Reported a net loss attributable to Sinclair of $112 million for the year ended December 31, 2025, compared to a net income of $310 million in 2024. Basic loss per share was $1.61 in 2025, a substantial decrease from basic earnings per share of $4.72 in 2024. Total revenue decreased by 10.7% to $3,169 million in 2025 from $3,548 million in 2024. Operating income significantly declined by 68.6% to $173 million in 2025 from $551 million in 2024. Local media segment revenue decreased by 14.7% to $2,774 million in 2025, primarily driven by a 92% drop in political advertising revenue to $32 million (from $405 million in 2024) due to 2025 being an off-year election cycle. Local media distribution revenue saw a slight decrease of 1% to $1,529 million, impacted by mid-teen percentage subscriber decreases, partially offset by low-teen contractual rate increases. Tennis segment revenue increased by 7% to $265 million, with distribution revenue up 6% and core advertising revenue up 15%. Interest expense increased by $91 million to $395 million in 2025, including $68 million in one-time financing costs. Completed a new money financing and debt recapitalization in Q1 2025, repaying the Term Loan B-2 due 2026 and extending debt maturities. Repurchased $170 million aggregate principal amount of 5.125% Senior Notes due 2027 for $166 million in 2025. Entered into a three-year, up to $375 million revolving accounts receivable securitization facility (A/R Facility) in November 2025, with $375 million outstanding at year-end. The Board authorized a comprehensive strategic review for the local media segment and a potential separation of Sinclair Ventures, LLC. FCC granted license renewal applications for all Company stations involved in a consent decree, which included a $500,000 voluntary contribution and a two-year compliance plan for children's programming and closed captioning rules. Accrued $15 million related to a guarantee obligation for the Marquee Sports Network, following a binding term sheet to settle a dispute and reduce the maximum obligation through 2029.