Form 4: Standard General Distributes Mediaco Holding Shares

Standard General L.P. and its Chief Investment Officer, Soohyung Kim, reported the distribution of over 2.1 million Class A Common Stock shares of Mediaco Holding Inc. from a managed investment vehicle.

Summary

• Standard General L.P., a 10% owner and director of Mediaco Holding Inc. (MDIA), reported a disposition of 2,105,596 shares of Class A Common Stock.
• This disposition occurred on September 12, 2025, and was a distribution from a private investment vehicle managed by Standard General, conducted in accordance with the vehicle's terms.
• Following this transaction, Standard General L.P. and Soohyung Kim (also a director and 10% owner) indirectly beneficially own 35,426,400 shares of Class A Common Stock and 5,413,197 shares of Class B Common Stock.
• Each share of Class B Common Stock is convertible into one share of Class A Common Stock.
• The reporting persons are considered directors by deputization due to their representation on Mediaco Holding's Board of Directors.

Sentiment

Score: 5

Explanation: The filing reports a routine distribution of shares from an investment vehicle, which is a neutral event for the company's operational or financial performance. It reflects a change in the structure of beneficial ownership for the reporting person rather than a direct market transaction by the company or a significant change in the reporting person's overall stake.

Future Outlook

NA

Management Comments

• A private investment vehicle managed by Standard General L.P. ("Standard General") distributed these shares of common stock of the Issuer in accordance with the terms of the investment vehicle.
• Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest in such shares, and the inclusion of such securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.
• Solely for purposes of Section 16, the Reporting Persons are deemed directors by deputization by virtue of their representation on the Board of Directors of the Issuer.

Industry Context

NA

Corporate Governance

Stakeholder Impact

• Shareholders: The distribution changes the direct beneficial ownership structure of a significant shareholder (Standard General L.P.) but does not necessarily imply a sale into the open market. The overall indirect beneficial ownership by Standard General and Mr. Kim remains substantial.

Key Dates

Recommendation

This Form 4 filing details a routine distribution of shares from an investment vehicle managed by a significant shareholder and director. It does not indicate any change in the company's fundamentals, operational performance, or strategic direction. The transaction is a structural change in beneficial ownership for the reporting person rather than a direct market sale or purchase that would signal a change in investment thesis. Therefore, a 'hold' recommendation is appropriate as the filing provides no new information to alter an existing investment stance.

Keywords

Mediaco Holding Inc., MDIA, Standard General L.P., Soohyung Kim, SEC Form 4, Beneficial Ownership, Insider Transaction, Class A Common Stock, Class B Common Stock, Investment Vehicle Distribution