Sinclair remains a 'buy' as robust political ad revenue and cost controls support solid financials despite secular broadcast headwinds. M&A activity is constrained by regulatory uncertainty, particularly the 39% FCC ownership cap and ongoing litigation over the Tegna-Nexstar deal. SBGI's Q1 saw revenue up 4% to $870M, EBITDA up 13% to $126M, and reaffirmed full-year guidance with at least $300M in free cash flow expected.