Gray Media, Inc. (GTN)

In the past six months, Gray Media's stock experienced price movements, reaching highs of approximately US$5.65 and lows of US$4.34. Key events impacting the stock include earnings reports, analyst activity, insider trading and hedge fund activity, debt management, and acquisitions and swaps. Q3 2025 revenue was $749 million, with adjusted EBITDA reaching $162 million, but decreased by 21.16% year-over-year. Several analysts issued ratings and price targets, with a median price target of $7.0. Insiders conducted one sale, while institutional investors added and decreased positions. Gray Media is highly leveraged with approximately $5.64 billion in debt and has prioritized strengthening its balance sheet. The company announced several strategic transactions, including a station swap and acquisitions of stations.

Demand for Gray Media's products and services exhibits significant seasonality, driven by political advertising revenue, which decreases substantially in "off-cycle years." Core advertising revenue also fluctuates, and retransmission consent revenue is a key component. Historical data suggests broader seasonal patterns for GTN.

Gray Media, Inc. is a multimedia company that owns and operates television stations and digital assets across the United States. The company operates in the Broadcasting industry and is categorized under the Media - Diversified industry group. Gray Media operates through its Broadcasting, Production Companies, and Other segments, offering local television broadcasting, digital assets, and digital marketing strategies. The company also owns video production companies and studio production facilities.

Gray Media, Inc. operates in 113 television markets across the United States, reaching approximately 37% of U.S. television households. Its portfolio includes 78 markets with top-rated television stations and 99 markets with the first and/or second highest-rated television stations. The company is the largest Telemundo Affiliate group, serving 44 markets, with stations ranging from major cities to smaller areas.

In the past year, Gray Media's reputation has been shaped by a name change, regulatory advocacy, a YouTube TV dispute, strategic expansion, and financial performance. The company changed its name from Gray Television, Inc. to Gray Media, Inc. in January 2025. Gray Media challenged existing broadcast regulations, advocating for a more favorable operating environment. The company faced challenges from an ongoing YouTube TV carriage dispute. Numerous acquisitions and station swaps indicate a strategic focus on growth and market expansion. Reported revenue declines and increased net loss in Q1 2025 could influence investor confidence and market sentiment.

Gray Media, Inc. has significant institutional ownership, with 399 institutional owners holding 76.03% of the company. Major institutional shareholders include BlackRock, Inc., and Vanguard Group Inc. Individual insiders hold approximately 15% of the shares. Highland Capital Management LP is the largest individual shareholder, owning 11.11% of the company. The general public holds about 2.73% of the shares.