Gray Media(NYSE) GTN

Gray Media, Inc. helps people watch local news and sports on TVs and mobile phones. The company makes it easy for businesses to reach local customers through commercials and digital ads. It also produces video content for sports and entertainment networks across the United States.

What Gray Media Brings to Screens

• Core Advertising: Commercial time sold during local and national programming; accounted for 44% of total revenue in the six-month period ended June 30, 2026.
• Retransmission Consent: Fees from cable and satellite providers for access to local channel signals; represented 43% of total revenue in the six-month period ended June 30, 2026.
• Political Advertising: Airtime sold to candidates and interest groups during election cycles; made up 7% of total revenue in the six-month period ended June 30, 2026.
• Production Companies: Video production for sports and entertainment through brands like Raycom Sports; accounts for 3% of total revenue in the six-month period ended June 30, 2026.
• Digital Media: Marketing strategies and services for local and national clients through a full-service digital agency.

Expanding the Broadcast Map

• Acquired stations from Bahakel Communications, Allen Media Group, Block Communications, and Sagamore Hill Broadcasting in 2026.
• Completed a station swap with The E. W. Scripps Company during the first half of 2026.
• Increased sports production revenue through new contracts within its production company segment.
• Rebranded from Gray Television, Inc. to Gray Media, Inc. in Aug. 2002.

What Makes Gray Different

The company operates the largest Telemundo affiliate group, serving 46 markets with Spanish-language programming. Gray owns top-rated stations in 101 markets, reaching about 37% of US television households.

A Look at the Numbers

• Total revenue rose 9% to $839 million in the three-month period ended June 30, 2026.
• Political advertising revenue increased 414% to $113 million in the six-month period ended June 30, 2026.
• Production company revenue increased 22% to $55 million in the six-month period ended June 30, 2026.
• Market capitalization was $389.1 million in Q2 2026, down 11.5% year over year.
• Average total long-term debt was $5.8 billion during the six-month period ended June 30, 2026.

Bottom Line

Gray has transitioned into a multiplatform media entity by combining local broadcasting with digital marketing and video production. The company relies on a mix of advertising and distribution fees to maintain its footprint across 117 US markets.