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EQUITY-BASED COMPENSATION PLANS (Tables)
 12 Months Ended
Dec. 31, 2025
STOCK-BASED COMPENSATION PLANS:  
Schedule of Changes in Unvested Restricted Stock
The following is a summary of changes in unvested restricted stock:
 RSAsWeighted-Average Price
Unvested shares at December 31, 20241,378,291 $18.18 
2025 Activity:  
Granted2,445,011 13.87 
Vested(1,860,954)14.32 
Forfeited (a)(70,449)13.74 
Unvested shares at December 31, 20251,891,899 $16.58 
 
(a)Forfeitures are recognized as they occur.
Schedule of SARS Activity
The following is a summary of the 2025 activity: 
 SARsWeighted-Average Price
Outstanding SARs at December 31, 20248,369,840 $20.36 
2025 Activity:  
Exercised(54,430)16.89 
Outstanding SARs at December 31, 20258,315,410 $20.41 
Schedule of Assumptions Used to Estimate the Value of Stock Options Under ESPP
Valuation of SARS. Our SARs were valued using the Black-Scholes pricing model utilizing the following assumptions:
 20242023
Risk-free interest rate
4.1%
4.4%
Expected years to exercise5 years5 years
Expected volatility58.8 %52.1 %
Annual dividend yield
7.8%
6.8%
Schedule of Changes in Outstanding Options
The following is a summary of changes in outstanding options:

 OptionsWeighted-Average Price
Outstanding options at December 31, 2024250,000 $33.20 
2025 Activity:
Expired(125,000)32.54 
Outstanding options at December 31, 2025125,000 $33.85 
Sinclair Broadcast Group, LLC  
STOCK-BASED COMPENSATION PLANS:  
Schedule of Changes in Unvested Restricted Stock
The following is a summary of changes in unvested restricted stock:
 RSAsWeighted-Average Price
Unvested shares at December 31, 20241,317,057 $18.31 
2025 Activity:
Granted2,399,660 13.87 
Vested(1,805,861)14.32 
Forfeited (a)(55,467)13.75 
Unvested shares at December 31, 20251,855,389 $16.59 
 
(a)Forfeitures are recognized as they occur.
Schedule of SARS Activity
The following is a summary of the 2025 activity:
 SARsWeighted-Average Price
Outstanding SARs at December 31, 20248,369,840 $20.36 
2025 Activity:
Exercised(54,430)16.89 
Outstanding SARs at December 31, 20258,315,410 $20.41 
Schedule of Assumptions Used to Estimate the Value of Stock Options Under ESPP
Valuation of SARS. Our SARs were valued using the Black-Scholes pricing model utilizing the following assumptions:
 20242023
Risk-free interest rate4.1 %4.4 %
Expected years to exercise5 years5 years
Expected volatility58.8 %52.1 %
Annual dividend yield7.8 %6.8 %
Schedule of Changes in Outstanding Options
The following is a summary of changes in outstanding options:

OptionsWeighted-Average Price
Outstanding options at December 31, 2024250,000 $33.20 
2025 Activity:
Expired(125,000)32.54 
Outstanding options at December 31, 2025125,000 $33.85