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SEGMENT DATA | 9 Months Ended
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Sep. 30, 2025
Segment data |
SEGMENT DATA | SEGMENT DATA: We measure segment performance based on operating income (loss). For the quarter ended September 30, 2025, 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. 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 assets 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 September 30, 2025 |  | Local Media |  | Tennis |  | Other & Corporate |  | Eliminations |  | Consolidated
Assets |  | $ | 4,288 |  |  | $ | 268 |  |  | $ | 1,011 |  |  | $ | — |  |  | $ | 5,567 |
For the three months ended September 30, 2025 |  | Local Media |  | Tennis |  | Other & Corporate |  | Eliminations |  | Consolidated
Revenue |  | $ | 667 |  |  | $ | 67 |  |  | $ | 48 |  |  | $ | (9) |  | (b) | $ | 773 |
Media programming and production expenses |  | 378 |  |  | 35 |  |  | — |  |  | — |  |  | 413 |
Media selling, general and administrative expenses |  | 165 |  |  | 15 |  |  | 30 |  |  | (7) |  |  | 203 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 56 |  |  | 5 |  |  | 1 |  |  | — |  |  | 62 |
Amortization of program costs |  | 21 |  |  | — |  |  | — |  |  | — |  |  | 21 |
Corporate general and administrative expenses |  | 21 |  |  | 1 |  |  | 18 |  |  | — |  |  | 40 |
Gain on asset dispositions and other, net |  | (3) |  |  | — |  |  | (33) |  |  | — |  |  | (36) |
Other segment items (a) |  | 2 |  |  | — |  |  | 12 |  |  | (2) |  |  | 12 |
Operating income |  | $ | 27 |  |  | $ | 11 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 58 |
Interest expense including amortization of debt discount and deferred financing costs |  | $ | 85 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 85 |
Loss from equity method investments |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2) |
Other income, net |  | 2 |  |  | — |  |  | 27 |  |  | — |  |  | 29 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | — |
For the nine months ended September 30, 2025 |  | Local Media |  | Tennis |  | Other & Corporate |  | Eliminations |  | Consolidated
Revenue |  | $ | 2,040 |  |  | $ | 203 |  |  | $ | 115 |  |  | $ | (25) |  | (b) | $ | 2,333 |
Media programming and production expenses |  | 1,148 |  |  | 101 |  |  | 2 |  |  | — |  |  | 1,251 |
Media selling, general and administrative expenses |  | 497 |  |  | 48 |  |  | 72 |  |  | (22) |  |  | 595 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 166 |  |  | 15 |  |  | 2 |  |  | — |  |  | 183 |
Amortization of program costs |  | 57 |  |  | — |  |  | — |  |  | — |  |  | 57 |
Corporate general and administrative expenses |  | 85 |  |  | 2 |  |  | 50 |  |  | — |  |  | 137 |
(Gain) loss on asset dispositions and other, net |  | (23) |  |  | — |  |  | 4 |  |  | — |  |  | (19) |
Other segment items (a) |  | 6 |  |  | — |  |  | 33 |  |  | (3) |  |  | 36 |
Operating income (loss) |  | $ | 104 |  |  | $ | 37 |  |  | $ | (48) |  |  | $ | — |  |  | $ | 93 |
Interest expense including amortization of debt discount and deferred financing costs |  | $ | 311 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 311 |
Loss from equity method investments |  | — |  |  | (2) |  |  | (7) |  |  | — |  |  | (9) |
Gain on extinguishment of debt |  | 6 |  |  | $ | — |  |  | $ | — |  |  | — |  |  | 6 |
Other income (expense), net |  | 8 |  |  | — |  |  | (63) |  |  | — |  |  | (55) |
Loss before income taxes |  |  |  |  |  |  |  |  |  | $ | (276) |
For the three months ended September 30, 2024 |  | Local Media |  | Tennis |  | Other & Corporate |  | Eliminations |  | Consolidated
Revenue |  | $ | 845 |  |  | $ | 60 |  |  | $ | 19 |  |  | $ | (7) |  | (b) | $ | 917 |
Media programming and production expenses |  | 384 |  |  | 30 |  |  | — |  |  | — |  |  | 414 |
Media selling, general and administrative expenses |  | 188 |  |  | 13 |  |  | 6 |  |  | (6) |  |  | 201 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 58 |  |  | 5 |  |  | 1 |  |  | (1) |  |  | 63 |
Amortization of program costs |  | 18 |  |  | — |  |  | — |  |  | — |  |  | 18 |
Corporate general and administrative expenses |  | 24 |  |  | 1 |  |  | 16 |  |  | — |  |  | 41 |
Gain on asset dispositions and other, net |  | (11) |  |  | — |  |  | (2) |  |  | — |  |  | (13) |
Other segment items (a) |  | 2 |  |  | — |  |  | 12 |  |  | — |  |  | 14 |
Operating income (loss) |  | $ | 182 |  |  | $ | 11 |  |  | $ | (14) |  |  | $ | — |  |  | $ | 179 |
Interest expense including amortization of debt discount and deferred financing costs |  | $ | 78 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 78 |
Income (loss) from equity method investments |  | 1 |  |  | (1) |  |  | — |  |  | — |  |  | — |
Other income, net |  | 2 |  |  | — |  |  | 22 |  |  | — |  |  | 24 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 125 |
For the nine months ended September 30, 2024 |  | Local Media |  | Tennis |  | Other & Corporate |  | Eliminations |  | Consolidated
Revenue |  | $ | 2,322 |  |  | $ | 190 |  |  | $ | 54 |  |  | $ | (22) |  | (b) | $ | 2,544 |
Media programming and production expenses |  | 1,149 |  |  | 98 |  |  | — |  |  | — |  |  | 1,247 |
Media selling, general and administrative expenses |  | 549 |  |  | 42 |  |  | 16 |  |  | (16) |  |  | 591 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 174 |  |  | 16 |  |  | 2 |  |  | (3) |  |  | 189 |
Amortization of program costs |  | 55 |  |  | — |  |  | — |  |  | — |  |  | 55 |
Corporate general and administrative expenses |  | 94 |  |  | 2 |  |  | 53 |  |  | — |  |  | 149 |
Gain on asset dispositions and other, net |  | (11) |  |  | — |  |  | — |  |  | — |  |  | (11) |
Other segment items (a) |  | 6 |  |  | — |  |  | 36 |  |  | (3) |  |  | 39 |
Operating income (loss) |  | $ | 306 |  |  | $ | 32 |  |  | $ | (53) |  |  | $ | — |  |  | $ | 285 |
Interest expense including amortization of debt discount and deferred financing costs |  | $ | 230 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 230 |
Income (loss) from equity method investments |  | 1 |  |  | (2) |  |  | 93 |  |  | — |  |  | 92 |
Gain on extinguishment of debt |  | 1 |  |  | — |  |  | — |  |  | — |  |  | 1 |
Other income (expense), net |  | 35 |  |  | — |  |  | (13) |  |  | — |  |  | 22 |
Income before income taxes |  |  |  |  |  |  |  |  |  | $ | 170 |
(a)Other segment items relate primarily to non-media expenses. (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 revenue for services provided by other to local media, which is eliminated in consolidation.
Sinclair Broadcast Group, LLC |
Segment data |
SEGMENT DATA | SEGMENT DATA: SBG measures segment performance based on operating income (loss). For the quarter ended September 30, 2025, 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. Corporate is not a reportable segment but is included for reconciliation purposes. 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. Segment financial information is included in the following tables for the periods presented (in millions):
As of September 30, 2025 |  | Local Media |  |  |  | Corporate |  |  |  | Consolidated
Assets |  | $ | 4,318 |  |  |  |  | $ | 64 |  |  |  |  | $ | 4,382 |
For the three months ended September 30, 2025 |  | Local Media |  |  |  | Corporate |  | Consolidated
Revenue |  | $ | 667 |  |  |  |  | $ | — |  |  | $ | 667 |
Media programming and production expenses |  | 378 |  |  |  |  | — |  |  | 378 |
Media selling, general and administrative expenses |  | 165 |  |  |  |  | — |  |  | 165 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 56 |  |  |  |  | — |  |  | 56 |
Amortization of program costs |  | 21 |  |  |  |  | — |  |  | 21 |
Corporate general and administrative expenses |  | 21 |  |  |  |  | — |  |  | 21 |
Gain on asset dispositions and other, net |  | (3) |  |  |  |  | (22) |  |  | (25) |
Other segment items (a) |  | 2 |  |  |  |  | — |  |  | 2 |
Operating income |  | $ | 27 |  |  |  |  | $ | 22 |  |  | $ | 49 |
Interest expense including amortization of debt discount and deferred financing costs |  | $ | 85 |  |  |  |  | $ | — |  |  | $ | 85 |
Other income, net |  | 2 |  |  |  |  | — |  |  | 2 |
Loss before income taxes |  |  |  |  |  |  |  | $ | (34) |
For the nine months ended September 30, 2025 |  | Local Media |  |  |  | Corporate |  | Consolidated
Revenue |  | $ | 2,040 |  |  |  |  | $ | — |  |  | $ | 2,040 |
Media programming and production expenses |  | 1,148 |  |  |  |  | — |  |  | 1,148 |
Media selling, general and administrative expenses |  | 497 |  |  |  |  | — |  |  | 497 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 166 |  |  |  |  | — |  |  | 166 |
Amortization of program costs |  | 57 |  |  |  |  | — |  |  | 57 |
Corporate general and administrative expenses |  | 85 |  |  |  |  | — |  |  | 85 |
(Gain) loss on asset dispositions and other, net |  | (23) |  |  |  |  | 15 |  |  | (8) |
Other segment items (a) |  | 6 |  |  |  |  | — |  |  | 6 |
Operating income (loss) |  | $ | 104 |  |  |  |  | $ | (15) |  |  | $ | 89 |
Interest expense including amortization of debt discount and deferred financing costs |  | $ | 311 |  |  |  |  | $ | — |  |  | $ | 311 |
Gain on extinguishment of debt |  | 6 |  |  |  |  | — |  |  | 6 |
Other income, net |  | 8 |  |  |  |  | — |  |  | 8 |
Loss before income taxes |  |  |  |  |  |  |  | $ | (208) |
For the three months ended September 30, 2024 |  | Local Media |  |  | Consolidated |  |
Revenue |  | $ | 845 |  |  |  | $ | 845 |  |  |
Media programming and production expenses |  | 384 |  |  |  | 384 |  |  |
Media selling, general and administrative expenses |  | 188 |  |  |  | 188 |  |  |
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 |  | 24 |  |  |  | 24 |  |  |
Gain on asset dispositions and other, net |  | (11) |  |  |  | (11) |  |  |
Other segment items (a) |  | 2 |  |  |  | 2 |  |  |
Operating income |  | $ | 182 |  |  |  | $ | 182 |  |  |
Interest expense including amortization of debt discount and deferred financing costs |  | $ | 78 |  |  |  | $ | 78 |  |  |
Other income, net |  | 3 |  |  |  | 3 |  |  |
Income before income taxes |  |  |  |  | $ | 107 |  |  |
For the nine months ended September 30, 2024 |  | Local Media |  |  | Corporate |  | Consolidated
Revenue |  | $ | 2,322 |  |  |  | $ | — |  |  | $ | 2,322 |
Media programming and production expenses |  | 1,149 |  |  |  | — |  |  | 1,149 |
Media selling, general and administrative expenses |  | 549 |  |  |  | — |  |  | 549 |
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets |  | 174 |  |  |  | — |  |  | 174 |
Amortization of program costs |  | 55 |  |  |  | — |  |  | 55 |
Corporate general and administrative expenses |  | 94 |  |  |  | 6 |  |  | 100 |
Gain on asset dispositions and other, net |  | (11) |  |  |  | — |  |  | (11) |
Other segment items (a) |  | 6 |  |  |  | — |  |  | 6 |
Operating income (loss) |  | $ | 306 |  |  |  | $ | (6) |  |  | $ | 300 |
Interest expense including amortization of debt discount and deferred financing costs |  | $ | 230 |  |  |  | $ | — |  |  | $ | 230 |
Gain on extinguishment of debt |  | 1 |  |  |  | — |  |  | 1 |
Other income, net |  | 36 |  |  |  | — |  |  | 36 |
Income before income taxes |  |  |  |  |  |  | $ | 107 |
(a)Other segment items relate primarily to non-media expenses.

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