If the United States Court of Appeals for the Ninth Circuit vacates, reverses, or narrows the hold-separate preliminary injunction entered April 17, 2026, in whole or in part and on any ground in DIRECTV, LLC v. Nexstar Media Group, Inc., No. 26-2490, or any consolidated or related appeal from In re: Nexstar-TEGNA Merger Litigation, No. 2:26-cv-00976 (E.D. Cal.) before Jan 1, 2028, then the market resolves to Yes. The ruling must: Be issued by the United States Court of Appeals for the Ninth Circuit in DIRECTV, LLC v. Nexstar Media Group, Inc., No. 26-2490, or in a consolidated or related appeal from the same District Court case Address the matter described by the specified judgment Be issued through a written order, opinion, judgment, or decision A decision that vacates or reverses the preliminary injunction, or that reduces the stations, markets, parties, or conduct it reaches, resolves the market to YES. Partial relief is enough, and a decision of the court sitting en banc counts. The following do NOT satisfy the Payout Criterion: Affirmance of the preliminary injunction in full Any order of the District Court, including the preliminary injunction entered April 17, 2026, the orders of August 6, 2026, and any later modification the District Court makes to its own injunction An order granting, denying, or dissolving a stay pending appeal Dismissal or withdrawal of the appeal, including after a settlement Oral rulings from the bench unless reduced to a written order Tentative rulings that are not made final Administrative or scheduling orders