FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Carrying Value and Fair Value of Notes and Debentures

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 March 31, 2025				As of December 31, 2024
	Face Value		Fair Value		Face Value		Fair Value
Level 1:
Investments in equity securities	N/A		$	5	N/A		$	19
Money market funds	N/A		487		N/A		601
Deferred compensation assets	N/A		46		N/A		47
Deferred compensation liabilities	N/A		41		N/A		46

Level 2:
Investments in equity securities (a)	N/A		142		N/A		141
Interest rate swap (b)	N/A		1		N/A		1
STG (c):
9.750% Second Lien Senior Secured Notes due 2033 (d)	$	431	445		$	—	—
8.125% First-Out First Lien Secured Notes due 2033 (d)	1,430		1,411		—		—
5.500% Senior Notes due 2030	485		361		485		328
5.125% Senior Notes due 2027 (d)	170		161		274		249
4.375% Second-Out First Lien Secured Notes due 2032 (d)	239		149		—		—
4.125% Senior Secured Notes due 2030 (d)	—		—		737		546
4.125% Unsecured Notes due 2030 (d)	5		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)	711		592		—		—
Term Loan B-7, due December 31, 2030 (d)	731		609		—		—

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 an asset as of both March 31, 2025 and December 31, 2024. 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 $59 million and $36 million as of March 31, 2025 and December 31, 2024, respectively.

(d)STG completed a series of financing transactions, including a new money financing and debt recapitalization, during the three months ended March 31, 2025. For further information, see Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing.

(e)Amounts as of December 31, 2024 primarily related to warrants and options to acquire common equity in Bally’s. We recorded fair value adjustment losses of $8 million and $1 million for the three months ended March 31, 2025 and 2024, respectively. The fair value of the warrants was primarily derived from the quoted trading prices of the underlying common equity. The fair value of the options was derived utilizing the Black Scholes valuation model. The most significant inputs included the trading price of the underlying common stock and the exercise price of the options, which range from $30 to $45 per share. During the three months ended March 31, 2025, all outstanding awards to acquire common equity in Bally’s were converted to warrants and transferred to Level 2.

Sinclair Broadcast Group, LLC

FAIR VALUE MEASUREMENTS:

Schedule of Carrying Value and Fair Value of Notes and Debentures

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


	As of March 31, 2025				As of December 31, 2024
	Face Value		Fair Value		Face Value		Fair Value
Level 1:
Money market funds	N/A		$	260	N/A		$	253

Level 2:
Interest rate swap (a)	N/A		1		N/A		1
STG (b):
9.750% Second Lien Senior Secured Notes due 2033 (c)	$	431	445		$	—	—
8.125% First-Out First Lien Secured Notes due 2033 (c)	1,430		1,411		—		—
5.500% Senior Notes due 2030	485		361		485		328
5.125% Senior Notes due 2027 (c)	170		161		274		249
4.375% Second-Out First Lien Secured Notes due 2032 (c)	239		149		—		—
4.125% Senior Secured Notes due 2030 (c)	—		—		737		546
4.125% Unsecured Notes due 2030 (c)	5		3		—		—
Term Loan B-2, due September 30, 2026 (c)	—		—		1,175		1,160
Term Loan B-3, due April 1, 2028 (c)	3		2		714		575
Term Loan B-4, due April 21, 2029 (c)	—		—		731		589
Term Loan B-6, due December 31, 2029 (c)	711		592		—		—
Term Loan B-7, due December 31, 2030 (c)	731		609		—		—

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

N/A - Not applicable

(a)The fair value of the interest rate swap was an asset as of both March 31, 2025 and 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.

(b)Amounts are carried in SBG’s consolidated balance sheets net of debt discount and deferred financing cost, which are excluded in the above table, of $59 million and $36 million as of March 31, 2025 and December 31, 2024, respectively.

(c)STG completed a series of financing transactions, including a new money financing and debt recapitalization, during the three months ended March 31, 2025. For further information, see Note 3. Notes Payable, Finance Leases, and Commercial Bank Financing.