Q1 2025 Performance - Total revenue reached $770 million, aligning with guidance[5] - Adjusted EBITDA exceeded guidance at $112 million due to lower media expenses[5, 6] - Ventures received $10 million in cash distributions[7] - Ventures made cash outflows of approximately $38 million, including $30 million for Compulse acquisition[7] Strategic Updates - Jeff Blackburn was hired as Chairman and CEO of Tennis Channel to lead strategic growth[10] - YouTube TV agreement was extended[16] Financial Position - Total Sinclair Television Group (STG) debt at the end of 1Q25 was $4.2 billion[24] - Consolidated cash at the end of 1Q25 was $631 million ($277 million at SBG, $354 million at Ventures)[24] - The company repurchased approximately $66 million in face value of STG's 2027 notes for $62 million in early April[24] Q2 2025 Guidance - Adjusted EBITDA is projected to be between $91 million and $107 million[43] - Media revenue is expected to range from $778 million to $798 million[46] Full Year 2025 Outlook - Estimated cash taxes of $121 million, including approximately $83 million in estimated forecasted cash tax payments associated with Diamond Chapter 11 emergence[49]