Steven Cahill's questions to Gray Media Inc (GTN) leadership • Q2 2025
Question
Steven Cahill of Wells Fargo inquired about the components of the quarter-turn leverage improvement from M&A and asked about the impact of the WANF affiliation change on the Q3 retransmission revenue and EBITDA guidance.
Answer
EVP & CFO Jeff Gignac confirmed the quarter-turn leverage reduction is inclusive of funding and synergies but offered no further breakdown. He also affirmed the WANF change impacts the Q3 guide, as the station's P&L will shift more toward advertising. Chairman & CEO Hilton Howell added that the company is very excited about WANF's potential as an independent station.