Earnings summaries and quarterly performance for GRAY MEDIA.
Executive leadership at GRAY MEDIA.
Hilton H. Howell, Jr.
Detailed
Executive Chairman and Chief Executive Officer
CEO
Pat LaPlatney
Detailed
President and Co-Chief Executive Officer
CEO
Jeffrey R. Gignac
Detailed
Executive Vice President and Chief Financial Officer
Kevin P. Latek
Detailed
Executive Vice President, Chief Legal and Development Officer, and Secretary
Sandra Breland McNamara
Detailed
Executive Vice President, Chief Operating Officer
Board of directors at GRAY MEDIA.
Research analysts who have asked questions during GRAY MEDIA earnings calls.
Alan Gould
Loop Capital
4 questions for GTN
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Craig Huber
Huber Research Partners
4 questions for GTN
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Daniel Kurnos
The Benchmark Company, LLC
4 questions for GTN
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Steven Cahall
Wells Fargo & Company
4 questions for GTN
Also covers: AMCX, ATUS, CABO +17 more
Aaron Watts
Deutsche Bank
3 questions for GTN
Also covers: CCO, CMLS, IHRT +3 more
David Hamburger
Morgan Stanley
3 questions for GTN
Also covers: IHRT, SBGI
Avi Steiner
JPMorgan Chase & Co.
2 questions for GTN
Also covers: CCO, CMLS, SSP +1 more
Patrick Sholl
Barrington Research
2 questions for GTN
Also covers: CCO, CMLS, CNK +14 more
Bill Matthews
MUFG
1 question for GTN
Douglas Pardon
Brigade Capital Management
1 question for GTN
Eli Lapp
BMO Capital Markets
1 question for GTN
Michael Kerrane
Truist Securities
1 question for GTN
Recent press releases and 8-K filings for GTN.
Gray Media Completes Offering of Additional Senior Secured Second Lien Notes
GTN
Debt Issuance
- Gray Media, Inc. completed an offering of $250,000,000 aggregate principal amount of additional 9.625% senior secured second lien notes due 2032.
- These Additional Notes were issued at 102.000% of par and will form a single series with the previously issued $900,000,000 of the same notes.
- The net proceeds from the offering will be used to redeem a portion of Gray's 10.500% senior secured first lien notes due 2029, pay fees, and for general corporate purposes.
- Interest on the Notes accrues from July 18, 2025, and is payable semiannually, with the Notes maturing on July 15, 2032.
7 days ago
Gray Media Announces Private Placement of Notes
GTN
Debt Issuance
- Gray Media, Inc. announced a private placement of $250 million aggregate principal amount of 9.625% Senior Secured Second Lien Notes due 2032.
- The Additional Notes will be issued at 102.000% of par plus accrued interest and are expected to close on December 12, 2025.
- The proceeds will primarily be used to redeem $125 million of the company's 10.500% Senior Secured First Lien Notes due 2029 at 103.000% of principal amount on December 19, 2025.
- These new notes will form a single series with the existing $900 million aggregate principal amount of 9.625% Senior Secured Second Lien Notes due 2032 issued in July 2025.
Dec 8, 2025, 12:39 PM
Gray Media Reports Q3 2025 Results and M&A Activity
GTN
Earnings
Guidance Update
M&A
- Gray Media's Q3 2025 results compared favorably to guidance, with Total Revenue reaching the high-end at $749 million, Core Advertising Revenue at the high-end at $355 million, and Retransmission Revenue above the high-end at $346 million.
- For the nine months ending September 30, 2025, the company reported a net loss of $(75) million and Adjusted EBITDA of $491 million.
- M&A activity in July and early August 2025 is expected to improve the station portfolio, leverage strategies, and contribute to balance sheet improvement, pending regulatory approvals.
- As of Q3 2025, Gray Media's Leverage Ratio stood at 5.77x, with a First Lien Leverage Ratio of 2.72x and a Secured Leverage Ratio of 3.66x.
- The Net Retransmission Revenue outlook is improving, with network affiliation fees declining for the first time in 2024 and expected to continue to decline; Q3 2025 retransmission consent revenue declined by 6% while network affiliation fees declined by 9%.
Nov 7, 2025, 4:00 PM
Gray Media Announces Q3 2025 Results and Strategic Updates
GTN
Earnings
Guidance Update
M&A
- Gray Media reported Q3 2025 total revenue of $749 million, at the high end of guidance, with Adjusted EBITDA of $162 million and a net loss attributable to common stockholders of $23 million.
- The company strengthened its balance sheet by extending debt maturity to 2033 and finished Q3 with over $900 million in liquidity. Leverage ratios as of September 30, 2025, were 2.72 times first lien, 3.66 secured, and 5.77 times total leverage.
- M&A activity accelerated in Q3, with plans to enter six new markets and create 11 new Big Four full duopolies. The company is focused on these sub-$200 million deleveraging deals and is not currently in deep negotiation for larger transactions.
- Political advertising revenue for Q3 2025 was $8 million, exceeding expectations, and the company is optimistic about a strong political spending cycle in 2026. Core ad revenue is guided to be up low single digits for Q4 2025, with encouraging early Q1 2026 numbers.
Nov 7, 2025, 4:00 PM
Gray Media Reports Strong Q3 2025 Financial Results and Strategic Debt Refinancing
GTN
Earnings
Debt Issuance
M&A
- Gray Media, Inc. reported Q3 2025 total revenue of $749 million, which was at the high end of its guidance, and broadcast operating expenses of $542 million, which were significantly below its guidance range.
- The company recorded a net loss attributable to common stockholders of $23 million for Q3 2025, primarily due to a cyclical decrease in political advertising, compared to net income of $83 million in Q3 2024.
- During the third quarter of 2025, Gray Media completed significant debt market transactions, including issuing $900 million in 9.625% Senior Secured Second Lien Notes and $775 million in 7.25% Senior Secured First Lien Notes, which strengthened its balance sheet and extended debt maturities until December 2028.
- The company also announced a historic station swap and three additional planned acquisitions of television stations, expecting to enter six new markets and create 11 new full-power duopolies.
- Gray Media provided full-year 2025 total revenue guidance ranging from $3,070 million to $3,085 million.
Nov 7, 2025, 1:00 PM
Gray Media Reports Q2 2025 Results and Debt Refinancing Activities
GTN
Earnings
Guidance Update
Debt Issuance
- Gray Media's Q2 2025 financial results showed Total Revenue of $772 million, which was above the high-end of guidance, and Core Advertising Revenue of ~$361 million, at the high-end of guidance.
- For the six months ended June 30, 2025, the company reported Total Revenue of $1,554 million and an Adjusted EBITDA of $329 million, with a Net loss of $(65) million.
- As of June 30, 2025, Gray Media's Adjusted Total Indebtedness was $5,460 million, resulting in a Leverage Ratio of 5.60x and a First Lien Leverage Ratio of 2.99x, both within permitted limits.
- The company has proactively managed its debt maturity profile through July 2025 refinancing activities, including issuing 9.625% 2nd Lien Secured Notes and 7.25% 1st Lien Secured Notes, and upsizing its revolver to $750 million, significantly extending maturities and reducing the 2027 maturity tower.
Aug 8, 2025, 2:00 PM
Gray Media, Inc. Closes $900 Million Notes Offering and Amends Credit Facility
GTN
Debt Issuance
- Gray Media, Inc. has closed its offering of $900 million aggregate principal amount of 9.625% senior secured second lien notes due 2032.
- The net proceeds from the notes were used to redeem 7.000% senior notes due 2027 and repay $402.5 million of its Term Loan F, leaving an outstanding Term Loan F balance of $90 million.
- The company also increased the aggregate commitments under its revolving credit facility by $50 million to $750 million and extended its maturity date from December 1, 2027 to December 1, 2028.
- Following these transactions, there is $700 million of undrawn availability under the Revolving Credit Facility (excluding approximately $8 million of outstanding letters of credit).
Jul 18, 2025, 12:00 AM
Gray Media Inc Reports Q1 2025 Earnings & 8-K Financial Results
GTN
Earnings
Dividends
New Projects/Investments
Guidance Update
Debt Issuance
- Total revenue reached $782 million in Q1 2025 with a net loss of $9 million, marking a 5% decline vs Q1 2024 .
- Political ad revenue posted $13 million, significantly exceeding the guidance range of $2–4 million .
- Adjusted EBITDA stood at $160 million, reflecting a 19% decline from Q1 2024 .
- Core advertising revenue of $344 million fell by 8% due to channel lineup changes and one less selling day, with retransmission consent revenue nearly flat .
- The company executed a $17 million debt reduction and enhanced liquidity through an expanded AR securitization facility, revolver, and improved credit facilities (leverage ratio: 5.48x) .
- Guidance for Q2 2025 anticipates mid-single digit declines in core advertising revenue compared to Q2 2024 .
- On May 8, 2025, Gray Media, Inc filed an 8-K disclosing investor meeting details, presentation slides, and interactive data (Exhibit 99.1) .
May 8, 2025, 5:01 PM
Gray Media Expands Credit Facilities and Extends AR Facility Maturity
GTN
Debt Issuance
- AR securitization facility increased by $100 million to $400 million and its maturity extended to March 31, 2028 ( ).
- Revolving credit facility increased by $20 million to $700 million, enhancing overall liquidity by approximately $120 million ( ).
Mar 31, 2025, 12:00 AM
Quarterly earnings call transcripts for GRAY MEDIA.
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