Gray Media, Inc. reported that Miller Value Partners, LLC and its control person, William H. Miller IV, beneficially own 5,370,100 shares of Common Stock, representing 5.779% of the class as reported on 02/12/2026. The filing states these shares are owned by clients of Miller Value Partners, LLC, and Mr. Miller is deemed the beneficial owner as control person. The Schedule 13G lists shared voting and dispositive power of 5,370,100 shares and notes no single account managed by the adviser exceeds 5% individually.
Positive
None.
Negative
None.
Insights
Passive reporting of a >5% stake by an investment adviser.
The Schedule 13G shows Miller Value Partners, LLC reports beneficial ownership of 5,370,100 shares (5.779%). The adviser attributes ownership to client accounts and identifies William H. Miller IV as the control person deemed to beneficially own the position.
Voting/dispositive entries indicate shared voting and dispositive power only. Future filings or amendments may show changes; timing not provided in the excerpt.
Key Figures
Shares beneficially owned:5,370,100 sharesPercent of class:5.779%Filing date reported:02/12/2026+3 more
6 metrics
Shares beneficially owned5,370,100 sharesSchedule 13G reporting for Common (CUSIP 389375106)
Percent of class5.779%Reported ownership percentage as stated in Item 4(b)
Filing date reported02/12/2026Date shown near header of the filing content
Shared voting power5,370,100 sharesItem 4(c)(ii) shared power to vote
Shared dispositive power5,370,100 sharesItem 4(c)(iv) shared power to dispose
CUSIP389375106Identifier for the Common class listed in Item 2(e)
Key Terms
Schedule 13G, Beneficially owned, Shared dispositive power, Control person
4 terms
Schedule 13Gregulatory
"The Schedule 13G shows beneficial ownership and passive investor status"
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.
Beneficially ownedfinancial
"Amount beneficially owned: 5370100 (Item 4(a))"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
Shared dispositive powerregulatory
"Shared power to dispose or to direct the disposition of: 5,370,100"
Control personother
"William H. Miller IV is the control person of Miller Value Partners, LLC"
A control person is an individual or entity that can significantly influence a company’s decisions and direction through ownership, voting power, or contractual rights—think of them as the captain who can steer the ship. Investors care because a control person’s choices affect corporate strategy, board appointments, and transactions that can raise or lower a stock’s value, and they often carry additional legal responsibilities and disclosure requirements to protect other shareholders.
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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
(Title of Class of Securities)
389375106
(CUSIP Number)
02/12/2026
(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
5,370,100.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,370,100.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,370,100.00
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)
5.779 %
12
Type of Reporting Person (See Instructions)
IA
Comment for Type of Reporting Person: 5,370,100 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
5,370,100.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,370,100.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,370,100.00
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)
5.779 %
12
Type of Reporting Person (See Instructions)
HC, IN
Comment for Type of Reporting Person: 5,370,100 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 Number(s):
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:
5370100
(b)
Percent of class:
5.779 %
(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 - 5,370,100
William H. Miller IV - 5,370,100
(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 - 5,370,100
William H. Miller IV - 5,370,100
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:
05/04/2026
William H. Miller IV
Signature:
/s/ Christopher Anderson
Name/Title:
on behalf of William H. Miller IV
Date:
05/04/2026
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: 5/4/2026
Signature: /s/ Christopher Anderson
Name & Title: Christopher Anderson, Chief Compliance Officer
William H. Miller IV
Date: 5/4/2026
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
What stake does Miller Value Partners report in Gray Media (GTN)?
Miller Value Partners reports beneficial ownership of 5,370,100 shares, equal to 5.779% of common stock, as stated in the Schedule 13G filing dated 02/12/2026. The shares are owned by adviser-managed client accounts.
Who is deemed the beneficial owner for Miller Value Partners' holdings?
William H. Miller IV is identified as the control person and therefore is deemed to be the beneficial owner of the 5,370,100 shares reported by Miller Value Partners, LLC.
Does any single client account own more than 5% of Gray Media under this filing?
No single account is reported to own more than 5%: the filing states various accounts managed by Miller Value Partners have rights to proceeds or dividends, but none individually exceeds 5% of the outstanding shares.
What voting and dispositive powers are reported?
The filing reports 0 sole voting and dispositive power and 5,370,100 shares of shared voting and shared dispositive power for both Miller Value Partners and William H. Miller IV.
Where is the adviser located and who signed the filing?
The principal business address listed is 50 S. Lemon Ave #302, Sarasota, Florida 34236. The filing was signed by Christopher Anderson, Chief Compliance Officer, on behalf of Miller Value Partners and William H. Miller IV.
