Operator: Your next question for today is coming from David Hamburger at Morgan Stanley.
David Hamburger: Hi, thank you. Good morning. On February 10, you issued an 8-K that stated that you purchased the Diamond Sports preferred that was issued to JPMorgan for $190 million to extinguish that guarantee. I was just wondering if you could talk a little bit about the timing of that? And then importantly, since Diamond chose to not pay its coupons last week, I’m just wondering are there any other financial issues associated with Diamond that we should be considering with regard to Sinclair? You did call out the management fee changes in this quarter for the 1Q guide. Curious if there’s anything around, say, the previous tax consolidation of Diamond or any other financial issues we should be aware of with regard to Sinclair specifically?
Chris Ripley: So with regard to the preferred, it really was a cost of capital issue as that has a floating dividend rate on it and as interest rates started to go up, that dividend rate started to get quite high. As Lucy mentioned, it was over 12% when we retired it. And so that really €“ coupled with negotiating a small discount from JPMorgan are played into the decision and the timing. As it relates to Diamond, as I stated earlier, we don’t control Diamond anymore. It is becoming increasingly independent. We expect that the tax benefits and the management fees that we get from Diamond will reduce over time as it becomes more and more independent.
David Hamburger: And is there any way that we can think about that impact on Sinclair? Are there kind of any dimensions around that you can offer us? I know historically, you haven’t really broken that out.
Chris Ripley: No, that’s not something we can give any guidance on at this time.
David Hamburger: Okay. Thank you very much.
Operator: Your next question for today is coming from Benjamin Soff at Deutsche.
Benjamin Soff: Thanks for taking the question. I just wanted to follow up on the comment that growth of reverse has significantly moderated over the last year? And if there are any factors that you could talk about that are causing that and whether we should expect that trend to continue over time? Thanks.
Chris Ripley: We do expect that trend to continue. And really what’s driving that is the shift in focus from the big media companies to their streaming platforms. And also just the magnitude of the reverse payments, if you reverse went from sort of zero to 100 in a very short period of time. And it is a significant level at this point. And so you couple with the magnitude of support that we give the networks for their programming, couple that with some of the shift in focus on other platforms is what’s playing into that negotiating dynamic and the ability for us to manage the cost of our network relationships.
Benjamin Soff: Thanks.
Operator: Your next question for today is coming from David Karnovsky at JPMorgan.
David Karnovsky: Hi. Thanks. Lucy, just going back to your commentary on the three-year CAGR for net retrans. I think you said you were continuing to expect low single-digit growth that I thought the guide at your Investor Day was low to mid. So can you just clarify if there’s a change there and whether that’s due to churn? And then I think political in Q4, which is the low end of your guide despite the Georgia runoff. Can you say if there was a bump in political ad revenue for November and December? Thanks.
