Gray Media

Gray Media runs local TV stations and digital platforms across the US. Its news and entertainment programs help people stay informed and entertained. The company’s services reach millions of households, including Spanish-speaking viewers.

Products and Services

• Television Broadcasting: Local TV stations affiliated with CBS, NBC, FOX, and ABC; 47% of 2025 revenue.
• Retransmission Consent: Fees from cable and satellite providers for carrying Gray’s channels; 46% of 2025 revenue.
• Digital Media: Digital marketing and online content through Gray Digital Media; part of 3% “Other” revenue in 2025.
• Production Services: Video production and event management for sports and entertainment; 3% of 2025 revenue.
• Spanish-Language Broadcasting: Telemundo affiliates serving Hispanic households; included in broadcasting revenue.

Growth and Expansion

• Acquired and divested stations in 2025-2026, with agreements expected to result in entry into seven new markets and exit from three, pending regulatory approval.
• Pursued expanded digital offerings and began transitioning stations to NextGen TV technology in 2025.
• Developed Assembly Atlanta studio complex, partnering with NBCUniversal in 2025.
• Formed alliances with Scripps, Sagamore Hill Broadcasting, Block Communications, Allen Media Group, and Bahakel Communications in 2025-2026.

What Makes Gray Media Stand Out

Gray Media reaches about 37% of US TV households, including top-rated stations in many markets. Its broad network affiliations and digital expansion help reduce reliance on any single revenue source. The company’s focus on local content and diverse audiences supports its strong market position.

Five Things You Need to Know

• 2025 revenue was $3.10 billion, down 15% from 2024.
• Core advertising made up 47% of 2025 revenue; retransmission fees 46%.
• Net loss was $137 million in 2025, compared to $323 million net income in 2024.
• Gray Media served 114 TV markets and reached 37% of US households in 2025.
• Long-term debt was $5.81 billion as of December 31, 2025.

Bottom Line

Gray Media has evolved through acquisitions, digital growth, and local market focus. Its diversified revenue streams and broad reach help it adapt to industry changes.