[Form 4] Gray Media, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Richard Lee Boger, a director of Gray Media, Inc. (GTN), reported an insider sale on 09/09/2025. He disposed of 20,000 shares of Common Stock at $5.823 per share, leaving 61,343 shares reported as directly beneficially owned. The filing also reports 6,591 shares of Class A Common Stock held directly and 2,092 Class A shares held indirectly as custodian for grandchildren. The Form 4 was signed on 09/11/2025.

Positive

• None.

Negative

• Director disposed of 20,000 common shares on 09/09/2025, reducing direct common stock holdings.
• No derivative transactions were reported, limiting insight into option exercises or hedging activity.

Insights

Securities Analyst

TL;DR: Director sold a modest block of shares; ownership remains concentrated but reduced slightly.

The 09/09/2025 sale of 20,000 common shares at $5.823 is a straightforward Section 16 disclosure. The report shows remaining direct ownership of 61,343 common shares plus direct and indirect Class A holdings. There are no derivative transactions or option exercises disclosed. For investors, this is a routine insider disposition with no additional context provided about intent or scheduled trading plans.

Corporate Governance Expert

TL;DR: Filing is a routine Form 4 reporting an open-market or private sale by a director.

The submission documents required insider reporting and lists an indirect custodial holding for grandchildren, indicating family-related allocation rather than corporate transfer. The signature via power of attorney is properly noted. Absent other disclosures, this form does not indicate governance changes or related-party transactions beyond the custodial note.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

BOGER RICHARD LEE

(Last) (First) (Middle)

4370 PEACHTREE ROAD NE

(Street)

ATLANTA GA 30319

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GRAY MEDIA, INC [ GTN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	09/09/2025		S		20,000	D	$5.823	61,343	D
Class A Common Stock								6,591	D
Class A Common Stock								2,092	I	Custodian for Grandchildren

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

	/s/ Ginger Davis by Power of Attorney	09/11/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did GTN director Richard Lee Boger report on the Form 4?

He reported a sale of 20,000 common shares on 09/09/2025 at $5.823 per share and updated his beneficial ownership totals.

How many GTN shares does Richard Lee Boger directly own after the reported transaction?

61,343 shares of Common Stock are reported as directly beneficially owned following the transaction.

Does the filing show any indirect holdings or custodial arrangements?

Yes. The filing reports 2,092 Class A Common Stock held indirectly as custodian for grandchildren and 6,591 Class A shares held directly.

Were any derivative securities (options, warrants) reported in this Form 4 for GTN?

No derivative securities were reported; Table II contains no entries.

When was the Form 4 signed and filed?

The Form 4 shows a signature by power of attorney on 09/11/2025.