Table of Contents 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, 2021 None OR ☐ 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: 000-26076 SINCLAIR BROADCAST GROUP, INC. (Exact name of Registrant as specified in its charter) (State ...

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Q3 2021 Earnings Conference Call November 3, 2021 9:00 AM ET Company Participants Lucy Rutishauser – Executive Vice President and Chief Financial Officer Billie-Jo McIntire – Director, Investor Relations Chris Ripley – President and Chief Executive Officer Conference Call Participants Dan Kurnos – Benchmark Steven Cahall – Wells Fargo David Hamburger – Morgan Stanley Aaron Watts – Deutsche Bank Lance Vitanza – Cowen Operator Good morning, ladies and gentlemen, an ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ 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: 000-26076 FORM 10-Q SINCLAIR BROADCAST GROUP, INC. (Exact name of Registrant as specified in its charter) (Mark One) Maryland 52-1494 ...

Sinclair Broadcast Group, Inc. (NASDAQ:SBGI) Q2 2021 Earnings Conference Call August 4, 2021 9:30 AM ET Company Participants Lucy Rutishauser – Executive Vice President and Chief Financial Officer Billie-Jo McIntire – Director-Investor Relations Chris Ripley – President and Chief Executive Officer Rob Weisbord – President-Broadcast and Chief Advertising Revenue Officer Conference Call Participants Dan Kurnos – Benchmark Company Steven Cahall – Wells Fargo David Hamburger – Morgan Stanley Aaron Watts – Deuts ...

Table of Contents 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 March 31, 2021 OR ☐ 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: 000-26076 SINCLAIR BROADCAST GROUP, INC. (Exact name of Registrant as specified in its charter) (State or other ...

Financial Data and Key Metrics Changes - The company's media revenues for Q1 2021 decreased by 5% compared to Q1 2020, primarily due to the absence of political revenue and the sale of three stations [40] - Adjusted EBITDA for the consolidated company declined to $182 million, down 22% from the previous year, but exceeded guidance [42][46] - The first quarter consolidated adjusted free cash flow was $9 million, approximately $117 million better than the low end of the guidance range [47] Business Line Data and Key Metrics Changes - Core advertising revenues, excluding the three sold stations, increased almost 1% year-over-year, better than expectations of a mid-single-digit decline [41] - Local sports media revenues declined by 5% compared to the first quarter of the previous year, impacted by lower distribution revenue and higher subscriber churn [43] - Local sports adjusted EBITDA for Q1 was $9 million, down from the prior year but beat guidance by over $60 million [45] Market Data and Key Metrics Changes - The advertising market showed improvement, with core ad revenues finishing flattish compared to the pro forma first quarter of 2020 and 2019 [10] - April 2021 saw a significant increase in advertising revenues, up over 70% compared to April 2020, and only low-single digits down from April 2019 [11] - The auto industry is facing supply constraints, which may impact advertising spending in upcoming quarters [12] Company Strategy and Development Direction - The company is focusing on direct-to-consumer opportunities for regional sports content, aiming to fill the void left by traditional distributors [22][24] - Sinclair is enhancing its programming through partnerships, such as with Bally's, to improve non-game programming and increase advertising yields [59] - The company is exploring monetization opportunities through ATSC 3.0 technology, which could unlock significant revenue potential [28][29] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the core advertising market, particularly in services and sports betting categories [12] - The company is cautiously optimistic about Q2 2021, expecting slightly down performance against 2019 benchmarks but positive trends in April and May [84] - Management highlighted the importance of viewer engagement and the potential for increased monetization through interactive programming and gamification [27] Other Important Information - The company announced the appointment of Laurie Beyer as its first female director, reflecting its commitment to diversity [21] - Sinclair's cash at the end of the quarter was $941 million, with total debt at $12.540 billion and net leverage at 6.4x [48][49] Q&A Session Summary Question: Can you provide insights on direct-to-consumer strategy and advertising yield improvements? - Management acknowledged a change in tone regarding direct-to-consumer opportunities, emphasizing the potential for increased engagement and monetization through digital platforms [58] - The partnership with Bally's is expected to enhance non-game programming and improve advertising yields without significant financial risk [59][60] Question: What is the status of negotiations with distributors and the impact on timing? - Management confirmed that they have direct-to-consumer rights for most teams and are in discussions to enhance those rights, with plans to launch in the first half of 2022 [65] Question: Can you discuss the implications of subscriber trends and the Cox renewal? - Management noted slight improvements in subscriber trends, with expectations of mid-single-digit declines for broadcast and high-single-digit declines for RSNs [87] Question: What are the expected cost savings from programming contract renewals? - Management indicated that they aim to variabilize costs in renewals, aligning interests with teams and potentially reducing fixed costs [75] Question: How does the company plan to utilize free cash flow moving forward? - Management stated that the focus remains on de-leveraging, increasing long-term value, and reinvesting in the company [70] Question: What feedback has been received regarding the new Bally Sports app? - Early feedback on the Bally Sports app has been positive, with significant engagement and plans for further monetization opportunities [100]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K (mark one) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED December 31, 2020 OR ☐ 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: 000-26076 SINCLAIR BROADCAST GROUP, INC. (Exact name of Registrant as specified in its charter) (State or other juri ...

Financial Data and Key Metrics Changes - The fourth quarter media revenues reached $986 million, exceeding guidance by $25 million, driven by record political ad revenue of $204 million, which was $10 million higher than expected [29][30] - Adjusted EBITDA for the quarter was $408 million, a $132 million increase year-over-year, surpassing expectations due to higher advertising revenues and lower costs [30][35] - Total company media revenues for the year were $5.843 billion, with adjusted EBITDA of $1.888 billion, down 12% compared to the prior year pro forma [35][36] Business Line Data and Key Metrics Changes - Local sports media revenues for Q4 were $531 million, $257 million lower than the prior year, primarily due to $168 million in distributor rebates accrued [31][34] - Local sports adjusted EBITDA was $209 million for the quarter, $26 million below guidance due to additional distributor rebate accruals [34] - Broadcast and other segments saw media revenues of $986 million, with adjusted EBITDA of $408 million, reflecting strong political advertising and better-than-expected core advertising revenues [29][30] Market Data and Key Metrics Changes - Pro forma distribution revenues increased by 8% year-over-year despite mid single-digit subscriber churn [30] - Core advertising revenues showed improvement, with automotive advertising up 38.5% quarter-over-quarter [88] - The company anticipates continued elevated subscriber churn and challenges in the distribution market due to the pandemic [39][41] Company Strategy and Development Direction - The company is focusing on gamification initiatives, including a partnership with Bally's for sports betting, which is expected to enhance viewer engagement and revenue [10][19] - Plans to launch a new Bally's sports app in spring 2021 to provide a personalized viewing experience [16][17] - The company is transitioning RSN operations to a new state-of-the-art facility, which will allow for the operation of up to 50 RSN channels [21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the ongoing challenges posed by COVID-19, including uncertainty in subscriber churn and league schedules [16][38] - The company remains optimistic about advertising recovery as economic indicators improve and vaccinations roll out [88][90] - Management expects to exceed budgeted first-quarter revenue numbers from an advertising perspective, driven by a strong recovery in the economy [88] Other Important Information - The company donated over $1 million and helped raise an additional $30 million for charitable causes during the pandemic [13] - The company has $880 million remaining on its share buyback authorization, having retired 21% of its shares outstanding last year [58] Q&A Session Summary Question: What are the assumptions regarding distribution and retransmission? - Management noted that the only significant retransmission renewal this year is with DISH, and they are managing expectations around distributor renewals [46][48] Question: How is the company addressing churn and capital allocation? - The company is building in high single-digit churn for Diamond and mid-single-digit churn for broadcast, while also considering share buybacks and future investment opportunities [57][58] Question: What is the strategy for Bally's partnership and RSN performance? - The strategy involves deep integration with Bally's to drive user engagement and the expectation of achieving performance targets for user thresholds [62] - Management indicated that the RSNs are expected to have a range of EBITDA expectations due to various moving parts and uncertainties [63]

Financial Data and Key Metrics Changes - Adjusted EBITDA for Q3 2020 was $736 million, nearly double last year's figure and 15% higher than pro forma Q3 2019, exceeding guidance by 19% [10][35] - Consolidated media revenue increased by 42% or $449 million from Q3 2019, with pro forma media revenues declining by $53 million year-over-year but up 5% excluding distributor rebates [31][32] - Adjusted free cash flow for Q3 was $551 million, $140 million above the high end of guidance, and pro forma free cash flow was $550 million, up $199 million from Q3 2019 [36][37] Business Segment Data and Key Metrics Changes - Broadcast segment media revenues totaled $817 million, exceeding guidance by $12 million, with adjusted EBITDA of $271 million, a $62 million increase year-over-year [40] - Local sports segment media revenues were $727 million, more than double the prior year, with adjusted EBITDA of $464 million, exceeding guidance [41][43] - Political advertising revenue reached approximately $363 million, a 35% increase over the previous record year of 2012, significantly contributing to overall revenue growth [11][39] Market Data and Key Metrics Changes - Subscriber churn improved slightly in Q3 compared to Q2, with broadcast segment churn in mid-single digits and local sports segment churn in high single digits [12][16] - The loss of YouTube and Hulu as distributors impacted subscriber churn and revenue, contributing to a non-cash impairment charge of approximately $4.2 billion in the local sports segment [17][28] Company Strategy and Development Direction - The company is focusing on initiatives to monetize future growth opportunities in legalized sports betting, advertising, and direct-to-consumer distribution [19][22] - Plans to launch a new sports app aimed at enhancing viewer experience and integrating gamification elements are underway, expected to launch in spring [21] - The company is optimistic about the future of sports rights and intends to reinvent RSNs around community engagement and direct-to-consumer models [83] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the recovery of core advertising revenues post-COVID, citing improvements in traditional MVPDs' subscriber numbers [62] - The company will not provide guidance for 2021 due to uncertainties surrounding COVID and its economic impact [27] - Management remains focused on cost control measures, having reduced OpEx and CapEx expenses significantly during the year [57] Other Important Information - The company estimated a deferred income tax benefit of approximately $1.1 billion related to the impairment loss, which does not affect cash position or cash flow [30] - Consolidated cash at the end of Q3 was $632 million, with total debt at $12.463 billion and a net leverage ratio of 6.5 times [44] Q&A Session Summary Question: Update on subscriber locks and market evolution - Management indicated that YouTube and Hulu represented about 10% of gross distribution revenues, with only 5% of RSN subscribers up for renewal next year [51][52] Question: Insights on Q4 subscriber churn expectations - Management noted that Q4 estimates reflect slight improvement in subscriber churn based on Q3 progress and traditional MVPD disclosures [62] Question: Update on cash flow and debt restructuring options - Management stated they are in a strong liquidity position and are not actively soliciting responses from stakeholders regarding debt restructuring [64] Question: Core advertising environment and auto category performance - Core advertising in Q3 was down mid to high single digits, but there was improvement in the auto category [71][74] Question: Future of distribution deals and RSN strategy - Management clarified that the recent YouTube TV agreement was an anomaly and not indicative of a broader trend in distribution deals [78] Question: Managing costs and media rights agreements - Management emphasized the importance of aligning media rights agreements with variable compensation structures to manage costs effectively [97]

Financial Data and Key Metrics Changes - Consolidated media revenue for Q2 increased to $539 million due to the inclusion of the Local Sports segment, which was not present in the previous year's results [47] - On a pro forma basis, total media revenues were $1.260 billion, down from $1.710 billion year-over-year, primarily due to pandemic-related advertising market weakness and absence of live sports [47][50] - Adjusted EBITDA on a consolidated basis increased 31% to $254 million, but on a pro forma basis, it declined by $391 million [54] - Consolidated adjusted free cash flow was $46 million, which was $79 million below the lower end of guidance [57] - Total debt at the end of Q2 was $12.399 billion, with a net leverage ratio of 6.4 times [68] Business Line Data and Key Metrics Changes - Core advertising for broadcast and other segments declined 36% in Q2, with a significant improvement noted in June, where the decline was 26% [12][50] - Sports segment adjusted EBITDA was $110 million, down from $440 million year-over-year, primarily due to distributor rebate accrual and absence of live games [55][67] - Media revenues for the Sports segment decreased 38% to $616 million compared to pro forma results of $992 million in the previous year [65] Market Data and Key Metrics Changes - Subscriber churn across all segments was 7% year-over-year, slightly higher than previous trends, attributed to COVID-19 impacts [52] - The advertising market showed signs of recovery, with July finishing down 20% compared to the previous year [51] Company Strategy and Development Direction - The company is focused on leveraging growth opportunities in sports betting and enhancing non-game programming to improve viewership and revenue [22][24] - The launch of NEXTGEN TV technology is expected to enhance broadcast quality and provide new monetization opportunities [25][28] - The company has locked up approximately 85% of RSN subscribers for at least two years following a successful agreement with Comcast [29][85] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the advertising market and the upcoming political season, which is expected to mitigate weaknesses in core advertising [14][51] - The company acknowledged ongoing challenges due to COVID-19 but remains committed to managing expenses and optimizing capital structure [62][70] Other Important Information - The company has repurchased approximately 19 million shares, representing 21% of total shares outstanding since the beginning of the year [37] - A new headline news service is set to launch in early 2021, focusing on breaking local news stories [34] Q&A Session Summary Question: Improvement in core advertising and COVID impacts - Management noted consistent improvement in core advertising bookings, although they are being booked later than usual due to COVID-19 [77][79] Question: Stability of subscriber base and cord-cutting outlook - Subscriber churn was reported at 7%, with management forecasting similar levels for Q3 due to economic conditions [82] Question: Comcast renewal and distribution percentages - Management confirmed that 85% of RSN subscribers are locked in for two years or more following the Comcast agreement [85] Question: Timing of cash inflows from team rebates - Management clarified that cash inflows from team rebates are expected in Q3 and Q4, while cash outflows to distributors will occur after 2020 [86][89] Question: Liquidity and capital structure management - Management emphasized a commitment to strengthening the capital structure and exploring various options for debt management [91][92] Question: Recent station renewals and retransmission growth outlook - Management refrained from providing full-year guidance on retransmission growth due to market variability [121]