v3.25.1
SEGMENT DATA
 3 Months Ended
Mar. 31, 2025
Segment data  
SEGMENT DATA SEGMENT DATA:
 
We measure segment performance based on operating income (loss). For the quarter ended March 31, 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 March 31, 2025Local MediaTennisOther & CorporateEliminationsConsolidated
Assets$4,541 $276 $963 $(1)$5,779 
For the three months ended March 31, 2025Local MediaTennisOther & CorporateEliminationsConsolidated
Revenue$694 $68 $21 $(7)(b)$776 
Media programming and production expenses390 27 1 — 418 
Media selling, general and administrative expenses170 18 11 (7)192 
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets56 5 1 — 62 
Amortization of program costs19 — — — 19 
Corporate general and administrative expenses37 — 15 — 52 
Loss on asset dispositions and other, net8 — — — 8 
Other segment items (a)2 — 9 — 11 
Operating income (loss)$12 $18 $(16)$— $14 
Interest expense including amortization of debt discount and deferred financing costs$144 $— $— $— $144 
Loss from equity method investments— (1)(5)— (6)
Gain on extinguishment of debt2 — — — 2 
Other income (expense), net3 — (69)— (66)
Loss before income taxes$(200)
For the three months ended March 31, 2024Local MediaTennisOther & CorporateEliminationsConsolidated
Revenue$727 $63 $15 $(7)(b)$798 
Media programming and production expenses383 25 — — 408 
Media selling, general and administrative expenses183 12 5 (4)196 
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets58 5 1 (1)63 
Amortization of program costs19 — — — 19 
Corporate general and administrative expenses41 1 16 — 58 
Other segment items (a)2 — 12 (2)12 
Operating income (loss)$41 $20 $(19)$— $42 
Interest expense including amortization of debt discount and deferred financing costs$76 $— $— $— $76 
(Loss) income from equity method investments— (1)15 — 14 
Gain on extinguishment of debt1 — — — 1 
Other income, net31 — 9 — 40 
Income before income taxes$21 
(a)Other segment items relate primarily to non-media expenses.
(b)Includes $4 million and $2 million for the three months ended March 31, 2025 and 2024, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.
Sinclair Broadcast Group, LLC  
Segment data  
SEGMENT DATA SEGMENT DATA:
 
SBG measures segment performance based on operating income (loss). For the quarter ended March 31, 2025, SBG had one reportable segment: local media. The local media segment includes SBG’s television stations, original networks, and content and provides these through free over-the-air programming to television viewing audiences for stations in markets located throughout the continental United States, as well as distributes the content of these stations to MVPDs for distribution to their customers in exchange for contractual fees. See Revenue Recognition under Note 1. Nature of Operations and Summary of Significant Accounting Policies for further detail. Corporate is not a reportable segment but is included for reconciliation purposes. Corporate costs primarily include SBG’s costs to operate as the parent company of its subsidiaries. All of SBG’s businesses are located within the United States.

Segment financial information is included in the following tables for the periods presented (in millions):
As of March 31, 2025Local MediaCorporateConsolidated
Assets$4,556 $61 $4,617 

For the three months ended March 31, 2025Local Media
Revenue$694 
Media programming and production expenses390 
Media selling, general and administrative expenses170 
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets56 
Amortization of program costs19 
Corporate general and administrative expenses37 
Loss on asset dispositions and other, net8 
Other segment items (a)2 
Operating income$12 
Interest expense including amortization of debt discount and deferred financing costs$144 
Gain on extinguishment of debt2 
Other income, net3 
Loss before income taxes$(127)

For the three months ended March 31, 2024Local Media
Revenue$727 
Media programming and production expenses383 
Media selling, general and administrative expenses183 
Depreciation of property and equipment and amortization of definite-lived intangibles and other assets58 
Amortization of program costs19 
Corporate general and administrative expenses41 
Other segment items (a)2 
Operating income$41 
Interest expense including amortization of debt discount and deferred financing costs$76 
Gain on extinguishment of debt1 
Other income, net31 
Loss before income taxes$(3)
(a)Other segment items relate primarily to non-media expenses.