GlobeNewswire·Nov 6, 2026, 6:00 AM ET

Gray Media Announces Third Quarter Financial Results

GTN

Gray Media reported third quarter 2026 total revenue of $972 million, exceeding the high-end guidance of $965 million & marking a 30% increase from the same period in 2025.
Political advertising revenue reached $198 million in the third quarter, surpassing all prior third quarters for election years & driving full-year 2026 political advertising expectations to $630 million to $640 million.
Core advertising revenue grew 1% year-over-year to $358 million, with acquisitions contributing $24 million & offsetting election-related crowd-out effects.
Net retransmission revenue increased 14% to $150 million, while total retransmission consent revenue rose 6% to $366 million.
Net income for the quarter was $78 million compared to a loss of $10 million in the prior year, with Adjusted EBITDA reaching $319 million.
The company extended approximately $2 billion in debt maturities & reduced its 10.500% first lien notes due 2029 by nearly $1 billion, lowering future annual interest expense by over $30 million.
Gray Media plans to use incremental political cash to reduce outstanding debt by $175 million to $200 million during the fourth quarter of 2026.
The company received nine National Edward R. Murrow Awards in August, including an Overall Excellence win for station WANF, & hosted over 100 candidate forums or debates for the 2026 midterms.
Full-year 2026 revenue guidance is set between $3,695 million & $3,720 million, with political advertising expected to total $630 million to $640 million.
As of September 30, 2026, the company held $154 million in cash & maintained leverage ratios of 2.54x for first lien net leverage, 3.70x for secured net leverage, & 5.70x for total net leverage.
The company completed multiple acquisitions in 2026 & entered into management agreements for additional stations pending regulatory approval.
Recent financing activities include issuing $750 million of 2034 first lien notes, amending the senior credit facility, & making optional prepayments on Term Loan G.

Company: Gray Media
Keywords: NYSE:GTN, Gray Media