as of 10-09-2026 3:40pm EST
Gray Media Inc is a multimedia company. The company owns and operates local television stations and digital assets. It also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with digital products and services. Its additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. The company's segments include Broadcasting and Production Companies. The majority of revenue is derived from broadcast and digital advertising and from retransmission consent fees.
| Founded: | 1897 | Country: | United States |
| Employees: | N/A | City: | ATLANTA |
| Market Cap: | 432.5M | IPO Year: | 1996 |
| Target Price: | $6.50 | AVG Volume (30 days): | 872.2K |
| Analyst Decision: | Buy | Number of Analysts: | 5 |
| Dividend Yield: | Dividend Payout Frequency: | quarterly | |
| EPS: | -0.12 | EPS Growth: | -141.96 |
| 52 Week Low/High: | $3.55 - $6.43 | Next Earning Date: | 11-06-2026 |
| Revenue: | $3,095,000,000 | Revenue Growth: | -15.07% |
| Revenue Growth (this year): | 17.9% | Revenue Growth (next year): | -11.84% |
| P/E Ratio: | -40.25 | Index: | N/A |
| Free Cash Flow: | 181.0M | FCF Growth: | -79.38% |
SEC 8-K filings with transcript text
Sep 28, 2026 · 100% conf.
1D
-2.52%
$5.23
Act: -7.26%
5D
-7.43%
$4.97
Act: -2.79%
20D
-11.12%
$4.77
2 ex_1019903.htm
ex_1019903.htm
Exhibit 99.1
Gray Media Raises 3Q 2026 Political Advertising Guidance and Lifts Low End of Total Revenue Range
Atlanta, GA – September 28, 2026, Gray Media, Inc. (“Gray”) (NYSE: GTN) today announced updated financial guidance for the quarter ending September 30, 2026, updating guidance originally issued on August 7, 2026. The update is being provided in connection with lender meetings to potentially refinance its credit facility and presentations to investors it may make from time to time. While Gray is in the process of finalizing its third quarter financial results, the following updated estimates reflect the most current operational information and expectations available to the company as of the date of this release. For the estimates not listed below, our original guidance issued on August 7, 2026, remains unchanged. As always, guidance may change in the future based on several factors and therefore may not reflect future actual results.
Quarter Ending September 30, 2026
September 30, 2025
August 7, 2026
September 28, 2026
(in millions)
(Unaudited)
Revenue (less agency commissions):
Core advertising
$
355
Flat, as reported
-1% to Flat, as reported
Political advertising
$
8
$165 - $185
$188 - $195
Total revenue
$
749
$935 - $965
$950 - $965
Operating expenses (excluding depreciation, amortization and (gain) loss on disposal of assets):
Total corporate and administrative expense
$
28
$35 - $40
$30 - $35
For illustrative purposes, the table below highlights political advertising revenue trends for the first nine months of this year alongside the first nine months of the two prior “on-year” political cycles. The 2026 estimate assumes $192 million of third quarter political advertising revenue, the midpoint of Gray’s updated guidance, and includes an estimated $9 million of political advertising revenue from recent acquisitions through September 30, 2026, which is included in the updated guidance.
Gray currently anticipates that it will have no outstanding borrowings under its Revolving Credit Facility as of September 30, 2026. Current borrowing capacity under Gray’s Accounts Receivable Securitization facility is approximately $379 million, reflecting lower core commercial receivables driven by strong political advertising revenues, which are paid in advance.
Gray currently expects to report its third quarter 2026 financial results on Friday, November 6, 2026, and host its quarterly investor call at 11AM that morning.
The Company
We are a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets. We serve 117 full-power television markets that collectively reach approximately 37% of US television households. The portfolio includes 78 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station in average all-day ratings across the 116 of such markets that were measured by Nielsen in 2025. We also own the largest Telemundo Affiliate group with 46 markets and Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Our additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios..
Cautionary Statements for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act
This press release contains certain forward-looking statements that are based largely on our current expectations and reflect various estimates and assumptions by us. These statements are statements other than those of historical fact and may be identified by words such as “estimates,” “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond our control, include: the inability to achieve estimates of future revenue and expenses, and other future events. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections contained therein, which reports are made publicly available via our website, www.graymedia.com. Any forward-looking statements in this press rele
Aug 7, 2026 · 100% conf.
1D
-2.52%
$5.23
Act: -7.26%
5D
-7.43%
$4.97
Act: -2.79%
20D
-11.12%
$4.77
2 ex_998938.htm
ex_998938.htm
Exhibit 99.1
Gray Media Announces Second Quarter Financial Results
Atlanta, Georgia –August 7, 2026. . . Gray Media (NYSE: GTN) today announced its financial results for the quarter ended June 30, 2026.
Hilton Howell, Jr., Executive Chairman and CEO, commented, “Our second quarter 2026 results are starting to reflect the benefits of our M&A activity. We met or exceeded our second quarter guidance across every metric except corporate expense, which was higher due to transaction-related costs, and our net leverage ratio improved during the quarter. We are particularly pleased with political advertising, which significantly exceeded our second quarter guidance, and is trending ahead of not only 2024 but also 2022 year-to-date levels. Our Net Retransmission Revenue returned to year-over-year growth even excluding the 2026 acquisitions, despite the blackout that ended on May 1.
“Year-to-date, we have made progress on every front. We have added stations in 22 markets (net of dispositions) including stations in six markets from American Spirit Media. We continue to invest in our stations, people and communities to drive journalistic excellence, as reflected by our 93 Regional Edward R. Murrow Awards this year, up from 81 last year. We expanded our local professional sports portfolio by adding approximately 70 televised Atlanta Hawks regular season games on WANF in Atlanta and across our Peachtree Sports Network through the 2028-29 NBA season. We also made progress on our balance sheet through creative transactions that lower our cost of capital and enhance our cash flow. Our goal is to extend our market leadership as the largest owner of top-rated local television stations by prudently investing in our broadcast business, while also prioritizing balance sheet deleveraging.”
Gray Media Second Quarter Results vs. Guidance
($ in millions)
High End of
Guidance (1)
Impact of 2Q
Acquisitions (2)
High End of
2Q 2026 Guidance
Adjusted for
2Q Acquisitions
Reported
Results (2)
Core Advertising Revenue
Down MSD
3
%
Down LSD
(1
)%
Political Advertising Revenue
$
70
$
3
$
73
$
83
Total Revenue
$
800
$
30
$
830
$
839
Net Retransmission Revenue (3)
$
143
$
6
$
149
$
150
Broadcasting Expense (4)
$
550
$
21
$
571
$
569
Corporate and Administrative Expense (4)
$
35
$
-
$
35
$
37
(1)
“High End of 2Q 2026 Guidance” as disclosed in our first quarter 2026 earnings press released on May 7, 2026 assumed full-quarter results from (i) the WBBJ and the Allen 3 acquisitions that closed in 1Q 2026 and (ii) the markets that we swapped to Scripps on May 15, 2026. Guidance for the second quarter of 2026 excluded any anticipated results from the 2Q Acquisitions as defined in Note (2). 2Q Acquisitions includes the as reported results attributable to the 2Q Acquisitions from their respective closing dates to provide a more meaningful comparison of results against guidance for 2Q 2026 issued on May 7, 2026.
(2)
During 2Q 2026, Gray acquired television stations in seven additional markets from Allen Media, as well as stations from Block Communications and Sagamore Hill (collectively, the “2Q Acquisitions”); and swapped stations to Scripps in a non-monetary exchange. “Impact of 2Q Acquisitions” reflects the as reported results from 2Q 2026 that are attributable to the 2Q Acquisitions from their respective closing dates. “Reported 2Q 2026 Results” presents our actual results, which includes the impact of the 2Q Acquisitions and the swap transaction from their respective closing dates in accordance with U.S. GAAP.
(3)
Net Retransmission Revenue is calculated as retransmission consent revenue less broadcast network affiliation fees.
(4)
Expense line items exclude depreciation, amortization, impairment and gain or loss on disposal of long-lived assets.
4370 Peachtree Road, NE, Atlanta, GA 30319 | P 404.504.9828 F 404.261.9607 | www.graymedia.com
●
Total Revenue - $839 million in the second quarter of 2026, or an increase of 9% compared to second quarter 2025. The 2026 Acquisitions(1) contributed $41 million in total revenue in the second quarter of 2026.
●
Core Advertising Revenue – $357 million in the second quarter of 2026, or a decrease of 1% compared to second quarter 2025. The 2026 Acquisitions contributed $15 million of core advertis
May 7, 2026
gtn20260505_8k.htm
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2026-05-07 2026-05-07
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) May 7, 2026 (May 7, 2026)
Gray Media, Inc.
(Exact Name of Registrant as Specified in Its Charter)
Georgia
(State or Other Jurisdiction of Incorporation)
001-13796
58-0285030
(Commission File Number)
(IRS Employer Identification No.)
4370 Peachtree Road, NE, Atlanta, Georgia
30319
(Address of Principal Executive Offices)
(Zip Code)
404-504-9828
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the act:
Title of each Class
Trading Symbol(s)
Name of each exchange on which registered
Class A common stock (no par value)
New York Stock Exchange
common stock (no par value)
GTN
New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 - Results of Operations and Financial Condition.
On May 7, 2026, Gray Media, Inc. issued a press release reporting its financial results for the three-months March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.
The information set forth under this Item 2.02 is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
99.1
Press release issued by Gray Media, Inc. – Financial Results, on May 7, 2026
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Gray Media, Inc.
May 7, 2026
By:
/s/ Jeffrey R. Gignac
Name:
Jeffrey R. Gignac
Title:
Executive Vice President and
Chief Financial Officer
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