CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS  FOR THE YEAR ENDED DECEMBER 31, 2008  (In thousands)  Sinclair  Broadcast  Group, Inc.  Sinclair  Television  Group, Inc.  Guarantor  Subsidiaries  and KDSM,  LLC  Non- Guarantor  Subsidiaries Eliminations Sinclair  Consolidated  NET CASH FLOWS (USED IN) FROM  OPERATING ACTIVITIES  $ (23,968)  $ (2,756)  $ 243,780  $ (5,058)  $ (227)  $ 211,771  CASH FLOWS FROM (USED IN)  INVESTING ACTIVITIES:  Acquisition of property and equipment  (57) (561) (22,269) (2,282) — (25,169) Consolidation of variable interest entity  —  —  —  1,328  —  1,328  Purchase of alarm monitoring contracts  —  —  —  (7,675)  —  (7,675)  Payments for acquisition of television  stations  —  (17,123)  —  —  —  (17,123)  Payment for acquisition of other  operating divisions companies  —  —  —  (53,487)  —  (53,487)  Distributions from investments  860  —  —  715  —  1,575  Investments in equity and cost method  investees (6,244) — — (35,727) — (41,971) Proceeds from the sale of assets  3  —  196  —  —  199  Loans to affiliates  (178)  —  —  —  —  (178)  Proceeds from loans to affiliates  179  179  Net cash flows used in investing  activities (5,437) (17,684) (22,073) (97,128) — (142,322) CASH FLOWS FROM (USED IN)  FINANCING ACTIVITIES:  Proceeds from notes payable,  commercial bank financing and  capital leases  —  257,173  —  17,470  —  274,643  Repayments of notes payable,  commercial bank financing and  capital leases  (24,778)  (216,608) (207) (14,004) — (255,597) Repurchase of Class A Common Stock  (29,836)  —  —  —  —  (29,836)  Dividends paid on Class A and Class B  Common Stock  (67,128)  —  —  —  445  (66,683)  Payments for deferred financing costs  —  —  —  (524)  —  (524)  Proceeds from derivative terminations  —  8,001  —  —  —  8,001  Distributions to noncontrolling interest  —  (637)  (637)  Repayments of notes and capital leases  to affiliates  (722)  —  (2,604)  —  —  (3,326)  Increase (decrease) in intercompany  payables  151,869  (32,955)  (221,268)  102,572  (218)  —  Net cash flows from (used in)  financing activities  29,405  15,611 (224,079) 104,877 227 (73,959) NET (DECREASE) INCREASE IN  CASH AND CASH EQUIVALENTS  —  (4,829)  (2,372)  2,691  —  (4,510)  CASH AND CASH EQUIVALENTS,  beginning of period  — 14,478 2,599 3,903 — 20,980 CASH AND CASH EQUIVALENTS,  end of period  $ —  $ 9,649  $ 227  $ 6,594  $ —  $ 16,470  68    Sinclair Broadcast Group 