Sinclair is one of the largest local television broadcasters in the U.S., owning or operating 179 TV stations across 81 markets, reaching roughly 38% of U.S. households. Stations air programming from all major networks — FOX, ABC, CBS, NBC, CW, and MyNetworkTV — plus Sinclair's own multicast content. Local news is a core focus, with Sinclair producing over 2,300 hours per week across 106 stations, and live sports anchor viewership and premium ad demand. Sinclair also owns Tennis Channel, which holds U.S. broadcast rights to all four Grand Slams and is the exclusive U.S. home of the ATP and WTA tours. Sinclair earns revenue through two main streams: advertising, where local businesses and national brands buy commercial time based on audience size and ratings, and distribution fees (retransmission consent), where pay-TV and streaming distributors pay for the right to carry Sinclair's stations. Advertising is cyclical, spiking in even-numbered election years with political ad spend. Distribution revenue is relatively predictable but faces headwinds from pay-TV subscriber decline, which Sinclair partially offsets through rate increases at contract renewal. Sinclair reports two segments: Local Media (~88% of revenue) and Tennis (~7%). Sinclair also holds a Ventures portfolio of non-broadcast assets, which management is actively separating from the broadcast business. Growth priorities include M&A in a more permissive regulatory environment, net retransmission revenue growth, sports podcasting under its AMP Media brand, and a next-generation broadcast platform (ATSC 3.0) via the EdgeBeam joint venture.