Gray Media Announces NBC Affiliation Renewal
Rhea-AI Summary
Gray Media (NYSE: GTN) announced a multi-year renewal of its NBC station affiliation agreements covering all 54 markets where Gray owns NBC stations. The agreement preserves full carriage of NBC network programming, including TODAY, NBC Nightly News, Sunday Night Football, the NBA, the Olympics and Paralympics, and top entertainment franchises.
The affiliation reaches more than 14 million households (about 11% of U.S. TV households) and supports Gray’s broader portfolio that reaches approximately 37% of U.S. TV households.
Positive
- Affiliation renewed across 54 markets (multi-year)
- Preserves full carriage of NBC premium programming
- Protects access to > 14 million households (~11% U.S.)
- Supports Gray’s portfolio reach of 37% of U.S. TV households
Negative
- None.
News Market Reaction
On the day this news was published, GTN gained 1.64%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Before this NBC renewal, GTN was down 4.31%. Key peers showed mixed moves: SBGI -5.54%, FUBO -3.64%, SSP -12.12%, while IHRT rose 4.76%. With no peers in the momentum scanner and no same-day peer headlines, the move looked more stock-specific than a broad broadcasting-sector trade.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Dec 18 | IR leadership hire | Positive | -1.2% | Appointed experienced Wall Street analyst to lead investor relations. |
| Dec 16 | Station acquisition | Positive | +1.6% | Announced WBBJ-TV purchase, expected to be free cash flow accretive. |
| Dec 12 | Debt offering close | Neutral | -3.8% | Closed $250M additional 9.625% second lien notes due 2032. |
| Dec 11 | Brand initiative | Positive | +5.1% | Launched nationwide “We the People” storytelling across TV and digital. |
| Dec 08 | Private note placement | Neutral | +5.2% | Announced $250M private placement of 9.625% notes for refinancing. |
Recent news flow shows mostly positive or neutral corporate updates with generally constructive price reactions, though the IR leadership hire drew a modest negative move.
Over the last few months, Gray Media has focused on balance sheet management, portfolio expansion, and shareholder returns. It privately placed and then closed additional 9.625% senior secured second lien notes due 2032, alongside 8-K disclosures about refinancing and redemption plans for older notes. The company also announced the cash acquisition of WBBJ 7, expected to be immediately free cash flow accretive, and launched the nationwide “We the People” initiative across its 113 markets reaching about 37% of US TV households. Today’s NBC affiliation renewal extends that broadcast footprint stability.
Market Pulse Summary
This announcement extends Gray’s relationship with NBC across 54 markets, covering more than 14 million households and nearly 11% of U.S. TV homes. It reinforces the company’s broader footprint of 113 markets reaching about 37% of U.S. television households, alongside its top-rated local stations and Telemundo presence. In context of recent refinancing activity and station acquisitions, investors may watch future filings, advertising trends, and any updates on network or distribution agreements as key indicators.
AI-generated analysis. Not financial advice.
ATLANTA, Dec. 23, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. and NBC today announced a multi-year deal that extends and renews the station affiliation agreements for all 54 markets nationwide in which Gray owns and operates NBC affiliated television stations. This coverage reaches more than 14 million households – nearly
The new agreement includes full carriage of the NBC broadcast network, including “TODAY,” “NBC Nightly News,” “Sunday Night Football,” the NBA, the Olympics and Paralympics, “One Chicago” franchise, “The Voice,” “The Tonight Show Starring Jimmy Fallon” and more. In the current 2025-26 television season, NBC is the #1 network in all programming in both demos.
About Gray Media:
Gray Media, Inc. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia. The company is the nation’s largest owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach approximately 37 percent of US television households. The portfolio includes 78 markets with the top-rated television station and 99 markets with the first and/or second highest rated television station during 2024, as well as the largest Telemundo Affiliate group with 44 markets. The company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Gray’s 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. For more information, please visit www.graymedia.com.
Contact:
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
# # #
FAQ
What did Gray Media (GTN) announce on December 23, 2025 about NBC?
How many households does Gray’s NBC affiliation renewal cover for GTN?
Which NBC programs are included in Gray Media’s affiliation renewal (GTN)?
What is the investor significance of Gray Media’s (GTN) NBC renewal?
Does the announcement disclose financial terms or duration for GTN’s NBC deal?
