Miller Value Partners discloses 8.07% stake in Gray Media

Rhea-AI Filing Summary

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.

Key Figures

Shares with shared voting power: 7,498,335 shares Beneficial ownership percentage: 8.07% Sole voting power: 0 shares +3 more

6 metrics

Shares with shared voting power 7,498,335 shares Gray Media, Inc. common stock over which Miller Value Partners and William H. Miller IV share voting power

Beneficial ownership percentage 8.07% Percent of Gray Media, Inc. common stock beneficially owned by Miller Value Partners and William H. Miller IV

Sole voting power 0 shares Sole power to vote or direct the vote for both Miller Value Partners and William H. Miller IV

Sole dispositive power 0 shares Sole power to dispose or direct disposition for both Miller Value Partners and William H. Miller IV

CUSIP 389375106 CUSIP number for Gray Media, Inc. common stock reported in the ownership filing

Power of Attorney effective date July 23, 2024 Effective date of Power of Attorney authorizing Christopher B. Anderson to sign for William H. Miller IV

Key Terms

beneficial owner, shared voting power, shared dispositive power, Schedule 13G, +2 more

6 terms

beneficial owner regulatory

"therefore deemed to be beneficial owner of same"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

shared voting power regulatory

"Shared Voting Power 7,498,335.00"

Shared voting power occurs when two or more parties jointly have the right to vote or decide how a block of company shares is cast, like co-owners who must agree before moving a piece of furniture. Investors care because who controls voting rights affects board elections, major corporate decisions and takeover outcomes, and shared control can alter regulatory disclosures and the practical influence any holder has over a company’s direction and value.

shared dispositive power regulatory

"Shared Dispositive Power 7,498,335.00"

Schedule 13G regulatory

"file jointly the statement on to which this Agreement is attached, and any amendments thereto, pursuant to Regulation 13D-G"

A Schedule 13G is a formal document that investors file with the government when they acquire a large ownership stake in a company, usually for investment purposes rather than control. It helps keep the public informed about who owns significant parts of a company's shares, which can influence how the company is managed and how investors make decisions. Filing this schedule is important for transparency and understanding the ownership landscape of publicly traded companies.

Power of Attorney regulatory

"This Power of Attorney shall remain in full force and effect"

A power of attorney is a legal document that allows one person to make decisions and act on behalf of another person, often in financial or legal matters. It’s like giving someone a trusted helper or agent the authority to handle important tasks if you are unable to do so yourself. This matters to investors because it can impact how their assets are managed or transferred if they become unable to oversee their affairs.

Regulation 13D-G regulatory

"pursuant to Regulation 13D-G"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What percentage of Gray Media, Inc. (GTN) shares is held by Miller Value Partners?

Miller Value Partners, LLC and William H. Miller IV report beneficial ownership of 8.07% of Gray Media, Inc. common stock, representing 7,498,335 shares over which they share voting and dispositive power through client accounts.

How many Gray Media, Inc. (GTN) shares does Miller Value Partners control voting for?

Miller Value Partners, LLC and William H. Miller IV have shared voting power over 7,498,335 shares of Gray Media, Inc. common stock and no sole voting power, according to their Schedule 13G/A ownership disclosure.

Who is the beneficial owner of the Gray Media, Inc. (GTN) shares reported by Miller Value Partners?

The 7,498,335 shares are owned by clients of Miller Value Partners, LLC. As the control person of the adviser, William H. Miller IV is deemed the beneficial owner of the same shares under SEC rules.

Do any individual client accounts of Miller Value Partners hold over 5% of Gray Media, Inc. (GTN)?

No individual client account holds more than 5% of Gray Media, Inc.’s outstanding shares. The filing states various accounts have rights to dividends or sale proceeds, but none individually exceed the 5% threshold.

What type of SEC filing did Miller Value Partners make for its Gray Media, Inc. (GTN) stake?

Miller Value Partners, LLC and William H. Miller IV filed an Amendment No. 1 to Schedule 13G, a passive beneficial ownership report, covering their 8.07% stake in Gray Media, Inc. common stock.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 08/07/2026 - 01:31 PM Accepted by SEC EDGAR 08/07/2026 - 01:30 PM Learn about SEC filing dates

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Gray Media, Inc.

(Name of Issuer)

Common

(Title of Class of Securities)

389375106

(CUSIP Number)

05/13/2026

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 389375106

1

Names of Reporting Persons

Miller Value Partners, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

FLORIDA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,498,335.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,498,335.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.07 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: 7,498,335 shares of common stock are owned by clients of Miller Value Partners, LLC, a registered investment adviser. William H. Miller IV is the control person of Miller Value Partners, LLC and therefore deemed to be beneficial owner of same.

SCHEDULE 13G

CUSIP Number(s): 389375106

1

Names of Reporting Persons

William H. Miller IV

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,498,335.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,498,335.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

0.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.07 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: 7.498.335 shares of common stock are owned by clients of Miller Value Partners, LLC, a registered investment adviser. William H. Miller IV is the control person of Miller Value Partners, LLC and therefore deemed to be beneficial owner of same.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Gray Media, Inc.
(b)	Address of issuer's principal executive offices: 4370 PEACHTREE ROAD NE, Atlanta, GEORGIA 30319
Item 2.
(a)	Name of person filing: Miller Value Partners, LLC William H. Miller IV
(b)	Address or principal business office or, if none, residence: 50 S. LEMON AVE #302 SARASOTA, Florida 34236
(c)	Citizenship: Miller Value Partners, LLC - FLORIDA William H. Miller IV - UNITED STATES
(d)	Title of class of securities: Common
(e)	CUSIP No.: 389375106
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: 0
(b)	Percent of class: 8.07 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Miller Value Partners, LLC - 0 William H. Miller IV - 0
	(ii) Shared power to vote or to direct the vote: Miller Value Partners, LLC - 7,498,335 William H. Miller IV - 7,498,335
	(iii) Sole power to dispose or to direct the disposition of: Miller Value Partners, LLC - 0 William H. Miller IV - 0
	(iv) Shared power to dispose or to direct the disposition of: Miller Value Partners, LLC - 7,498,335 William H. Miller IV - 7,498,335
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. Various accounts managed by Miller Value Partners, LLC have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of such securities. No such account individually owns more than 5% of the outstanding shares.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Please see Exhibit A.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Miller Value Partners, LLC

Signature:	Christopher Anderson
Name/Title:	Chief Compliance Officer
Date:	08/07/2026

William H. Miller IV

Signature:	Christopher Anderson
Name/Title:	on behalf of William H. Miller IV
Date:	08/07/2026

Comments accompanying signature: Christopher Anderson, on behalf of: Miller Value Partners, LLC; and William H. Miller IV, by Power of Attorney attached hereto.

Exhibit Information

Exhibit A Joint Filing Agreement Miller Value Partners, LLC (an investment adviser registered under the Investment Advisers Act of 1940) and its control person, William H. Miller IV, hereby agree to file jointly the statement on Schedule 13G to which this Agreement is attached, and any amendments thereto which may be deemed necessary, pursuant to Regulation 13D-G under the Securities Exchange Act of 1934. It is understood and agreed that each of the parties hereto is responsible for the timely filing of such statement and any amendments thereto, and for the completeness and accuracy of the information concerning such party contained therein, but such party is not responsible for the completeness or accuracy of information concerning the other party unless such party knows or has reason to believe that such information is inaccurate. Miller Value Partners, LLC Date: 8/7/2026 Signature: /s/ Christopher Anderson Name & Title: Christopher Anderson, Chief Compliance Officer William H. Miller IV Date: 8/7/2026 Signature: /s/ Christopher Anderson Duly authorized under the Power of Attorney effective as of July 23, 2024 (Exhibit B) Exhibit B POWER OF ATTORNEY Effective as of the date hereof, the undersigned does hereby appoint Christopher B. Anderson, with full power of substitution, with full power and authority to execute such documents and to make such regulatory or other filings and amendments thereto as shall from time to time be required pursuant to the Securities Exchange Act of 1934, as amended, any rules or regulations adopted thereunder, and such other U.S. and non-U.S. laws, rules or regulations as shall from time to time be applicable in respect of the beneficial ownership of securities directly or indirectly attributable to the undersigned. I hereby ratify and confirm all that said attorney-in-fact or his substitutes may do or cause to be done by virtue hereof. This Power of Attorney shall remain in full force and effect only for such time as Christopher B. Anderson shall continue to be an officer of Miller Value Partners, LLC, provided that, notwithstanding the foregoing, this Power of Attorney may be revoked at anytime by the undersigned in writing. This Power of Attorney has been executed as of July 23, 2024. By: /s/ William H. Miller IV