Core Viewpoint - Gray Media Inc. (NYSE: GTN) is currently viewed as 'dead money' as investors await the next political cycle, with shares dropping to approximately $3 per share following disappointing Q3/24 earnings [1]. Company Summary - Gray Media Inc. experienced a significant decline in share price, reaching a low of around $3 per share after its Q3/24 earnings report was poorly received [1].

Core Viewpoint - Gray Media and the Carolina Panthers have formed a partnership to broadcast all three Panthers preseason games live in Spanish, targeting Spanish-speaking audiences across the Carolinas [1][5]. Group 1: Partnership Details - The partnership will allow Spanish-speaking fans to watch every Panthers preseason game on six Gray Telemundo affiliate stations in South Carolina and Eastern North Carolina starting this August [2]. - The Spanish-language broadcasts will feature experienced sportscasters Carlos Ramirez and Ariana Figueroa, enhancing the viewing experience for fans [4]. - This initiative is part of a broader effort to build inclusive experiences for Spanish-speaking viewers and strengthen connections with Latino fans in the region [5][6]. Group 2: Broadcast Schedule - The 2025 Panthers preseason schedule includes games against the Cleveland Browns, Houston Texans, and Pittsburgh Steelers, with specific dates and times outlined [7]. - The broadcasts will be available on various Telemundo stations, including WDKT, WTES, WZCH, WXIV, WTWL, and WTGC [3][7]. Group 3: Company Background - Gray Media, the parent company, is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households [6][8]. - Tepper Sports & Entertainment, which owns the Carolina Panthers, aims to make the greater Charlotte metro area a premier destination for sports and entertainment [9].

Core Insights - Gray Media and the NFL's Carolina Panthers have formed a partnership to broadcast all three Panthers preseason games live in Spanish, targeting Spanish-speaking fans in the Carolinas [1][4] - The broadcasts will be available on six Telemundo affiliate stations in South Carolina and Eastern North Carolina, enhancing accessibility for Latino fans [1][4] - The partnership aims to create inclusive experiences that resonate with Spanish-speaking communities, reflecting a commitment to cultural and linguistic representation [4] 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, with a significant presence in the Telemundo affiliate market [5] - Tepper Sports & Entertainment operates the Carolina Panthers and is focused on making the greater Charlotte area a premier destination for sports and entertainment [7] Broadcast Details - The Spanish-language broadcasts will feature experienced sportscasters Carlos Ramirez and Ariana Figueroa, enhancing the viewing experience for fans [3] - The preseason schedule includes games against the Cleveland Browns, Houston Texans, and Pittsburgh Steelers, with specific dates and times outlined [6]

Group 1 - Graham Media Group and Gray Media have initiated a donation drive to support relief efforts in Central Texas following devastating floods that occurred on July 4, 2025, which caused significant damage to homes and communities [1][2] - The campaign successfully raised over $120,000 in the first 24 hours, including a $25,000 contribution from Gray Media and an additional $15,000 from Graham Media Group [1][2] - The funds raised will be directed entirely to on-the-ground efforts in flood-affected areas, providing essential resources such as food, housing, and financial aid [2][3] Group 2 - The collaboration involves local broadcasters KSAT in San Antonio and KPRC in Houston, along with Gray stations across 113 markets in the U.S., emphasizing the role of local media in crisis response [2][3] - The Salvation Army's Emergency Disaster Services teams are actively providing meals, hydration, and emotional support to flood victims, highlighting the ongoing need for assistance [2] - Graham Media Group and Gray Media are committed to leveraging their resources and reach to aid in the recovery and rebuilding of affected communities [3] Group 3 - Graham Media Group operates seven local media outlets and is recognized for its digital media innovations, serving various platforms including television and online [4] - Gray Media, headquartered in Atlanta, is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households [5][6] - Gray Media also owns a full-service digital agency and various media properties, enhancing its capabilities in digital marketing and content production [6]

Group 1: Core Initiative - Graham Media Group and Gray Media have launched a donation drive to support flood relief efforts in Texas, raising over $120,000 in the first 24 hours, including a $25,000 contribution from Gray and an additional $15,000 from Graham Media Group [1][2] - The campaign aims to provide essential resources such as food, housing, and financial aid to communities affected by the floods, with 100% of the funds raised going directly to on-the-ground efforts [2][3] Group 2: Company Commitment - Graham Media Group's CEO emphasized the responsibility of broadcasters to inform and assist communities during crises, highlighting the role of The Salvation Army's rapid response teams in providing essential services [2] - Gray Media's Co-CEO expressed commitment to serving affected communities for as long as necessary, acknowledging the generous response from viewers [2] Group 3: Company Background - Graham Media Group operates seven local media outlets and is involved in various digital media and marketing solutions, serving multiple states and communities [4] - Gray Media, headquartered in Atlanta, is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households and owning a diverse portfolio of media properties [5][6]

Core Viewpoint - Gray Media, Inc. is set to release its earnings results for the quarter ended June 30, 2025, on August 8, 2025, and will host a conference call to discuss these results [1] Company Overview - Gray Media, Inc. is a multimedia company based in Atlanta, Georgia, and is the largest owner of top-rated local television stations and digital assets in the United States [2] - The company serves 113 television markets, reaching approximately 37% of US television households [2] - Gray Media's portfolio includes 78 markets with the top-rated television station and 99 markets with the first and/or second highest-rated television station in 2024 [2] - The company owns the largest Telemundo Affiliate group with 44 markets [2] - Gray Digital Media, a subsidiary, provides digital marketing strategies and services to national and local clients [2] - Additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, along with studio production facilities Assembly Atlanta and Third Rail Studios [2]

Company Overview - Gray Media (GTN) shares increased by 10.4% to $5.22 in the last trading session, with a notable trading volume, and have gained 19.4% over the past four weeks [1][2] Financial Performance - The company is expected to report a quarterly loss of $0.34 per share, reflecting a year-over-year decline of 477.8%, with revenues projected at $763 million, down 7.6% from the previous year [3] Growth Drivers - Gray Media is experiencing positive momentum from local sports programming advertisements, a growing pipeline of high-profile projects, and cost containment initiatives [2] Market Sentiment - The consensus EPS estimate for Gray Media has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] Industry Context - Gray Media operates within the Zacks Broadcast Radio and Television industry, where Sirius XM (SIRI) also operates, having closed 3.5% higher at $24.44, with a 7.4% return over the past month [4]

Core Viewpoint - Gray Media, Inc. announced a private offering of $900 million in senior secured second lien notes with a 9.625% interest rate, increasing the previously announced amount by $150 million [1] Group 1: Offering Details - The notes are priced at 100% of par and the offering is expected to close on July 18, 2025, subject to customary closing conditions [1] - The proceeds from the notes will be used to redeem all outstanding 7.000% senior notes due 2027, repay a portion of a term loan due June 4, 2029, and cover fees and expenses related to the offering [2] Group 2: Guarantees and Regulations - The notes will be guaranteed on a senior secured second lien basis by existing and future restricted subsidiaries of Gray that guarantee its existing senior credit facility [3] - The offering is restricted to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S of the Securities Act, and the notes will not be registered under the Securities Act [4] Group 3: Additional Information - The press release clarifies that it does not constitute a notice of redemption for the 2027 Notes or an offer to sell the notes in jurisdictions where such offers would be unlawful [5]

[Updated Guidance for Q2 2025](index=1&type=section&id=Updated%20Guidance%20for%20the%20Quarter%20Ended%20June%2030,%202025) Gray Media updated its Q2 2025 financial guidance, projecting total revenue between $769 million and $775 million, a decrease from $826 million in Q2 2024, primarily due to a significant drop in political advertising revenue Q2 2025 Updated Guidance vs. Q2 2024 Actuals (in millions) | Financial Metric | Q2 2024 (Actual) | Q2 2025 (Guidance) | | :--- | :--- | :--- | | **Revenue** | | | | Core advertising | $373 | $360 - $362 | | Political | $47 | $8 - $9 | | Retransmission consent | $371 | $368 - $369 | | **Total Revenue** | **$826** | **$769 - $775** | | **Operating Expenses** | | | | Broadcasting | $565 | $565 - $570 | | Production companies | $14 | $19 - $20 | | Corporate and administrative | $28 | $25 - $30 | - The provided financial guidance for Q2 2025 is based on current forecasts and internal estimates and has not been finalized through normal closing processes; actual results could differ materially[3](index=3&type=chunk) [Other Corporate Developments](index=2&type=section&id=Other%20Corporate%20Developments) During the quarter, Gray Media strengthened its balance sheet through debt repurchases and advance amortization payments, alongside an expected non-cash impairment charge related to its Atlanta station, WANF [Debt Repurchase and Amortization](index=2&type=section&id=Debt%20Repurchase%20and%20Amortization%20Payments) In June 2025, Gray repurchased $7.7 million of its 5.875% senior notes due 2026 and made $15 million in term loan amortization payments, satisfying all mandatory obligations through December 31, 2025 - Repurchased **$7.7 million** in aggregate principal amount of its outstanding 5.875% senior notes due 2026 in June 2025[4](index=4&type=chunk) - Made amortization payments of **$11.25 million** on Term Loan D and **$3.75 million** on Term Loan F, satisfying all mandatory amortization obligations through December 31, 2025[4](index=4&type=chunk) [Non-Cash Impairment Charge (WANF)](index=2&type=section&id=Non-Cash%20Impairment%20Charge%20Related%20to%20WANF) Gray expects to record a non-cash impairment charge of approximately $29 million in Q2 2025 related to intangible assets at its Atlanta station, WANF, which will cease its CBS network affiliation - A non-cash impairment charge of approximately **$29 million** is expected to be recorded in Q2 2025[5](index=5&type=chunk) - The charge is a result of the Atlanta station, WANF, ceasing its CBS affiliation to become an independent station, and is not expected to materially impact ongoing operations or liquidity[5](index=5&type=chunk) [Company Information](index=2&type=section&id=Company%20Information) This section provides the standard forward-looking statement disclaimer and an overview of Gray Media as the largest owner of top-rated local TV stations in the U.S [Forward-Looking Statements](index=2&type=section&id=Forward-Looking%20Statements) The press release includes forward-looking statements based on current estimates and assumptions, subject to various risks and uncertainties, with actual results potentially differing materially - The guidance and other statements are forward-looking and subject to risks and uncertainties that could cause actual results to differ materially from current expectations[6](index=6&type=chunk) - Investors should evaluate forward-looking statements in light of important risk factors described in the company's SEC filings, including the Annual Report on Form 10-K[6](index=6&type=chunk) [About Gray Media](index=2&type=section&id=About%20Gray%20Media) Gray Media, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations in the United States, serving 113 television markets and reaching about 37% of U.S. television households - Gray Media is the largest U.S. owner of top-rated local television stations and digital assets, serving **113 television markets**[7](index=7&type=chunk) - The company's portfolio reaches approximately **37% of U.S. television households** and includes the largest Telemundo Affiliate group[7](index=7&type=chunk)

Core Viewpoint - Gray Media, Inc. plans to offer up to $750 million in senior secured second lien notes due 2032, subject to market conditions [1] Group 1: Offering Details - The offering will be exempt from the registration requirements of the Securities Act of 1933 [1] - Gray expects to increase commitments under its revolving credit facility by $50 million, bringing total commitments to $750 million, and extend the maturity date from December 1, 2027, to December 1, 2028 [2] - The closing of the notes offering is not conditioned on the closing of the Revolver Amendment, but the latter is conditioned on the former [2] Group 2: Use of Proceeds - The net proceeds from the offering will be used to redeem all outstanding 7.000% senior notes due 2027, repay a portion of a term loan due June 4, 2029, and cover fees and expenses related to the offering [3] Group 3: Guarantees and Offer Restrictions - The notes will be guaranteed on a senior secured second lien basis by existing and future restricted subsidiaries of Gray that guarantee its existing senior credit facility [4] - The notes will only be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons in transactions outside the United States under Regulation S [5]