Company Overview - Gray Media, Inc. is the largest owner of top-rated local television stations and digital assets in the United States, serving 113 television markets that reach approximately 37% of US television households [6] - The company operates 78 markets with the top-rated television station and 99 markets with the first and/or second highest-rated television station during 2024 [6] - Gray Media also owns the largest Telemundo Affiliate group with 44 markets and a full-service digital agency, Gray Digital Media, which provides advanced digital marketing strategies [6] Leadership Announcement - Nick Hasenecz has been promoted to General Manager of WNDU, the NBC affiliate in South Bend, Indiana, effective December 1, 2025 [1] - Hasenecz has over 30 years of experience in broadcast television, with a proven track record in leading teams, growing revenue, and driving innovation [3] - He has previously served as Director of Sales and Interim General Manager for WOIO, WUAB, and Telemundo Cleveland, achieving record-breaking new business results in 2024 and 2025 [3] Career Background - Nick Hasenecz began his career in research at TELEREP and later became Research Director at WAVY-TV 10 in Norfolk, Virginia, where he transitioned into sales [4] - He joined WCAX-TV in Burlington, Vermont, in 2013 as Director of Sales, where he built a strong sales team and led the station to all-time highs in market share and revenue during his eleven-year tenure [5] - Hasenecz is a graduate of the Walter Cronkite School of Journalism and Mass Communication at Arizona State University [5]

Core Points - Gray Media, Inc. has appointed Chris Conroy as the General Manager for WOIO (CBS), WUAB (CW), and WTCL (Telemundo) in Cleveland, Ohio [1] - Chris Conroy has over 40 years of media leadership experience, previously serving as General Manager of Gray's KFVS in Cape Girardeau, MO, where he achieved significant ratings growth and digital engagement [3][4] - Conroy has held leadership roles at various stations, including launching the NBC affiliate at KAIT in Jonesboro, AR, and has received multiple industry awards, including two Southeast Region Emmy Awards [4][5] Company Overview - Gray Media, Inc. is the largest owner of top-rated local television stations in the U.S., operating in 113 television markets and reaching approximately 37% of U.S. television households [6] - The company owns 78 markets with the top-rated television station and 99 markets with the first or second highest-rated station as of 2024, along with the largest Telemundo Affiliate group [6] - Gray Media also includes Gray Digital Media, which provides advanced digital marketing strategies, and owns several media properties, including video production companies and studio facilities [6]

Company Overview - Gray Media has appointed Jon Pollard as the General Manager of WTOK, effective November 3, 2025 [1] - Gray Media, Inc. is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households [5] - The company operates in 113 television markets, with 78 markets having the top-rated television station and 99 markets with the first or second highest-rated station in 2024 [5] Leadership Background - Jon Pollard has 20 years of experience in the broadcast television industry, previously leading WMDN/WGBC, the CBS, NBC, and FOX affiliates in East Mississippi [3] - He has a history with Gray Media, having worked at WTOK for nine years as Regional Sales Manager and Account Executive [3] - Pollard has served on the board of the Mississippi Association of Broadcasters and is involved with the Salvation Army and the Meridian Rotary Club [4]

Core Viewpoint - Analyst recommendations play a significant role in influencing stock prices, but their reliability is questionable, particularly for Gray Media (GTN) [1][5]. Brokerage Recommendations - Gray Media has an average brokerage recommendation (ABR) of 1.67, indicating a position between Strong Buy and Buy, based on recommendations from six brokerage firms [2]. - Out of the six recommendations, four are Strong Buy, accounting for 66.7% of the total [2]. Limitations of Brokerage Recommendations - Solely relying on ABR for investment decisions may not be advisable, as studies indicate that brokerage recommendations often fail to guide investors effectively [5]. - Brokerage analysts tend to exhibit a positive bias due to their firms' vested interests, leading to a disproportionate number of favorable ratings compared to negative ones [6][10]. Zacks Rank as an Alternative - Zacks Rank, a proprietary stock rating tool, categorizes stocks from Strong Buy to Strong Sell and is based on earnings estimate revisions, making it a more reliable indicator of near-term stock performance [8][11]. - The Zacks Rank is updated more frequently than ABR, reflecting timely changes in earnings estimates, which are crucial for predicting future price movements [12]. Current Earnings Estimates for Gray Media - The Zacks Consensus Estimate for Gray Media remains unchanged at -$1.4 for the current year, suggesting stable analyst views on the company's earnings prospects [13]. - Due to the unchanged consensus estimate and other factors, Gray Media holds a Zacks Rank of 3 (Hold), indicating a cautious approach despite the favorable ABR [14].

Company Performance - Gray Media's stock increased by 1.72% to $4.74, outperforming the S&P 500's gain of 1.56% [1] - The stock has decreased by 20.48% over the past month, underperforming the Consumer Discretionary sector's loss of 5.13% and the S&P 500's gain of 0.41% [1] Upcoming Financial Results - Gray Media is set to announce its earnings on November 7, 2025, with an expected EPS of -$0.41, a decline of 147.67% from the previous year [2] - The consensus estimate projects revenue of $747 million, reflecting a 21.37% decrease from the same quarter last year [2] Fiscal Year Estimates - For the entire fiscal year, Zacks Consensus Estimates predict an EPS of -$1.4 and revenue of $3.11 billion, indicating changes of -141.67% and -14.63% respectively from the prior year [3] - Recent changes to analyst estimates for Gray Media are important for investors as they reflect the evolving business trends [3] Analyst Ratings and Market Trends - The Zacks Rank system, which ranges from 1 (Strong Buy) to 5 (Strong Sell), has a strong track record, with 1 rated stocks averaging an annual return of +25% since 1988 [5] - Gray Media currently holds a Zacks Rank of 3 (Hold), with no changes in the consensus EPS projection over the past 30 days [5] Industry Overview - The Broadcast Radio and Television industry, part of the Consumer Discretionary sector, has a Zacks Industry Rank of 49, placing it in the top 20% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

Core Points - Gray Media has been awarded the 2025 Catalyst Award for its significant contributions to the Ad Council's Project Roadblock initiative, which focuses on preventing buzzed driving during the holiday season [1][2] - In 2024, Gray Media was the top contributor to Project Roadblock, accounting for 17% of all PSA airings nationwide [2] - The 2024 Project Roadblock campaign achieved over 65.9 thousand detections of donated local broadcast TV airtime, generating an estimated media value of $6.5 million, reflecting a year-over-year increase of 9% in detections and 68% in value [3] Company Contributions - Gray Media's support for Project Roadblock demonstrates its commitment to social responsibility and public safety, as highlighted by the Ad Council and TVB executives [5] - The company has been actively involved in the initiative since its inception in 2004, which aims to raise awareness about the dangers of buzzed driving [5][10] - Gray Media operates the largest portfolio of top-rated local television stations in the U.S., reaching approximately 37% of U.S. television households [10] Industry Impact - The Project Roadblock initiative, a collaboration between the Ad Council, TVB, and NHTSA, emphasizes the effectiveness of local TV in disseminating life-saving messages [3][5] - The campaign reached 208 of 210 Designated Market Areas (DMAs) nationwide, covering 99.96% of all U.S. households, showcasing the extensive reach of local broadcast television [3] - The annual Catalyst Award recognizes the impact of media donations in promoting social causes, highlighting the role of communications companies in driving change [2][4]

Core Viewpoint - Gray Media, Inc. is set to release its earnings results for the quarter ended September 30, 2025, on November 7, 2025, and will host a conference call to discuss these results [1]. Group 1: Earnings Announcement - Gray Media, Inc. will announce its earnings results for Q3 2025 on November 7, 2025 [1]. - A conference call and webcast will be held on the same day at 11:00 a.m. Eastern Time to discuss the operating results [1]. - The live dial-in number for the conference call is 1-800-715-9871, with a conference ID of 3663076 [1]. Group 2: Company Overview - Gray Media, Inc. is the largest owner of top-rated local television stations and digital assets in the U.S., serving 113 television markets [2]. - The company reaches approximately 37 percent of U.S. television households, with 78 markets having the top-rated television station [2]. - Gray Media also owns the largest Telemundo Affiliate group with 44 markets and operates Gray Digital Media, a full-service digital agency [2].

Core Insights - Gray Media announced the appointment of Alexander Quince as General Manager of WBNG-TV in Binghamton, New York, effective October 13, 2025, succeeding Bob Krummenacker who retired after 44 years [1] Company Overview - Gray Media, Inc. is the largest owner of top-rated local television stations and digital assets in the United States, serving 113 television markets that reach approximately 37% of US television households [6] - The company operates 78 markets with the top-rated television station and 99 markets with the first and/or second highest-rated television station during 2024, along with the largest Telemundo Affiliate group comprising 44 markets [6] - Gray Media also owns Gray Digital Media, which provides digital marketing strategies, and has additional media properties including video production companies and studio production facilities [6] Leadership Background - Alexander Quince is an award-winning news executive with over a decade of experience in local and regional journalism, previously serving as Senior Director at Spectrum News [3] - He has a history of driving audience growth and innovation, including launching New York's first Augmented Reality News Studio [3] - Quince has held leadership roles at several prominent television stations and has received multiple Emmy and Edward R. Murrow Awards for his work [4] Strategic Vision - Quince expressed his commitment to building on WBNG-TV's legacy by delivering impactful news and driving innovative strategies to enhance broadcast and digital presence, improve advertiser performance, and maximize brand partnerships [4] - His vision includes connecting communities and partners throughout the Southern Tier region [4] Educational Background - Quince holds a Bachelor of Science in Communication from Florida State University and is involved in various professional organizations, including the Carole Kneeland Project for Responsible Journalism and the Poynter Institute [5]

Core Viewpoint - Analyst recommendations play a significant role in influencing stock prices, but their reliability is questionable, particularly for Gray Media (GTN) [1][5][10]. Brokerage Recommendations - Gray Media has an average brokerage recommendation (ABR) of 1.67, indicating a consensus between Strong Buy and Buy, with 66.7% of the six recommendations being Strong Buy [2][5]. - Despite the positive ABR, relying solely on this information for investment decisions may not be wise, as studies show limited success of brokerage recommendations in predicting stock price increases [5][10]. Analyst Bias - Brokerage analysts often exhibit a strong positive bias due to vested interests, leading to a disproportionate number of favorable ratings compared to negative ones [6][10]. - This misalignment of interests between brokerage firms and retail investors can obscure the true direction of a stock's future price movement [7][10]. Zacks Rank Comparison - Zacks Rank, a proprietary stock rating tool, categorizes stocks from Strong Buy to Strong Sell and is based on earnings estimate revisions, making it a more reliable indicator of near-term stock performance compared to ABR [8][11]. - The Zacks Rank is updated more frequently than ABR, reflecting timely changes in earnings estimates, which are crucial for predicting future price movements [12]. Current Earnings Estimates - The Zacks Consensus Estimate for Gray Media remains unchanged at -$1.4 for the current year, suggesting analysts have steady views on the company's earnings prospects [13]. - The unchanged consensus estimate has resulted in a Zacks Rank of 3 (Hold) for Gray Media, indicating caution despite the Buy-equivalent ABR [14].

Core Points - Gray Media is launching a new weekly program called The Good Side, premiering on September 13, 2025, aimed at showcasing positive stories [1][2] - The show will be hosted by Edward R. Murrow and Emmy award-winning journalist Debra Alfarone, who initially created it as a bi-monthly feature due to positive audience feedback [2][3] - The premiere episode will feature a heartwarming story about a boy's life-changing experience and an Oregon non-profit promoting kindness [3] Company Overview - Gray Media, Inc. is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households across 113 markets [5] - The company operates 78 markets with top-rated television stations and has the largest Telemundo Affiliate group with 44 markets [5] - Gray Media also includes Gray Digital Media, which provides advanced digital marketing strategies, and owns various media properties including video production companies and studio facilities [5]