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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to .

COMMISSION FILE NUMBER:

333-271072 (Sinclair, Inc.)

000-26076 (Sinclair Broadcast Group, LLC)

Sinclair, Inc.

Sinclair Broadcast Group, LLC

(Exact name of Registrant as specified in its charter)


Maryland						92-1076143 (Sinclair, Inc.)
Maryland						52-1494660 (Sinclair Broadcast Group, LLC)
(State or other jurisdiction of Incorporation or organization)						(I.R.S. Employer Identification No.)

10706 Beaver Dam Road

Hunt Valley, Maryland 21030

(Address of principal executive office, zip code)

(410) 568-1500

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered by Sinclair, Inc. pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Class A Common Stock, par value $ 0.01 per share

SBGI

The NASDAQ Stock Market LLC

Securities registered by Sinclair Broadcast Group, LLC pursuant to Section12(b) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Sinclair, Inc.

Yes

☒

☐

Sinclair Broadcast Group, LLC

Yes

☐

☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such file).

Sinclair, Inc.

Yes

☒

☐

Sinclair Broadcast Group, LLC

Yes

☒

☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Sinclair, Inc.

Large accelerated filer

☐

Accelerated filer

☒

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

Sinclair Broadcast Group, LLC

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.


Sinclair, Inc.			☐


Sinclair Broadcast Group, LLC			☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Sinclair, Inc.

Yes

☐

☒

Sinclair Broadcast Group, LLC

Yes

☐

☒

As of November 5, 2025, there were 45,908,531 shares of Sinclair, Inc. Class A Common Stock outstanding and 23,775,056 shares of Sinclair, Inc. Class B Common Stock outstanding.

Table of Contents

GENERAL

This combined report on Form 10-Q is filed by both Sinclair, Inc. (“Sinclair”) and Sinclair Broadcast Group, LLC (“SBG”). Certain information contained in this document relating to SBG is filed by Sinclair and separately by SBG. SBG makes no representation as to information relating to Sinclair or its subsidiaries, except as it may relate to SBG and its subsidiaries. References in this report to “we,” “us,” “our,” the “Company,” and similar terms refer to Sinclair and its consolidated subsidiaries, including SBG, unless context indicates otherwise. SBG is a voluntary filer and files reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) as a means of compliance with reporting covenants in various debt instruments of Sinclair Television Group, Inc. (“STG”), a wholly-owned subsidiary of SBG.

FORWARD-LOOKING STATEMENTS

This report includes or incorporates forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Exchange Act, and the U.S. Private Securities Litigation Reform Act of 1995. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties, and assumptions about us, including, among other things, the following risks. All risk factors are deemed to be related to both Sinclair and its subsidiaries, including SBG. Any risks only applicable to Sinclair are denoted as such.

Industry risks

•Financial and economic conditions, including inflation, may have an adverse impact on our industry, customers, business, and results of operations or financial condition;

•the performance of networks and syndicators that provide us with programming content, as well as the performance of internally originated programming;

•multi-channel video programming distributors (“MVPD”) and virtual MVPDs (“vMVPD,” and together with MVPDs, “Distributors”) subscriber churn due to the impact of technological changes, the proliferation of over-the-top (“OTT”) direct-to-consumer platforms, the loss of key entertainment and sports programming previously exclusively available to subscribers, and economic conditions on consumers’ desire to pay for subscription services;

•the business conditions of the Distributors we do business with and their ability to pay to broadcast our content on their distribution platforms;

•the loss of appeal of our local news, network content, syndicated program content, and sports programming, which may be unpredictable;

•the availability and cost of programming from networks and syndicators, as well as the cost of internally originated programming;

•for Sinclair, the availability and cost of rights to air professional tennis tournaments;

•our relationships with networks and their strategies to distribute their programming via means other than their local television affiliates, such as OTT or direct-to-consumer content;

•labor disputes and legislation and other union activity associated with film, acting, writing, music, and other guilds;

•the broadcasting community’s ability to develop and adopt a viable mobile digital broadcast television (“mobile DTV”) strategy and platform, such as the adoption of a next generation broadcast standard (“NextGen TV”), the consumer’s appetite for mobile television, and the industry’s acceptance of data distribution services;

•the impact of programming payments charged by networks pursuant to their affiliation agreements with broadcasters requiring compensation for network programming;

•the effects of declining live/appointment viewership as reported through rating systems and local television efforts to adopt and receive credit for same day viewing plus viewing on-demand thereafter;

•changes in television rating measurement methodologies that could negatively impact audience results;

•the ability of advertisers to coordinate and determine local advertising rates as a consortium;

•the lack of our ability to negotiate directly with vMVPDs for the distribution of much of our content;

•the operation of low power devices in the broadcast spectrum, which could interfere with our broadcast; and

•the impact of Distributors and OTTs offering “skinny” programming bundles that may not include television broadcast stations or other programming that we distribute.

Table of Contents

Regulatory risks

•The Federal Communications Commission (“FCC”) proceeding regarding the roll-out of NextGen TV and the sunset of ATSC 1.0 could impact business-use cases for the NextGen TV technology and the timeframe for the discontinuance of ATSC 1.0;

•the potential for additional governmental regulation of broadcasting or changes in those regulations and court actions interpreting those regulations, including ownership regulations limiting over-the-air television’s ability to compete effectively (including regulations relating to joint sales agreements (“JSA”), shared services agreements (“SSA”), local marketing agreements (“LMA”), the national ownership cap, and the UHF discount), arbitrary enforcement by the FCC including indecency regulations, retransmission consent regulations, and political or other advertising restrictions, such as payola rules;

•the impact of FCC and Congressional efforts which may restrict a television station’s retransmission consent negotiations;

•the impact of FCC rules requiring broadcast stations to publish, among other information, political advertising rates online;

•the potential impact of deregulation allowing the networks to purchase additional stations in our markets;

•the potential impact from changes in lowest unit rate applicability associated with political advertising spots;

•our ability to obtain regulatory approval for transactions related to FCC licenses;

•the potential impact from changes in industry ownership and multicast rules;

•our response to corporate social responsibility considerations, and compliance with laws and regulations related thereto; and

•the impact of foreign government rules related to digital and online assets.

Risks specific to us

•Our ability to attract and maintain local, national, and network advertising and successfully participate in new sales channels such as programmatic and addressable advertising through business partnership ventures and the development of technology;

•our ability to service our debt obligations and operate our business under restrictions contained in our financing agreements;

•our use of derivative financial instruments to reduce interest rate risk may result in added volatility in the amount of interest expense recorded within our financial results and the amount of cash interest paid;

•our ability to successfully implement and monetize our own content management system designed to provide our viewers significantly improved content via the internet and other digital platforms;

•our ability to successfully negotiate retransmission consent and distribution agreements for our existing and any acquired businesses with favorable terms;

•the ability of stations which we consolidate, but do not negotiate on their behalf, to successfully renegotiate retransmission consent and affiliation fees (cable network fees) agreements and comply with laws and regulations that apply to them;

•our ability to renew our FCC licenses;

•our ability to identify investment opportunities;

•our ability to successfully integrate any acquired businesses, as well as the success of our new content and distribution initiatives in a competitive environment, including CHARGE!, ROAR, Comet, The Nest, podcasts, other original programming, mobile DTV, FAST channels, and direct-to-consumer platforms;

•our ability to maintain our affiliation and programming service agreements with our networks and program service providers and, at renewal, to successfully negotiate these agreements with favorable terms;

•our ability to generate synergies and leverage new revenue opportunities;

•changes in the makeup of the population in the areas where our stations are located;

•our ability to effectively respond to technology affecting our industry;

•our ability to deploy NextGen TV nationwide, including the ability and appetite of manufacturers to install the technology within their products, as well as monetize the associated technology;

•the strength of ratings for our local news broadcasts including our news sharing arrangements;

•risks associated with the use or delayed use of artificial intelligence by us and third parties, including our use or delayed use in the operations of our business;

•the results of prior year tax audits by taxing authorities;

•for Sinclair, our ability to execute on our investment and growth strategies related to our subsidiary, Sinclair Ventures, LLC (“Ventures”); and

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•our ability to monetize our investments in real estate, venture capital and private equity holdings, and direct strategic investments in companies.

General risks

•The impact of changes in national and regional economies and credit and capital markets, including the impact of potential tariffs and trade restrictions;

•loss of consumer confidence;

•the potential impact of changes in tax law;

•the activities of our competitors;

•risks associated with the inability of key suppliers and other third parties to provide services to us;

•geopolitical conditions, including the war in Ukraine, conflicts in the Middle East, potential tariffs and international trade sanctions, could negatively impact global supply prices and disrupt supply chain levels, which could negatively impact the operations of us, our customers, our vendors, and our Distributors;

•natural disasters and pandemics (such as the outbreak and worldwide spread of COVID-19) that impact our employees, Distributors, advertisers, suppliers, stations, and networks; and

•cybersecurity incidents, data privacy, and other information technology failures related to us, our vendors and those within our vendors’ supply chain have and in the future may, adversely affect us and disrupt our operations.

Other matters set forth in this report, including the Risk Factors set forth in Item 1A of this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2024, may also cause actual results in the future to differ materially from those described in the forward-looking statements. However, additional factors and risks not currently known to us or that we currently deem immaterial may also cause actual results in the future to differ materially from those described in the forward-looking statements. You are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. In light of these risks, uncertainties, and assumptions, events described in the forward-looking statements discussed in this report might not occur.

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PART I. FINANCIAL INFORMATION

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SINCLAIR, INC.

SINCLAIR BROADCAST GROUP, LLC

FORM 10-Q

FOR THE QUARTER ENDED SEPTEMBER 30, 2025

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PART I. FINANCIAL INFORMATION			2

ITEM 1. FINANCIAL STATEMENTS			4

ITEM 1A. FINANCIAL STATEMENTS OF SINCLAIR, INC. (UNAUDITED)			4

CONSOLIDATED BALANCE SHEETS			5

CONSOLIDATED STATEMENTS OF OPERATIONS			6

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME			7

CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTERESTS			8

CONSOLIDATED STATEMENTS OF CASH FLOWS			10

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS			11

ITEM 1B. FINANCIAL STATEMENTS OF SINCLAIR BROADCAST GROUP, LLC (UNAUDITED)			32

CONSOLIDATED BALANCE SHEETS			33

CONSOLIDATED STATEMENTS OF OPERATIONS			34

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME			35

CONSOLIDATED STATEMENTS OF MEMBER’S DEFICIT AND NONCONTROLLING INTERESTS			36

CONSOLIDATED STATEMENTS OF CASH FLOWS			38

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS			39

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS			58

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK			71

ITEM 4. CONTROLS AND PROCEDURES			71

PART II. OTHER INFORMATION			73

ITEM 1. LEGAL PROCEEDINGS			73

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ITEM 1A. RISK FACTORS			73

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS			73

ITEM 3. DEFAULTS UPON SENIOR SECURITIES			73

ITEM 4. MINE SAFETY DISCLOSURES			73

ITEM 5. OTHER INFORMATION			73

ITEM 6. EXHIBITS			75

SIGNATURE			76

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ITEM 1. FINANCIAL STATEMENTS

This report includes the Consolidated Financial Statements of Sinclair and SBG in Item 1A and Item 1B, respectively.

ITEM 1A. FINANCIAL STATEMENTS OF SINCLAIR, INC.

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SINCLAIR, INC.

CONSOLIDATED BALANCE SHEETS

(in millions, except share and per share data) (Unaudited)


	As of September 30, 2025		As of December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	526	$	697
Accounts receivable, net of allowance for doubtful accounts of $5 and $6, respectively	633		637
Income taxes receivable	—		5
Prepaid expenses and other current assets	180		146

Total current assets	1,339		1,485
Property and equipment, net	662		705
Operating lease assets	115		123


Goodwill	2,086		2,082
Indefinite-lived intangible assets	149		150
Customer relationships, net	285		302
Other definite-lived intangible assets, net	285		328
Other assets	646		710
Total assets (a)	$	5,567	$	5,885

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	459	$	416
Income taxes payable	1		—
Current portion of notes payable, finance leases, and commercial bank financing	25		38
Current portion of operating lease liabilities	24		22
Current portion of program contracts payable	81		69
Other current liabilities	76		60

Total current liabilities	666		605
Notes payable, finance leases, and commercial bank financing, less current portion	4,076		4,091
Operating lease liabilities, less current portion	118		130
Program contracts payable, less current portion	11		13
Deferred tax liabilities	236		335
Other long-term liabilities	184		195
Total liabilities (a)	5,291		5,369
Commitments and contingencies (See Note 4)

Shareholders’ equity:
Class A Common Stock, $.01 par value, 500,000,000 shares authorized, 45,860,802 and 42,642,126 shares issued and outstanding, respectively	1		1
Class B Common Stock, $.01 par value, 140,000,000 shares authorized, 23,775,056 and 23,775,056 shares issued and outstanding, respectively, convertible into Class A Common Stock	—		—
Additional paid-in capital	608		570
(Accumulated deficit) retained earnings	(263)		10
Accumulated other comprehensive income	1		2
Total Sinclair shareholders’ equity	347		583
Noncontrolling interests	(71)		(67)
Total equity	276		516
Total liabilities and equity	$	5,567	$	5,885

The accompanying notes are an integral part of these unaudited consolidated financial statements.

(a) Our consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIE”) of $78 million and $70 million, respectively, which can only be used to settle the obligations of the VIEs. Our consolidated total liabilities as of September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $9 million and $16 million, respectively, for which the creditors of the VIEs have no recourse to us. See Note 7. Variable Interest Entities.

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SINCLAIR, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except share and per share data) (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
REVENUE:
Media revenue	$	765	$	908	$	2,312	$	2,519
Non-media revenue	8		9		21		25
Total revenue	773		917		2,333		2,544

OPERATING EXPENSES:
Media programming and production expenses	413		414		1,251		1,247
Media selling, general and administrative expenses	203		201		595		591
Amortization of program costs	21		18		57		55
Non-media expenses	12		14		36		39
Depreciation of property and equipment	25		26		75		76
Corporate general and administrative expenses	40		41		137		149
Amortization of definite-lived intangible assets	37		37		108		113


Gain on asset dispositions and other, net	(36)		(13)		(19)		(11)

Total operating expenses	715		738		2,240		2,259
Operating income	58		179		93		285

OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred financing costs	(85)		(78)		(311)		(230)
Gain on extinguishment of debt	—		—		6		1
(Loss) income from equity method investments	(2)		—		(9)		92
Other income (expense), net	29		24		(55)		22
Total other expense, net	(58)		(54)		(369)		(115)
Income (loss) before income taxes	—		125		(276)		170
INCOME TAX BENEFIT (PROVISION)	1		(29)		61		(30)
NET INCOME (LOSS)	1		96		(215)		140

Net income attributable to the noncontrolling interests	(2)		(2)		(6)		(6)
NET (LOSS) INCOME ATTRIBUTABLE TO SINCLAIR	$	(1)	$	94	$	(221)	$	134

EARNINGS PER COMMON SHARE ATTRIBUTABLE TO SINCLAIR:
Basic earnings per share	$	(0.02)	$	1.43	$	(3.20)	$	2.06
Diluted earnings per share	$	(0.02)	$	1.43	$	(3.20)	$	2.05
Basic weighted average common shares outstanding (in thousands)	69,660		66,355		68,921		65,570
Diluted weighted average common and common equivalent shares outstanding (in thousands)	69,660		66,526		68,921		65,709

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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SINCLAIR, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(in millions) (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	1	$	96	$	(215)	$	140
Unrealized loss on interest rate swap, net of tax	—		(8)		(1)		(3)

Comprehensive income (loss)	1		88		(216)		137

Comprehensive income attributable to the noncontrolling interests	(2)		(2)		(6)		(6)
Comprehensive (loss) income attributable to Sinclair	$	(1)	$	86	$	(222)	$	131

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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SINCLAIR, INC.

CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTERESTS

(in millions, except share and per share data) (Unaudited)


		Three Months Ended September 30, 2024
		Sinclair Shareholders
		Class A Common Stock					Class B Common Stock				Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total Equity
	Shares		Values			Shares		Values
BALANCE, June 30, 2024		42,505,771		$	1		23,775,056		$	—	$	560	$	(227)	$	6	$	(65)	$	275
Dividends declared and paid on Class A and Class B Common Stock ($0.25 per share)		—		—			—		—		—		(16)		—		—		(16)


Class A Common Stock issued pursuant to employee benefit plans		78,319		—			—		—		5		—		—		—		5



Distributions to noncontrolling interests		—		—			—		—		—		—		—		(3)		(3)


Other comprehensive loss		—		—			—		—		—		—		(8)		—		(8)
Net income		—		—			—		—		—		94		—		2		96
BALANCE, September 30, 2024		42,584,090		$	1		23,775,056		$	—	$	565	$	(149)	$	(2)	$	(66)	$	349


		Nine Months Ended September 30, 2024
		Sinclair Shareholders
		Class A Common Stock					Class B Common Stock				Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total Equity
	Shares		Values			Shares		Values
BALANCE, December 31, 2023		39,737,682		$	1		23,775,056		$	—	$	517	$	(234)	$	1	$	(64)	$	221
Dividends declared and paid on Class A and Class B Common Stock ($0.75 per share)		—		—			—		—		—		(49)		—		—		(49)


Class A Common Stock issued pursuant to employee benefit plans		2,846,408		—			—		—		48		—		—		—		48


Distributions to noncontrolling interests		—		—			—		—		—		—		—		(8)		(8)


Other comprehensive loss		—		—			—		—		—		—		(3)		—		(3)


Net income		—		—			—		—		—		134		—		6		140
BALANCE, September 30, 2024		42,584,090		$	1		23,775,056		$	—	$	565	$	(149)	$	(2)	$	(66)	$	349

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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SINCLAIR, INC.

CONSOLIDATED STATEMENTS OF EQUITY AND NONCONTROLLING INTERESTS

(in millions, except share and per share data) (Unaudited)


		Three Months Ended September 30, 2025
		Sinclair Shareholders
		Class A Common Stock					Class B Common Stock				Additional Paid-In Capital		Accumulated Deficit		Accumulated Other Comprehensive Income		Noncontrolling Interests		Total Equity
	Shares		Values			Shares		Values
BALANCE, June 30, 2025		45,891,572		$	1		23,775,056		$	—	$	603	$	(244)	$	1	$	(68)	$	293

Dividends declared and paid on Class A and Class B Common Stock ($0.25 per share)		—		—			—		—		—		(18)		—		—		(18)



Class A Common Stock issued pursuant to employee benefit plans		(30,770)		—			—		—		5		—		—		—		5

Distributions to noncontrolling interests		—		—			—		—		—		—		—		(2)		(2)

Acquisition of noncontrolling interests, net		—		—			—		—		—		—		—		(3)		(3)


Net (loss) income		—		—			—		—		—		(1)		—		2		1
BALANCE, September 30, 2025		45,860,802		$	1		23,775,056		$	—	$	608	$	(263)	$	1	$	(71)	$	276

		Nine Months Ended September 30, 2025
		Sinclair Shareholders
		Class A Common Stock					Class B Common Stock				Additional Paid-In Capital		Retained Earnings (Accumulated Deficit)		Accumulated Other Comprehensive Income		Noncontrolling Interests		Total Equity
	Shares		Values			Shares		Values
BALANCE, December 31, 2024		42,642,126		$	1		23,775,056		$	—	$	570	$	10	$	2	$	(67)	$	516
Dividends declared and paid on Class A and Class B Common Stock ($0.75 per share)		—		—			—		—		—		(52)		—		—		(52)

Class A Common Stock issued pursuant to employee benefit plans		3,218,676		—			—		—		39		—		—		—		39
Distributions to noncontrolling interests		—		—			—		—		—		—		—		(8)		(8)
Other comprehensive loss		—		—			—		—		—		—		(1)		—		(1)
Acquisition of noncontrolling interests, net		—		—			—		—		(1)		—		—		(2)		(3)

Net (loss) income		—		—			—		—		—		(221)		—		6		(215)
BALANCE, September 30, 2025		45,860,802		$	1		23,775,056		$	—	$	608	$	(263)	$	1	$	(71)	$	276

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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SINCLAIR, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions) (Unaudited)


	Nine Months Ended September 30,
	2025		2024
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net (loss) income	$	(215)	$	140
Adjustments to reconcile net (loss) income to net cash flows from (used in) operating activities:

Amortization of definite-lived intangible and other assets	108		113
Depreciation of property and equipment	75		76
Amortization of program costs	57		55
Stock-based compensation	42		45
Deferred tax (benefit) provision	(98)		36
Loss (gain) on asset dispositions and other, net	26		(7)

Loss (income) from equity method investments	9		(92)
Loss from investments	83		5
Distributions from investments	4		3
Gain on extinguishment of debt	(6)		(1)
Debt issuance costs	68		—

Change in assets and liabilities, net of acquisitions:
Decrease (increase) in accounts receivable	12		(5)
(Increase) decrease in prepaid expenses and other current assets	(18)		10
Increase (decrease) in accounts payable and accrued and other current liabilities	12		(408)
Net change in net income taxes payable/receivable	1		(11)
Decrease in program contracts payable	(55)		(61)

Other, net	(14)		2
Net cash flows from (used in) operating activities	91		(100)

CASH FLOWS (USED IN) FROM INVESTING ACTIVITIES:
Acquisition of property and equipment	(55)		(61)
Acquisition of businesses, net of cash acquired	(25)		—


Purchases of investments	(26)		(41)
Distributions and proceeds from investments	13		185
Other, net	—		3
Net cash flows (used in) from investing activities	(93)		86

CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	1,430		—
Repayments of notes payable, commercial bank financing, and finance leases	(1,420)		(52)

Dividends paid on Class A and Class B Common Stock	(52)		(49)

Debt issuance costs	(110)		—
Distributions to noncontrolling interests	(8)		(8)

Other, net	(9)		(3)
Net cash flows used in financing activities	(169)		(112)

NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(171)		(126)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	697		662
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$	526	$	536

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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SINCLAIR, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Nature of Operations

Sinclair, Inc. (“Sinclair”) is a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations and digital platforms. The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, other original programming produced by us and our owned networks and professional sports. Additionally, we own digital media companies that are complementary to our extensive portfolio of television station related digital properties and we have interests in, own, manage, and/or operate technical and software services companies, research and development companies for the advancement of broadcast technology, and other media and non-media related businesses and assets, including real estate, venture capital, private equity, and direct investments.

For the quarter ended September 30, 2025, we had two reportable segments: local media and tennis. The local media segment consists primarily of our 179 broadcast television stations in 81 markets, which we own, provide programming and operating services pursuant to agreements commonly referred to as local marketing agreements (“LMA”), or provide sales services and other non-programming operating services pursuant to other outsourcing agreements (such as joint sales agreements (“JSA”) and shared services agreements (“SSA”)). These stations broadcast 646 channels as of September 30, 2025. For the purpose of this report, these 179 stations and 646 channels are referred to as “our” stations and channels. The tennis segment consists of Tennis Channel, a cable network which includes coverage of many of tennis’ top tournaments and original professional sports and tennis lifestyle shows; Tennis Channel International streaming service; Tennis Channel streaming service; TennisChannel 2, a 24-hour a day free ad-supported streaming television channel; and Tennis.com.

Principles of Consolidation

The consolidated financial statements include our accounts and those of our wholly-owned and majority-owned subsidiaries, and VIEs for which we are the primary beneficiary. Noncontrolling interests represent a minority owner’s proportionate share of the equity in certain of our consolidated entities. All intercompany transactions and account balances have been eliminated in consolidation.

We consolidate VIEs when we are the primary beneficiary. We are the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and have the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 7. Variable Interest Entities for more information on our VIEs.

Investments in entities over which we have significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents our proportionate share of net income generated by equity method investees.

Interim Financial Statements

The consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 are unaudited. In the opinion of management, such financial statements have been presented on the same basis as the audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive (loss) income, consolidated statements of equity and noncontrolling interests, and consolidated statements of cash flows for these periods as adjusted for the adoption of recent accounting pronouncements.

As permitted under the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”), the consolidated financial statements do not include all disclosures normally included with audited consolidated financial statements and, accordingly, should be read together with the audited consolidated financial statements and notes thereto in our Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC. The consolidated statements of operations presented in the accompanying consolidated financial statements are not necessarily representative of operations for an entire year.

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SINCLAIR, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Use of Estimates

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses in the consolidated financial statements and in the disclosures of contingent assets and liabilities. Actual results could differ from those estimates.

Recent Accounting Pronouncements

In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures, requiring annual disclosure of consistent categories and greater disaggregation of information in the rate reconciliation table; additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate); income taxes paid disaggregated by jurisdiction; and income or loss before income tax disaggregated between foreign and domestic. The guidance is effective for annual periods beginning after December 15, 2024, applied prospectively. Early adoption is permitted. We are currently evaluating the impact of this guidance but do not expect it to have a material impact on our consolidated financial statements.

In November 2024, the FASB issued guidance requiring disclosure of disaggregated information about certain income statement expense line items. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. We are currently evaluating the impact of this guidance.

Broadcast Television Programming

We have agreements with programming syndicators for the rights to television programming over contract periods, which generally run from one to three years. Contract payments are made in installments over terms that are generally equal to or shorter than the contract period. Pursuant to accounting guidance for the broadcasting industry, an asset and a liability for the rights acquired and obligations incurred under a license agreement are reported on the balance sheet when the cost of each program is known or reasonably determinable, the program material has been accepted by the licensee in accordance with the conditions of the license agreement, and the program is available for its first showing or telecast. The portion of program contracts which becomes payable within one year is reflected as a current liability in the accompanying consolidated balance sheets.

The rights to this programming are reflected in the accompanying consolidated balance sheets at the lower of unamortized cost or fair value. Program costs are amortized on a straight-line basis except for contracts greater than three years which are amortized utilizing an accelerated method. Program costs estimated by management to be amortized in the succeeding year are classified as current assets. Payments of program contract liabilities are typically made on a scheduled basis and are not affected by amortization or fair value adjustments.

We assess our program costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value.

Hedge Accounting

We have determined that the interest rate swap meets the criteria for hedge accounting. The initial value of the interest rate swap and any changes in value in subsequent periods are included in accumulated other comprehensive income, with a corresponding change recorded in assets or liabilities depending on the position of the swap. Gains or losses on the monthly settlement of the interest rate swap are reflected in interest expense in our consolidated statements of operations. Cash flows related to the interest rate swap are classified as operating activities in our consolidated statements of cash flows. See Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion.

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SINCLAIR, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Non-cash Investing and Financing Activities

Leased assets obtained in exchange for new operating lease liabilities were $7 million and $4 million for the nine months ended September 30, 2025 and 2024, respectively. Leased assets obtained in exchange for new finance lease liabilities were $17 million for the nine months ended September 30, 2024. Non-cash investing activities included property and equipment purchases of $4 million and $5 million for the nine months ended September 30, 2025 and 2024, respectively.

We received equity shares in investments valued at $21 million and $4 million for the nine months ended September 30, 2025 and 2024, respectively, in exchange for an obligation to deliver a similar value of advertising spots.

We completed the acquisition and sale of certain television stations as described in Acquisitions and Station Disposals below for non-cash consideration of $32 million and $36 million, respectively, during both the three and nine months ended September 30, 2025.

Revenue Recognition

The following table presents our revenue disaggregated by type and segment (in millions):


For the three months ended September 30, 2025	Local Media		Tennis		Other		Eliminations		Total
Distribution revenue	$	370	$	52	$	—	$	—	$	422
Core advertising revenue	269		14		38		(6)		315
Political advertising revenue	6		—		—		—		6
Other media, non-media, and intercompany revenue	22		1		10		(3)		30
Total revenue	$	667	$	67	$	48	$	(9)	$	773

For the nine months ended September 30, 2025	Local Media		Tennis		Other		Eliminations		Total
Distribution revenue	$	1,145	$	162	$	—	$	—	$	1,307
Core advertising revenue	812		38		91		(18)		923
Political advertising revenue	18		—		—		—		18
Other media, non-media, and intercompany revenue	65		3		24		(7)		85
Total revenue	$	2,040	$	203	$	115	$	(25)	$	2,333

For the three months ended September 30, 2024	Local Media		Tennis		Other		Eliminations		Total
Distribution revenue	$	383	$	51	$	—	$	—	$	434
Core advertising revenue	283		8		9		(5)		295
Political advertising revenue	138		—		—		—		138
Other media, non-media, and intercompany revenue	41		1		10		(2)		50
Total revenue	$	845	$	60	$	19	$	(7)	$	917

For the nine months ended September 30, 2024	Local Media		Tennis		Other		Eliminations		Total
Distribution revenue	$	1,151	$	154	$	—	$	—	$	1,305
Core advertising revenue	852		32		24		(13)		895
Political advertising revenue	202		—		—		—		202
Other media, non-media, and intercompany revenue	117		4		30		(9)		142
Total revenue	$	2,322	$	190	$	54	$	(22)	$	2,544

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Distribution Revenue. We generate distribution revenue through fees received from these Distributors for the right to distribute our stations and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to our customers (as usage occurs) which corresponds with the satisfaction of our performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. Our customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material.

Core Advertising Revenue. We generate core advertising revenue primarily from the sale of non-political advertising spots/impressions within our broadcast television and digital platforms.

Political Advertising Revenue. We generate political advertising revenue primarily from the sale of political advertising spots/impressions within our broadcast television and digital platforms.

In accordance with ASC 606, we do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage-based royalty.

Deferred Revenue. We record deferred revenue when cash payments are received or due in advance of our performance, including amounts which are refundable. We classify deferred revenue as either current in other current liabilities or long-term in other long-term liabilities in our consolidated balance sheets based on the timing of when we expect to satisfy our performance obligations. Deferred revenue was $169 million and $170 million as of September 30, 2025 and December 31, 2024, respectively, of which $94 million and $112 million, respectively, was reflected in other long-term liabilities in our consolidated balance sheets. Deferred revenue recognized for the nine months ended September 30, 2025 and 2024, included in the deferred revenue balance as of December 31, 2024 and 2023, was $49 million and $40 million, respectively.

For the three months ended September 30, 2025, two customers accounted for 11% and 10%, respectively, of our total revenue. For the nine months ended September 30, 2025, two customers accounted for 11% and 11%, respectively, of our total revenue. For the three months ended September 30, 2024, one customer accounted for 10% of our total revenue. For the nine months ended September 30, 2024, two customers accounted for 11% and 10%, respectively, of our total revenue. As of September 30, 2025, one customer accounted for 12% of our accounts receivable, net. As of December 31, 2024, four customers accounted for 11%, 11%, 10%, and 10%, respectively, of our accounts receivable, net. For purposes of this disclosure, a single customer may include multiple entities under common control.

Acquisitions and Station Disposals

In March 2025, Sinclair Ventures, LLC (“Ventures”) completed the acquisition of CPX Interactive LLC (“Digital Remedy”) for approximately $30 million in cash, net of cash acquired of $5 million, in which Ventures acquired the remaining 75% of the business they did not already own. The acquired assets and liabilities were recorded at fair value as of the closing date of the transactions, which included $22 million of definite-lived intangible assets and $17 million of goodwill.

In July 2025, we sold our owned stations within Milwaukee, WI (WVTV), Springfield, IL (WICS/WICD), Ottumwa, IA (KTVO), and Quincy, IL (KHQA) for consideration valued at $36 million. For the nine months ended September 30, 2025, we recorded a net loss of $8 million related to the sale, which is included within gain on asset dispositions and other, net within our consolidated statements of operations and our local media segment within Note 6. Segment Data.

In September 2025, we acquired the non-license assets of WLNE in Providence, RI for consideration valued at $32 million. The acquired assets and liabilities were recorded at fair value as of the closing date of the transaction. Based upon our preliminary purchase price allocation, we recorded $27 million of definite-lived intangible assets, $1 million of property and equipment, and $4 million of net working capital.

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Income Taxes

Our income tax provision for all periods consists of federal and state income taxes. The tax provision for the three and nine months ended September 30, 2025 and 2024 is based on the estimated effective tax rate applicable for the full year after taking into account discrete tax items and the effects of the noncontrolling interests. We provide a valuation allowance for deferred tax assets if we determine that it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating our ability to realize net deferred tax assets, we consider all available evidence, both positive and negative, including our past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, we must make certain judgments that are based on the plans and estimates used to manage our underlying businesses on a long-term basis. A valuation allowance has been provided for deferred tax assets related to a substantial amount of our available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing temporary basis differences, alternative tax strategies, and projected future taxable income.

On July 4, 2025, the One Big, Beautiful Bill (“OBBB”) was enacted. The OBBB is a comprehensive tax reform package that includes several provisions which have, and will continue to, reduce our taxes paid in 2025. We do not expect the legislation to have a material impact on our financial statements.

Our effective income tax rate for the three months ended September 30, 2025 was greater than the statutory rate primarily due to accrual of interest income attributable to prior years’ pending income tax refund claims. Our effective income tax rate for the nine months ended September 30, 2025 approximated the statutory rate. Our effective income tax rate for the three months ended September 30, 2024 was greater than the statutory rate primarily due to non-deductible expenses. Our effective income tax rate for the nine months ended September 30, 2024 was less than the statutory rate 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.

We do not believe that our liability for unrecognized tax benefits would be materially impacted, in the next twelve months, as a result of the expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities.

Reclassifications

Certain reclassifications have been made to prior years’ consolidated financial statements to conform to the current year’s presentation.

Subsequent Events

In November 2025, our Board of Directors declared a quarterly dividend of $0.25 per share, payable on December 15, 2025, to holders of record at the close of business on December 1, 2025.

2. OTHER ASSETS:

Other assets as of September 30, 2025 and December 31, 2024 consisted of the following (in millions):


	As of September 30, 2025		As of December 31, 2024
Equity method investments	$	26	$	48
Other investments	330		382
Notes receivable	31		27
Income tax receivable	149		144
Post-retirement plan assets	51		47
Other	59		62
Total other assets	$	646	$	710

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Equity Method Investments

We have a portfolio of investments in a number of entities that are primarily focused on the development of real estate and other media and non-media businesses. No investments were individually significant for the periods presented.

Other Investments

We measure our investments, excluding equity method investments, at fair value or, in situations where fair value is not readily determinable, we have the option to value investments at cost plus observable changes in value, less impairment. Additionally, certain investments are measured at net asset value (“NAV”).

As of September 30, 2025 and December 31, 2024, we held $132 million and $228 million, respectively, in investments measured at fair value. As of September 30, 2025 and December 31, 2024, we held $144 million and $116 million, respectively, in investments measured at NAV. We recognized a fair value adjustment gain of $19 million and loss of $84 million for the three and nine months ended September 30, 2025, respectively, and a fair value adjustment gain of $15 million and loss of $28 million for the three and nine months ended September 30, 2024, respectively, associated with these investments, which are reflected in other income (expense), net in our consolidated statements of operations. As of September 30, 2025 and December 31, 2024, our unfunded commitments related to our investments valued using the NAV practical expedient totaled $45 million and $60 million, respectively.

Investments accounted for utilizing the measurement alternative were $54 million and $38 million as of September 30, 2025 and December 31, 2024, respectively. There were no adjustments to the carrying amount of investments accounted for utilizing the measurement alternative for any of the three and nine months ended September 30, 2025 and the three months ended September 30, 2024. We recorded a $2 million impairment related to one investment for the nine months ended September 30, 2024, which is reflected in other income (expense), net in our consolidated statements of operations.

3. NOTES PAYABLE, FINANCE LEASES, AND COMMERCIAL BANK FINANCING:

Credit Agreement and Notes

During the first quarter of 2025, Sinclair Television Group, Inc. (“STG”), a wholly-owned subsidiary of Sinclair Broadcast Group, LLC (“SBG”), completed a series of financing transactions (the “Transactions”) as follows:

Exchanged $711.4 million aggregate principal amount outstanding of the $714 million Term Loan B-3, which mature April 1, 2028 and bear interest at SOFR plus 3.00%, into second-out first lien Term Loan B-6 issued under a new credit agreement dated February 12, 2025 (the “New Credit Agreement”), which mature December 31, 2029 and bear interest at SOFR plus 3.30%. Exchanged all of the $731.3 million aggregate principal amount outstanding of Term Loan B-4, which matured on April 21, 2029 and bore interest at SOFR plus 3.75%, into second-out first lien Term Loan B-7 issued under the New Credit Agreement, which mature December 31, 2030 and bear interest at SOFR plus 4.10%.

Exchanged $575 million of commitments under the existing revolving credit facility into $575 million first-out first lien revolving commitments (the “First-Out Revolving Credit Facility”) under the New Credit Agreement, which mature February 12, 2030 and borrowings thereunder will bear interest at SOFR plus 2.00%.

The existing bank credit agreement was amended as of February 12, 2025 (the “Amended Credit Agreement”) concurrent with the Transactions and entering into the New Credit Agreement, subordinating the secured obligations thereunder and eliminating substantially all covenants and certain events of default. As a result, the remaining $3 million of Term Loan B-3 and the remaining $75 million of commitments under the existing revolving credit facility are ranked as third lien obligations.

STG issued $1,430 million aggregate principal amount of 8.125% first-out first lien secured notes due 2033 (the “8.125% First-Out Notes”), which mature on February 15, 2033. The proceeds from the 8.125% First-Out Notes were used to repay in full the $1,175 million aggregate principal amounts outstanding of Term Loan B-2 due 2026, approximately $63.6 million aggregate principal amount of 4.125% Senior Secured Notes due 2030 at 84% of the principal amount, and approximately $104 million aggregate principal amount of 5.125% Senior Notes due 2027 at 97% of the principal amount and to pay fees and expenses related to the Transactions.

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Exchanged $432 million aggregate principal amount of the existing 4.125% Senior Secured Notes due 2030 into 9.750% senior secured second lien notes due 2033 (the “9.750% Second Lien Notes”), which mature on February 15, 2033. Exchanged $238 million aggregate principal amount of the existing 4.125% Senior Secured Notes due 2030 into 4.375% second-out first lien secured notes due 2032 (the “4.375% Second-Out Notes”), which mature on December 31, 2032. The remaining 4.125% Senior Secured Notes due 2030 of $4 million became unsecured obligations as the related indenture was amended to release all liens on the collateral and eliminate substantially all covenants and certain events of default.

For the nine months ended September 30, 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.

The New Credit Agreement and the indentures for the 8.125% First-Out Notes, 4.375% Second-Out Notes, and 9.750% Second Lien Notes (collectively, the “New Indentures”) contain certain restrictive covenants including, but not limited to, restrictions on indebtedness, liens, restricted payments (including repayment of certain subordinated debt), investments, mergers, consolidations, sales and other dispositions of assets and affiliate transactions. These covenants are subject to a number of exceptions and limitations as described in the New Credit Agreement and New Indentures. The New Credit Agreement and New Indentures also include events of default, including certain cross-default and cross-acceleration provisions with other debt of STG, customary for agreements of its type.

Prior to February 15, 2028, December 1, 2025, and February 15, 2027, we may redeem the 8.125% First-Out Notes, 4.375% Second-Out Notes, and 9.750% Second Lien Notes, respectively, in whole or in part, at any time or from time to time at a price equal to 100% of the principal amount of the respective notes, plus accrued and unpaid interest, if any, to the redemption date, plus a “make-whole” premium as set forth in the New Indentures. On or prior to February 15, 2028 and February 15, 2027, we may redeem up to 40% of the aggregate principal amount of the 8.125% First-Out Notes and 9.750% Second Lien Notes, respectively, at a price equal to 108.125% and 109.750% of the principal amount of the 8.125% First-Out Notes and 9.750% Second Lien Notes, respectively, plus accrued and unpaid interest, if any, to, but not including, the date of redemption using the proceeds of certain equity offerings. Prior to February 15, 2028 and February 15, 2027, we may redeem the 8.125% First-Out Notes and 9.750% Second Lien Notes, respectively, in whole but not in part, at a redemption price equal to 108.125% and 109.750% of the principal amount of the 8.125% First-Out Notes and 9.750% Second Lien Notes, respectively, plus accrued and unpaid interest, if any, to, but not including, the redemption date upon certain change of control transactions or certain significant acquisitions. Beginning on December 1, 2025, we may redeem some or all of the 4.375% Second-Out Notes at any time or from time to time at the redemption prices set forth in the New Indentures, plus accrued and unpaid interest, if any, to, but not including, the redemption date. In addition, upon the sale of certain of STG’s assets or certain changes of control, we may be required to offer to repurchase some or all of the 8.125% First-Out Notes, 4.375% Second-Out Notes, and 9.750% Second Lien Notes.

The First-Out Revolving Credit Facility includes a financial maintenance covenant, the first-out first lien leverage ratio (as defined in the New Credit Agreement), which requires such ratio not to exceed 3.5x, measured as of the end of each fiscal quarter, which is only applicable if 35% or more of the capacity (as a percentage of total commitments) under the First-Out Revolving Credit Facility, measured as of the last day of each fiscal quarter, is utilized as of such date. Since there was no utilization under the First-Out Revolving Credit Facility as of September 30, 2025, STG was not subject to the financial maintenance covenant under the New Credit Agreement. As of September 30, 2025, the STG first-out first lien leverage ratio was below 3.5x. The New Credit Agreement contains other restrictions and covenants with which STG was in compliance as of September 30, 2025.

During the second quarter of 2025, we repurchased $81 million aggregate principal amount of the 5.125% Senior Notes due 2027 for consideration of $77 million. We recognized a gain on extinguishment of the 5.125% Senior Notes due 2027 of $4 million for the nine months ended September 30, 2025. In October 2025, we 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 were canceled immediately following their acquisition.

During the nine months ended September 30, 2024, we repurchased $27 million aggregate principal amount of Term Loan B-2 for consideration of $25 million. The portions of Term Loan B-2 purchased were canceled immediately following their acquisition. We recognized a gain on extinguishment of the Term Loan B-2 of $1 million for the nine months ended September 30, 2024.

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Finance Leases to Affiliates

The current portion of notes payable, finance leases, and commercial bank financing in our consolidated balance sheets includes finance leases to affiliates of $3 million as of both September 30, 2025 and December 31, 2024. Notes payable, finance leases, and commercial bank financing, less current portion, in our consolidated balance sheets includes finances leases to affiliates of $7 million and $9 million as of September 30, 2025 and December 31, 2024, respectively. See Note 8. Related Person Transactions.

Debt of Variable Interest Entities and Guarantees of Third-Party Obligations

STG jointly, severally, unconditionally, and irrevocably guaranteed $2 million of debt of certain third parties as of both September 30, 2025 and December 31, 2024, all of which related to consolidated VIEs and is included in our consolidated balance sheets as of both September 30, 2025 and December 31, 2024. We provide a guarantee of certain obligations of the Marquee Sports Network (“Marquee”) subject to a maximum aggregate amount of $455 million for the years 2025 through 2029. We accrued $15 million related to this obligation for the nine months ended September 30, 2025, included in gain on asset dispositions and other, net in our consolidated statements of operations. As of September 30, 2025, $8 million of this obligation is reflected in accounts payable and accrued liabilities in our consolidated balance sheets. See Note 4. Commitments and Contingencies for further discussion.

Interest Rate Swap

We entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of our exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and we receive a floating rate of interest based on SOFR. See Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies for further discussion. The fair value of the interest rate swap was a liability of $0.1 million as of September 30, 2025, which is recorded in other current liabilities in our consolidated balance sheets, and an asset of $1 million as of December 31, 2024, which is recorded in other assets in our consolidated balance sheets.

Accounts Receivable Securitization Facility

On November 6, 2025, STG and one of its subsidiaries entered into a three-year, up to $375 million revolving accounts receivable securitization facility (the “AR Facility”) with Wells Fargo Bank, N.A., as administrative agent (“Wells”) in order to enable STG to raise incremental, low-cost capital.

4. COMMITMENTS AND CONTINGENCIES:

Litigation, Claims, and Regulatory Matters

We are a party to lawsuits, claims, and regulatory matters from time to time in the ordinary course of business. Actions currently pending are in various stages and no material judgments or decisions have been rendered by hearing boards or courts in connection with such actions. Except as noted below, we do not believe the outcome of these matters, individually or in the aggregate, will have a material effect on our financial statements.

FCC Matters

On May 22, 2020, the Federal Communications Commission (“FCC”) released an Order and Consent Decree pursuant to which the Company agreed to pay $48 million to resolve the matters covered by a Notice of Apparent Liability for Forfeiture (“NAL”) issued in December 2017 proposing a $13 million fine for alleged violations of the FCC’s sponsorship identification rules by the Company and certain of its subsidiaries, the FCC’s investigation of the allegations raised in the Hearing Designation Order issued in connection with the Company’s proposed acquisition of Tribune, and a retransmission related matter. The Company submitted the $48 million payment on August 19, 2020. As part of the consent decree, the Company also agreed to implement a four-year compliance plan (which terminated on May 29, 2024). Two petitions were filed on June 8, 2020 seeking reconsideration of the Order and Consent Decree. The Company filed an opposition to the petitions on June 18, 2020, and the petitions remain pending.

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On September 1, 2020, one of the individuals who filed a petition for reconsideration of the Order and Consent Decree filed a petition to deny the license renewal application of WBFF(TV), Baltimore, MD, and the license renewal applications of two other Baltimore, MD stations with which the Company has a JSA or LMA, Deerfield Media station WUTB(TV) and Cunningham Broadcasting Corporation (“Cunningham”) station WNUV(TV). On January 18, 2024, a motion was filed to request substitution of the petitioner, who is deceased. On June 27, 2025, the FCC (i) denied the motion for substitution; (ii) dismissed the petition to deny; and (iii) granted the license renewal applications of WBFF(TV), WUTB(TV), and WNUV(TV). An application for review of the FCC’s decision was filed on July 28, 2025 on behalf of the individual who unsuccessfully sought to be substituted for the petitioner in the proceeding. The Company timely filed an opposition to the application for review and the matter remains pending. On April 14, 2025, the same attorney who filed the petition against the renewal applications filed a similar petition to deny, on behalf of a different client, assignment applications filed by the Company seeking FCC consent to sell certain stations to a third party. On July 1, 2025, the FCC dismissed that petition to deny and granted the applications. An application for review of the decision to grant the assignment applications was filed on behalf of the petitioner on July 30, 2025. The Company timely filed an opposition to the application for review and the matter remains pending.

On September 2, 2020, the FCC adopted a Memorandum Opinion and Order and NAL against the licensees of several stations with whom the Company has LMAs, JSAs, and/or SSAs in response to a complaint regarding those stations’ retransmission consent negotiations. The NAL proposed a $0.5 million penalty for each station, totaling $9 million. The licensees filed a response to the NAL on October 15, 2020, asking the FCC to dismiss the proceeding or, alternatively, to reduce the proposed forfeiture to $25,000 per station. On July 28, 2021, the FCC issued a forfeiture order in which the $0.5 million penalty was upheld for all but one station. A Petition for Reconsideration of the forfeiture order was filed on August 7, 2021. On March 14, 2022, the FCC released a Memorandum Opinion and Order and Order on Reconsideration, which reaffirmed the forfeiture order, dismissed (and in the alternative, denied) the Petition for Reconsideration, and stated that because the fines were not paid within the period stated in the July 2021 forfeiture order the FCC may refer the case to the U.S. Department of Justice (“DOJ”) for enforcement of the forfeiture pursuant to Section 504 of the Communications Act. Our understanding is that enforcement remains pending. The Company is not a party to this forfeiture order.

On September 21, 2022, the FCC released an NAL against the licensees of a number of stations, including 83 Company stations and several stations with whom the Company has LMAs, JSAs, and/or SSAs, for violation of the FCC’s limitations on commercial matter in children’s television programming related to KidsClick network programming distributed by the Company in 2018. The NAL proposed a fine of $2.7 million against the Company, and fines ranging from $20,000 to $26,000 per station for the other licensees, including the LMA, JSA, and/or SSA stations, for a total of $3.4 million. On October 21, 2022, the Company filed a written response seeking reduction of the proposed fine amount. On September 6, 2024, the FCC issued a forfeiture order imposing the fine as proposed in the NAL. The Company and all other affected licensees filed a joint petition for reconsideration of the forfeiture order on October 7, 2024. On June 27, 2025, the FCC adopted an Order and Consent Decree pursuant to which the Company agreed to make a voluntary contribution of $500,000 to resolve, without any admission of liability, the forfeiture order (with respect to Company stations), a closed captioning investigation of Company station WUHF in Rochester, NY, and matters relating to certain of the Company’s pending station renewal applications. As part of the consent decree, the Company also agreed to implement a two-year compliance plan relating to the FCC’s limits on commercial matter in children’s programming and closed captioning rules, and the FCC agreed to grant the license renewal applications of all Company stations involved in the matters resolved by the consent decree. The consent decree states the forfeiture order will be resolved by separate action with respect to the non-Company licensees named in the forfeiture order, and to the Company’s knowledge all but one of such non-Company licensees have entered into non-monetary consent decrees with the FCC and agreed to similar compliance plans with respect to the FCC’s limits on commercial matter in children’s programming. The Company made the $500,000 voluntary contribution on July 9, 2025.

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Other Matters

On November 6, 2018, the Company agreed to enter into a proposed consent decree with the DOJ. This consent decree resolves the DOJ’s investigation into the sharing of pacing information among certain stations in some local markets. The DOJ filed the consent decree and related documents in the U.S. District Court for the District of Columbia on November 13, 2018. The U.S. District Court for the District of Columbia entered the consent decree on May 22, 2019. The consent decree is not an admission of any wrongdoing by the Company and does not subject the Company to any monetary damages or penalties. The Company believes that even if the pacing information was shared as alleged, it would not have impacted any pricing of advertisements or the competitive nature of the market. The consent decree requires the Company to adopt certain antitrust compliance measures, including the appointment of an Antitrust Compliance Officer, consistent with what the DOJ has required in previous consent decrees in other industries. The consent decree also requires the Company’s stations not to exchange pacing and certain other information with other stations in their local markets, which the Company’s management had already instructed them not to do.

The Company is aware of twenty-two putative class action lawsuits that were filed against the Company following published reports of the DOJ investigation into the exchange of pacing data within the industry. On October 3, 2018, these lawsuits were consolidated in the Northern District of Illinois. The consolidated action alleges that the Company and thirteen other broadcasters conspired to fix prices for commercials to be aired on broadcast television stations throughout the United States and engaged in unlawful information sharing, in violation of the Sherman Antitrust Act. The consolidated action seeks damages, attorneys’ fees, costs and interest, as well as injunctions against adopting practices or plans that would restrain competition in the ways the plaintiffs have alleged. The Court denied the defendants’ motion to dismiss on November 6, 2020. Discovery commenced shortly after that and is continuing. On December 8, 2023, the Court granted final approval of the settlements the plaintiffs had reached with four of the original defendants (CBS, Fox, Cox Media, and ShareBuilders), who agreed to pay a total of $48 million to settle the plaintiffs’ claims against them. The plaintiffs are continuing to pursue their claims against the Company and the other non-settling defendants. Under the current schedule set by the Court, fact discovery is scheduled to close 90 days after a Special Master completes his review of the plaintiffs’ objections to the defendants’ privilege claims. On December 6, 2024, the plaintiffs filed a motion seeking sanctions against the Company in connection with the loss of certain cell phone data. On February 4, 2025, following briefing on that motion, the Court heard arguments and took the motion under advisement. On February 20, 2025, Special Master Richard Levie issued Report and Recommendation No. 3 addressing plaintiffs’ challenges to certain of defendants’ privilege log entries (“Levie R&R No. 3”), which recommended that the Court compel disclosure of certain documents Sinclair and the other non-settling defendants withheld from discovery based on assertions of privilege. Sinclair and the other co-defendants filed objections to Levie R&R No. 3. At a March 18, 2025 status conference, the Court set a tentative trial date of April 1, 2026, and stated its expectations that depositions will resume. At a Status Conference on October 1, 2025, the Court indicated that it would be setting a new schedule with a trial date occurring after April 1, 2026. Sinclair and the other parties are awaiting issuance of the new scheduling order. On October 20, 2025, the Court issued an order adopting Levie R&R No. 3 and denying the objections to Levie R&R No. 3 made by Sinclair and the other non-settling defendants, compelling the production of 6,313 documents Sinclair withheld as privileged. On September 29, 2025, Special Master Wayne R. Andersen issued Report and Recommendation No. 3 (“Andersen R&R No. 3”) and on October 23, 2025, Special Master Andersen issued Report and Recommendation No. 6 (“Andersen R&R No. 6”), addressing certain of plaintiffs’ additional challenges to certain of Sinclair’s privilege log entries. Andersen R&R No. 3 and Andersen R&R No. 6 each recommended granting in part and denying in part plaintiffs’ challenges. No party has appealed Andersen R&R No. 3, which compelled the production of two documents Sinclair withheld as privileged. The plaintiffs filed an objection to Anderson R&R No. 6 on November 6, 2025. Sinclair intends to file a response in opposition to that objection. Discovery and the Special Master’s review of plaintiffs’ challenges to the defendants’ privilege claims remain ongoing. The Company continues to believe the lawsuits are without merit and intends to vigorously defend itself against all such claims.

On July 19, 2023, as part of the bankruptcy proceedings of Diamond Sports Group, LLC (“DSG”), at such time, an independently managed and unconsolidated subsidiary of Sinclair, DSG and its wholly-owned subsidiary, Diamond Sports Net, LLC, filed a complaint (the “Diamond Litigation”), under seal, in the United States Bankruptcy Court for the Southern District of Texas naming certain subsidiaries of Sinclair, including SBG and STG and certain officers of SBG and STG, as defendants.

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In the complaint, plaintiffs challenged a series of transactions involving SBG and certain of its subsidiaries, on the one hand, and DSG and its subsidiaries, on the other hand, since SBG acquired the former Fox Sports regional sports networks from The Walt Disney Company in August 2019. The complaint alleged, among other things, that the management services agreement (the “MSA”) entered into by STG and DSG was not fair to DSG and was designed to benefit STG and SBG; that the Bally’s Corporation (“Bally’s”) transaction in November 2020 through which Bally’s acquired naming rights to certain regional sports networks was not fair to DSG and was designed to benefit STG and SBG; and that certain distributions made by DSG that were used to pay down preferred equity of DSH, were inappropriate and were conducted at a time when DSG was insolvent. The complaint also alleged that SBG and its subsidiaries (other than DSG and its subsidiaries) received payments or indirect benefits of approximately $1.5 billion as a result of the alleged misconduct. The complaint asserted a variety of claims, including certain fraudulent transfers of assets, unlawful distributions and payments, breaches of contracts, unjust enrichment and breaches of fiduciary duties. The plaintiffs sought, among other relief, avoidance of fraudulent transfers and unlawful distributions, and unspecified monetary damages to be determined.

On March 1, 2024, the court approved a global settlement and release of all claims associated with the Diamond Litigation, which settlement included an amendment to the MSA. Sinclair entered into the settlement, without admitting any fault or wrongdoing. The settlement terms included, among other things, DSG’s dismissal with prejudice of its $1.5 billion litigation against Sinclair and all other defendants, along with the full and final satisfaction and release of all claims in that litigation against all defendants, including Sinclair and its subsidiaries, in exchange for Sinclair’s cash payment to DSG of $495 million. Additionally, under the terms of the settlement, Sinclair would provide transition services to DSG to allow DSG to become a self-standing entity going forward. During the first quarter of 2024, we paid $50 million related to the settlement. The final settlement payment was made during the second quarter of 2024 and of the total $495 million settlement amount paid, $347 million was paid by STG and $148 million was paid by Ventures. On January 2, 2025, DSG announced that it had emerged from bankruptcy, at which time, Sinclair’s equity interest in DSG was terminated.

We have provided a guarantee that requires us to provide funding to Marquee under certain circumstances. On July 19, 2024, Marquee sent us a funding notice seeking $29 million under the Marquee guarantee by August 1, 2024 purportedly to make payments under certain agreements to affiliates of the Chicago Cubs, an affiliate of which is also a co-owner of Marquee. Based on the information provided to us by Marquee, Marquee has sufficient cash to make such payments without funding under the Marquee guarantee. For this and other reasons, we do not believe we are contractually required to provide funding under the Marquee guarantee at this time and have so informed Marquee. On August 2, 2024, Marquee sent us another letter claiming that our failure to timely pay the amounts subject to Marquee’s funding notice constitutes a breach of the Marquee guarantee and requesting payment of such amounts no later than August 17, 2024 at which time Marquee has stated it will pursue any and all available remedies pursuant to the Marquee guarantee. As of January 1, 2025, we determined we had no further obligations under the guarantee agreement. Marquee disputed this position, and on June 9, 2025, we entered into a binding term sheet to settle the matter. As part of the settlement, the parties agreed that the guarantee would be in effect through 2029; however, the maximum obligation under the guarantee agreement was reduced. As a result of the execution of this binding term sheet, we have concluded that our obligation to pay under a portion of the guarantee is probable and the loss related thereto could be reasonably estimated, thus recorded an estimated obligation related to this arrangement during the nine months ended September 30, 2025 (as further discussed in Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing). Because loss contingencies are inherently unpredictable and unfavorable developments can occur, the assessment requires judgment about future events. Moreover, there is no assurance that contingencies will be satisfied and the ultimate loss may differ materially from the estimated obligation we have recorded.

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5. EARNINGS PER SHARE:

The following table reconciles income (numerator) and shares (denominator) used in our computations of basic and diluted earnings per share for the periods presented (in millions, except share amounts which are reflected in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Income (Numerator)
Net income (loss)	$	1	$	96	$	(215)	$	140

Net income attributable to the noncontrolling interests	(2)		(2)		(6)		(6)

Numerator for basic and diluted earnings per common share available to common shareholders	$	(1)	$	94	$	(221)	$	134

Shares (Denominator)
Basic weighted-average common shares outstanding	69,660		66,355		68,921		65,570
Dilutive effect of stock-settled appreciation rights and outstanding stock options	—		171		—		139
Diluted weighted-average common and common equivalent shares outstanding	69,660		66,526		68,921		65,709

The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Weighted-average stock-settled appreciation rights and outstanding stock options excluded	5,258	5,120	5,306	6,328

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6. 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

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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)

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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.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

7. VARIABLE INTEREST ENTITIES:

Certain of our stations provide services to other station owners within the same respective market through agreements, such as LMAs, where we provide programming, sales, operational, and administrative services, and JSAs and SSAs, where we provide non-programming, sales, operational, and administrative services. In certain cases, we have also entered into purchase agreements or options to purchase the license related assets of the licensee. We typically own the majority of the non-license assets of the stations, and in some cases where the licensee acquired the license assets concurrent with our acquisition of the non-license assets of the station, we have provided guarantees to the bank for the licensee’s acquisition financing. The terms of the agreements vary but generally have initial terms of over five years with several optional renewal terms. Based on the terms of the agreements and the significance of our investment in the stations, we are the primary beneficiary when, subject to the ultimate control of the licensees, we have the power to direct the activities which significantly impact the economic performance of the VIE through the services we provide and we absorb losses and returns that would be considered significant to the VIEs. The fees paid between us and the licensees pursuant to these arrangements are eliminated in consolidation.

The carrying amounts and classification of the assets and liabilities of the VIEs mentioned above, which have been included in our consolidated balance sheets as of the dates presented, were as follows (in millions):


	As of September 30, 2025		As of December 31, 2024
ASSETS
Current assets:


Accounts receivable, net	$	14	$	18
Other current assets	3		3
Total current assets	17		21


Property and equipment, net	6		8

Goodwill and indefinite-lived intangible assets	13		15
Definite-lived intangible assets, net	42		26

Total assets	$	78	$	70

LIABILITIES
Current liabilities:
Other current liabilities	$	7	$	13


Notes payable, finance leases and commercial bank financing, less current portion	4		5


Other long-term liabilities	3		3
Total liabilities	$	14	$	21

The amounts above represent the combined assets and liabilities of the VIEs described above, for which we are the primary beneficiary. Total liabilities associated with certain outsourcing agreements and purchase options with certain VIEs, which are excluded from the above, were $152 million as of September 30, 2025 and $128 million as of December 31, 2024, as these amounts are eliminated in consolidation. The assets of each of these consolidated VIEs can only be used to settle the obligations of the VIE. As of September 30, 2025, all of the liabilities are non-recourse to us except for the debt of certain VIEs. See Debt of Variable Interest Entities and Guarantees of Third-Party Obligations under Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion. The risk and reward characteristics of the VIEs are similar.

Other VIEs

We have several investments in entities which are considered VIEs. However, we do not participate in the management of these entities, including the day-to-day operating decisions or other decisions which would allow us to control the entity, and therefore, we are not considered the primary beneficiary of these VIEs.

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NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The carrying amounts of our investments in these VIEs for which we are not the primary beneficiary were $73 million and $79 million as of September 30, 2025 and December 31, 2024, respectively, and are included in other assets in our consolidated balance sheets. See Note 2. Other Assets for more information related to our equity investments. Our maximum exposure is equal to the carrying value of our investments. The income and loss related to equity method investments and other investments are recorded in (loss) income from equity method investments and other income (expense), net, respectively, in our consolidated statements of operations. We recorded losses of $4 million and $6 million for the three and nine months ended September 30, 2025, respectively, and losses of $55 million and $77 million for the three and nine months ended September 30, 2024, respectively, related to these investments.

8. RELATED PERSON TRANSACTIONS:

Transactions With Our Controlling Shareholders

David, Frederick, J. Duncan, and Robert Smith (collectively, the “controlling shareholders”) are brothers and hold substantially all of our Class B Common Stock and some of our Class A Common Stock. We engaged in the following transactions with them and/or entities in which they have substantial interests:

Leases. Certain assets used by us and our operating subsidiaries are leased from entities owned by the controlling shareholders. Lease payments made to these entities were $2 million and $5 million for the three and nine months ended September 30, 2025, respectively, and $2 million and $5 million for the three and nine months ended September 30, 2024, respectively. For further information, see Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing.

Charter Aircraft. We lease aircraft owned by certain controlling shareholders. For all leases, we incurred expenses of $0.2 million for the nine months ended September 30, 2025 and less than $0.1 million and $0.1 million for the three and nine months ended September 30, 2024, respectively.

The Baltimore Sun. David Smith is the majority shareholder of The Baltimore Sun. We have entered into agreements with The Baltimore Sun to provide independent contractor services, sales representation, news resource sharing, and content sharing. In relation to these agreements, we recorded revenue of $0.6 million and $0.9 million for the three and nine months ended September 30, 2025, respectively.

Cunningham Broadcasting Corporation

Cunningham owns a portfolio of television stations, including: WNUV-TV Baltimore, Maryland; WRGT-TV Dayton, Ohio; WVAH-TV Charleston, West Virginia; WMYA-TV Anderson, South Carolina; WTTE-TV Columbus, Ohio; WDBB-TV Birmingham, Alabama; WBSF-TV Flint, Michigan; WGTU-TV/WGTQ-TV Traverse City/Cadillac, Michigan; WEMT-TV Tri-Cities, Tennessee; WYDO-TV Greenville, North Carolina; KBVU-TV/KCVU-TV Eureka/Chico-Redding, California; WPFO-TV Portland, Maine; KRNV-DT/KENV-DT Reno, Nevada/Salt Lake City, Utah; and KTXD-TV in Dallas, Texas (collectively, the “Cunningham Stations”). Certain of our stations provide services to the Cunningham Stations pursuant to LMAs or JSAs and SSAs. See Note 7. Variable Interest Entities, for further discussion of the scope of services provided under these types of arrangements.

All the non-voting stock of the Cunningham Stations is owned by trusts for the benefit of the children of our controlling shareholders. We consolidate certain subsidiaries of Cunningham with which we have variable interests through various arrangements related to the Cunningham Stations.

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SINCLAIR, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The services provided to WNUV-TV, WMYA-TV, WTTE-TV, WRGT-TV and WVAH-TV are governed by a master agreement which has a current term that expires on July 1, 2028 and there is one additional five-year renewal term remaining with final expiration on July 1, 2033. We also executed purchase agreements to acquire the license related assets of these stations from Cunningham, which grant us the right to acquire, and grant Cunningham the right to require us to acquire, subject to applicable FCC rules and regulations, 100% of the capital stock or the assets of these individual subsidiaries of Cunningham. Pursuant to the terms of this agreement we are obligated to pay Cunningham an annual fee for the television stations equal to the greater of (i) 3% of each station’s annual net broadcast revenue or (ii) $6 million. The aggregate purchase price of these television stations increases by 6% annually. A portion of the fee is required to be applied to the purchase price to the extent of the 6% increase. The cumulative prepayments made under these purchase agreements were $72 million and $69 million as of September 30, 2025 and December 31, 2024, respectively. The remaining aggregate purchase price of these stations, net of prepayments, as of both September 30, 2025 and December 31, 2024, was approximately $54 million. Additionally, we provide services to WDBB-TV pursuant to an LMA, which expires April 22, 2030, and have a purchase option to acquire for $0.2 million. Under these agreements, we paid Cunningham $3 million and $9 million for the three and nine months ended September 30, 2025, respectively, and $3 million and $9 million for the three and nine months ended September 30, 2024, respectively.

The agreements with KBVU-TV/KCVU-TV, KRNV-DT/KENV-DT, WBSF-TV, WDBB-TV, WEMT-TV, WGTU-TV/WGTQ-TV, WPFO-TV, and WYDO-TV expire between December 2028 and August 2033 and certain stations have renewal provisions for successive eight-year periods.

As we consolidate the licensees as VIEs, the amounts we earn or pay under the arrangements are eliminated in consolidation and the gross revenue of the stations are reported in our consolidated statements of operations. Our consolidated revenue includes $33 million and $97 million for the three and nine months ended September 30, 2025, respectively, and $41 million and $109 million for the three and nine months ended September 30, 2024, respectively, related to the Cunningham Stations.

We have an agreement with Cunningham to provide master control equipment and provide master control services to a station in Johnstown, PA with which Cunningham has an LMA that expires in December 2025. Under the agreement, Cunningham paid us an initial fee of $1 million and pays us $0.3 million annually for master control services plus the cost to maintain and repair the equipment. In addition, we have an agreement with Cunningham to provide a news share service with the Johnstown, PA station for an annual fee of $0.6 million, which increases by 3% on each anniversary and expires in November 2025.

We have multi-cast agreements with Cunningham Stations in the Eureka/Chico-Redding, California; Tri-Cities, Tennessee; Anderson, South Carolina; Baltimore, Maryland; Portland, Maine; Charleston, West Virginia; Dallas, Texas; and Greenville, North Carolina markets. In exchange for carriage of these networks in their markets, we paid $0.3 million and $1 million for the three and nine months ended September 30, 2025, respectively, and $0.2 million and $1 million for the three and nine months ended September 30, 2024, respectively, under these agreements.

Leased Property by Real Estate Ventures

Prior to September 2024, certain of our real estate ventures entered into leases with entities owned by members of the Smith Family. Total rent payments received under these leases were $0.3 million and $1 million for the three and nine months ended September 30, 2024, respectively.

WG Communications Group

The wife of Robert Weisbord, our Chief Operating Officer and President of Local Media, has an ownership interest in WG Communications Group (“WGC”). We received revenue from advertisers represented by WGC of $0.1 million and $0.2 million for the three and nine months ended September 30, 2025, respectively, and $0.1 million and $0.2 million for the three and nine months ended September 30, 2024, respectively, and made payments to WGC of less than $0.1 million for all of the nine months ended September 30, 2025 and three and nine months ended September 30, 2024.

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SINCLAIR, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Employees

Jason Smith, an employee of the Company, is the son of Frederick Smith, who is a Vice President of the Company and a member of the Company’s Board of Directors. Jason Smith received total compensation of $0.3 million for both the three months ended September 30, 2025 and 2024 and $0.9 million and $0.8 million for the nine months ended September 30, 2025 and 2024, respectively, consisting of salary and bonus, and was granted 159,607 and 37,566 shares of restricted stock, vesting over two years, for the nine months ended September 30, 2025 and 2024, respectively, and 500,000 stock appreciation rights, vesting over two years, for the nine months ended September 30, 2024.

Ethan White, an employee of the Company, is the son-in-law of J. Duncan Smith, who is a Vice President of the Company and Secretary of the Company’s Board of Directors. Ethan White received total compensation of $0.1 million for both the three months ended September 30, 2025 and 2024 and $0.2 million for both the nine months ended September 30, 2025 and 2024, respectively, consisting of salary, and was granted 3,244 and 1,503 shares of restricted stock, vesting over two years, for the nine months ended September 30, 2025 and 2024, respectively.

Ryan McCoy, an employee of the Company, is the son-in-law of J. Duncan Smith. Ryan McCoy received total compensation of less than $0.1 million for both the three months ended September 30, 2025 and 2024 and $0.1 million for both the nine months ended September 30, 2025 and 2024, consisting of salary.

Amberly Thompson, an employee of the Company, is the daughter of Donald Thompson, who is an Executive Vice President and Chief Human Resources Officer of the Company. Amberly Thompson received total compensation of less than $0.1 million for both the three months ended September 30, 2025 and 2024 and $0.1 million for both the nine months ended September 30, 2025 and 2024, consisting of salary, and was granted 285 shares of restricted stock, vesting over two years, during the nine months ended September 30, 2025.

Frederick Smith is the brother of David Smith, Executive Chairman of the Company and Chairman of the Company’s Board of Directors; Robert Smith, a member of the Company’s Board of Directors; and J. Duncan Smith. Frederick Smith received total compensation of $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and $0.5 million and $0.6 million for the nine months ended September 30, 2025 and 2024, respectively, consisting of salary and bonus.

J. Duncan Smith is the brother of David Smith, Frederick Smith, and Robert Smith. J. Duncan Smith received total compensation of $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively, and $0.5 million and $0.6 million for the nine months ended September 30, 2025 and 2024, respectively, consisting of salary and bonus.

9. FAIR VALUE MEASUREMENTS:

Accounting guidance provides for valuation techniques, such as the market approach (comparable market prices), the income approach (present value of future income or cash flow), and the cost approach (cost to replace the service capacity of an asset or replacement cost). A fair value hierarchy using three broad levels prioritizes the inputs to valuation techniques used to measure fair value. The following is a brief description of those three levels:

•Level 1: Observable inputs such as quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2: Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active.

•Level 3: Unobservable inputs that reflect the reporting entity’s own assumptions.

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SINCLAIR, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following table sets forth the face value and fair value of our financial assets and liabilities for the periods presented (in millions):


	As of September 30, 2025				As of December 31, 2024
	Face Value		Fair Value		Face Value		Fair Value
Level 1:
Investments in equity securities	N/A		$	—	N/A		$	19
Money market funds	N/A		378		N/A		601
Deferred compensation assets	N/A		51		N/A		47
Deferred compensation liabilities	N/A		47		N/A		46

Level 2:
Investments in equity securities (a)	N/A		130		N/A		141
Interest rate swap (b)	N/A		—		N/A		1
STG (c):
9.750% Second Lien Senior Secured Notes due 2033 (d)	$	432	472		$	—	—
8.125% First-Out First Lien Secured Notes due 2033 (d)	1,430		1,472		—		—
5.500% Senior Notes due 2030	485		415		485		328
5.125% Senior Notes due 2027 (d)	89		89		274		249
4.375% Second-Out First Lien Secured Notes due 2032 (d)	238		171		—		—
4.125% Senior Secured Notes due 2030 (d)	—		—		737		546
4.125% Unsecured Notes due 2030 (d)	4		3		—		—
Term Loan B-2, due September 30, 2026 (d)	—		—		1,175		1,160
Term Loan B-3, due April 1, 2028 (d)	3		2		714		575
Term Loan B-4, due April 21, 2029 (d)	—		—		731		589
Term Loan B-6, due December 31, 2029 (d)	708		630		—		—
Term Loan B-7, due December 31, 2030 (d)	728		648		—		—

Debt of variable interest entities (c)	6		6		7		7


Level 3:
Investments in equity securities (e)	N/A		2		N/A		68

N/A - Not applicable

(a)Consists of warrants to acquire marketable common equity securities. The fair value of the warrants are derived from the quoted trading prices of the underlying common equity securities less the exercise price.

(b)The fair value of the interest rate swap was a liability as of September 30, 2025 and an asset as of December 31, 2024. For further information, see Hedge Accounting within Note 1. Nature of Operations and Summary of Significant Accounting Policies and Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing.

(c)Amounts are carried in our consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $56 million and $36 million as of September 30, 2025 and December 31, 2024, respectively.

(d)STG completed a series of financing transactions, including a new money financing and debt recapitalization, during the nine months ended September 30, 2025. In October 2025, STG repurchased the remaining $89 million aggregate principal amount of the 5.125% Senior Notes due 2027. For further information, see Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing.

(e)Amounts primarily relate to warrants and options to acquire common equity in Bally’s. We recorded a fair value adjustment loss of $8 million for the nine months ended September 30, 2025 and gains of $18 million and $10 million for the three and nine months ended September 30, 2024, respectively. The fair value of the warrants is primarily derived from the quoted trading prices of the underlying common equity. The fair value of the options is derived utilizing the Black Scholes valuation model. The most significant inputs include the trading price of the underlying common stock and the exercise price of the options, which range from $30 to $45 per share. All outstanding awards to acquire common equity in Bally’s were converted to warrants and transferred to Level 2 during the nine months ended September 30, 2025.

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SINCLAIR, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

The following table summarizes the changes in financial assets measured at fair value on a recurring basis and categorized as Level 3 under the fair value hierarchy for the three and nine months ended September 30, 2025 and 2024 (in millions):


Three Months Ended September 30, 2025
Fair value at June 30, 2025	$	2



Fair value at September 30, 2025	$	2

Nine Months Ended September 30, 2025
Fair value at December 31, 2024	$	68

Transfer to Level 2	(58)
Measurement adjustments	(8)
Fair value at September 30, 2025	$	2


Three Months Ended September 30, 2024
Fair value at June 30, 2024	$	42


Measurement adjustments	16

Fair value at September 30, 2024	$	58

Nine Months Ended September 30, 2024
Fair value at December 31, 2023	$	46


Measurement adjustments	12

Fair value at September 30, 2024	$	58

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ITEM 1B. FINANCIAL STATEMENTS OF SINCLAIR BROADCAST GROUP, LLC

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SINCLAIR BROADCAST GROUP, LLC

CONSOLIDATED BALANCE SHEETS

(in millions) (Unaudited)


	As of September 30, 2025		As of December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	122	$	291
Accounts receivable, net of allowance for doubtful accounts of $4 and $5, respectively	551		582
Income taxes receivable	26		29
Prepaid expenses and other current assets	111		104

Total current assets	810		1,006
Property and equipment, net	646		692
Operating lease assets	113		123


Goodwill	2,004		2,016
Indefinite-lived intangible assets	122		123
Customer relationships, net	171		191
Other definite-lived intangible assets, net	281		326
Other assets	235		212
Total assets (a)	$	4,382	$	4,689

LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities	$	398	$	374

Current portion of notes payable, finance leases, and commercial bank financing	25		38
Current portion of operating lease liabilities	23		22
Current portion of program contracts payable	81		69
Other current liabilities	75		56

Total current liabilities	602		559
Notes payable, finance leases, and commercial bank financing, less current portion	4,076		4,091
Operating lease liabilities, less current portion	117		130
Program contracts payable, less current portion	11		13
Deferred tax liabilities	297		373
Other long-term liabilities	137		149
Total liabilities (a)	5,240		5,315
Commitments and contingencies (See Note 4)

SBG member's deficit:

Accumulated deficit	(786)		(560)
Accumulated other comprehensive income	1		2
Total SBG member’s deficit	(785)		(558)
Noncontrolling interests	(73)		(68)
Total deficit	(858)		(626)
Total liabilities and deficit	$	4,382	$	4,689

The accompanying notes are an integral part of these unaudited consolidated financial statements.

(a) Sinclair Broadcast Group, LLC’s (“SBG”) consolidated total assets as of September 30, 2025 and December 31, 2024 include total assets of variable interest entities (“VIE”) of $78 million and $70 million, respectively, which can only be used to settle the obligations of the VIEs. SBG’s consolidated total liabilities as of September 30, 2025 and December 31, 2024 include total liabilities of VIEs of $9 million and $16 million, respectively, for which the creditors of the VIEs have no recourse to SBG. See Note 6. Variable Interest Entities.

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SINCLAIR BROADCAST GROUP, LLC

CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions) (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
REVENUE:
Media revenue	$	667	$	845	$	2,040	$	2,322

OPERATING EXPENSES:
Media programming and production expenses	378		384		1,148		1,149
Media selling, general and administrative expenses	165		188		497		549
Amortization of program costs	21		18		57		55
Non-media expenses	2		2		6		6
Depreciation of property and equipment	25		25		75		76
Corporate general and administrative expenses	21		24		85		100
Amortization of definite-lived intangible assets	31		33		91		98


Gain on asset dispositions and other, net	(25)		(11)		(8)		(11)
Total operating expenses	618		663		1,951		2,022
Operating income	49		182		89		300

OTHER INCOME (EXPENSE):
Interest expense including amortization of debt discount and deferred financing costs	(85)		(78)		(311)		(230)
Gain on extinguishment of debt	—		—		6		1

Other income, net	2		3		8		36
Total other expense, net	(83)		(75)		(297)		(193)
(Loss) income before income taxes	(34)		107		(208)		107
INCOME TAX BENEFIT (PROVISION)	6		(25)		40		(15)
NET (LOSS) INCOME	(28)		82		(168)		92

Net income attributable to the noncontrolling interests	(2)		(2)		(5)		(5)
NET (LOSS) INCOME ATTRIBUTABLE TO SBG	$	(30)	$	80	$	(173)	$	87

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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SINCLAIR BROADCAST GROUP, LLC

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(in millions) (Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net (loss) income	$	(28)	$	82	$	(168)	$	92
Unrealized loss on interest rate swap, net of tax	—		(8)		(1)		(3)

Comprehensive (loss) income	(28)		74		(169)		89

Comprehensive income attributable to the noncontrolling interests	(2)		(2)		(5)		(5)
Comprehensive (loss) income attributable to SBG	$	(30)	$	72	$	(174)	$	84

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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SINCLAIR BROADCAST GROUP, LLC

CONSOLIDATED STATEMENTS OF MEMBER’S DEFICIT AND NONCONTROLLING INTERESTS

(in millions) (Unaudited)


	Three Months Ended September 30, 2024
	SBG Member
	Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total Deficit

BALANCE, June 30, 2024	$	(714)	$	6	$	(66)	$	(774)
Distributions to member, net	(40)		—		—		(40)
Distributions to noncontrolling interests	—		—		(3)		(3)
Other comprehensive loss	—		(8)		—		(8)
Net income	80		—		2		82
BALANCE, September 30, 2024	$	(674)	$	(2)	$	(67)	$	(743)


	Nine Months Ended September 30, 2024
	SBG Member
	Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Noncontrolling Interests		Total Deficit

BALANCE, December 31, 2023	$	(865)	$	1	$	(64)	$	(928)
Contributions from member, net	104		—		—		104
Distributions to noncontrolling interests	—		—		(8)		(8)
Other comprehensive loss	—		(3)		—		(3)
Net income	87		—		5		92
BALANCE, September 30, 2024	$	(674)	$	(2)	$	(67)	$	(743)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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SINCLAIR BROADCAST GROUP, LLC

CONSOLIDATED STATEMENTS OF MEMBER’S DEFICIT AND NONCONTROLLING INTERESTS

(in millions) (Unaudited)


	Three Months Ended September 30, 2025
	SBG Member
	Accumulated Deficit		Accumulated Other Comprehensive Income		Noncontrolling Interests		Total Deficit

BALANCE, June 30, 2025	$	(715)	$	1	$	(69)	$	(783)
Distributions to member, net	(41)		—		—		(41)
Distributions to noncontrolling interests	—		—		(3)		(3)
Acquisition of noncontrolling interests, net	—		—		(3)		(3)


Net (loss) income	(30)		—		2		(28)
BALANCE, September 30, 2025	$	(786)	$	1	$	(73)	$	(858)

	Nine Months Ended September 30, 2025
	SBG Member
	Accumulated Deficit		Accumulated Other Comprehensive Income		Noncontrolling Interests		Total Deficit

BALANCE, December 31, 2024	$	(560)	$	2	$	(68)	$	(626)
Distributions to member, net	(52)		—		—		(52)
Distributions to noncontrolling interests	—		—		(8)		(8)
Acquisition of noncontrolling interests, net	(1)		—		(2)		(3)

Other comprehensive loss	—		(1)		—		(1)
Net (loss) income	(173)		—		5		(168)
BALANCE, September 30, 2025	$	(786)	$	1	$	(73)	$	(858)

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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SINCLAIR BROADCAST GROUP, LLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions) (Unaudited)


	Nine Months Ended September 30,
	2025		2024
CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:
Net (loss) income	$	(168)	$	92
Adjustments to reconcile net (loss) income to net cash flows from (used in) operating activities:

Amortization of definite-lived intangible and other assets	91		98
Depreciation of property and equipment	75		76
Amortization of program costs	57		55
Equity-based compensation	40		42
Deferred tax (benefit) provision	(75)		24
Loss (gain) on asset dispositions and other, net	28		(7)


Income from investments	—		(25)

Gain on extinguishment of debt	(6)		(1)
Debt issuance costs	68		—

Change in assets and liabilities, net of acquisitions:
Decrease in accounts receivable	19		2
Decrease in prepaid expenses and other current assets	22		27
Net change in due to/from member	2		(2)
Increase (decrease) in accounts payable and accrued and other current liabilities	8		(394)
Net change in net income taxes payable/receivable	(1)		(13)
Decrease in program contracts payable	(55)		(61)

Other, net	(14)		1
Net cash flows from (used in) operating activities	91		(86)

CASH FLOWS USED IN INVESTING ACTIVITIES:
Acquisition of property and equipment	(54)		(61)



Purchases of investments	(1)		(4)
Distributions and proceeds from investments	—		44
Other, net	—		1
Net cash flows used in investing activities	(55)		(20)

CASH FLOWS USED IN FINANCING ACTIVITIES:
Proceeds from notes payable and commercial bank financing	1,430		—
Repayments of notes payable, commercial bank financing, and finance leases	(1,420)		(51)



Debt issuance costs	(110)		—

(Distributions to) contributions from member, net	(97)		48
Distributions to noncontrolling interests	(8)		(8)


Net cash flows used in financing activities	(205)		(11)

NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(169)		(117)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, beginning of period	291		319
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH, end of period	$	122	$	202

The accompanying notes are an integral part of these unaudited consolidated financial statements.

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SINCLAIR BROADCAST GROUP, LLC

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:

Nature of Operations

Sinclair Broadcast Group, LLC (“SBG”), a Maryland limited liability company and a wholly owned subsidiary of Sinclair, Inc. (“Sinclair”), is a diversified media company with national reach and a strong focus on providing high-quality content on SBG’s local television stations and digital platforms. The content, distributed through SBG’s broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news and other original programming produced by SBG and SBG owned networks.

For the quarter ended September 30, 2025, SBG had one reportable segment: local media. The local media segment consists primarily of SBG’s 179 broadcast television stations in 81 markets, which SBG owns, provides programming and operating services pursuant to agreements commonly referred to as local marketing agreements (“LMA”), or provides sales services and other non-programming operating services pursuant to other outsourcing agreements (such as joint sales agreements (“JSA”) and shared services agreements (“SSA”)). These stations broadcast 646 channels as of September 30, 2025. For the purpose of this report, these 179 stations and 646 channels are referred to as “SBG” stations and channels.

Principles of Consolidation

The consolidated financial statements include SBG’s accounts and those of SBG’s wholly-owned and majority-owned subsidiaries, and VIEs for which SBG is the primary beneficiary. Noncontrolling interests represent a minority owner’s proportionate share of the equity in certain of SBG’s consolidated entities. All intercompany transactions and account balances have been eliminated in consolidation.

SBG consolidates VIEs when SBG is the primary beneficiary. SBG is the primary beneficiary of a VIE when SBG has the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and has the obligation to absorb losses or the right to receive returns that would be significant to the VIE. See Note 6. Variable Interest Entities for more information on SBG’s VIEs.

Investments in entities over which SBG has significant influence but not control are accounted for using the equity method of accounting. Income from equity method investments represents SBG’s proportionate share of net income generated by equity method investees.

Interim Financial Statements

SBG’s consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 are unaudited. In the opinion of management, such financial statements have been presented on the same basis as the audited consolidated financial statements and include all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive (loss) income, consolidated statements of member’s deficit and noncontrolling interests, and consolidated statements of cash flows for these periods as adjusted for the adoption of recent accounting pronouncements.

As permitted under the applicable rules and regulations of the Securities and Exchange Commission (the “SEC”), SBG’s consolidated financial statements do not include all disclosures normally included with audited consolidated financial statements and, accordingly, should be read together with the audited consolidated financial statements and notes thereto in Sinclair’s Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC. SBG’s consolidated statements of operations presented in the accompanying consolidated financial statements are not necessarily representative of operations for an entire year.

Use of Estimates

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SINCLAIR BROADCAST GROUP, LLC

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Recent Accounting Pronouncements

In December 2023, the FASB issued guidance to enhance the transparency and decision usefulness of income tax disclosures, requiring annual disclosure of consistent categories and greater disaggregation of information in the rate reconciliation table; additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate); income taxes paid disaggregated by jurisdiction; and income or loss before income tax disaggregated between foreign and domestic. The guidance is effective for annual periods beginning after December 15, 2024, applied prospectively. Early adoption is permitted. SBG is currently evaluating the impact of this guidance but does not expect it to have a material impact on SBG’s consolidated financial statements.

In November 2024, the FASB issued guidance requiring disclosure of disaggregated information about certain income statement expense line items. The guidance is effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. SBG is currently evaluating the impact of this guidance.

Broadcast Television Programming

SBG has agreements with programming syndicators for the rights to television programming over contract periods, which generally run from one to three years. Contract payments are made in installments over terms that are generally equal to or shorter than the contract period. Pursuant to accounting guidance for the broadcasting industry, an asset and a liability for the rights acquired and obligations incurred under a license agreement are reported on the balance sheet when the cost of each program is known or reasonably determinable, the program material has been accepted by the licensee in accordance with the conditions of the license agreement, and the program is available for its first showing or telecast. The portion of program contracts which becomes payable within one year is reflected as a current liability in the accompanying consolidated balance sheets.

SBG assesses the program costs on a quarterly basis to ensure the costs are recorded at the lower of unamortized cost or fair value.

Hedge Accounting

SBG entered into an interest rate swap effective February 7, 2023 and terminating on February 28, 2026 in order to manage a portion of SBG’s exposure to variable interest rates. The swap agreement has a notional amount of $600 million, bears a fixed interest rate of 3.9%, and SBG receives a floating rate of interest based on the Secured Overnight Financing Rate (“SOFR”).

SBG has determined that the interest rate swap meets the criteria for hedge accounting. The initial value of the interest rate swap and any changes in value in subsequent periods are included in accumulated other comprehensive income, with a corresponding change recorded in assets or liabilities depending on the position of the swap. Gains or losses on the monthly settlement of the interest rate swap are reflected in interest expense in SBG’s consolidated statements of operations. Cash flows related to the interest rate swap are classified as operating activities in SBG’s consolidated statements of cash flows. See Interest Rate Swap within Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing for further discussion.

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SINCLAIR BROADCAST GROUP, LLC

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Supplemental Information - Statements of Cash Flows

Leased assets obtained in exchange for new operating lease liabilities were $5 million and $3 million for the nine months ended September 30, 2025 and 2024, respectively. Leased assets obtained in exchange for new finance lease liabilities were $17 million for the nine months ended September 30, 2024. Non-cash investing activities included property and equipment purchases of $4 million and $5 million for the nine months ended September 30, 2025 and 2024, respectively.

SBG received equity shares in investments valued at $20 million and $4 million for the nine months ended September 30, 2025 and 2024, respectively, in exchange for an obligation to deliver a similar value of advertising spots.

SBG completed the acquisition and sale of certain television stations as described in Acquisitions and Station Disposals below for non-cash consideration of $32 million and $36 million, respectively, during both the three and nine months ended September 30, 2025.

Included in (distributions to) contributions from member, net within cash flows used in financing activities in SBG’s consolidated statements of cash flows, were dividends to Sinclair to fund its portion of the dividends to Sinclair shareholders and parent company expenses of $108 million and $78 million for the nine months ended September 30, 2025 and 2024, respectively. These dividends were offset by a contribution from member related to $11 million from Sinclair Ventures, LLC (“Ventures”) related to cash tax payments associated with the emergence of Diamond Sports Group, LLC (“DSG”) from Chapter 11 bankruptcy protection for the nine months ended September 30, 2025 and $148 million from Ventures related to the DSG litigation settlement (see Note 4. Commitments and Contingencies for further detail) for the nine months ended September 30, 2024.

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SINCLAIR BROADCAST GROUP, LLC

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Revenue Recognition

The following table presents SBG’s revenue disaggregated by type and segment (in millions):


For the three months ended September 30, 2025	Local Media
Distribution revenue	$	370
Core advertising revenue	269
Political advertising revenue	6
Other media	22
Total revenue	$	667

For the nine months ended September 30, 2025	Local Media
Distribution revenue	$	1,145
Core advertising revenue	812
Political advertising revenue	18
Other media	65
Total revenue	$	2,040

For the three months ended September 30, 2024	Local Media
Distribution revenue	$	383
Core advertising revenue	283
Political advertising revenue	138
Other media	41
Total revenue	$	845

For the nine months ended September 30, 2024	Local Media
Distribution revenue	$	1,151
Core advertising revenue	852
Political advertising revenue	202
Other media	117
Total revenue	$	2,322

Distribution Revenue. SBG generates distribution revenue through fees received from multi-channel video programming distributors (“MVPD”) and virtual MVPDs (“vMVPD,” and together with MVPDs, “Distributors”) for the right to distribute SBG’s stations and other properties. Distribution arrangements are generally governed by multi-year contracts and the underlying fees are based upon a contractual monthly rate per subscriber. These arrangements represent licenses of intellectual property; revenue is recognized as the signal or network programming is provided to SBG’s customers (as usage occurs) which corresponds with the satisfaction of SBG’s performance obligation. Revenue is calculated based upon the contractual rate multiplied by an estimated number of subscribers. SBG’s customers will remit payments based upon actual subscribers a short time after the conclusion of a month, which generally does not exceed 120 days. Historical adjustments to subscriber estimates have not been material.

Core Advertising Revenue. SBG generates core advertising revenue primarily from the sale of non-political advertising spots/impressions within broadcast television and digital platforms.

Political Advertising Revenue. SBG generates political advertising revenue primarily from the sale of political advertising spots/impressions within broadcast television and digital platforms.

In accordance with ASC 606, SBG does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) distribution arrangements which are accounted for as a sales/usage-based royalty.

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SINCLAIR BROADCAST GROUP, LLC

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Deferred Revenue. SBG records deferred revenue when cash payments are received or due in advance of performance, including amounts which are refundable. SBG classifies deferred revenue as either current in other current liabilities or long-term in other long-term liabilities in SBG’s consolidated balance sheets based on the timing of when SBG expects to satisfy performance obligations. Deferred revenue was $163 million as of both September 30, 2025 and December 31, 2024, of which $94 million and $112 million, respectively, was reflected in other long-term liabilities in SBG’s consolidated balance sheets. Deferred revenue recognized for the nine months ended September 30, 2025 and 2024, included in the deferred revenue balance as of December 31, 2024 and 2023, was $43 million and $35 million, respectively.

For the three months ended September 30, 2025, two customers accounted for 12% and 10%, respectively, of SBG’s total revenue. For the nine months ended September 30, 2025, two customers accounted for 12% and 11%, respectively, of SBG’s total revenue. For the three months ended September 30, 2024, one customers accounted for 10%, of SBG’s total revenue. For the nine months ended September 30, 2024, two customers accounted for 11% and 10%, respectively, of SBG’s total revenue. As of September 30, 2025, two customers accounted for 13% and 10%, respectively, of SBG’s accounts receivable, net. As of December 31, 2024, four customers accounted for 11%, 10%, 10%, and 10%, respectively, of SBG’s accounts receivable, net. For purposes of this disclosure, a single customer may include multiple entities under common control.

Acquisitions and Station Disposals

In July 2025, SBG sold its owned stations within Milwaukee, WI (WVTV), Springfield, IL (WICS/WICD), Ottumwa, IA (KTVO), and Quincy, IL (KHQA) for consideration valued at $36 million. For the nine months ended September 30, 2025, SBG recorded a net loss of $8 million related to the sale, which is included within gain on asset dispositions and other, net within SBG’s consolidated statements of operations and SBG’s local media segment within Note 5. Segment Data.

In September 2025, SBG acquired the non-license assets of WLNE in Providence, RI for consideration of $32 million. The acquired assets and liabilities were recorded at fair value as of the closing date of the transaction. Based upon the preliminary purchase price allocation, SBG recorded $27 million of definite-lived intangible assets, $1 million of property and equipment, and $4 million of net working capital.

Income Taxes

SBG’s income tax provision for all periods consists of federal and state income taxes. The tax provision for the three and nine months ended September 30, 2025 and 2024 is based on the estimated effective tax rate applicable for the full year after taking into account discrete tax items and the effects of the noncontrolling interests. SBG provides a valuation allowance for deferred tax assets if it is determined that it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating SBG’s ability to realize net deferred tax assets, SBG considers all available evidence, both positive and negative, including past operating results, tax planning strategies, current and cumulative losses, and forecasts of future taxable income. In considering these sources of taxable income, SBG must make certain judgments that are based on the plans and estimates used to manage SBG’s underlying businesses on a long-term basis. A valuation allowance has been provided for deferred tax assets related to a substantial amount of SBG’s available state net operating loss carryforwards based on past operating results, expected timing of the reversals of existing temporary basis differences, alternative tax strategies, and projected future taxable income.

On July 4, 2025, the One Big, Beautiful Bill (“OBBB”) was enacted. The OBBB is a comprehensive tax reform package that includes several provisions which have, and will continue to, reduce SBG’s taxes paid in 2025. SBG does not expect the legislation to have a material impact on its financial statements.

SBG’s effective income tax rate for the three months ended September 30, 2025 was less than the statutory rate primarily due to non-deductible expenses. SBG’s effective income tax rate for the nine months ended September 30, 2025 was less than the statutory rate primarily due to non-deductible expenses. SBG's effective income tax rate for the three months ended September 30, 2024 was greater than the statutory rate primarily due to non-deductible expenses. SBG's effective income tax rate for the nine months ended September 30, 2024 was less than the statutory rate 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.

SBG does not believe that its liability for unrecognized tax benefits would be materially impacted, in the next twelve months, as a result of the expected statute of limitations expirations, the application of limits under available state administrative practice exceptions, and the resolution of examination issues and settlements with federal and certain state tax authorities.

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SINCLAIR BROADCAST GROUP, LLC

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Reclassifications

Certain reclassifications have been made to prior years’ consolidated financial statements to conform to the current year’s presentation.

Sinclair, Inc. 10-Q