MDIA · Mediaco Holding Inc.

A private investment vehicle managed by Standard General L.P. ("Standard General") distributed these shares of common stock of the Issuer in accordance with the terms of the investment vehicle.

The securities reported herein are beneficially owned by Standard General. Mr. Kim is a director of the general partner of the general partner of Standard General and Chief Investment Officer of Standard General, and in such capacities may be deemed to indirectly beneficially own the securities reported herein. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest in such shares, and the inclusion of such securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

The exercise price of the Warrant is $0.00001.

On September 5, 2025, SLF LBI Aggregator, LLC ("Aggregator") exercised a warrant to purchase 28,206,152 shares of Issuer's common stock for $0.00001 per share. Aggregator paid the exercise price on a cashless basis, resulting in Issuer's withholding of 214 of the warrant shares to pay the exercise price.

The Warrant is currently exercisable for the full amount.

HPS Group GP, LLC ("HPS Group") is the non-member manager of Aggregator. Scott Kapnick is the sole member of HPS Group. Each of Scott Kapnick, HPS Group, Aggregator and BlackRock Portfolio Management LLC disclaims beneficial ownership of such securities except to the extent of their respective pecuniary interest therein, if any.

On September 5, 2025, SLF LBI Aggregator, LLC ("Aggregator") exercised a warrant to purchase 28,206,152 shares of Issuer's common stock for $0.00001 per share. Aggregator paid the exercise price on a cashless basis, resulting in Issuer's withholding of 214 of the warrant shares to pay the exercise price.

The exercise price of the Warrant is $0.00001.

HPS Group GP, LLC ("HPS Group") is the non-member manager of Aggregator. Scott Kapnick is the sole member of HPS Group. Each of Scott Kapnick, HPS Group, Aggregator and BlackRock Portfolio Management LLC disclaims beneficial ownership of such securities except to the extent of their respective pecuniary interest therein, if any.

On September 5, 2025, SLF LBI Aggregator, LLC ("Aggregator") exercised a warrant to purchase 28,206,152 shares of Issuer's common stock for $0.00001 per share. Aggregator paid the exercise price on a cashless basis, resulting in Issuer's withholding of 214 of the warrant shares to pay the exercise price.

HPS Group GP, LLC ("HPS Group") is the non-member manager of Aggregator. Scott Kapnick is the sole member of HPS Group. Each of Scott Kapnick, HPS Group, Aggregator and BlackRock Portfolio Management LLC disclaims beneficial ownership of such securities except to the extent of their respective pecuniary interest therein, if any.

On April 17, 2024, the Issuer and certain subsidiaries entered into an option agreement with certain subsidiaries of SLF LBI Aggregator, LLC ("Aggregator"), including Estrella Media, Inc. ("Estrella Media"), pursuant to which, among other things, Estrella Media was granted the right to put the equity of certain subsidiaries of Estrella Media to a subsidiary of the Issuer in exchange for 7,051,538 shares of Class A Common Stock from and after October 17, 2024 until April 17, 2031, subject to certain extensions (the "Option Transaction"). On May 1, 2025, the parties consummated the Option Transaction and, pursuant to Estella Media's designation right, Aggregator received the 7,051,538 shares of Class A Common Stock.

HPS Group GP, LLC ("HPS Group") is the non-member manager of Aggregator. Scott Kapnick is the sole member of HPS Group.

On March 19, 2025, Estrella Media filed an Initial Statement of Beneficial Ownership to add Estrella Media as a reporting person with respect to the Put Right. This Form 4 reflects withdrawal of Estrella Media as a reporting person.

On April 17, 2024, the Issuer and certain subsidiaries entered into an option agreement with certain subsidiaries of SLF LBI Aggregator, LLC ("Aggregator"), including Estrella Media, Inc. ("Estrella Media"), pursuant to which, among other things, Estrella Media was granted the right to put the equity of certain subsidiaries of Estrella Media to a subsidiary of the Issuer in exchange for 7,051,538 shares of Class A Common Stock from and after October 17, 2024 until April 17, 2031, subject to certain extensions (the "Option Transaction"). On May 1, 2025, the parties consummated the Option Transaction and, pursuant to Estella Media's designation right, Aggregator received the 7,051,538 shares of Class A Common Stock.

HPS Group GP, LLC ("HPS Group") is the non-member manager of Aggregator. Scott Kapnick is the sole member of HPS Group.

On March 19, 2025, Estrella Media filed an Initial Statement of Beneficial Ownership to add Estrella Media as a reporting person with respect to the Put Right. This Form 4 reflects withdrawal of Estrella Media as a reporting person.

Represents the weighted average of a range of sale prices from $1.25 to $1.28. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

Represents the weighted average of a range of sale prices from $1.45 to $1.50. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

Represents the conversion (the "Conversion") of shares of Series A Convertible Preferred Stock into shares of Class A Common Stock. Each share of Series A Convertible Preferred Stock was convertible into the number of shares of Class A Common Stock determined by dividing (i) the purchase price of the Series A Convertible Preferred Stock plus any accrued dividends by (ii) the average of the volume-weighted average prices ("VWAP") of the Class A Common Stock for the last 30 trading days prior to the date of determination, determined as of the fifth business day after the date on which the notice of Conversion was given. The disposition of shares of Series A Convertible Preferred Stock to the Issuer and the acquisition of shares of Class A Common Stock from the Issuer in connection with the Conversion were approved pursuant to Rule 16b-3.

Prior to the Conversion, the number of shares of Series A Convertible Preferred Stock beneficially owned by the Reporting Persons had increased to 286,031 shares pursuant to the terms of the security through the accrual of dividends subject to the exemption from reporting provided under Rule 16a-9.

The securities reported herein are beneficially owned by Standard General L.P. ("Standard General"). Mr. Kim is a director of the general partner of the general partner of Standard General and Chief Investment Officer of Standard General, and in such capacities may be deemed to indirectly beneficially own the securities reported herein. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest in such shares, and the inclusion of such securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

Represents the conversion (the "Conversion") of shares of Series A Convertible Preferred Stock into shares of Class A Common Stock. Each share of Series A Convertible Preferred Stock was convertible into the number of shares of Class A Common Stock determined by dividing (i) the purchase price of the Series A Convertible Preferred Stock plus any accrued dividends by (ii) the average of the volume-weighted average prices ("VWAP") of the Class A Common Stock for the last 30 trading days prior to the date of determination, determined as of the fifth business day after the date on which the notice of Conversion was given. The disposition of shares of Series A Convertible Preferred Stock to the Issuer and the acquisition of shares of Class A Common Stock from the Issuer in connection with the Conversion were approved pursuant to Rule 16b-3.

The securities reported herein are beneficially owned by Standard General L.P. ("Standard General"). Mr. Kim is a director of the general partner of the general partner of Standard General and Chief Investment Officer of Standard General, and in such capacities may be deemed to indirectly beneficially own the securities reported herein. Each of the Reporting Persons disclaims beneficial ownership of the shares reported herein except to the extent of its or his pecuniary interest in such shares, and the inclusion of such securities in this report shall not be deemed an admission of beneficial ownership for purposes of Section 16 or for any other purpose.

Received as compensation for service on the Board of Directors.

Received as compensation for service on the Board of Directors.

Received as compensation for service on the Board of Directors.

Received as compensation for service on the Board of Directors.

Received as compensation for service on the Board of Directors.

These reported securities were sold by Emmis pursuant to a 10b5-1 plan contemplating regular sales of the shares acquired by note conversions.

Represents the weighted average of a range of sale prices from $1.25 to $1.55. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

Represents the weighted average of a range of sale prices from $1.35 to $1.70. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

These reported securities were sold by Emmis pursuant to a 10b5-1 plan contemplating regular sales of the shares acquired by note conversions.

Represents the weighted average of a range of sale prices from $1.25 to $1.32. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

Represents the weighted average of a range of sale prices from $1.25 to $1.28. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

These reported securities were sold by Emmis pursuant to a 10b5-1 plan contemplating regular sales of the shares acquired by note conversions.

Represents the weighted average of a range of sale prices from $1.25 to $1.28. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

Represents the weighted average of a range of sale prices from $1.25 to $1.38. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

These reported securities were sold by Emmis pursuant to a 10b5-1 plan contemplating regular sales of the shares acquired by note conversions.

Represents the weighted average of a range of sale prices from $1.25 to $1.34. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

These reported securities were sold by Emmis pursuant to a 10b5-1 plan contemplating regular sales of the shares acquired by note conversions.

These reported securities were sold by Emmis pursuant to a 10b5-1 plan contemplating regular sales of the shares acquired by note conversions.

These reported securities were sold by Emmis pursuant to a 10b5-1 plan contemplating regular sales of the shares acquired by note conversions.

Represents the weighted average of a range of sale prices from $1.25 to $1.27. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

These reported securities were sold by Emmis pursuant to a 10b5-1 plan contemplating regular sales of the shares acquired by note conversions.

Represents the weighted average of a range of sale prices from $1.27 to $1.28. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

Represents the weighted average of a range of sale prices from $1.25 to $1.31. The reporting person undertakes to provide to the Staff of the Securities and Exchange Commission, the Company or any stockholder of the Company, upon request, full information regarding the number of shares sold at each separate price.

These reported securities were sold by Emmis pursuant to a 10b5-1 plan contemplating regular sales of the shares acquired by note conversions.