Investor Relations

For the three months ending March 31,
2020 ($ in millions)

Local News and
Marketing
Services

Sports

Corporate and
Other and
Elimination

Consolidated

Revenue Highlights:

Core advertising revenue

$391 to 401

Political revenue

34 to 46

Advertising revenue

$314 to 333

$74 to 77

$37

$425 to 447

Distribution revenue

350 to 354

760 to 762

50

1,160 to 1,166

Other media revenue

40

^(a)

4

(24)

^(a)

20

Media revenues

704 to 727

838 to 843

63

1,605 to 1,633

Non-media revenue

–

–

42

42

Total revenues

$704 to 727

$838 to 843

$105

$1,647 to $1,675

Expense Highlights:

–

Media programming & production expenses
and media selling, general and
administrative expenses

$466 to 472

$651 to 653

^(a)

$52 to 54

^(a)

$1,169 to 1,179

Sports rights amortization included in
media production expenses

–

487

–

487

Non-media expenses

–

–

37

37

Corporate overhead

38

Stock-based compensation and non-
recurring costs for transaction, legal,
litigation and regulatory fees included in
corporate and media expenses above

19

Depreciation, intangible & programming
amortization

195

Other Highlights:

Sports rights payments

–

$644

–

$644

Program contract payments

24

–

–

24

Interest expense (net)^(b)

162

Income tax provision

Approximately 14%
effective tax rate

Net cash tax payment

N.M.

Payments to noncontrolling interest holders,

including preferred dividend

27

Total capital expenditures, including repack

49 to 54

Repack capital expenditures

24

Adjusted EBITDA^(c)

$30 to 33

$241 to 259

(a) In the outlook for the quarter ending March 31, 2020, the Local News and Marketing Services and the Sports segments include $27 million of revenue and selling, general, and administrative expenses, respectively, for services provided by the Local News and Marketing Services segment to the Sports segment. Such amounts are eliminated in the Consolidated column.

(b) Interest expense is net of deferred finance costs, original issue discount amortization, other non-cash interest expense, and interest income.

(c) “Adjusted EBITDA” is defined as earnings before interest, tax, depreciation and amortization, adjusted for non-recurring transaction, legal, litigation and regulatory costs, as well as certain non-cash items such as stock-based compensation expense.

For the twelve months ending
December 31, 2020 ($ in millions)

Local News and
Marketing
Services

Sports

Corporate and
Other and
Elimination

Consolidated

Revenue Highlights:

Media revenues

Not provided

^(a)

$3,515 to 3,555

Not provided

^(a)

Not provided

^(a)

Expense Highlights:

Media programming & production
expenses and media selling, general and
administrative expenses

$1,880 to 1,910

$2,732 to 2,737

^(b)

$228 to 233

^(b)

$4,840 to 4,880

Sports rights amortization included
in media production expenses

–

2,054

–

2,054

Non-media expenses

–

–

110

110

Corporate overhead

131

Stock-based compensation and non-
recurring costs for transaction, legal,
litigation and regulatory fees included in

corporate and media expenses above

63

Depreciation, intangible & programming
amortization

780

Other Highlights: ^(c)

Sports rights payments

–

1,900

–

1,900

Program contract payments

90

–

–

90

Interest expense (net)^(d)

643

Income tax provision

Approximately 12%
effective tax rate

Net cash tax refund

N.M.

Payments to noncontrolling interest
holders, including preferred dividend

114

Total capital expenditures, including
repack

220 to 240

Repack capital expenditures

90

Adjusted EBITDA^(e)

Not provided

^(a)

$939 to 974

Not provided

^(a)

Not provided

^(a)

(a) Consistent with past practices, the Company does not provide a full year outlook for revenues due to the limited visibility on a meaningful amount of the media revenues.

(b) The February 26, 2020 press release inadvertently excluded $107 million of selling, general, and administrative expenses for services provided by the Local News and Marketing Services segment to the Sports segment and did not include its elimination in the Corporate and Other and Elimination column. In the outlook provided above, for the year ending December 31, 2020, the Sports segment correctly includes $107 million of selling, general, and administrative expenses for services provided by the Local News and Marketing Services segment to the Sports segment. The offset would be included in the Local News and Marketing Services segment revenues. Such amounts are eliminated in the Consolidated column. There is no impact on the Consolidated outlook.

(c) In addition to the Other Highlights in the table above, the Company expects 2020 growth in net distribution, which is defined as distribution revenue less reverse retrans payments to the networks, for the combined Local News and Marketing Services segment and Corporate and Other segment to be in the mid to high single digit percentages.

(d) Interest expense is net of deferred finance costs, original issue discount amortization, other non-cash interest expense, and interest income.

(e) “Adjusted EBITDA” is defined as earnings before interest, tax, depreciation and amortization, adjusted for non-recurring transaction, legal, litigation and regulatory costs, as well as certain non-cash items such as stock-based compensation expense.