Simple
KEYC is CBS on -1 and Fox on -2
KMNF-LD is NBC on -1 and CW on -2
They are legally allowed to own both as subchannels don’t count and KMNF is low powered so doesn’t count.
Legally they can’t own two full powered stations. You can own a full powered and a low powered station. Until 2020 Mankato was just a one station market (KEYC). When Gray bought KEYC they added a low powered station with NBC and CW.
The small markets this is common.
Lima, Ohio big 4 is owned by same company by same setup (NBC on Fox on big station, ABC and CBS on low powered).
Parkersburg, WV same thing. NBC on full powered, CBS and Fox on two low powered stations. Gray owns them.
Presque Isle, Maine same Gray setup. CBS on-1 and Fox on -2 WAGM and NBC on low powered station.
North Platte, Nebraska they own NBC, FOx and CBS (NBC on full powered, the other 2 on low powered)
That’s how stations get around the rules. Either they move a network to a subchannel or a low powered station. Sinclair is notorious for the first option.
While it may sound crappy but other than news I don’t mind as I am antenna only and pre-Gray ownership all we had was CBS and Fox. Now we have Ion and Oxygen also on KEYC and NBC, CW and the365 on KMNF-LD
The first option is a Block Communications option, not a Sinclair one.
You also have 24/7 weather on 12.4 I believe.