Charles Schwab reports 5.6% Gray Media (NYSE: GTN) ownership stake

Rhea-AI Filing Summary

Charles Schwab Investment Management Inc filed a Schedule 13G reporting a passive ownership stake in Gray Media, Inc.

As of December 31, 2025, it beneficially owned 5,188,712 shares of Gray Media common stock, representing 5.6% of the class, with sole voting and dispositive power over all reported shares. The filing certifies the shares were acquired and are held in the ordinary course of business, not to change or influence control of the company.

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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

GRAY MEDIA, INC

(Name of Issuer)

Common Stock

(Title of Class of Securities)

389375106

(CUSIP Number)

12/31/2025

(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)

SCHEDULE 13G

CUSIP No. 389375106

1

Names of Reporting Persons

CHARLES SCHWAB INVESTMENT MANAGEMENT INC

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 5,188,712.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 5,188,712.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

5,188,712.00

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)

5.6 %

12

Type of Reporting Person (See Instructions)

IA

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: CHARLES SCHWAB INVESTMENT MANAGEMENT INC
(b)	Address or principal business office or, if none, residence: 9800 Schwab Way Lone Tree, CO 80124
(c)	Citizenship: DELAWARE
(d)	Title of class of securities: Common Stock
(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: 5,188,712
(b)	Percent of class: 5.6 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 5,188,712
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 5,188,712
	(iv) Shared power to dispose or to direct the disposition of: 0
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.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
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.

CHARLES SCHWAB INVESTMENT MANAGEMENT INC

Signature:	/s/ Omar Aguilar
Name/Title:	Omar Aguilar/Chief Executive Officer
Date:	02/11/2026

FAQ

What does Charles Schwab Investment Management’s Schedule 13G for GTN report?

It reports a passive ownership stake in Gray Media, Inc. Charles Schwab Investment Management Inc beneficially owns 5,188,712 shares of common stock, representing 5.6% of the class as of December 31, 2025, with sole voting and dispositive power over these shares.

How large is Charles Schwab Investment Management’s stake in Gray Media (GTN)?

The stake is 5.6% of Gray Media’s common stock. This corresponds to 5,188,712 beneficially owned shares as of December 31, 2025, over which Charles Schwab Investment Management Inc has sole power to vote and dispose, with no shared voting or dispositive authority.

Is Charles Schwab Investment Management seeking control of Gray Media, Inc. (GTN)?

No, the filing certifies the shares are held in the ordinary course of business. It explicitly states they were not acquired and are not held to change or influence control of Gray Media, nor in connection with any control-seeking transaction, aside from limited nomination activities.

What type of filing did Charles Schwab Investment Management submit for GTN?

It submitted a Schedule 13G, a filing for passive ownership of more than 5%. This indicates Charles Schwab Investment Management Inc is a significant but non-controlling holder of Gray Media common stock, with the position reported as of December 31, 2025.

What voting and dispositive power does Charles Schwab Investment Management have over GTN shares?

It has sole voting and dispositive power over all reported shares. The filing lists 5,188,712 shares with sole power to vote and direct disposition, and zero shares with shared voting or shared dispositive power, underscoring centralized control within the reporting entity.