What changed in this filing

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Item 1. Business

2025-02-26 compared with 2024-02-29 · 137 added, 142 removed, 532 unchanged (34% of the section changed)

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Refer to Company Reorganization in this Item 1 .

Sinclair is a diversified media company with national reach and a strong focus on providing high-quality content on our local television stations, digital platform, and, prior to the Deconsolidation (as defined below under Local Sports in this Item 1 ), regional sports networks.

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.

The content, distributed through our broadcast platform and third-party platforms, consists of programming provided by third-party networks and syndicators, local news, sports and other original programming produced by us and our owned networks.

Additionally, Sinclair owns digital media companies that are complementary to our extensive portfolio of television station related digital properties and has interests in, owns, manages, and/or operates 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.

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At the Share Exchange Effective Time, Sinclair’s articles of incorporation and bylaws were amended and restated to be the same in all material respects as the existing articles of incorporation and bylaws of Old Sinclair immediately prior to the Share Exchange.

As a result, the Sinclair Class A Common Shares confer upon the holders thereof the same rights with respect to Sinclair that the holders of the Old Sinclair Class A Common Shares had with respect to Old Sinclair, and the Sinclair Class B Common Shares confer upon the holders thereof the same rights with respect to Sinclair that the holders of the Old Sinclair Class B Common Shares had with respect to Old Sinclair.

As a result, the Sinclair Class A Common Shares confer upon the holders thereof the same rights with respect to Old Sinclair that the holders of the Old Sinclair Class A Common Shares had with respect to Old Sinclair, and the Sinclair Class B Common Shares confer upon the holders thereof the same rights with respect to Sinclair that the holders of the Old Sinclair Class B Common Shares had with respect to Old Sinclair.

Sinclair’s Board of Directors (the “Board”), including its committees, and senior management team immediately after the Share Exchange were the same as Old Sinclair’s immediately before the Share Exchange.

As of December 31, 2024, Sinclair had two reportable segments, local media and tennis, and SBG had one reportable segment, local media.

Prior to the Deconsolidation, Sinclair and SBG had one additional reportable segment, local sports.

See Deconsolidation of Diamond Sports Intermediate Holdings LLC under Note 1.

Nature of Operations and Summary of Significant Accounting Policies within the Consolidated Financial Statements.

Sinclair and SBG’s local media segment is comprised of our television stations, which are owned and/or operated by SBG’s wholly-owned subsidiary, Sinclair Television Group, Inc.

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Sinclair’s tennis segment primarily consists of Tennis Channel, a cable network which includes coverage of many of tennis’ top tournaments and original professional sports and tennis lifestyle shows.

Sinclair's and SBG's local sports segment was comprised of our regional sports networks, which are owned and operated by our subsidiary, Diamond Sports Group, LLC ("DSG") and its direct and indirect subsidiaries.

Prior to the Deconsolidation, Sinclair and SBG had one additional reportable segment, local sports, which consisted of RSNs, which owned the exclusive rights to air, among other sporting events, the games of professional sports teams in designated local viewing areas.

Sinclair also earns revenues from digital and internet services, technical services, and non-media investments, included within “other”.

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FOX (55), ABC (40), CBS (30), NBC (24), CW (47), and MyNetworkTV (“MNT”) (39).

Solely for the purpose of this report, these 185 stations and 640 channels are referred to as "our" stations and channels, and the use of such term shall not be construed as an admission that we control such stations or channels.

Solely for the purpose of this report, these 185 stations and 641 channels are referred to as “our” stations and channels, and the use of such term shall not be construed that we control such stations or channels.

Refer to our Television Markets and Stations table later in this Item 1.

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We produce more than 2,400 hours of news per week at 114 stations in 72 markets.

For the year ended December 31, 2023, our stations were awarded 276 journalism awards, including 24 regional and one National RTDNA Edward R.

Murrow awards, and 67 regional Emmy awards.

For the year ended December 31, 2024, our stations were awarded 232 journalism awards, including 22 regional and two national RTDNA Edward R.

Murrow awards and 37 regional and one national Emmy awards.

We also own and operate various networks carried on distribution platforms owned by us or others, including:

The Nest, our new, free over-the-air national broadcast TV network, launched in October 2023, comprised of home-improvement, true-crime, factual reality series, and celebrity driven family shows;

The Nest, our free over-the-air national broadcast TV network, comprised of home-improvement, true-crime, factual reality series, and celebrity driven family shows;

Comet, our science fiction network;

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market to bring premium internet-first content to TV homes across America.

Our internally developed content, in addition to our local news, includes our original news program, The National Desk ("The National Desk"), and Full Measure with Sharyl Attkisson ("Full Measure"), our national Sunday morning investigative and political analysis program.

Our internally developed content, in addition to our local news, includes our original news program, The National News Desk (“TNND”), and Full Measure with Sharyl Attkisson (“Full Measure”), our national Sunday morning investigative and political analysis program.

In 2024, we launched our new podcast division, including podcasts:

Unfiltered Soccer, with Landon Donovan and Tim Howard, featuring hot takes, analysis, unique insights, and classic stories to bring fans closer to the game;

The Triple Option, hosted by Urban Meyer, Mark Ingram II, and Rob Stone, providing analysis, opinions, and unique insights on the biggest topics in college football, the NFL, leadership, and more;

and Throwbacks, with Matt Leinart and Jerry Ferrara, featuring insight into sports, television, and relatable family adventures.

Our local media segment derives revenue primarily from the sale of advertising inventory on our television stations and fees received from Distributors, which includes distributors that distribute multiple television channels through the internet without supplying their own data transport infrastructure, as well as other over-the-top (“OTT”) distributors that deliver live and on-demand programming, for the right to distribute our channels on their distribution platforms.

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Our objective is to meet the needs of our advertising customers by delivering significant audiences in key demographics.

Our strategy is to achieve this objective by providing quality local news programming, popular network, syndicated and live sports programs, and other original content to our viewing audience.

Our strategy is to achieve this objective by providing quality local news programming, popular network, syndicated and live sports programs, and other original content to our audiences.

We attract most of our national television advertisers through national marketing representation firms.

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Raleigh / Durham, NC 22 6 WLFL, WRDC CW, MNT

Portland, OR 23 7 KATU, KUNP ABC

Portland, OR 23 7 KATU, KUNP ABC, IND

Louis, MO 24 4 KDNL ABC

Nashville, TN 26 10 WZTV, WUXP, WNAB(d) FOX, MNT, CW

Salt Lake City, UT 27 10 KUTV, KMYU, KJZZ, KENV(d) CBS, MNT, IND

Pittsburgh, PA 27 7 WPGH, WPNT FOX, CW, MNT

Salt Lake City, UT 28 10 KUTV, KMYU, KJZZ, KENV(d) CBS, MNT

Baltimore, MD 29 8 WBFF, WNUV(c), WUTB(d) FOX, CW, MNT

San Antonio, TX 31 10 KABB, WOAI, KMYS(d) FOX, NBC, CW

Columbus, OH 33 9 WSYX, WWHO(d), WTTE(c) ABC, CW, MNT, FOX

Austin, TX 34 2 KEYE CBS

Columbus, OH 35 9 WSYX, WWHO(d), WTTE(c) ABC, CW, MNT, FOX

Asheville, NC / Greenville, SC 36 8 WLOS, WMYA(c) ABC, MNT

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Las Vegas, NV 40 9 KSNV, KVCW NBC, CW, MNT

Grand Rapids / Kalamazoo / Battle Creek, MI 42 3 WWMT CBS, CW

Norfolk, VA 43 4 WTVZ MNT

Harrisburg / Lancaster / Lebanon / York, PA 42 4 WHP CBS, MNT, CW

Greensboro / High Point / Winston-Salem, NC 45 7 WXLV, WMYV ABC, MNT

Grand Rapids / Kalamazoo / Battle Creek, MI 43 4 WWMT CBS, IND

Norfolk, VA 44 4 WTVZ MNT

Birmingham / Tuscaloosa, AL 45 15 WBMA-LD, WTTO, WDBB(c), WABM ABC, CW, MNT

Greensboro / High Point / Winston-Salem, NC 46 7 WXLV, WMYV ABC, MNT

Oklahoma City, OK 47 7 KOKH, KOCB FOX, IND

Fresno / Visalia, CA 52 11 KMPH, KMPH-CD, KFRE FOX, CW

Providence, RI / New Bedford, MA 52 4 WJAR NBC

Buffalo, NY 54 6 WUTV, WNYO FOX, MNT

Fresno / Visalia, CA 55 11 KMPH, KMPH-CD, KFRE FOX, CW

Richmond, VA 56 5 WRLH FOX, MNT

Mobile, AL / Pensacola, FL 57 12 WEAR, WPMI(d), WFGX, WJTC(d) ABC, NBC, MNT, IND

Wilkes-Barre / Scranton, PA 58 11 WOLF(c), WSWB(d), WQMY(c) FOX, CW, MNT

Little Rock / Pine Bluff, AR 58 5 KATV ABC

Albany, NY 60 6 WRGB, WCWN CBS, CW

Wilkes-Barre / Scranton, PA 59 11 WOLF(c), WSWB(d), WQMY(c) FOX, CW, MNT

Tulsa, OK 61 5 KTUL ABC

Spokane, WA 64 4 KLEW CBS

Albany, NY 62 6 WRGB, WCWN CBS, CW

Dayton, OH 64 8 WKEF, WRGT(d) ABC, FOX, MNT

Spokane, WA 66 4 KLEW CBS

Des Moines, IA 67 4 KDSM FOX

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Roanoke / Lynchburg, VA 70 4 WSET ABC

Omaha, NE 71 7 KPTM, KXVO(c) FOX , MNT, CW

Wichita, KS 71 19 KSAS, KOCW, KAAS, KAAS-LD, KSAS-LD, KMTW(c) FOX, MNT

Flint / Saginaw / Bay City, MI 72 10 WSMH, WEYI(d), WBSF(d) FOX, NBC, CW

Omaha, NE 73 7 KPTM, KXVO(c) FOX , MNT, CW

Columbia, SC 76 4 WACH FOX

Rochester, NY 76 7 WHAM(d), WUHF ABC, FOX, CW

Madison, WI 77 4 WMSN FOX

Portland, ME 78 7 WPFO(d), WGME FOX, CBS

Charleston / Huntington, WV 79 8 WCHS, WVAH(d) ABC, FOX

Rochester, NY 79 7 WHAM(d), WUHF ABC, FOX, CW

Toledo, OH 81 4 WNWO NBC

Charleston / Huntington, WV 82 8 WCHS, WVAH(d) ABC, FOX

Market Market Rank (a) Number of Channels Stations Network

Affiliation (b)

Chattanooga, TN 84 7 WTVC, WFLI(d) ABC, CW, FOX, MNT

Savannah, GA 84 5 WTGS FOX

Syracuse, NY 87 6 WTVH(d), WSTM CBS, NBC, CW

Charleston, SC 85 3 WCIV MNT, ABC

Chattanooga, TN 86 7 WTVC, WFLI(d) ABC, CW, FOX, MNT

Syracuse, NY 88 6 WTVH(d), WSTM CBS, NBC, CW

El Paso, TX 89 8 KFOX, KDBC FOX, CBS, MNT

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Cedar Rapids, IA 94 8 KGAN, KFXA(d) CBS, FOX

Boise, ID 97 8 KBOI, KYUU-LD CBS, CW Plus

Myrtle Beach / Florence, SC 97 8 WPDE, WWMB(c) ABC, CW

Boise, ID 98 8 KBOI, KYUU-LD CBS, CW

South Bend-Elkhart, IN 100 3 WSBT CBS, FOX

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Reno, NV 103 10 KRXI, KRNV(d), KNSN(c) FOX, NBC, MNT

Tallahassee, FL 105 8 WTWC, WTLF(d) NBC, CW Plus, FOX

Tallahassee, FL 105 8 WTWC, WTLF(d) NBC, CW, FOX

Lincoln and Hastings-Kearney, NE 107 9 KHGI, KWNB, KWNB-LD, KHGI-CD, KFXL ABC, FOX

Johnstown / Altoona, PA 112 4 WJAC NBC, CW Plus

Yakima / Pasco / Richland / Kennewick, WA 116 18 KIMA, KEPR, KUNW-CD, KVVK-CD, KORX-CD CBS, CW Plus

Johnstown / Altoona, PA 112 4 WJAC NBC, CW

Yakima / Pasco / Richland / Kennewick, WA 114 18 KIMA, KEPR, KUNW-CD, KVVK-CD, KORX-CD CBS, CW

Traverse City / Cadillac, MI 116 12 WGTU(d), WGTQ(d), WPBN, WTOM ABC, NBC

Eugene, OR 119 18 KVAL, KCBY, KPIC(e), KMTR(d), KMCB(d), KTCW(d) CBS, NBC, CW Plus

Macon, GA 119 3 WGXA FOX, ABC

Eugene, OR 120 18 KVAL, KCBY, KPIC(e), KMTR(d), KMCB(d), KTCW(d) CBS, NBC, CW

Peoria / Bloomington, IL 122 4 WHOI TBD

Bakersfield, CA 125 8 KBFX-CD, KBAK FOX, CBS

Corpus Christi, TX 130 4 KSCC FOX, MNT

Amarillo, TX 131 10 KVII, KVIH ABC, CW Plus

Chico-Redding, CA 134 18 KRCR, KCVU(d), KRVU-LD, KKTF-LD, KUCO-LD ABC, FOX, MNT

Corpus Christi, TX 130 4 KSCC FOX, CW

Amarillo, TX 132 10 KVII, KVIH ABC, CW

Columbia / Jefferson City, MO 135 4 KRCG CBS

Medford / Klamath Falls, OR 138 5 KTVL CBS, CW Plus

Beaumont / Port Arthur / Orange, TX 144 8 KFDM, KBTV(d) CBS, CW Plus, FOX

Chico-Redding, CA 136 18 KRCR, KCVU(d), KRVU-LD, KKTF-LD, KUCO-LD ABC, FOX, MNT

Medford / Klamath Falls, OR 139 5 KTVL CBS, CW

Beaumont / Port Arthur / Orange, TX 143 8 KFDM, KBTV(d) CBS, CW, FOX

Sioux City, IA 149 14 KPTH, KPTP-LD, KBVK-LP, KMEG(d) FOX, MNT, CBS

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Wheeling, WV / Steubenville, OH 163 3 WTOV NBC, FOX

Abilene / Sweetwater, TX 167 4 KTXS, KTES-LD ABC, CW Plus

Abilene / Sweetwater, TX 166 4 KTXS, KTES-LD ABC, CW

Quincy, IL / Hannibal, MO / Keokuk, IA 175 4 KHQA CBS, ABC

Butte-Bozeman, MT 185 8 KTVM, KDBZ-CD NBC

Eureka, CA 195 10 KAEF, KBVU(d), KECA-LD, KEUV-LP ABC, FOX, CW Plus, MNT

San Angelo, TX 197 2 KTXE-LD ABC, CW Plus

Eureka, CA 196 10 KAEF, KBVU(d), KECA-LD, KEUV-LP ABC, FOX, CW, MNT

San Angelo, TX 197 2 KTXE-LD ABC, CW

Ottumwa, IA / Kirksville, MO 200 3 KTVO ABC, CBS

Total Television Channels 641

(a) Rankings are based on the relative size of a station’s Designated Market Area ("DMA") among the 210 generally recognized DMAs in the United States as estimated by Nielsen Media Research ("Nielsen") as of October 2023.

(a) Rankings are based on the relative size of a station’s Designated Market Area (“DMA”) among the 210 generally recognized DMAs in the United States as estimated by Nielsen Media Research (“Nielsen”) as of September 2024.

(b) We broadcast programming from the following providers on our channels and the channels of our JSA/LMA partners:

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Markets Expiration Dates

Antenna TV 24 22 December 31, 2024 through December 31, 2026

Antenna TV 23 21 December 31, 2028

Comet 92 75 (1)

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Tennis Channel International streaming service;

Tennis Channel Plus streaming service;

Tennis Channel streaming service;

T2 FAST, a 24-hours a day free ad-supported streaming television channel;

and Pickleballtv (PBTV).

Sinclair's tennis segment derives revenue primarily from fees received from Distributors, including those that distribute multiple video channels through the internet without supplying their own data transport infrastructure, as well as other OTT distributors that deliver live and on-demand programming, for the right to distribute Tennis Channel on their distribution platforms, and advertising revenue generated by sales of commercial time within Tennis Channel programming.

and FAST Channel Pickleballtv (PBTV), a partnership with the Carvana Professional Pickleball Association.

Sinclair’s tennis segment derives revenue primarily from fees received from Distributors, including virtual MVPDs, as well as other OTT distributors that deliver live and on-demand programming, for the right to distribute Tennis Channel on their distribution platforms, and advertising revenue generated by sales of commercial time within Tennis Channel programming.

Sinclair’s tennis segment operating results are usually subject to cyclical fluctuations due to the amount and significance of tournaments that take place in the respective quarters during the year.

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Deconsolidation of Diamond Sports Intermediate Holdings LLC .

On March 1, 2022, SBG's subsidiary Diamond Sports Intermediate Holdings, LLC, and certain of its subsidiaries (collectively "DSIH") completed a series of transactions (the "Transaction").

As part of the Transaction, the governance structure of DSIH was modified including changes to the composition of its Board of Managers, resulting in the Company's loss of voting control.

On March 1, 2022, SBG’s subsidiary Diamond Sports Intermediate Holdings, LLC, and certain of its subsidiaries (collectively “DSIH”) completed a series of transactions (the “DSIH Transaction”).

As part of the DSIH Transaction, the governance structure of DSIH was modified including changes to the composition of its Board of Managers, resulting in the Company's loss of voting control.

As a result, DSIH, whose operations represented the entirety of our local sports segment, was deconsolidated from our consolidated financial statements effective as of March 1, 2022 (the “Deconsolidation”).

The consolidated statement of operations for the year ended December 31, 2022 therefore includes two months of activity related to DSIH prior to the Deconsolidation.

Subsequent to February 28, 2022, the assets and liabilities of DSIH are no longer included within our consolidated balance sheets.

Subsequent to February 28, 2022, the assets and liabilities of DSIH were no longer included within our consolidated balance sheets.

Prior to the Deconsolidation, the local sports segment consisted of RSNs, which owned the exclusive rights to air, among other sporting events, the games of professional sports teams in designated local viewing areas.

Any discussions related to results, operations, and accounting policies associated with DSIH refer to the periods prior to the Deconsolidation.

Prior to the Deconsolidation, the local sports segment consisted primarily of our Bally Sports network brands ("Bally RSNs"), the Marquee Sports Network ("Marquee") joint venture, and our investment in the Yankee Entertainment and Sports Network, LLC ("YES Network") through February 28, 2022.

On March 1, 2022, the Bally RSNs, Marquee, and YES Network were deconsolidated from our financial statements.

Through February 28, 2022, we refer to the Bally RSNs and Marquee as "the RSNs." The RSNs and YES Network own the exclusive rights to air, among other sporting events, the games of professional sports teams in designated local viewing areas.

Digital and Internet

Sinclair earns revenues from Compulse, a marketing technology and managed services company, by licensing the platform to other local media companies and agencies, as well as executing their digital media initiatives across search, social, programmatic, email, and more.

Sinclair owns Compulse, a marketing technology and managed services company, which earns revenues by licensing the platform to other local media companies and agencies, as well as executing their digital media initiatives across search, social, programmatic, email, and more.

Technical Services

Sinclair owns subsidiaries which are dedicated to providing technical services to the broadcast industry, including:

Dielectric, a designer and manufacturer of broadcast systems including all components from transmitter output to antenna, and ONE Media 3.0, whose purpose is to develop business opportunities, products, and services associated with the NextGen TV broadcast transmission standard and TV platform.

Sinclair has also partnered with several other companies in the design and deployment of NextGen TV services including:

Saankhya Labs, to develop NextGen TV technologies to be used in consumer devices;

CAST.ERA, a joint venture with South Korea’s leading mobile operator, SK Telecom, to develop wireless, cloud infrastructure and artificial intelligence technologies;

and BitPath, a joint venture with another broadcaster, to deploy and exploit datacasting models using NextGen capabilities.

Tejas Networks, to develop NextGen TV technologies to be used in consumer devices, and EdgeBeam Wireless, a joint venture with three other broadcast companies to provide services to third parties utilizing NextGen TV including, wireless data services to a wide range of businesses and industries across the country.

NextGen TV is further discussed under Operating Strategy - Development of Next Generation Wireless Platform below.

Non-Media Investments

Sinclair owns various non-media related investments across multiple asset classes including real estate, venture capital, private equity, and direct investments in market-defining companies.

Sinclair's investments in real estate primarily consists of apartment complexes and development projects.

Sinclair's investments in venture capital and private equity funds include capital for the advertising, marketing, and media technology sectors, sports betting, e-sports, and sports tech, as well as funeral homes, cemeteries, and pet cremation facilities.

Sinclair holds direct investments in technology driven companies, including wireless communication and semiconductor solutions, next-gen communication solutions, advertising intelligence and data security.

Primarily through Ventures, Sinclair owns various non-media related investments across multiple asset classes including real estate, venture capital, private equity, and direct investments in technology driven companies, including wireless communication and semiconductor solutions, next-gen communication solutions, advertising intelligence and data security.

Sinclair’s investments in real estate primarily consist of apartment complexes and development projects.

Sinclair’s investments in venture capital and private equity funds include capital for companies involved in a variety of businesses, including advertising, marketing, media technology, sports betting, e-sports, sports technology, pickleball, beverages and community services.

In 2024, Sinclair’s local media and tennis segments had two customers that individually accounted for 10% of Sinclair’s consolidated revenue.

Any disruption in our relationship with these customers could have a material adverse effect on Sinclair's local media and tennis segments and Sin clair's results of operations.

In 2023, SBG's local media segment had two customers that indiv idually accounted for 10% of SBG's consolidated revenue.

A ny disruption in SBG's relationship with these customers could have a material adverse effect on SBG's local media segment and SBG's results of operations.

Any disruption in our relationship with these customers could have a material adverse effect on Sinclair’s local media and tennis segments and Sinclair’s results of operations.

In 2024, SBG’s local media segment had one customer that individually accounted for 10% of SBG’s consolidated revenue.

A ny disruption in SBG’s relationship with this customer could have a material adverse effect on SBG’s local media segment and SBG’s results of operations.

OPERATING STRATEGY

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Ratings methodologies have been changing rapidly due to advancements in technology and changes in the manners in which viewers consume news, sports, and entertainment.

Certain new methodologies are currently not accredited by the Media Rating Council ("MRC"), an independent organization that monitors rating services, and may not reflect actual viewership levels.

Certain new methodologies are currently not accredited by the Media Rating Council, an independent organization that monitors rating services, and may not reflect actual viewership levels.

Through local news, our mission is to serve our communities by sharing relevant information to alert, protect, and empower our audiences.

We believe that the production and broadcasting of local news is an important link to the community and an aid to a station’s efforts to expand its viewership.

We believe that the production and broadcasting of local news is an important link to the community enhancing a station’s efforts to expand its viewership and helps us differentiate from networks that provide only national news.

In addition, local news programming can provide access to advertising sources targeted specifically to local news viewers.

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Our local news initiatives are an important part of our strategy.

We have entered into local news sharing arrangements in which we receive news in five markets from other in-market broadcasters.

We have entered into local news sharing arrangements in which we receive news in four markets from other in-market broadcasters.

We believe that, in the markets where we have news share arrangements, such arrangements generally provide both higher viewer ratings and revenues for the station receiving the news and generate a profit for the news share provider.

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Available on-air and online, the bureau not only expands our news presence, but gives our local station viewers an opportunity to hear the views of their members of Congress through programs such as “Connect to Congress,” our weekly on-air and digital feature which provides an electronic video pathway for lawmakers to speak to their constituents.

Our weekly investigative news program, Full Measure with Sharyl Attkisson, reinforces our mission to provide our fearless storytelling on significant topics of public importance.

Our original news program, The National Desk, provides viewers with a comprehensive, commentary-free look at the most impactful national news and regional stories throughout the day.

Leveraging our expansive local news footprint, The National Desk elevates some of the most important stories occurring in cities and towns across the country.

With reporters residing in the communities they cover, The National Desk has access to real stories from the perspectives of those they affect directly.

The goal of The National Desk is to leverage these assets into a single news program for a national audience.

The program also supplements expansive local coverage by bringing the most important national headlines to audiences.

The National Desk weekday and/or weekend editions together air on 83 of our markets and across all of our news websites.

We have a national investigative team of 15 journalists, plus more than 30 local investigative reporters.

We plan to continue to grow our investigative footprint, and to provide in-depth stories not covered elsewhere.

In our 12-year history of producing "Your Voice Your Future" Town Halls, we’ve produced over 1,350 productions.

This distinctive series recognizes the importance of producing disruptive programming, with disciplined discussions and solutions for the communities we serve.

Our goal from the beginning has been to inform, educate and protect our viewers.

Our Town Halls are produced in local markets and give our viewers an opportunity to have a voice and ask their elected leaders questions on important local and national topics.

In 2023 and 2022 we produced 188 and 198 Town Halls, respectively, throughout the country, covering a variety of topics including education, mental health, artificial intelligence, distrust of police, antisemitism, Black History Month, LGBTQ+ legislation, and veterans.

We also produced several debates in 2023, a non-election year, including several mayoral, city council, and school board debates, a Wisconsin Supreme Court debate, a congressional debate, and a gubernatorial debate.

Our weekly investigative news program, Full Measure, reinforces our mission to provide our fearless storytelling on significant topics of public importance.

The National News Desk, our flagship national news program, delivers a comprehensive, fact-based overview of the most significant national and regional stories throughout the day.

Leveraging our expansive local news network, the program highlights impactful events shaping communities across the country.

With reporters embedded in the areas they cover, TNND provides firsthand perspectives on stories that matter most to local residents, seamlessly integrating these insights with major national headlines.

TNND weekday and/or weekend editions together air on 83 of our markets and across all of our news websites.

Our investigative reporting is supported by more than 30 local investigative reporters.

As we continue to expand our investigative footprint, we remain committed to uncovering stories that demand deeper scrutiny and bringing impactful, underreported issues to the forefront.

Live sports have remained highly popular with fans and advertisers.

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homes of all men’s ATP World Tour and women’s WTA Tour competitions, Davis Cup, Billie Jean King Cup, United Cup, and Laver Cup.

Our stations also broadcast programming and other content provided by Tennis, and we provide access to certain events through our DTC streaming service, Tennis Channel Plus, which is available to everyone in the United States and allows subscribers to select from another 4,500 live and on-demand matches and award-winning content from short-form to films throughout the tennis season.

Our stations also broadcast programming and other content provided by Tennis, and we provide access to certain events through our Tennis Channel streaming service, which is available to everyone in the United States and allows subscribers to select from another 10,000 hours of live and on-demand matches and award-winning content from short-form to films throughout the tennis season.

Tennis Channel International brings live competition and network content to markets in Europe and Asia via digital subscription and FAST channels.

Our www.tennis.com platform is the largest digital outlet dedicated to the sport.

Tennis Channel also manages a network of close to 20 podcasts and FAST channel Pickleballtv ("PBTV"), a partnership with the Carvana Professional Pickleball Association ("PPA Tour").

Tennis Channel also manages a network of close to 20 podcasts and PBTV

Additionally, some of our television stations have the local television broadcast rights for certain sporting events, including Major League Baseball (“MLB”), National Basketball Association (“NBA”), National Hockey League (“NHL”), National Football League (“NFL”) preseason, and certain other college and high school sports.

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We believe the greatest opportunity for a sustainable and growing customer base lies within our local communities.

Therefore, we have focused on developing a strong local sales force, which is comprised of approximately 530 marketing consultants and 55 local sales managers company-wide.

Therefore, we have focused on developing a strong local sales force, which is comprised of approximately 490 sales professionals and 80 local sales managers company-wide.

Excluding political advertising revenue, distribution revenues, and other revenues, 59% and 61% of Sinclair’s net time sales were local for the years ended December 31, 2024 and 2023, respectively, and 61% and 62% of SBG’s net time sales were local for the years ended December 31, 2024 and 2023, respectively.

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We strive to develop new business models to complement or enhance our traditional television broadcast business.

We have developed new ways to sell online, on mobile text messaging, social media advertising, and through audience extension services along with our traditional commercial broadcasting model.

We have developed new ways to sell online, on mobile text messaging, social media advertising, and through audience extension services along with our traditional commercial broadcasting model, including streaming content on connected televisions and the launch of our podcast division.

Additionally, we continue to leverage our national reach to provide new high-quality content to our local communities.

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By using a single ad-serving system across all our web sites, mobile apps, and other digital assets, we are able to streamline our sales workflow, optimize yield, and deliver comprehensive sales opportunities across our digital footprint.

Additionally, we are deploying DTC and OTT initiatives, cloud technologies, as well as our own content applications.

Additionally, we are deploying direct-to-consumer (“DTC”) and OTT initiatives, cloud technologies, as well as our own content applications.

Additionally, we continue to develop business opportunities, products, and services associated with NextGen TV (also known as ATSC 3.0) as discussed under Development of Next Generation Wireless Platform below.

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We routinely review potential media acquisitions, dispositions, and swaps, or develop original networks and content in order to optimize our portfolio.

We expect to continue to assess acquisition and investment opportunities to complement our existing stations and other businesses.

As we evaluate potential acquisitions and investments, we intend to focus on making disciplined, accretive acquisitions and investments that will complement our existing portfolio of television stations while providing increased scale.

We expect to continue to assess divestiture, acquisition and investment opportunities to complement our existing stations and other businesses.

As we evaluate potential divestitures, acquisitions and investments, we intend to focus on making disciplined, accretive divestitures, acquisitions and investments that will complement our existing portfolio of television stations while providing increased opportunities and scale.

At any given time, we may be in discussions with one or more media owners.

Digital and Internet Expansion of Local Media Segment.

Our digital properties are innovative products and extensions of our core broadcast business that allow us to compete for digital, internet, network, and print impressions and revenues.

Our digital properties are innovative products and extensions of our core broadcast business that allow us to compete for digital, internet, network, and audio impressions and revenues.

We continue to seek additional opportunities to invest in emerging digital technologies, ad tech, and digital content companies that support and expand our digital capabilities and non-linear footprint.

Development of Next Generation Wireless Platform.

In 2017, the FCC approved the use of NextGen TV, a next generation broadcast transmission standard.

In 2017, the FCC approved the use of NextGen TV (also known as ATSC 3.0), a next generation broadcast transmission standard.

NextGen TV is capable of merging broadcast and broadband content and data services using over-the-air spectrum and Internet-provided data connectivity, allowing a mature broadcast industry to reinvent itself due to its mobility, addressability, capacity, Internet Protocol (“IP”) connectivity, and conditional access.

In 2023, the FCC announced a public-private partnership, the Future of Television Initiative, to establish a roadmap for the transition to ATSC 3.0.

In 2023, the FCC announced a public-private partnership, the Future of Television Initiative, to establish a roadmap for the transition to NextGen TV.

NextGen TV will allow us to use our spectrum for more than just video-formatted data as we do today.

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geo-location services;

enhanced GPS;

enhanced global and broadcast positioning systems;

distance e-learning;

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All these features will be available to mobile and portable devices, allowing us to reach viewers virtually anywhere.

In January 2020, we announced the formation of CAST.ERA, a joint venture with SK Telecom, focused on cloud infrastructure for broadcasting, ultra-low latency OTT broadcasting, and targeted advertising.

In order to bring this technology to the market, we have partnered with technology leaders to develop broadcasting solutions and services in the U.S.

and globally.

We have also formed BitPath, a joint venture with another broadcaster, to promote spectrum efficiency and innovation, aggregate and monetize underutilized spectrum capacity over which to deliver national services and create opportunities such as robust video and data exchange.

We also formed BitPath, a joint venture with another broadcaster, to promote spectrum efficiency and innovation, aggregate and monetize underutilized spectrum capacity over which to deliver national services and create opportunities such as robust video and data exchange.

We continue to work with other NextGen TV stakeholders to build and test the single frequency network tower infrastructure, develop systems to allow the convergence of NextGen TV and 5G data delivery, and design NextGen TV receiver chips for mobile, portable and fixed devices.

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When completed, the country will have a lower-cost, world class wireless IP data distribution network capable of supporting multiple business models.

In January 2025, we joined with three broadcast peers and merged BitPath to form a new joint venture company, EdgeBeam Wireless to provide robust wireless data services to a wide range of businesses and industries across the country.

This joint venture creates a nationwide spectrum footprint that no individual broadcaster could achieve on its own, unlocking the potential of NextGen TV to offer nationwide coverage for data delivery to billions of potential devices on market-disrupting terms.

Monetization of Certain Intellectual Property Rights.

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Although historically renewal of a license is granted in the vast majority of cases, even when petitions to deny are filed, there can be no assurance that the license of any station will be renewed or, if renewed, that the renewal terms will be for the maximum term permitted.

The most recent television license renewal application filing cycle began on June 1, 2020 and ended on April 3, 2023.

On September 1, 2020, an individual filed a petition to deny the license renewal application of our Baltimore, MD station, WBFF(TV), and the renewal applications of two Baltimore stations with which we have a JSA or LMA, WUTB(TV) and WNUV(TV).

We filed an opposition to the petition on October 1, 2020 with respect to WBFF(TV).

On January 18, 2024, a motion was filed to request substitution of the petitioner, who is deceased.

On January 29, 2024, the Company filed (1) an opposition to the motion for substitution and (2) a motion to dismiss the petition to deny the renewal applications.

An opposition was filed to the motion to dismiss on February 5, 2024, and the Company timely filed its reply on February 13, 2024, and the matter remains pending.

We cannot predict when the FCC will take action on the petition or what the outcome of such action will be.

The most recent television license renewal application filing cycle began on June 1, 2020 and ended on April 3, 2023 and the majority of our license renewal applications remain pending.

Licensees are authorized to continue operating stations in accordance with their existing licenses while their renewal applications are pending before the FCC.

We cannot predict when the FCC will take action on the license renewal applications.

In the prior completed license renewal cycle, all of our stations’ license renewal applications were granted for the maximum term permitted.

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Following a Declaratory Ruling in 2013 in which the FCC indicated that it was open to considering proposals for foreign investment in broadcast licenses that exceed the 25% benchmark on a case by case basis, on September 29, 2016, the FCC adopted a Report and Order which among other things, (i) simplified the foreign ownership approval process for broadcast licensees seeking to exceed the 25% benchmark and (ii) modified the methodology a licensee may use to determine compliance with the foreign ownership rules.

We and our subsidiaries are domestic entities, and the members of the Smith family (who, as of December 31, 2023, together hold approximately 82.6% of the common voting rights of Sinclair) are all United States citizens.

We and our subsidiaries are domestic entities, and David D.

Smith, Frederick G.

Duncan Smith, and Robert E.

Smith (collectively, the “Smiths”) (who, as of December 31, 2024, together hold approximately 81.9% of the common voting rights of Sinclair) are all United States citizens.

Our articles of incorporation contain limitations on alien ownership and control that are substantially similar to those contained in the Communications Act.

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On December 22, 2023, the FCC adopted the 2018 Ownership Order, extending the Top-Four Prohibition to prohibit, in certain circumstances, the placement of a second top-four rated programming affiliation on a multicast stream or low power television (LPTV) station and restricting the circumstances under which such existing top-four multicast streams or LPTV stations may be transferred or assigned in the future.

The 2018 Ownership Order, including this extension of the Top-Four Prohibition, will become effective March 18, 2024.

Affiliation arrangements existing as of the release of the 2018 Ownership Order that would otherwise violate the expanded Top-Four Prohibition will not be subject to divestiture, but such arrangements will not be transferrable or assignable absent case-by-case approval.

The 2018 Ownership Order, including this extension of the Top-Four Prohibition, became effective March 18, 2024 and is currently under appeal in the U.S.

Court of Appeals for the Eighth Circuit.

Local Marketing and Outsourcing Agreements

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The subsequent Ownership Order on Reconsideration eliminated the JSA attribution rule.

In the 2018 Ownership Order adopted on December 22, 2023 the FCC declined to reconsider JSA attribution.

In the 2018 Ownership Order the FCC declined to reconsider JSA attribution.

If we are required to terminate or modify our LMAs or JSAs, our business could be adversely affected in several ways, including losses on investments and termination penalties.

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On November 5, 2021, the FCC released a Second Further Notice of Proposed Rulemaking seeking comment on these multicast host station licensing issues, and on June 22, 2022, the FCC released a Third Further Notice of Proposed Rulemaking seeking comment on the state of the ATSC 3.0 transition and the scheduled sunsets of two rules adopted in the 2017 Report and Order.

On June 20, 2023, the FCC adopted a Third Report and Order and Fourth Further Notice of Proposed Rulemaking that (1) generally adopted the proposals to allow a Next Gen TV station to seek modification of its license to include certain multicast streams that are aired on host stations;

On June 20, 2023, the FCC adopted a Third Report and Order and Fourth Further Notice of Proposed Rulemaking that (1) generally adopted the proposals to allow a NextGen TV station to seek modification of its license to include certain multicast streams that are aired on host stations;

(2) extended the sunsets of the substantially similar rule for simulcast streams and the requirement to comply with the ATSC A/322 standard on primary ATSC 3.0 streams to July 17, 2027;

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We presently believe that none of our properties have any condition that is likely to have a material adverse effect on our consolidated balance sheets, consolidated statements of operations, or consolidated statements of cash flows.

Our stations and networks compete for audience share and advertising revenue with other television stations and cable networks in their markets, as well as with other advertising media such as Distributors, other OTT distributors, cable networks, video on-demand, radio, newspapers, magazines, outdoor advertising, transit advertising, telecommunications providers, direct mail, internet, podcasts, other digital media, and 'Big Tech'.

Our stations and networks compete for television audience share primarily on the basis of program popularity, digital advertising impressions compete for audience share primarily based on content and reach, and podcast listeners compete for audience share based upon content subject matter, all of which has a direct effect on advertising rates within each of these platforms.

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In addition, we believe that we benefit from the operation of multiple broadcast and network properties, affording us certain non-quantifiable economies of scale and competitive advantages in the purchase of programming.

ENVIRONMENTAL, SOCIAL, AND GOVERNANCE ACTIVITIES AND PRACTICES

We have a long history of supporting environmental, social, and governance ("ESG") activities and, in the past few years, we have taken steps to better measure and quantify our progress in these areas.

In addition to our ESG Committee, which is made up of executive leadership, we have also formed working groups in the areas of sustainability, employee experience, and diversity and inclusion.

In May 2023, we published our 2022 ESG report, detailing our ESG achievements and underscoring our core strategies, which are the foundation of our ESG commitments, including:

• Identifying and implementing ways to reduce our impact on the environment through the education and engagement around sustainable solutions that can be adopted;

CORPORATE SOCIAL RESPONSIBILITY PRACTICES

We have a long history of supporting corporate social responsibility activities and, in the past few years, we have taken steps to better measure and quantify our progress in these areas.

In April 2024, we published our 2023 Corporate Social Responsibility report, detailing our achievements and underscoring our core strategies, which are the foundation of our corporate social responsibility commitments, including:

• Identifying and implementing ways to reduce our impact on the environment through the education and engagement of internal and external audiences around sustainable solutions that can be adopted;

• Supporting employees by ensuring a fair, ethical, and safe workplace where our employees can grow, develop, and thrive;

• Supporting diversity at all levels;

• Providing news consumers with access to a broad range of ideas and perspectives, both on-air and online, and connecting people with important, informational content, everywhere;

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These policies are reviewed and updated by management, together with the Board, as our needs grow and change and upon stakeholder feedback and changes in applicable laws, regulations, and stock exchange requirements.

We value and support diversity and inclusion at all levels.

Diversity and inclusion have been fundamental from our very beginning, and we take pride in being an equal opportunity employer.

Diversity, inclusion, equal employment opportunity, and strong anti-discrimination policies go hand-in-hand.

Our Diversity and Inclusion Statement establishes clarity and alignment throughout our organization, at all levels, regarding how we connect with each other by embracing diversity and promoting inclusion among our employees, viewers, and customers.

All employees are asked to honor the intent of our Diversity and Inclusion Statement in their daily activities and decisions and are required to take part in workplace diversity training.

Over several decades, our local television stations have built recruiting and outreach programs that encourage diversity in our workforce.

Our activities are designed to ensure broad outreach to potential applicants by widely disseminating information concerning job vacancies, providing notification to community groups, attending diverse job fairs, participating in other various recruitment outreach activities, offering paid internships, and providing training to managers on equal employment opportunity and discrimination prevention.

Employee Engagement.

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The health, safety, and wellness of our employees is vital to our success, and we maintain and continuously enhance affordable health care options for them.

We continuously work to improve our practices, policies, and benefits to make meaningful impacts on our employees personal and professional lives, sponsoring an employee assistance program aimed at enhancing their physical, financial, and mental well-being and sponsoring a program to provide employees and spouses discounted access to fitness facilities.

sponsoring a program to provide employees and spouses discounted access to fitness facilities;

and offering critical illness, accident, and hospital indemnity insurance to provide comprehensive protection and financial security during unforeseen circumstances.

Compensation.

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Our unique reporting in under-served arenas has sparked much-needed public engagement on topics of high local importance and concern.

WBFF's "Project Baltimore," which is now heading into its eighth year in 2024, has produced nearly 700 stories since its inception, chronicling the struggles and issues facing Maryland public schools and the students that attend those schools.

Project Baltimore's "Crisis in the Classroom" reporting philosophy has spread to our newsrooms across the country as our journalists unearth challenges facing students, parents, and teachers across the United States.

Reporting by our journalists in 2023 on topics such as the issues facing public schools, the opioid, heroin, and fentanyl crises, homelessness, and civil rights, to name just a few, lead to resignations, FBI indictments, executive orders, additional government funding, and new legislation.

WBFF’s “Project Baltimore,” which is now heading into its ninth year in 2025, has produced hundreds of stories chronicling the struggles and issues facing Maryland public schools and the students that attend those schools.

Reporting by our journalists in 2024 on topics such as the issues facing public schools, juvenile justice reform, illegal weapons, and toxic metals in baby foods, to name just a few, were cited by elected officials and lead to new state legislation.

Our journalists are committed to providing citizens with relentless, in-depth reporting that holds public officials accountable, tracks the spending of taxpayer dollars, and gives a voice to the voiceless in the communities we serve.

In 2024, our news division was again recognized by industry peers for its groundbreaking reporting by being awarded 232 journalism awards, including a national Emmy Award to WBFF for their reporting to expose how Baltimore City schools denied students with disabilities a proper education;

our first ever national Edward R.

Murrow Award to WCHS for shedding a light on systemic issues in the West Virginia criminal plea system;

and eight Telly Awards to Full Measure for their fearless reporting on topics often ignored by other media organizations.

Connect to Congress is our multimedia initiative that enables Members of Congress from our news markets to speak directly to their constituents on a regular basis, through their local TV news stations.

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Our Town Halls are produced in local markets and give our viewers an opportunity to have a voice and ask their elected leaders questions on important local and national topics.

In 2023 we produced 188 Town Halls throughout the country, covering a variety of topics including education, mental health, artificial intelligence, distrust of police, antisemitism, Black History Month, LGBTQ+ legislation, and veterans.

In 2024, we produced 217 Town Hall productions throughout the country, covering a variety of topics including education and school safety, mental health, antisemitism, Black History Month, and veterans.

We also produced over 54 separate debates and Beyond the Podium specials with candidates for elected office.

W e remain committed to uncovering stories that demand deeper scrutiny and bringing impactful, underreported issues to the forefront.

We have steadfast dedication to providing content that alerts, protects, and empowers our audience.

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Sinclair Cares mobilizes Sinclair’s assets to support various community and charitable endeavors and responses to natural disasters through financial assistance, volunteerism, and raising awareness of important topics through our media platforms.

Over the last six years, Sinclair Cares has spearheaded the Company’s efforts, including fund-raising and blood donations during weather and climate catastrophes, and raising funds and awareness for important social causes.

Over the last seven years, Sinclair Cares has spearheaded the Company’s efforts, including fund-raising and blood donations during weather and climate catastrophes, and raising funds and awareness for important social causes.

Recent initiatives include:

• Sinclair Cares:

Humanitarian Relief in Israel - a fundraising partnership with Magen David Adom, an affiliate of the International Federation of Red Cross and Red Crescent Societies, to help with their efforts providing humanitarian relief and emergency medical services for all people in Israel, regardless of religious creed or political belief.

Supporting Children’s Literacy - a partnership with Reading Is Fundamental, the nation’s leading children’s literacy nonprofit, to create awareness around children’s literacy challenges and help get books into the hands of children across the U.S.

through a virtual book drive.

• Sinclair Cares:

Summer Diaper Drive - a partnership with the National Diaper Bank Network to create awareness, provide assistance, and build a community to reduce diaper need in the United States.

Summer Hunger Relief - a fundraising partnership with Feeding America to help provide meals to children and families across the U.S.

in the summer.

Including Sinclair’s corporate donation of $25,000, the campaign provided nearly 1.2 million meals to children and families, with funds going directly to the local Feeding America food bank in each donors’ community.

• Sinclair Cares:

Mental Health Support + Hope - a partnership with the National Alliance on Mental Illness to encourage mental health awareness, with a focus on young adults.

In 2023, we announced a multi-year, national agreement with USC Shoah Foundation—The Institute for Visual History and Education (the "Institute") to assist with the recording of interviews with genocide survivors as part of the Institute’s Last Chance Testimony Collection Initiative, an effort to collect testimonies from the last living survivors and witnesses to the Holocaust and other genocides.

Under the agreement, we will provide our production facilities to film testimonies via high-definition video and audio recordings taken with state-of-the-art equipment at our broadcast television stations around the United States.

Hurricane Helene Relief - a fundraising partnership with the Salvation Army and The United Way to assist with humanitarian relief efforts on the ground in Western North Carolina, South Carolina, Georgia, Florida, Virginia, and Tennessee in the aftermath of Hurricanes Helene and Milton.

Including Sinclair’s corporate donation of $50,000, the campaign raised nearly $1.3 million in donations designated for delivering emergency aid, including food, water, shelter, and cleanup kits.

• Sinclair Cares:

California Wildfires Relief - a fundraising partnership with the Salvation Army to provide disaster relief support across Southern California which helped provide critical aid, shelter, food, fresh water, and support for wildfire survivors and first responders in Los Angeles.

Our stations also sponsor countless philanthropic campaigns and events such as health expos, parades, and blood drives in their local markets and contribute to local charities.

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In 2024, Sinclair partnered with more than 400 nonprofit and civic organizations locally and across the country to help raise nearly $25 million for nonprofit organizations, schools, community agencies, and local disaster relief.

In addition, Sinclair helped to collect over 2.3 million pounds of food, over 642,000 diapers, nearly 100,000 toys, and 3,700 units of blood for those in need, while donating over $9.5 million in promotional airtime to organizations.

In 2023, we began a program to match certain employee charitable cash donations in order to encourage our employees to make charitable contributions to support activities and efforts that are important to them, and we held our first annual Sinclair Day of Service whereby all employees were encouraged to volunteer that day for charitable causes.

Thousands of employees eagerly turned out to help out in their communities.

In addition, Sinclair helped to collect over 4.3 million pounds of food, over 250,000 diapers, over 300,000 toys, and almost 6,300 units of blood for those in need, while donating over $7 million in promotional airtime to organizations.

We sponsor a program to match certain employee charitable cash donations in order to encourage our employees to make charitable contributions to support activities and efforts that are important to them, and, in 2024, we held our second annual Sinclair Day of Service whereby all employees were encouraged to volunteer that day for charitable causes.

Over 1,300 employees volunteered a total of more than 3,700 hours that day to help out in their communities.

Our Diversity Scholarship Fund provides support to college students demonstrating a promising future in the broadcast industry.

In 2024, we awarded a total of $56,000 to 12 winning applicants from across the country.

We have distributed more than $315,000 in tuition assistance since 2013, with a goal to invest in the future of the broadcast industry and to help students from diverse backgrounds, who reflect our audiences nationwide, complete their education and pursue careers in broadcast journalism, digital storytelling, and marketing.

In 2023, SBG announced the return of SBG's News Reporter and Producer Academies, a series of interactive, virtual workshops for college students interested in pursuing careers in journalism, including reporting, producing, and, beginning this year, weather.

We have distributed nearly $400,000 in tuition assistance since 2013, with a goal to invest in the future of the broadcast industry and to help students from diverse backgrounds, who reflect our audiences nationwide, complete their education and pursue careers in broadcast journalism, digital storytelling, and marketing.

Our news team hosts News Reporter and Producer Academies, a series of interactive, virtual workshops for college students interested in pursuing careers in journalism, including reporting, producing, and weather.

Environmental Responsibility

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Some of these initiatives are the efforts we are undertaking in proactively replacing our existing less efficient lighting with LED lighting, replacing HVAC equipment with higher efficiency models, and exploring electric vehicles as other ways our company can reduce its reliance on energy sources that result in emissions of greenhouse gasses that are harmful to the environment.

We recently implemented a solution to process utility bills which will gather and track energy consumption and measure this portion of our carbon footprint.

Since 2017, we have installed 145 new, energy efficient television transmitters, which are typically 25% more energy efficient than the units that they replace and generate less waste heat, and are currently installing, or have plans to install, an additional 18 during 2025 and 2026.

During 2023, we implemented a battery recycling operation across our station footprint in order to reduce the amount of waste moving to landfills.

In conjunction with this, we have begun a company-wide transition to the use of rechargeable batteries for all studio operations at our stations, which we expect to be completed in the middle of 2024.

We successfully implemented a battery recycling operation across our television station footprint in order to reduce the amount of waste moving to landfills.

In conjunction with this, we have begun a company-wide transition to the use of rechargeable batteries for all studio operations at our stations.

Throughout the organization, we are seeking to reduce the use of paper products and, whenever possible, recycling paper, electronics, and other items.

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Diversity of thought, skills, background, and experience are important elements the Company looks for in its leadership team.

The Board includes a regulatory committee and a nominating and corporate governance committee.

Sinclair's Chief Compliance Officer provides regular updates to Company management and meets quarterly with the Boards' regulatory committee, with the audit committee jointly meeting with the regulatory committee twice each year.

In October 2023, the Company updated its Code of Business Conduct and Ethics to further identify the ethical duties and responsibilities of the Company's officers, directors and employees, and foster a culture of honesty, integrity, and accountability.

The Board includes a regulatory, nominating and corporate governance committee.

Sinclair’s Chief Compliance Officer provides regular updates to Company management and meets quarterly with the Board’s regulatory committee.

The Board’s audit committee meets jointly with the regulatory committee at two of the regulatory committee’s quarterly meetings.

The Company conducts an annual Enterprise Risk Assessment and reports the results to the Audit Committee.

Our Code of Business Conduct and Ethics identifies the ethical duties and responsibilities of the Company’s officers, directors, and employees, and fosters a culture of honesty, integrity, and accountability.

Managing and governing cybersecurity risk remains a high priority.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business