UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) Commission file number: 1-13796 Gray Media, Inc. (Exact name of registrant as specified in its charter) Georgia 58-0285030 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number) 4370 Peachtree Road, NE, Atlanta, Georgia 30319 (Address of principal executive offices) (Zip code) (404) 504-9828 (Registrant's telephone number, including area code) Not Applicable (Former na ...

Financial Performance - Gray Media's 1Q25 total revenue exceeded guidance, reporting $782 million compared to the guidance of $764-$775 million[9] - Retransmission revenue in 1Q25 also surpassed guidance, reaching $379 million against a guidance of $375-$377 million[9] - Core revenue for 1Q25 aligned with guidance at $344 million[9] - Broadcasting expenses for 1Q25 were below the low end of guidance at $577 million, compared to the guidance of $582-$587 million[9] - Production companies' expenses for 1Q25 were also below the low end of guidance at $20 million, versus a guidance of $21-$22 million[9] - Corporate expenses for 1Q25 were below the low end of guidance at $32 million, compared to the guidance of $33-$35 million[9] - Adjusted EBITDA for the quarter ending March 31, 2025, was $160 million[12] - Net loss for the quarter ending March 31, 2025, was $9 million, compared to a net income of $88 million for the same period in 2024[12] - Total revenue for the year ending December 31, 2024, was $3644 million, compared to $3281 million in 2023[12] Debt and Leverage - Gray Media reduced debt principal by $17 million in 1Q25 and $520 million in 2024[13, 15] - As of March 31, 2025, the company had $240 million remaining under its debt repurchase authorization[15] - The leverage ratio at 1Q25 was 548x, with a leverage ratio denominator of $998 million[13] - First lien leverage ratio at 1Q25 was 292x[13] - Total outstanding principal including current portion was $5673 million as of March 31, 2025[20]

Exhibit 99.1 NEWS RELEASE Gray Media Announces First Quarter Financial Results Atlanta, Georgia – May 8, 2025. . . Gray Media, Inc. ("Gray," "Gray Media," "we," "us" or "our") (NYSE: GTN) today announced its financial results for the quarter ended March 31, 2025, which included total revenues above the high end of our guidance for the quarter. Total operating expenses were also below our guidance for the quarter. Moreover, for the first time since the COVID slowdown in 2020, our broadcasting operating expen ...

Gray Media (GTN) came out with a quarterly loss of $0.23 per share versus the Zacks Consensus Estimate of a loss of $0.49. This compares to earnings of $0.79 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 53.06%. A quarter ago, it was expected that this broadcast television company would post earnings of $1.59 per share when it actually produced earnings of $1.59, delivering no surprise.Over the last four quarters, the compan ...

Core Insights - Gray Media, Inc. reported total revenues of $782 million for Q1 2025, a decrease of 5% from Q1 2024, but 1% above the high end of guidance for the quarter [6][12] - The company experienced a decline in core advertising revenue, which was $344 million, down 8% year-over-year, attributed to the Super Bowl airing on fewer channels compared to the previous year [6][12] - Political advertising revenue saw a significant drop of 52% to $13 million, consistent with the off-year of the political advertising cycle, yet it was 225% greater than the high end of guidance for the quarter [6][12] Financial Performance - Adjusted EBITDA for Q1 2025 was $160 million, down from $197 million in Q1 2024, primarily due to the cyclical decrease in political advertising revenue [14][6] - The net loss attributable to common stockholders was $22 million in Q1 2025, compared to a net income of $75 million in Q1 2024 [6][14] - Total operating expenses were $690 million, slightly down from $699 million in Q1 2024, with broadcasting expenses decreasing year-over-year for the first time since the COVID slowdown [6][12] Debt and Financial Flexibility - The company reduced its outstanding debt by $17 million during Q1 2025 and amended its revolving accounts receivable securitization facility to increase commitments from $300 million to $400 million [6][12] - As of March 31, 2025, Gray Media had a First Lien Leverage Ratio of 2.92 to 1.00 and a total leverage ratio of 5.48 to 1.00, indicating a manageable level of debt relative to its earnings [6][12] - The company has $692 million of borrowing availability under its undrawn Revolving Credit Facility, enhancing its financial flexibility [6][12] Future Guidance - For the quarter ending June 30, 2025, the company anticipates core advertising revenue to decline by mid-single digits compared to the same quarter in 2024, influenced by macroeconomic uncertainties [8][12] - Despite the anticipated decline in core advertising revenue, the company expects strong double-digit growth in digital advertising revenue and continued growth from local customers [8][12] - The company has implemented cost containment measures that are expected to exceed an annualized savings run-rate of $60 million [9][12]

Core Insights - Gray Media and its stations received multiple prestigious awards for journalistic excellence, highlighting their commitment to impactful local journalism [1][4][11] Awards and Recognitions - Sandy Breland, Gray's Executive Vice President and COO, was awarded the 2025 John F. Hogan Distinguished Service Award by the Radio Television Digital News Association for her contributions to journalism [2][3] - Jeff Schlesser, news director at Gray's WWSB, received the 2025 RTDNA Loren Tobia Leadership Award for his leadership in local programming [3] - WANF in Atlanta won first place in the National Headliner Awards for the documentary "In Plane Sight: The Fix," which investigated abuses by Drug Enforcement Task Force Agents [5] - WAVE in Louisville secured third place in the same category for its documentary on the Old National Bank mass shooting [5] - InvestigateTV, Gray's national investigative unit, received second place for its report on automakers' data collection practices [6] - WANF and WVUE in New Orleans were nominated for the 46th annual News & Documentary Emmy Awards for their investigative stories [7][8] - WIBW in Topeka won the 2025 Celebration of Service to America Award for its mental health awareness campaign [9][10] 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 [12]

Core Insights - The Zacks Broadcast Radio and Television industry is experiencing challenges due to cord-cutting, but companies like Netflix, Gray Media, Fox Corporation, and TEGNA are benefiting from increased digital content consumption and diverse offerings [1][2]. Industry Overview - The industry includes companies providing entertainment, sports, news, and musical content across various platforms, generating revenue through program sales, advertising, and subscriptions [2]. - There is a shift towards a variable cost model to enhance flexibility and reduce fixed costs amid evolving market dynamics [2]. Trends - Companies are diversifying content for OTT services to adapt to changing consumer preferences, which is expected to boost ad revenues [3]. - The rise in digital viewing is driving demand for tailored content, leveraging AI and machine learning for user engagement [4]. - The macroeconomic landscape, including high inflation and competition from tech companies, is impacting advertising budgets and revenue growth [5]. - The introduction of low-priced "skinny bundles" is changing revenue dynamics, potentially dampening top-line performance [6]. Performance Metrics - The industry ranks 41 in the Zacks Industry Rank, indicating it is in the top 17% of over 250 industries, with a positive earnings outlook [7][9]. - The industry has outperformed the broader Zacks Consumer Discretionary sector and the S&P 500, gaining 54.4% over the past year compared to 2% and 1.5% respectively [11]. - The current EV/EBITDA ratio for the industry is 15.35X, slightly above the S&P 500's 15.19X [14]. Company Highlights - **Fox Corporation**: Demonstrated strong financial momentum with a 20% revenue growth and record EBITDA of $781 million, while also expanding its audience share and attracting new advertisers [17][18]. - **TEGNA**: Focused on modernization and technology deployment, targeting $90-$100 million in annualized savings, with a strong balance sheet and digital transformation initiatives [22][24]. - **Netflix**: Achieved first-quarter revenues of $10.54 billion, up 12.5% year over year, with a growing subscriber base and ambitious revenue targets [27][28]. - **Gray Media**: Positioned to capitalize on market-leading stations and diversified revenue streams, with successful partnerships in local sports and a focus on reducing debt [31][35].

It's said that the stock market is forward-looking by around six months. If that is the case, value investors who also happen to have fairly high-risk tolerance should put Gray Media, Inc. (NYSE:I am a private investor based out of Toronto, Canada and I have been investing since 2003. After 8 years in Corporate Finance with a Canadian Telecom company I have decided to dedicate myself full-time to the capital markets. I write on Seeking Alpha to demonstrate my financial analysis and writing skills across a v ...

Company Performance - Gray Media's stock closed at $3.34, showing no change from the previous day, underperforming the S&P 500's daily gain of 0.13% [1] - Over the past month, Gray Media's shares have declined by 34.77%, significantly worse than the Consumer Discretionary sector's loss of 7.24% and the S&P 500's loss of 6.3% [1] Upcoming Earnings - Gray Media is set to disclose its earnings on May 8, 2025, with projected earnings of -$0.48 per share, indicating a year-over-year decline of 160.76% [2] - The consensus estimate for revenue is $772 million, reflecting a 6.2% decrease compared to the same quarter last year [2] Full Year Projections - For the full year, the Zacks Consensus Estimates predict earnings of -$0.27 per share and revenue of $3.21 billion, representing declines of 108.04% and 12.05% respectively from the prior year [3] Analyst Estimates - Recent modifications to analyst estimates for Gray Media are crucial as they reflect short-term business trends, with positive revisions indicating analysts' confidence in the company's performance [4] - The Zacks Rank system, which incorporates these estimate changes, provides a rating system for stock performance [5] Zacks Rank and Industry Position - Gray Media currently holds a Zacks Rank of 2 (Buy), with the Zacks Consensus EPS estimate remaining unchanged over the last 30 days [6] - The Broadcast Radio and Television industry, part of the Consumer Discretionary sector, has a Zacks Industry Rank of 84, placing it in the top 34% of over 250 industries [7]

ATLANTA, April 17, 2025 (GLOBE NEWSWIRE) -- Gray Media has promoted Dana Neves to Senior Managing Vice President, effective immediately. In her new role, Dana oversees a number of Gray's television markets in the Northeast and Mid-Atlantic areas. For the past 7 years, Dana has served as the General Manager of Gray's WFSB (CBS) in Hartford, Connecticut, and has led its Connecticut-focused broadcast sports network The Wax since its launch last year.   Gray will soon begin a search for Dana's successor. Dana ...