Gray Media, Inc. (GTN)

In November 2025, Gray Media reported Q3 2025 earnings, posting a loss of $0.24 per share, beating estimates, with revenue of $749 million, also surpassing estimates, and declared a quarterly cash dividend of $0.08 per share. In August 2025, the company released its Q2 2025 earnings, with total GAAP revenue of $772 million, a 6.5% year-over-year decrease, and a GAAP loss of $0.71 per share, including a $28 million non-cash impairment charge. In July 2025, Gray Media undertook refinancing transactions, including $900 million in senior secured second lien notes and a $775 million increase in first lien notes, extending maturities to 2033. In June 2025, Q1 2025 results indicated advertising softness, but also highlighted the impact of cost savings measures and better-than-expected political revenues. In May 2025, the stock experienced a slump of nearly 3% on May 6, 2025.

Demand for Gray Media, Inc.'s products and services exhibits significant seasonality, largely driven by political election cycles. Election years typically result in a substantial boost in political advertising revenue, while non-election years experience a decline in political ad spending. Core advertising revenue is also cyclical and influenced by broader economic conditions. Retransmission consent fees represent another significant revenue stream, though this can also be subject to fluctuations.

Gray Media, Inc. operates in the Communication Services sector, focusing on broadcasting and digital media. The company owns and operates local television stations and digital assets, offering services such as local television broadcasting, digital marketing strategies through Gray Digital Media, and content production via Raycom Sports, Tupelo Media Group, and PowerNation Studios. Gray Media also owns studio production facilities like Assembly Atlanta and Third Rail Studios, and holds a majority interest in Swirl Films. The company broadcasts secondary digital channels affiliated with various networks. The company officially changed its name from Gray Television, Inc. to Gray Media, Inc. in January 2025.

Gray Media, Inc. has an extensive geographic footprint across the United States, operating in 113 television markets and reaching approximately 37% of U.S. television households. The company maintains a strong local presence, with top-rated television stations in 78 markets and either the first or second highest-rated station in 99 markets as of 2024. This includes a significant Telemundo Affiliate group spanning 44 markets. Its operations cover a diverse range of markets, from large metropolitan areas to smaller communities.

In the past year, Gray Media, Inc. has received positive recognition for its contributions to public service, including the 2025 Catalyst Award for its support of the Ad Council's Project Roadblock. No significant negative events impacting its brand reputation were found within the past year.

Gray Media, Inc. is predominantly owned by institutional shareholders, who hold 76.02% of the company. Gray Media insiders own 32.94%, while retail investors hold 0.00%. Major institutional owners include BlackRock, Inc., Vanguard Group Inc, Capital Management Corp /va, Dimensional Fund Advisors Lp, Charles Schwab Investment Management Inc, Retirement Systems of Alabama, Miller Value Partners, Llc, Penn Capital Management Co Inc, Fmr Llc, and VTSMX - Vanguard Total Stock Market Index Fund Investor Shares. Highland Capital Management LP is identified as the largest individual Gray Media shareholder, owning 11.34 million shares, representing 11.11% of the company. Other notable individual insiders include Harriett J. Robinson and J. Mack Robinson.