GRAY MEDIA, INC
For the period ended Nov 7, 2025. Filed Nov 7, 2025.
View on SEC.govAbout this filing
A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Nov 7, 2025 · Filed Nov 7, 2025
Use the contents to explore the available documents and sections.
GTN-A$5.70-4.2%Stored close · as of Nov 6, 2026
Contents
EX-99.1 · Operating Highlights:
Operating Highlights:
| ● | Total revenue in the third quarter of 2025 of $749 million was at the high end of our previously issued guidance of $750 million. |
| ● | Core advertising revenue in the third quarter of 2025 was $355 million, at the high end of our guidance and reflecting solid quarter-over-quarter performance considering the third quarter of 2024 included $16 million of core advertising revenue associated with the broadcast of the Summer Olympics. |
| ● | Retransmission consent revenue in the third quarter of 2025 was $346 million, exceeding by $1 million our previously issued high side guidance of $345 million. The decline of Retransmission consent revenue less Network affiliation fees from the third quarter of 2025 compared to the prior year period was primarily attributable to the transition of WANF, in Atlanta, to an independent station. |
| ● | Political advertising revenue in the third quarter of 2025 was $8 million, exceeding by $1 million our previously issued high side guidance of $7 million and reflective of the off-year of the two-year political advertising cycle. |
| ● | Broadcast operating expenses (before depreciation, amortization, impairment and (gain) loss on disposal of assets) in the third quarter of 2025 of $542 million were significantly below our guidance range reflecting the ongoing realization of our 2024 cost actions and our continued focus on cost containment. Our network affiliation fees of $214 million were in line with our previously issued guidance of $213 million to $215 million. |
| ● | On August 16, 2025, we transitioned WANF in Atlanta to an independent station from its former status as a CBS affiliate. WANF’s transition has met our expectations, and we look forward to continuing to expand our local news and other local content offerings, including live local sports programming. |
| ● | Net loss attributable to common stockholders was $23 million in the third quarter of 2025, compared to net income attributable to common stockholders of $83 million in the third quarter of 2024, due primarily to the cyclical decrease in political advertising. |
| ● | Adjusted EBITDA was $162 million in the third quarter of 2025. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.