Gray Media, Inc. filings document the regulatory record for a public multimedia and broadcasting company with common stock and Class A common stock. Its 8-K reports cover operating results, Regulation FD investor presentations, dividend authorizations, completed station acquisitions, credit agreement amendments, and other material events tied to its local television and digital media business.
Proxy and shareholder-meeting filings describe board elections, advisory compensation votes, executive compensation, equity-award disclosures, and governance procedures. The filings also address capital structure and financing terms through senior credit facility disclosures, while acquisition filings record asset purchases, related financial-statement requirements, and SEC reporting waivers.
Gray Media, Inc. updated its guidance for the quarter ending September 30, 2026, raising political advertising revenue to $188 million–$195 million from $165 million–$185 million and lifting the low end of total revenue guidance to $950 million from $935 million; the high end remains $965 million. Core advertising guidance changed from “Flat, as reported” to “-1% to Flat, as reported.” Total corporate and administrative expense guidance, excluding depreciation, amortization and gains or losses on asset disposals, moved to $30 million–$35 million from $35 million–$40 million.
The update reflects current operational information while Gray is finalizing third-quarter results, and estimates may change; guidance not revised remains as issued August 7, 2026. Gray’s illustrative 2026 political advertising estimate assumes $192 million for the quarter, including an estimated $9 million from recent acquisitions through September 30, 2026. The company anticipates no outstanding borrowings under its Revolving Credit Facility as of September 30, 2026, and cites approximately $379 million of current capacity under its Accounts Receivable Securitization facility.
Gray Media, Inc. (GTN) completed a private offering of $750 million aggregate principal amount of 7.500% senior secured first lien notes due 2034, issued at par under a new indenture with U.S. Bank Trust Company as trustee and collateral agent.
Gray is using the net proceeds to redeem $675 million of its 10.500% senior secured first lien notes due 2029, repay $21 million of borrowings under its revolving credit facility, and pay related fees and expenses, including call premiums and accrued interest on the 2029 notes.
The new notes mature on September 15, 2034, bear interest from August 21, 2026, and pay interest semiannually on March 15 and September 15, beginning March 15, 2027. They are guaranteed on a senior secured first lien basis by restricted subsidiaries that guarantee Gray’s existing senior credit facility and are subject to customary covenants and events of default, including limits on additional debt, liens, asset sales, dividends and certain transactions.
Gray Media, Inc. is undertaking a private debt financing, having priced an offering of $750 million aggregate principal amount of 7.500% senior secured first lien notes due 2034. The notes were priced at 100% of par, with closing expected on August 21, 2026, subject to customary conditions.
Gray states that proceeds from the notes will be used to redeem a portion of its outstanding 10.500% senior secured first lien notes due 2029, repay a portion of outstanding borrowings under its revolving credit facility, and pay related fees and expenses. The notes will be guaranteed, on a senior secured first lien basis, by each existing and future restricted subsidiary that guarantees Gray’s existing senior credit facility.
The notes and related guarantees are being offered only to qualified institutional buyers under Rule 144A and to certain non‑U.S. persons under Regulation S, and will not be registered under the Securities Act or other securities laws. Gray emphasizes that this communication does not constitute a notice of redemption for the 2029 notes or an offer to sell or solicit an offer to buy the new notes.
Gray Media, Inc. is undertaking a private debt refinancing. The company announced an offering, subject to market conditions, of up to $750 million aggregate principal amount of senior secured first lien notes due 2034 in a transaction exempt from Securities Act registration. The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and will be guaranteed on a senior secured first lien basis by restricted subsidiaries that guarantee Gray’s existing senior credit facility.
Gray intends to use the net proceeds to redeem a portion of its 10.500% senior secured first lien notes due 2029, repay a portion of outstanding borrowings under its revolving credit facility, and pay related fees and expenses. Separately, Gray issued a conditional notice of partial redemption for $675 million of the 2029 Notes, targeted for August 27, 2026, at 105.250% of principal plus accrued and unpaid interest, contingent on consummation of the new notes offering.
Miller Value Partners, LLC and its control person William H. Miller IV report beneficial ownership of Gray Media, Inc. common stock on a Schedule 13G/A. They have shared voting and dispositive power over 7,498,335 shares, representing 8.07% of the outstanding common stock, with no sole voting or dispositive power. The shares are owned by various advisory clients of Miller Value Partners, and each client account holds less than 5% of the class individually. Miller Value Partners and Miller IV file jointly under a joint filing agreement, with Christopher Anderson signing on their behalf pursuant to a Power of Attorney.
Gray Media reported higher revenue and a return to quarterly profitability while continuing to expand its station portfolio. For the quarter ended June 30, 2026, revenue (less agency commissions) was $839 million, up from $772 million, helped by stronger political advertising and 2026 acquisitions. Net income was $14 million versus a loss of $56 million, and net income attributable to common stockholders was $21 million, or $0.21 per diluted share.
For the first six months of 2026, revenue grew to $1,607 million from $1,554 million and operating income rose to $217 million, though the company still recorded a net loss of $6 million and a $12 million loss to common holders after $234 million of interest expense and preferred dividends. Gray completed several television station acquisitions and a non‑cash station swap that increased broadcast licenses and goodwill and contributed $44 million of year‑to‑date revenue. Cash declined to $176 million at June 30, 2026 from $368 million at year‑end, reflecting $264 million of cash paid for television businesses and licenses. Long‑term debt, less deferred financing costs, was $5,808 million, with all covenants in compliance and $745 million of revolver availability. The company also issued $70 million of additional 2033 first‑lien notes and used $30 million to repurchase 50,000 shares of Series A Perpetual Preferred Stock, reducing that balance to $600 million.
Gray Media, Inc. states that beginning on August 7, 2026, it intends to meet from time to time with prospective investors and may use or reference a prepared slide presentation in those meetings. The slide deck is included as Exhibit 99.1 and consists of prospective investor meeting slides. This information is furnished under Regulation FD and is expressly described as not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor incorporated by reference into Securities Act of 1933 filings except where specifically referenced.
Gray Media, Inc. announced that its Board of Directors authorized a quarterly cash dividend of $0.08 per share on both its common stock and Class A common stock. The dividend is payable on September 30, 2026 to shareholders of record at the close of business on September 15, 2026.
Gray Media is a multimedia company based in Atlanta that owns top-rated local television stations and digital assets. It serves 117 full-power television markets reaching approximately 37% of U.S. television households and operates the largest Telemundo affiliate group, along with multiple production and digital media businesses.
Gray Media, Inc. reported stronger results for the quarter ended June 30, 2026 and authorized a new $250 million debt repurchase program. Total revenue was $839 million, up from $772 million in Q2 2025, as political advertising rose to $83 million from $9 million and production revenue increased.
Net income was $14 million versus a $56 million loss a year earlier, and Adjusted EBITDA grew to $214 million from $169 million. Net Retransmission Revenue increased to $150 million from $136 million, even with lower gross retransmission revenue and a blackout that ended on May 1. Corporate and transaction-related expenses rose, reflecting acquisition activity.
At June 30, 2026, cash was $176 million and total outstanding debt principal was $5.87 billion, producing a Consolidated Total Net Leverage Ratio of 5.73, below the 7.00 covenant limit. For Q3 2026, Gray forecasts total revenue of $935–$965 million and political advertising of $165–$185 million, compared with $749 million and $8 million, respectively, in Q3 2025.
Gray Media, Inc. repurchased, in a privately negotiated transaction on July 21, 2026, $100 million aggregate principal amount of its 10.500% senior secured first lien notes due 2029 and $20 million aggregate principal amount of its 5.375% senior notes due 2031. Each tranche was bought at a purchase price of par plus accrued and unpaid interest to the date of repurchase.
The company funded these note repurchases using available liquidity, including cash on hand and borrowings under its existing revolving credit facility.