our corporate headquarters location. All our businesses are located within the United States. As a result of the Reorganization, the local media segment assets are owned and operated by SBG, the assets of the tennis segment are owned and operated by Ventures, and the other Transferred Assets, which are included in other and corporate, are owned and operated by Ventures. Segment financial information is included in the following tables for the periods presented (in millions):
As of June 30, 2024 |  | Local Media |  | Tennis |  | Other & Corporate |  | Eliminations |  | Consolidated
Assets |  | $ | 4,418 |  |  | $ | 307 |  |  | $ | 964 |  |  | $ | (3) |  |  | $ | 5,686 |
For the three months ended June 30, 2024 |  | Local Media |  | Tennis |  | Other & Corporate |  | Eliminations |  | Consolidated
Revenue |  | $ | 750 |  |  | $ | 67 |  |  | $ | 20 |  |  | $ | (8) |  | (a) | $ | 829 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 58 |  |  | 6 |  |  | — |  |  | (1) |  |  | 63 |
Amortization of program costs |  | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Corporate general and administrative expenses |  | 29 |  |  | — |  |  | 21 |  |  | — |  |  | 50 |
Operating income (loss) |  | 83 |  |  | 1 |  |  | (20) |  |  | — |  |  | 64 |
Interest expense including amortization of debt discount and deferred financing costs |  | 76 |  |  | — |  |  | — |  |  | — |  |  | 76 |
Income from equity method investments |  | — |  |  | — |  |  | 78 |  |  | — |  |  | 78 |
For the six months ended June 30, 2024 |  | Local Media |  | Tennis |  | Other & Corporate |  | Eliminations |  | Consolidated
Revenue |  | $ | 1,477 |  |  | $ | 130 |  |  | $ | 35 |  |  | $ | (15) |  | (a) | $ | 1,627 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 116 |  |  | 11 |  |  | 1 |  |  | (2) |  |  | 126 |
Amortization of program costs |  | 37 |  |  | — |  |  | — |  |  | — |  |  | 37 |
Corporate general and administrative expenses |  | 70 |  |  | 1 |  |  | 37 |  |  | — |  |  | 108 |
Loss on asset dispositions and other, net of impairment |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Operating income (loss) |  | 124 |  |  | 21 |  |  | (39) |  |  | — |  |  | 106 |
Interest expense including amortization of debt discount and deferred financing costs |  | 152 |  |  | — |  |  | — |  |  | — |  |  | 152 |
(Loss) income from equity method investments |  | — |  |  | (1) |  |  | 93 |  |  | — |  |  | 92 |
For the three months ended June 30, 2023 |  | Local Media |  | Tennis |  | Other & Corporate |  | Eliminations |  | Consolidated
Revenue |  | $ | 699 |  |  | $ | 60 |  |  | $ | 14 |  |  | $ | (5) |  | (a) | $ | 768 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 67 |  |  | 5 |  |  | 1 |  |  | — |  |  | 73 |
Amortization of program costs |  | 19 |  |  | — |  |  | — |  |  | — |  |  | 19 |
Corporate general and administrative expenses |  | 46 |  |  | — |  |  | 16 |  |  | — |  |  | 62 |
(Gain) loss on asset dispositions and other, net of impairment |  | (2) |  |  | — |  |  | 7 |  |  | — |  |  | 5 |
Operating income (loss) |  | 22 |  |  | 3 |  |  | (28) |  |  | — |  |  | (3) |
Interest expense including amortization of debt discount and deferred financing costs |  | 76 |  |  | — |  |  | — |  |  | — |  |  | 76 |
Loss from equity method investments |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
For the six months ended June 30, 2023 |  | Local Media |  | Tennis |  | Other & Corporate |  | Eliminations |  | Consolidated
Revenue |  | $ | 1,404 |  |  | 115 |  |  | 31 |  |  | (9) |  | (a) | $ | 1,541 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 126 |  |  | 10 |  |  | 3 |  |  | (1) |  |  | 138 |
Amortization of program costs |  | 41 |  |  | — |  |  | — |  |  | — |  |  | 41 |
Corporate general and administrative expenses |  | 78 |  |  | — |  |  | 42 |  |  | — |  |  | 120 |
(Gain) loss on asset dispositions and other, net of impairment |  | (3) |  |  | — |  |  | 14 |  |  | — |  |  | 11 |
Operating income (loss) |  | 63 |  |  | 21 |  |  | (66) |  |  | — |  |  | 18 |
Interest expense including amortization of debt discount and deferred financing costs |  | 150 |  |  | — |  |  | — |  |  | — |  |  | 150 |
Income from equity method investments |  | — |  |  | — |  |  | 30 |  |  | — |  |  | 30 |
(a)Includes $3 million and $5 million for the three and six months ended June 30, 2024, respectively, and $2 million and $3 million for the three and six months ended June 30, 2023, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.
Sinclair Broadcast Group, LLC |
Segment data |
SEGMENT DATA | SEGMENT DATA: During the period ended June 30, 2023, SBG modified its segment reporting to align with the new organizational structure of SBG discussed within Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies. The segment information within the comparative periods has been recast to reflect this new presentation. SBG measures segment performance based on operating income (loss). For the quarter ended June 30, 2024, SBG had one reportable segment: local media. The local media segment includes SBG's television stations, original networks, and content and provides these through free over-the-air programming to television viewing audiences for stations in markets located throughout the continental United States, as well as distributes the content of these stations to MVPDs for distribution to their customers in exchange for contractual fees. See Revenue Recognition under Note 1. Nature of Operations and Summary of Significant Accounting Policies for further detail. Other and corporate are not reportable segments but are included for reconciliation purposes. Other primarily consists of tennis, non-broadcast digital and internet solutions, technical services, and non-media investments. Corporate costs primarily include SBG's costs to operate as the parent company of its subsidiaries. All of SBG's businesses are located within the United States. The businesses included in other were transferred to Ventures as part of the Reorganization discussed within Company Reorganization under Note 1. Nature of Operations and Summary of Significant Accounting Policies. Segment financial information is included in the following tables for the periods presented (in millions):
As of June 30, 2024 |  | Local Media |  |  |  | Corporate |  |  |  | Consolidated
Assets |  | $ | 4,439 |  |  |  |  | $ | 85 |  |  |  |  | $ | 4,524 |
For the three months ended June 30, 2024 | Local Media |  |  | Corporate |  |  |  | Consolidated
Revenue | $ | 750 |  |  |  | $ | — |  |  |  |  | $ | 750 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets | 58 |  |  |  | — |  |  |  |  | 58 |
Amortization of program costs | 18 |  |  |  | — |  |  |  |  | 18 |
Corporate general and administrative expenses | 29 |  |  |  | 6 |  |  |  |  | 35 |
Operating income (loss) | 83 |  |  |  | (6) |  |  |  |  | 77 |
Interest expense including amortization of debt discount and deferred financing costs | 76 |  |  |  | — |  |  |  |  | 76 |
For the six months ended June 30, 2024 | Local Media |  |  | Corporate |  |  |  | Consolidated
Revenue | $ | 1,477 |  |  |  | — |  |  |  |  | 1,477 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets | 116 |  |  |  | — |  |  |  |  | 116 |
Amortization of program costs | 37 |  |  |  | — |  |  |  |  | 37 |
Corporate general and administrative expenses | 70 |  |  |  | 6 |  |  |  |  | 76 |
Operating income (loss) | 124 |  |  |  | (6) |  |  |  |  | 118 |
Interest expense including amortization of debt discount and deferred financing costs | 152 |  |  |  | — |  |  |  |  | 152 |
For the three months ended June 30, 2023 | Local Media |  |  |  | Other & Corporate (a) |  | Eliminations |  | Consolidated
Revenue | $ | 699 |  |  |  |  | $ | 47 |  |  | $ | (3) |  |  | $ | 743 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets | 67 |  |  |  |  | 3 |  |  | — |  |  | 70 |
Amortization of program costs | 19 |  |  |  |  | — |  |  | — |  |  | 19 |
Corporate general and administrative expenses | 46 |  |  |  |  | 12 |  |  | — |  |  | 58 |
(Gain) loss on asset dispositions and other, net of impairment | (2) |  |  |  |  | 6 |  |  | — |  |  | 4 |
Operating income (loss) | 22 |  |  |  |  | (18) |  |  | — |  |  | 4 |
Interest expense including amortization of debt discount and deferred financing costs | 76 |  |  |  |  | — |  |  | — |  |  | 76 |
For the six months ended June 30, 2023 | Local Media |  |  |  | Other & Corporate (a) |  | Eliminations |  | Consolidated
Revenue | $ | 1,404 |  |  |  |  | 119 |  |  | (7) |  | (b) | $ | 1,516 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets | 126 |  |  |  |  | 10 |  |  | (1) |  |  | 135 |
Amortization of program costs | 41 |  |  |  |  | — |  |  | — |  |  | 41 |
Corporate general and administrative expenses | 78 |  |  |  |  | 38 |  |  | — |  |  | 116 |
(Gain) loss on asset dispositions and other, net of impairment | (3) |  |  |  |  | 13 |  |  | — |  |  | 10 |
Operating income (loss) | 63 |  |  |  |  | (38) |  |  | — |  |  | 25 |
Interest expense including amortization of debt discount and deferred financing costs | 150 |  |  |  |  | — |  |  | — |  |  | 150 |
Income from equity method investments | — |  |  |  |  | 31 |  |  | — |  |  | 31 |
(a)Represents the activity in tennis, non-broadcast digital and internet solutions, technical services, and non-media investments (collectively, other) prior to the Reorganization on June 1, 2023 and the activity in corporate prior and subsequent to the Reorganization. See Company Reorganization within Note 1. Nature of Operations and Summary of Significant Accounting Policies. (b)Includes $1 million for the six months ended June 30, 2023 of revenue for services provided by local media to other, which is eliminated in consolidation.

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