Gray Media Raises 3Q 2026 Political Advertising Guidance and Lifts Low End of Total Revenue Range
The update accompanies lender meetings about a potential refinancing of Gray's credit facility.
Rhea-AI Summary
Gray Media (GTN) raised third-quarter 2026 political advertising revenue guidance to $188 million–$195 million. The previous range was $165 million–$185 million. Gray also lifted the low end of total revenue guidance to $950 million from $935 million, while keeping the high end at $965 million. Core advertising guidance changed from flat as reported to a range of down 1% to flat as reported. Corporate and administrative expense guidance fell to $30 million–$35 million from $35 million–$40 million.
The updated political advertising guidance includes an estimated $9 million from recent acquisitions through September 30, 2026. Gray expects no outstanding borrowings under its revolving credit facility as of that date. Current borrowing capacity under its separate accounts receivable securitization facility is approximately $379 million. Third-quarter results are still being finalized, and guidance not covered by this update remains unchanged.
Positive
- Political advertising guidance raised to $188M–$195M from $165M–$185M.
- Total revenue guidance low end raised to $950M from $935M.
- Corporate expense guidance lowered to $30M–$35M from $35M–$40M.
Negative
- Core advertising guidance lowered from flat to down 1% to flat, as reported.
News Explained
Gray expects to report its third-quarter results on
Key Figures
- Political advertising guidance
- $188–$195 million
- 3Q 2026 update; prior guidance was $165–$185 million
- Total revenue guidance
- $950–$965 million
- 3Q 2026 update; prior guidance was $935–$965 million
- Corporate and administrative expense guidance
- $30–$35 million
- 3Q 2026 update; prior guidance was $35–$40 million
- Borrowing capacity
- Approximately $379 million
- Accounts Receivable Securitization facility
Key Terms
revolving credit facility financial
securitization financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
ATLANTA, Sept. 28, 2026 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray”) (NYSE: GTN) today announced updated financial guidance for the quarter ending September 30, 2026, updating guidance originally issued on August 7, 2026. The update is being provided in connection with lender meetings to potentially refinance its credit facility and presentations to investors it may make from time to time. While Gray is in the process of finalizing its third quarter financial results, the following updated estimates reflect the most current operational information and expectations available to the company as of the date of this release. For the estimates not listed below, our original guidance issued on August 7, 2026, remains unchanged. As always, guidance may change in the future based on several factors and therefore may not reflect future actual results.
| Quarter Ending September 30, 2026 | ||||||||
| September 30, 2025 | August 7, 2026 | September 28, 2026 | ||||||
| (in millions) | (Unaudited) | GUIDANCE | UPDATE | |||||
| Revenue (less agency commissions): | ||||||||
| Core advertising | $ | 355 | Flat, as reported | - | ||||
| Political advertising | $ | 8 | ||||||
| Total revenue | $ | 749 | ||||||
| Operating expenses (excluding depreciation, amortization and (gain) loss on disposal of assets): | ||||||||
| Total corporate and administrative expense | $ | 28 | ||||||
For illustrative purposes, the table below highlights political advertising revenue trends for the first nine months of this year alongside the first nine months of the two prior “on-year” political cycles. The 2026 estimate assumes
Gray currently anticipates that it will have no outstanding borrowings under its Revolving Credit Facility as of September 30, 2026. Current borrowing capacity under Gray’s Accounts Receivable Securitization facility is approximately
Gray currently expects to report its third quarter 2026 financial results on Friday, November 6, 2026, and host its quarterly investor call at 11AM that morning.
The Company
We are a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets. We serve 117 full-power television markets that collectively reach approximately
Cautionary Statements for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act
This press release contains certain forward-looking statements that are based largely on our current expectations and reflect various estimates and assumptions by us. These statements are statements other than those of historical fact and may be identified by words such as “estimates,” “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond our control, include: the inability to achieve estimates of future revenue and expenses, and other future events. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections contained therein, which reports are made publicly available via our website, www.graymedia.com. Any forward-looking statements in this press release should be evaluated in light of these important risk factors. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this press release beyond the published date, whether as a result of new information, future events or otherwise. Information about certain potential factors that could affect our business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2025, and may be contained in reports subsequently filed with the U.S. Securities and Exchange Commission and available at www.sec.gov.
Gray Contact:
Alan Gould, Vice President, Investor Relations, (404) 266-8333, alan.gould@graymedia.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a1dc3a45-4556-47c7-bf01-ac642ca5af5f
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What is Gray Media's updated third-quarter 2026 political advertising revenue guidance?
Gray Media expects $188 million–$195 million in third-quarter 2026 political advertising revenue, up from its previous guidance of $165 million–$185 million. The updated range includes an estimated $9 million from recent acquisitions through September 30, 2026.
Why is Gray Media's accounts receivable securitization borrowing capacity approximately $379 million?
Current borrowing capacity is approximately $379 million, reflecting lower core commercial receivables. Gray links the lower receivables to political advertising revenue that is paid in advance.
When does Gray Media expect to report third-quarter 2026 results?
Gray Media expects to report its third-quarter 2026 results on Friday, November 6, 2026. It expects to hold its quarterly investor call at 11 a.m. that morning.