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Performance in Q1 was driven by core advertising exceeding guidance and political revenue reaching the high end of expectations, despite a distribution dispute.

Management successfully resolved the first extended distribution blackout in company history with DISH, reaching a multi-year agreement consistent with internal expectations.

Broadcasting expenses continued a downward trend, decreasing by $22 million year-over-year as the company focuses on smart cost management and operational efficiency.

The company significantly expanded its footprint through the acquisition of stations in 10 markets from Allen Media Group and three markets from Block Communications.

Core advertising strength in Q1 was bolstered by the Winter Olympics, though management noted recent softness due to macroeconomic uncertainty and Middle East volatility.

Strategic focus on sports programming continues to expand, with 19 MLB teams, 13 NBA teams, 8 NHL teams, and 6 WNBA teams now playing across Gray's broadcast sports networks.

Digital revenue grew in the high-teens, supported by the transition of all digital apps to the Quickplay platform to enhance viewer connectivity.

Management anticipates Q2 political revenue between $60 million and $70 million, expecting a very engaged midterm cycle with exposure to nearly all competitive races.

Full-year net retransmission revenue is projected to grow organically at an inflationary rate, even before accounting for the impact of recent acquisitions.

Q2 core advertising is guided down mid-single digits, reflecting advertiser caution and the rotation of the NCAA Final Four away from CBS affiliates.

The company expects to close remaining transactions with E.W. Scripps and Sagamore Hill within the next few weeks to further its deleveraging strategy.

Capital expenditure for 2026 is maintained at $140 million but will be back-end weighted to align with cash inflows from political advertising.

Corporate expenses exceeded guidance due to legal costs associated with intensive regulatory approvals for recent M&A activity.

The DISH distribution blackout impacted net retransmission revenue for 21 days in March and the full month of April.

Management highlighted a 'bizarre' and 'unprecedented' demand from a distributor as the cause of the recent blackout, which required an existential stand to resolve.

A $330 thousand net loss attributable to common stockholders was reported for the quarter, though liquidity remains strong with over $1 billion available.

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Management noted that the DOJ review process was far more intensive than in previous years, requiring millions of documents.

The company believes regulators now have a better understanding of the competitive landscape, which may facilitate future industry consolidation.

Management is monitoring new 'novel theories' from state Attorneys General regarding antitrust risk as a factor in future deal-making.

Management expects an extraordinarily strong cycle but noted that 2026 spending appears more weighted toward the general election than 2022.

The company has high exposure to competitive Senate and House races where PACs are currently holding significant unallocated funds.

Management stated that local news viewership remains extremely strong and that streaming platforms have been 'totally additive' to total reach.

Net viewership across all platforms has grown over the last few years rather than being cannibalized by network streaming.

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