Gray Media, Inc. (GTN)

In Q3 2025, Gray Media reported an EPS of -$0.24, surpassing estimates, but revenue fell by 21.2% year-over-year to $749 million, although this was above estimates. Management guided for a 25.9% year-on-year decline in sales for the subsequent quarter. In Q2 2024, total revenue was $826 million, a 2% increase year-over-year, with a net income of $22 million. Core Advertising Revenue in Q2 2024 was $373 million, a 1.5% decrease compared to Q2 2023. Political Advertising Revenue for Q2 2024 was $173 million. The full-year 2024 political revenue expectation was approximately $0.5 billion. The stock's 52-week high was $6.31 and its 52-week low was $3.13. As of February 6, 2026, the closing stock price was $4.35. On October 28, 2024, Gray Television's stock had risen by 4.14% in the past month. Analysts expected an EPS of $0.94 for the earnings report on November 8, 2024, and revenue of $966 million.

Demand seasonality for Gray Media, Inc. is primarily influenced by advertising cycles, particularly political advertising, which peaks during election years. Core advertising revenue can also experience fluctuations due to major sporting events and other programming.

Gray Media, Inc., formerly Gray Television, Inc., is an American publicly traded multimedia company headquartered in Atlanta, Georgia, founded in 1946. It is one of the largest owners and operators of television stations in the United States, delivering local news, information, and entertainment. The company operates in the Communication Services sector, focusing on broadcast television and diversified media. Its major products and services include operating local television stations and digital assets affiliated with major broadcast networks. Gray Media also owns Gray Digital Media, Raycom Sports, Tupelo Media Group, PowerNation Studios, Assembly Atlanta, and Third Rail Studios. The company generates revenue through advertising and digital media affiliate fees.

Gray Media, Inc. owns or operates 180 stations in 113 markets across 39 states, covering approximately 37% of U.S. television households. The company focuses on acquiring and developing stations in attractive, non-coastal U.S. markets, including large cities and smaller markets. Gray Media is the largest group owner and operator of NBC-affiliated stations and the second-largest owner of ABC affiliates.

Specific details on Gray Media, Inc.'s brand reputation in the past year are not explicitly available. The company's solid performance in Q2 2024 and commitment to local news and community engagement likely contribute positively to its local brand perception. The multi-year deal extending NBC affiliation agreements and the partnership with the Kansas City Royals also indicate strong relationships and positive community engagement. However, a revenue decline in Q3 2025 and a projected decline for the next quarter could indicate challenges, potentially impacting investor sentiment and overall brand perception. Decreasing ROIC could also affect its reputation among investors.

Gray Media, Inc. has a diverse ownership structure, with institutional investors holding approximately 76.03% of the company's stock, insiders holding 33.04%, and retail investors holding 0.00%. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, and Capital Management Corp /Va. Significant individual owners (insiders) include Highland Capital Management LP, Harriett J. Robinson, and J. Mack Robinson. Recent insider trading activity has been mixed or of low impact, showing no strong consensus, with net selling in the last three months but net buying over the last 12 months.