Sinclair, Inc.SBGI
Sinclair, Inc. Segments Disclosure
15. SEGMENT DATA:
For the year ended December 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. 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. 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.
All of our businesses and operations are located within the United States. We define our segments on the basis of the way in which internally reported financial information is reviewed by our chief operating decision maker (“CODM”). Our chief executive officer is the CODM of the organization. The CODM meets regularly with segment managers to review performance, significant initiatives, opportunities, and key operating processes. The CODM measures segment performance based on operating income (loss) and considers budget-to-actual and forecast-to-actual variances on a quarterly basis for making decisions on the Company’s strategy and allocation of resources.
Segment financial information reviewed by the CODM is included in the following tables for the years ended December 31, 2025, 2024, and 2023 (in millions):
| As of December 31, 2025 | Local media | Tennis | Other & Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
| Goodwill | $ | 2,004 | $ | 61 | $ | 20 | $ | — | $ | 2,085 | ||||||||||||||||||||||
| Assets | 4,574 | 243 | 1,132 | — | 5,949 | |||||||||||||||||||||||||||
| As of December 31, 2024 | Local media | Tennis | Other & Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
| Goodwill | $ | 2,016 | $ | 61 | $ | 5 | $ | — | $ | 2,082 | ||||||||||||||||||||||
| Assets | 4,591 | 253 | 1,043 | (2) | 5,885 | |||||||||||||||||||||||||||
| For the year ended December 31, 2025 | Local media | Tennis | Other & Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
| Revenue | $ | 2,774 | $ | 265 | $ | 166 | $ | (36) | (b) | $ | 3,169 | |||||||||||||||||||||
| Media programming and production expenses | 1,526 | 125 | 2 | — | 1,653 | |||||||||||||||||||||||||||
| Media selling, general and administrative expenses | 666 | 65 | 107 | (32) | 806 | |||||||||||||||||||||||||||
| Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | 227 | 21 | 2 | (1) | 249 | |||||||||||||||||||||||||||
| Amortization of program costs | 74 | — | — | — | 74 | |||||||||||||||||||||||||||
| Corporate general and administrative expenses | 118 | 2 | 65 | — | 185 | |||||||||||||||||||||||||||
| (Gain) loss on asset dispositions and other, net | (24) | — | 5 | — | (19) | |||||||||||||||||||||||||||
| Other segment items (a) | 8 | — | 43 | (3) | 48 | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 179 | $ | 52 | $ | (58) | $ | — | $ | 173 | ||||||||||||||||||||||
| Interest expense including amortization of debt discount and deferred financing costs | $ | 395 | $ | — | $ | — | $ | — | $ | 395 | ||||||||||||||||||||||
| (Loss) income from equity method investments | — | (3) | 64 | — | 61 | |||||||||||||||||||||||||||
| Gain on extinguishment of debt | 6 | — | — | — | 6 | |||||||||||||||||||||||||||
| Other income (expense), net | 8 | — | (6) | — | 2 | |||||||||||||||||||||||||||
| Loss before income taxes | $ | (153) | ||||||||||||||||||||||||||||||
| Capital expenditures | $ | 73 | $ | 2 | $ | — | $ | (1) | $ | 74 | ||||||||||||||||||||||
| For the year ended December 31, 2024 | Local media | Tennis | Other & Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
| Revenue | $ | 3,254 | $ | 247 | $ | 76 | $ | (29) | (b) | $ | 3,548 | |||||||||||||||||||||
| Media programming and production expenses | 1,536 | 125 | — | — | 1,661 | |||||||||||||||||||||||||||
| Media selling, general and administrative expenses | 742 | 53 | 21 | (22) | 794 | |||||||||||||||||||||||||||
| Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | 231 | 21 | 2 | (4) | 250 | |||||||||||||||||||||||||||
| Amortization of program costs | 74 | — | — | — | 74 | |||||||||||||||||||||||||||
| Corporate general and administrative expenses | 117 | 2 | 66 | — | 185 | |||||||||||||||||||||||||||
| Gain on asset dispositions and other, net | (18) | — | (2) | — | (20) | |||||||||||||||||||||||||||
| Other segment items (a) | 8 | — | 48 | (3) | 53 | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 564 | $ | 46 | $ | (59) | $ | — | $ | 551 | ||||||||||||||||||||||
| Interest expense including amortization of debt discount and deferred financing costs | $ | 304 | $ | — | $ | — | $ | — | $ | 304 | ||||||||||||||||||||||
| (Loss) income from equity method investments | — | (3) | 121 | — | 118 | |||||||||||||||||||||||||||
| Gain on extinguishment of debt | 1 | — | — | — | 1 | |||||||||||||||||||||||||||
| Other income (expense), net | 40 | — | (11) | — | 29 | |||||||||||||||||||||||||||
| Income before income taxes | $ | 395 | ||||||||||||||||||||||||||||||
| Capital expenditures | $ | 80 | $ | 1 | $ | 5 | $ | (2) | $ | 84 | ||||||||||||||||||||||
| For the year ended December 31, 2023 | Local media | Tennis | Other & Corporate | Eliminations | Consolidated | |||||||||||||||||||||||||||
| Revenue | $ | 2,866 | $ | 228 | $ | 62 | $ | (22) | (b) | $ | 3,134 | |||||||||||||||||||||
| Media programming and production expenses | 1,488 | 115 | 13 | (5) | 1,611 | |||||||||||||||||||||||||||
| Media selling, general and administrative expenses | 694 | 41 | 22 | (10) | 747 | |||||||||||||||||||||||||||
| Depreciation of property and equipment and amortization of definite-lived intangible assets and other assets | 243 | 21 | 10 | (3) | 271 | |||||||||||||||||||||||||||
| Amortization of program costs | 80 | — | — | — | 80 | |||||||||||||||||||||||||||
| Corporate general and administrative expenses | 134 | 1 | 559 | — | 694 | |||||||||||||||||||||||||||
| Loss on deconsolidation of subsidiary | — | — | 10 | — | 10 | |||||||||||||||||||||||||||
| (Gain) loss on asset dispositions and other, net | (14) | — | 17 | — | 3 | |||||||||||||||||||||||||||
| Other segment items (a) | 14 | — | 39 | (4) | 49 | |||||||||||||||||||||||||||
| Operating income (loss) | $ | 227 | $ | 50 | $ | (608) | $ | — | $ | (331) | ||||||||||||||||||||||
| Interest expense including amortization of debt discount and deferred financing costs | $ | 305 | $ | — | $ | — | $ | — | $ | 305 | ||||||||||||||||||||||
| (Loss) income from equity method investments | — | (2) | 31 | — | 29 | |||||||||||||||||||||||||||
| Gain on extinguishment of debt | 15 | — | — | — | 15 | |||||||||||||||||||||||||||
| Other income (expense), net | 33 | — | (78) | — | (45) | |||||||||||||||||||||||||||
| Loss before income taxes | $ | (637) | ||||||||||||||||||||||||||||||
| Capital expenditures | $ | 86 | $ | 1 | $ | 5 | $ | — | $ | 92 | ||||||||||||||||||||||
(a)Other segment items relate primarily to non-media expenses.
(b)Includes $22 million, $13 million, and $8 million for the years ended December 31, 2025, 2024, and 2023, respectively, of revenue for services provided by other to local media, which is eliminated in consolidation.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 29, 2024 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.