Gray Media/$GTN.A

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About Gray Media

Gray Media Inc is a multimedia company. The company owns and operates local television stations and digital assets. It also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with digital products and services. Its additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. The company's segments include Broadcasting and Production Companies. The majority of revenue is derived from broadcast and digital advertising and from retransmission consent fees.
Ticker
$GTN.A
Sector
Communication
Primary listing
NYSE
Employees
9,374
Headquarters
Atlanta, United States
Website
graymedia.com

Gray Media Metrics

BasicAdvanced
$455M
-
-$0.59
0.99
$0.32
5.87%

What the Analysts think about Gray Media

Majority rating from 7 analysts.
Buy
Analyst ratings by month
MonthBuyHoldSellAnalystsMajority rating
July 20235128Buy
August 20235128Buy
September 20235128Buy
October 20235128Buy
November 20235128Buy
December 20235128Buy
January 20245128Buy
February 20244127Buy
March 20244127Buy
April 20244127Buy
May 20244127Buy
June 20244127Buy

Bulls say / Bears say

Political advertising is outperforming expectations. Q2 political revenue reached $83 million, above guidance and ahead of comparable 2024 levels, while Gray expects $165 million–$185 million in Q3 from its broad exposure to competitive Senate, gubernatorial and House races. (Gray Media)
Gray has improved its debt profile by completing a $750 million 7.5% notes offering due 2034, with proceeds earmarked to redeem $675 million of higher-cost 10.5% notes due 2029 and repay revolver borrowings. The refinancing should reduce interest costs and push part of the near-term maturity burden further out. (Gray Media)
Gray is building a larger digital distribution and advertising platform. Its new streaming system is live across 113 legacy markets, with 123 FAST channels and 269 live channels, giving the company more ways to distribute local content and monetise audiences beyond linear television. (PR Newswire)
Gray remains heavily leveraged: it reported $5.8 billion of long-term debt, $176 million of cash and $234 million of first-half interest expense. Despite improved operating results, those fixed charges left a first-half net loss and a loss attributable to common shareholders. (StockTitan)
The core business still faces secular pressure. Q2 core advertising fell 1%, while retransmission consent revenue fell 3% as subscribers declined, even though acquisitions and lower network fees lifted net retransmission revenue. (Gray Media)
The expected Q3 revenue surge is heavily election-driven: political advertising is guided at $165 million–$185 million versus $8 million a year earlier, while core advertising is expected to be flat and costs are rising. Revenue and cash generation could therefore fall sharply after the 2026 election cycle. (Gray Media)
Data summarised monthly by Lightyear AI. Last updated on 25 Sept 2026.

Gray Media Financial Performance

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Q3 24
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