Revenue Performance - Total revenue for the nine months ended September 30, 2025, was $2.3 billion, a decrease of $296 million or 11% compared to $2.6 billion in the same period of 2024[91] - Core advertising revenue decreased by $50 million, or 5%, primarily due to macro-economic softness, with political advertising revenue decreasing by $217 million, or 88%[117] - Political advertising revenue saw a significant decline of $165 million, or 95%, in the three months ended September 30, 2025, consistent with it being an "off-year" in the election cycle[109] - Core advertising revenue decreased by $10 million or 3% in the three months ended September 30, 2025, primarily due to a $16 million revenue drop from the broadcast of the 2024 Olympic Games[109] - Total revenue decreased by $296 million, or 11%, in the 2025 nine-month period compared to the 2024 nine-month period[117] Expenses - Broadcasting expenses decreased by $29 million, or 5%, to $542 million in the three months ended September 30, 2025[106] - Broadcasting expenses decreased by $37 million, or 2%, to $1.7 billion in the 2025 nine-month period[118] - Corporate and administrative expenses increased by $4 million, or 17%, to $28 million, primarily due to increased professional services related to pending business combination transactions[108] - Corporate and administrative expenses increased by $5 million to $85 million, with professional services costs rising due to pending business combination transactions[119] - Interest expense decreased by $10 million to $120 million in the three months ended September 30, 2025, due to a reduction in outstanding debt and lower interest rates[114] - Interest expense decreased by $8 million, or 2%, to $355 million, with an average outstanding total long-term debt balance of $5.7 billion[125] Cash Flow and Tax - Net cash provided by operating activities was $177 million in the 2025 nine-month period, down from $383 million in the 2024 nine-month period[128] - Net cash used in investing activities was $34 million in the 2025 nine-month period, compared to net cash provided of $10 million in the 2024 nine-month period[129] - The effective income tax benefit rate for the three months ended September 30, 2025, was 64%, compared to an income tax expense rate of 25% in the same period of 2024[116] - The company recognized an income tax benefit of $12 million in the 2025 nine-month period, compared to an income tax expense of $70 million in the 2024 nine-month period[127] - The company made $39 million in federal or state income tax payments during the 2025 three and nine-month period, with no material income tax payments expected for the remainder of 2025[147] Debt and Financing - The company issued $900 million in 2032 Notes (2L) and $775 million in 2033 Notes (1L) to refinance existing debt and pay transaction expenses[98][100] - The company anticipates making approximately $453 million in debt interest payments over the twelve months following September 30, 2025[131] - As of September 30, 2025, long-term debt included $1.25 billion in 2029 Notes and $1.2 billion in 2031 Notes, with total commitments under the Senior Credit Facility amounting to $1.5 billion[141] - The company has approximately $232 million of availability remaining under its debt repurchase authorization, which allows for the repurchase of outstanding indebtedness[142] - The company has total outstanding principal secured by a first lien of $2,774 million, resulting in a First Lien Adjusted Total Indebtedness of $2,592 million[139] Acquisitions and Capital Expenditures - The company entered into agreements for television station acquisitions and divestitures, expecting to enter six new markets and create 11 new full-power "duopolies" of stations affiliated with a "Big Four" network[144] - The total purchase price for the acquisitions includes $2 million for SGH, $80 million for BCI, and $171 million for AMG, with additional non-cash swaps involved[146] - Capital expenditures for the remainder of 2025 are expected to be in the range of $37 million to $42 million, with anticipated reimbursements of approximately $25 million from the Doraville Community Improvement District[146] Impairment and Adjustments - The company recorded a non-cash impairment charge of $28 million related to changes in network affiliation at one station during the 2025 nine-month period[121] - As of September 30, 2025, the company reported a net income of $290 million, with total adjustments to reconcile from net income to Leverage Ratio Denominator amounting to $1,909 million[139] - The First Lien Leverage Ratio was reported at 2.72, while the Secured Leverage Ratio stood at 3.66, both below the maximum permitted incurrence levels of 3.5 to 1.00 and 5.50 to 1.00 respectively[139]

NEWS RELEASE Exhibit 99.1 Gray Media Beats Guidance With Strong Third Quarter Financial Results Atlanta, Georgia – November 7, 2025. . . Gray Media, Inc. ("Gray," "Gray Media," "we," "us" or "our") (NYSE: GTN) today announced its financial results for the quarter ended September 30, 2025. We are pleased to report that our total revenue, core advertising revenue, retransmission revenue, and political advertising revenue all were at or exceeded the high-end of our previously issued guidance ranges for the qua ...

Revenue Performance - Total revenue for the six months ended June 30, 2025, was $1.6 billion, consistent with the same period in 2024, but decreased by $95 million or 6% year-over-year [100][117]. - Core advertising revenue decreased by $40 million or 5% in the six-month period, impacted by macro-economic softness and one less selling day due to Leap Day [117]. - Political advertising revenue decreased by $52 million or 70% in the six-month period, attributed to 2025 being the "off-year" of the two-year political advertising cycle [125]. - Retransmission consent revenue decreased by $4 million or 1% due to a decrease in subscribers, partially offset by an increase in rates [125]. Expenses - Broadcasting expenses decreased by $8 million or 1% to $1.1 billion in the six-month period [118]. - Corporate and administrative expenses were $57 million in the six-month period, with non-cash stock-based compensation expenses increasing to $12 million [119]. - Depreciation of property and equipment totaled $66 million for the six-month period, down from $72 million in 2024 [120]. - Amortization of intangible assets decreased to $57 million in the six-month period from $63 million in 2024 [121]. - Interest expense increased by $2 million to $235 million for the six-month period, with an average total interest rate of 7.4% [124]. Income and Cash Flow - Income tax expense for the six-month period ended June 30, 2025, was $6 million, compared to $38 million for the same period in 2024, resulting in an effective income tax rate of (10%) for 2025 versus 26% for 2024 [127]. - Net cash provided by operating activities increased to $163 million in the 2025 six-month period from $86 million in 2024, a net increase of $77 million, despite a $175 million decrease in net income [128]. - Cash on hand as of June 30, 2025, was $199 million, up from $135 million as of December 31, 2024 [128]. - Long-term debt as of June 30, 2025, was $5.59 billion, slightly down from $5.621 billion as of December 31, 2024 [128]. Debt Management - The company anticipates approximately $458 million in debt interest payments over the twelve months following June 30, 2025 [131]. - The company has authorized up to $250 million for debt repurchase, with approximately $232 million remaining available under this authorization [139]. - On July 18, 2025, the company issued the 2032 Notes and used the proceeds to repurchase $528 million of the 2027 Notes and repay $403 million of the 2024 Term Loan [140]. Acquisitions and Divestitures - The company entered into agreements for television station acquisitions and divestitures, which are expected to contribute to reducing the company's Leverage Ratio [142]. - On July 31, 2025, the company agreed to acquire two television stations from SGH for a total purchase price of less than $2 million [144]. - The company announced an agreement to acquire BCI's television stations for $80 million, including WDRB (FOX) and WBKI (CW) in Louisville, Kentucky, and WAND (NBC) in Springfield, Illinois [145]. - The company reached an agreement with AMG to acquire television stations in ten markets for $171 million, including WAAY (ABC) in Huntsville, AL and WEVV (CBS/FOX) in Evansville, IN [146]. - The company anticipates closing transactions with Scripps, SGH, BCI, and AMG in Q4 2025, pending regulatory approvals [147]. Capital Expenditures and Tax Matters - Routine capital expenditures are expected to be approximately $40 million to $45 million for the remainder of 2025, with anticipated reimbursements of about $20 million [148]. - The company made $39 million in federal or state income tax payments during the 2025 six-month period and expects no material income tax payments for the remainder of 2025 [149]. - As of June 30, 2025, the company has approximately $252 million in state operating loss carryforwards, with about $173 million expected to be unused due to limitations [149]. - The company did not contribute to its defined benefit pension plan during the 2025 six-month period and does not expect to contribute for the remainder of 2025 [152]. - The company is evaluating the impact of recent tax reform legislation on its financial statements, which may affect income taxes payable and deferred tax assets [151]. Market Risk - The market risk profile as of June 30, 2025, has not materially changed since December 31, 2024 [155].

Revenue Projections - For the quarter ended June 30, 2025, Gray Media anticipates total revenue (less agency commissions) to be between $769 million and $775 million, compared to $826 million for the same quarter in 2024, indicating a decrease of approximately 6.9% to 6.9%[3] - Core advertising revenue is expected to be between $360 million and $362 million, down from $373 million in the prior year, reflecting a decline of about 2.9% to 3.5%[3] - Political advertising revenue is projected to drop significantly to between $8 million and $9 million, compared to $47 million in the same quarter of 2024, representing a decrease of approximately 81.9% to 80.4%[3] - Retransmission consent revenue is expected to be between $368 million and $369 million, slightly down from $371 million in the previous year, indicating a decrease of about 0.5% to 0.5%[3] Expenses and Financial Management - Operating expenses for broadcasting are expected to remain stable at approximately $565 million, consistent with the previous year[3] - Corporate expenses are projected to be between $20 million and $25 million, down from $23 million in the same quarter of 2024, indicating a potential reduction of about 13% to 8.7%[3] - Gray Media plans to record a non-cash impairment charge of approximately $29 million related to intangible assets associated with its Atlanta station, WANF, due to its cessation of CBS network affiliation[5] - In June 2025, Gray repurchased $7.7 million of its outstanding 5.875% senior notes due 2026, and made amortization payments totaling $15 million on its Term Loans D and F, enhancing its financial flexibility[4] - The company emphasizes its commitment to strengthening its balance sheet and enhancing financial flexibility through strategic debt management[4] Market Presence - Gray Media's portfolio includes 113 television markets, reaching approximately 37% of US television households, with a strong presence in top-rated local television stations[7]

Revenue Performance - Total revenue decreased by $41 million, or 5%, to $782 million for the three months ended March 31, 2025, compared to $823 million in the same period of 2024[94] - Core advertising revenue decreased by $28 million, with Super Bowl advertising revenue on FOX channels increasing to $9 million in 2025 from $6 million in 2024[94] - Political advertising revenue decreased by $14 million, primarily due to 2025 being the "off-year" of the two-year election cycle[94] - Retransmission consent revenue decreased by $2 million, attributed to a decrease in subscriptions offset by an increase in rates[94] Cash Flow and Liquidity - Net cash provided by operating activities was $132 million in the 2025 three-month period, up from $68 million in the 2024 period[103] - Cash on hand as of March 31, 2025, was $210 million, compared to $135 million as of December 31, 2024[103] - The company anticipates sufficient cash flows from operations and borrowing availability to fund future capital expenditures and long-term debt service obligations[106] Debt and Financial Ratios - Long-term debt, including current portion, was $5.609 billion as of March 31, 2025, slightly down from $5.621 billion as of December 31, 2024[103] - Interest expense increased by $3 million to $118 million for the 2025 three-month period, primarily due to higher average interest rates[99] - The company has a Leverage Ratio of 5.48, which is below the maximum permitted incurrence of 7.00 to 1.00[113] - The First Lien Leverage Ratio stands at 2.92, under the maximum permitted incurrence of 3.5 to 1.00[113] - Adjusted Total Indebtedness, net of all cash, is $5.471 billion as of March 31, 2025[113] - As of March 31, 2025, the total outstanding principal of long-term debt is $5.673 billion, with various senior notes maturing between 2026 and 2031[114] - As of March 31, 2025, the company was in compliance with all required covenants under its debt obligations[114] Expenses and Capital Expenditures - Corporate and administrative expenses increased by $4 million to $32 million, mainly due to increases in non-cash stock-based compensation[96] - The company expects routine capital expenditures to be in the range of $70 million to $75 million for the remainder of 2025[116] - Anticipated reimbursements from the Doraville Community Improvement District for infrastructure projects are approximately $20 million during the remainder of 2025[116] - The company has approximately $240 million remaining under its debt repurchase authorization, which is valid through December 31, 2025[115] Tax Obligations - The company expects to make income tax payments between $48 million and $68 million during the remainder of 2025[117] Leverage Ratio Calculation - The Leverage Ratio Denominator, calculated for the total eight quarters ended March 31, 2025, is $998 million[113]

Revenue Performance - Total revenue for the first quarter of 2025 was $782 million, a decrease of 5% from the first quarter of 2024, and 1% above the high end of guidance for the quarter[7]. - Core advertising revenue in the first quarter of 2025 was $344 million, an 8% decrease year-over-year, attributed to fewer selling days and the Super Bowl airing on different channels[7]. - Retransmission consent revenue was $379 million, a decrease of 1% from the first quarter of 2024, and 1% above the high end of guidance for the quarter[7]. - Political advertising revenue was $13 million, a 52% decrease from the first quarter of 2024, but 225% greater than the high end of guidance for the quarter[7]. Financial Losses and Adjusted EBITDA - Net loss attributable to common stockholders was $22 million in the first quarter of 2025, compared to net income of $75 million in the first quarter of 2024[7]. - Adjusted EBITDA for the first quarter of 2025 was $160 million, down from $197 million in the first quarter of 2024, primarily due to decreased political advertising revenue[7]. - For the three-month period ended March 31, 2025, Gray Media reported a net loss of $9 million, compared to a net income of $88 million in the same period of 2024[34]. - Adjusted EBITDA for the same period was $160 million, down from $197 million in Q1 2024, reflecting a decrease of approximately 18.8%[34]. Debt and Financial Ratios - The company reduced its outstanding debt by $17 million during the first quarter of 2025[7]. - The total outstanding principal of long-term debt was $5.673 billion as of March 31, 2025, with an Adjusted Total Indebtedness of $5.471 billion[37]. - The Leverage Ratio as of March 31, 2025, was 5.48, which is below the maximum permitted incurrence of 7.00 to 1.00[37]. - The First Lien Leverage Ratio stood at 2.92, within the maximum permitted incurrence of 3.5 to 1.00[37]. - Interest expense increased to $118 million in Q1 2025, compared to $115 million in Q1 2024, indicating a slight rise of 2.6%[34]. Cost Management and Savings - The company has implemented cost containment measures that are expected to exceed an annualized savings run-rate of $60 million[11]. - Gray Media's depreciation expense for Q1 2025 was $34 million, slightly down from $36 million in Q1 2024[34]. - The company incurred transaction-related expenses of $1 million during the period, reflecting costs associated with acquisitions and divestitures[30]. Cash Position and Future Outlook - As of March 31, 2025, the company had $692 million of borrowing availability under its undrawn Revolving Credit Facility[7]. - Gray Media's cash position was reported at $210 million as of March 31, 2025[37]. - For the quarter ending June 30, 2025, core advertising revenue is expected to decline by mid-single digits compared to the same quarter in 2024[10]. - The company plans to host a conference call on May 8, 2025, to discuss its first-quarter operating results[25].

Revenue Performance - Total revenue for 2024 increased by $363 million, or 11%, to $3.6 billion compared to 2023[208] - Core advertising revenue decreased by $24 million, primarily due to displacement during the political advertising cycle, while political advertising revenue increased by $418 million[210] - The company generated $1.49 billion in core advertising revenue, contributing 41% to total revenue for 2024[207] - Political advertising accounted for 14% of total revenue in 2024, significantly up from 2% in 2023[207] - Miscellaneous income increased to $117 million in 2024, primarily due to a $110 million gain from the sale of an investment[216] Expenses and Financial Performance - Broadcasting expenses increased by $49 million, or 2%, to $2.3 billion for 2024 compared to 2023[209] - Interest expense increased by $45 million, or 10%, to $485 million for 2024, attributed to higher average interest rates and reduced principal balances[217] - The effective income tax rate increased to 24% for 2024 from 7% for 2023[220] Cash Flow and Debt Management - Net cash provided by operating activities increased by $103 million to $751 million in 2024 compared to $648 million in 2023, primarily due to a $451 million increase in net income[224] - Net cash used in investing activities decreased by $263 million to $28 million in 2024 from $291 million in 2023, mainly due to reduced cash used for property and equipment purchases[225] - Net cash used in financing activities increased by $212 million to $609 million in 2024 compared to $397 million in 2023, with $474 million used for principal payments on long-term debt[226] - The company repurchased and retired $373 million of outstanding debt, resulting in a $520 million reduction in total indebtedness compared to December 31, 2023[205] - As of December 31, 2024, the company estimates approximately $450 million in debt interest payments over the next twelve months, with sufficient cash flows anticipated to meet obligations[227] Capital Expenditures and Investments - The company expects capital expenditures to range between $85 million to $90 million during 2025, including reimbursements of approximately $25 million from the Doraville Community Improvement District[244] - The company anticipates receiving approximately $35 million from agreements related to third-party leases for space at Gray-owned tower sites, with most transactions expected to close in the first half of 2025[249] Debt and Leverage Ratios - The Leverage Ratio as of December 31, 2024, was 5.49, with a maximum permitted incurrence of 7.00 to 1.00[235] - The First Lien Leverage Ratio was 2.97 as of December 31, 2024, with a maximum permitted incurrence of 3.5 to 1.00[235] - As of December 31, 2024, the principal outstanding of the company's long-term debt was $5.7 billion, down from $6.2 billion in 2023[279] - The fair value of the company's long-term debt as of December 31, 2024, was $4.6 billion, compared to $5.6 billion in 2023[279] Interest Rate Management - The company entered into interest rate caps with a combined fixed notional value of approximately $1.9 billion, effective through December 31, 2025[277] - The interest rate caps limit the annual interest on variable rate debt to a maximum one-month SOFR rate of 5 percent, plus the Applicable Margin[277] - A 100 basis point increase in market interest rates would have increased the company's interest expense and decreased income before income taxes by $6 million for the year ended December 31, 2024[277] - A 100 basis point decrease in market interest rates would have decreased interest expense and increased income before income taxes by $6 million for the year ended December 31, 2024[277] - The company pays fixed interest rates on its 2031, 2030, 2029, 2027, and 2026 Notes, reducing the risk of potential interest rate increases[278] Pension and Employee Benefits - The company contributed $4 million to the Gray Pension Plan in 2023, with no contributions expected in 2025[239] - Matching contributions to the Gray 401(k) Plan were approximately $28 million in 2024, compared to $26 million in 2023[240] - The Meredith Plan had combined plan assets of $22 million and projected benefit obligations of $18 million as of December 31, 2024[241] Impairment and Asset Management - The company recorded a non-cash charge of $43 million for impairment of goodwill and other intangible assets due to the bankruptcy of Diamond Sports Group, LLC in 2023[265] - For the annual impairment test in 2024, the company concluded that all evaluated broadcast licenses were not impaired based on qualitative assessments[260] - The company performed qualitative assessments for 56 broadcast licenses and three reporting units in 2024, compared to 59 licenses and one reporting unit in 2023[257] - As of December 31, 2024, the recorded value of broadcast licenses was $5.3 billion and goodwill was $2.6 billion[264] Economic Risk Management - The company manages economic risks, including interest rate, liquidity, and credit risk, primarily through managing debt funding and using interest rate swap agreements[274] - The company expects to incur amortization of intangible assets of $125 million for the year ended December 31, 2024[272]

Revenue Performance - Total revenue for the fourth quarter of 2024 was $1.0 billion, an increase of 21% from the fourth quarter of 2023[8] - Total revenue for the three months ended December 31, 2024, was $1,045 million, representing a 21% increase compared to $864 million in the same period of 2023[20] - Total broadcasting revenue for the year increased by 11% to $3,539 million compared to $3,195 million in 2023[20] Advertising Revenue - Political advertising revenue in the fourth quarter of 2024 was $250 million, an increase of 658% from the fourth quarter of 2023[8] - Core advertising revenue decreased by 8% to $380 million in Q4 2024 from $415 million in Q4 2023[20] - Political advertising revenue surged to $250 million, a 658% increase from $33 million in the same quarter of the previous year[20] Net Income and Earnings - Net income attributable to common stockholders was $156 million in the fourth quarter of 2024, compared to a net loss of $22 million in the fourth quarter of 2023[8] - Net income for the year ended December 31, 2024, was $375 million, a significant recovery from a net loss of $76 million in 2023[20] - Net income for the three months ended December 31, 2024, was $169 million, compared to a net loss of $9 million in the same period of 2023, representing a significant turnaround[36] EBITDA and Operating Performance - Adjusted EBITDA was $402 million in the fourth quarter of 2024, an increase of 86% from the fourth quarter of 2023[8] - Adjusted EBITDA for the year ended December 31, 2024, was $1,162 million, up 42% from $816 million in 2023[20] - Adjusted EBITDA for the year ended December 31, 2024, was $1,162 million, an increase of 42.4% from $816 million in 2023[38] Debt and Financial Position - The company reduced the outstanding principal amount of its debt by $520 million during 2024[3] - Long-term debt decreased to $5,621 million from $6,160 million in the previous year[23] - Total outstanding principal debt as of December 31, 2024, was $5,690 million, with a leverage ratio of 5.49, below the maximum permitted incurrence of 7.00 to 1.00[40] Expenses and Cash Flow - Operating expenses for the year were $2,793 million, a decrease from $2,898 million in 2023[20] - Cash provided by operating activities for the year was $751 million, up from $648 million in 2023[23] - Interest expense for the year ended December 31, 2024, was $485 million, up from $440 million in 2023, indicating increased borrowing costs[38] Future Expectations and Plans - Core advertising revenue is expected to decline approximately 7% to 8% in the first quarter of 2025 compared to the first quarter of 2024[12] - The company anticipates achieving or exceeding an annual run-rate of $60 million in cost containment measures during the current quarter[13] - The company plans to host a conference call on February 27, 2025, to discuss fourth-quarter operating results, indicating ongoing engagement with investors[27] Other Financial Metrics - The company reported a depreciation expense of $144 million for the year ended December 31, 2024, slightly down from $145 million in 2023[38] - Common stock dividends for the year ended December 31, 2024, were $32 million, an increase from $30 million in 2023[38] - The company had $674 million available under its revolving credit facility as of December 31, 2024, compared to $494 million in 2023[26] Transaction-Related Expenses - The company incurred transaction-related expenses, which are incremental costs specific to acquisitions and divestitures, impacting overall financial performance[32] Lease Agreements - The company expects to receive approximately $35 million from agreements related to third-party leases at Gray-owned tower sites[7]

Revenue Performance - Total revenue for the nine months ended September 30, 2024, was $2.6 billion, an increase of 8.3% from $2.4 billion in the same period of 2023[109]. - Total revenue increased by $182 million, or 8%, in the 2024 nine-month period compared to the 2023 nine-month period[130]. - Political advertising revenue surged by $201 million, or 437%, during the 2024 nine-month period[130]. - Core advertising revenue increased by $2 million, or 1%, during the same three-month period, aided by $20 million from the broadcast of the 2024 Olympic Games[120]. - Political advertising revenue surged by $147 million, or 565%, in the three-month period ended September 30, 2024, compared to the same period in 2023[120]. Expenses and Cost Management - Broadcasting expenses increased by $14 million, or 3%, to $571 million in the three-month period ended September 30, 2024[121]. - Broadcasting expenses rose by $55 million, or 3%, totaling $1.7 billion in the 2024 nine-month period[131]. - Production company expenses decreased by approximately $31 million to $57 million in the 2024 nine-month period[132]. - Cost containment initiatives are expected to reduce operating expenses by at least $60 million on an annualized basis starting in August 2024[116]. Debt and Financing - The company undertook refinancing activities, including amending its Senior Credit Facility to increase commitments to $680 million and extending the maturity date to December 31, 2027[114]. - A projected reduction of $500 million in Adjusted Total Indebtedness is anticipated for the full year 2024[115]. - Long-term debt decreased to $5.893 billion as of September 30, 2024, from $6.160 billion as of December 31, 2023[142]. - The total outstanding principal, including the current portion, was $5.969 billion, with an adjusted total indebtedness of $5.906 billion, resulting in a leverage ratio of 5.67[153]. - The company has long-term debt obligations totaling $4.6 billion, including $1.3 billion outstanding of 2031 Notes[155]. - The company authorized a debt repurchase program of up to $250 million, with $72 million used to repurchase $79 million of 2027 Notes, resulting in a $7 million gain[156]. Cash Flow and Income - Net cash provided by operating activities was $383 million in the 2024 nine-month period, down from $565 million in the 2023 nine-month period[142]. - Net cash provided by investing activities was $10 million in the 2024 nine-month period, compared to net cash used of $259 million in the 2023 nine-month period[143]. - Cash on hand as of September 30, 2024, was $69 million, up from $21 million as of December 31, 2023[142]. - As of September 30, 2024, the company reported a net income of $316 million[152]. Taxation - The effective income tax rate for the three-month period ended September 30, 2024, was 25%, compared to (8%) in the same period of 2023[129]. - The effective income tax rate was 25% in the 2024 nine-month period, compared to 4% in the 2023 nine-month period[141]. - During the nine months ended September 30, 2024, the company made federal or state income tax payments totaling $130 million[160]. - The company anticipates making income tax payments of approximately $3 million in the fourth quarter of 2024[160]. Interest Expense - Interest expense rose by $19 million, or 17%, to $130 million for the three-month period ended September 30, 2024, primarily due to increased interest rates[127]. - Interest expense increased by $39 million, or 12%, to $363 million in the 2024 nine-month period[139]. Capital Expenditures - Capital expenditures for the full year 2024 are expected to be $135 million, including $35 million related to Assembly Atlanta[158]. Other Transactions - The company completed a transaction on July 1, 2024, selling two television stations for a non-cash loss of $14 million[159]. - The first lien leverage ratio was reported at 3.00, below the maximum permitted of 3.50[153]. - The secured leverage ratio was also reported at 3.00, below the maximum permitted of 5.50[153].

Revenue Performance - Total revenue for Q3 2024 was $950 million, an increase of 18% from Q3 2023[2] - Core advertising revenue in Q3 2024 was $365 million, up 1% from Q3 2023[2] - Political advertising revenue surged to $173 million in Q3 2024, a 565% increase from Q3 2023[2] - Total broadcasting revenue reached $924 million, an 18% increase from $783 million in the same quarter of 2023[22] - Core advertising revenue for full-year 2024 is anticipated to be between $1.475 billion and $1.488 billion, down approximately 3% from earlier guidance[6] - Full-year 2024 political advertising revenue is projected to be between $495 million and $500 million[7] Net Income and Earnings - Net income attributable to common stockholders was $83 million in Q3 2024, compared to a net loss of $53 million in Q3 2023[2] - Net income for the three months ended September 30, 2024, was $96 million, a 340% increase from a net loss of $40 million in Q3 2023[24] - Net income for 2024 was $206 million, a decrease from $269 million in 2022, while adjusted EBITDA increased to $760 million from $600 million in 2023[40] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $700 million, a decrease from $719 million in Q3 2023[27] - Broadcasting operating expenses for full-year 2024 are expected to be between $2.324 billion and $2.334 billion, reflecting significant decreases from initial guidance[9] - Cost containment initiatives are expected to reduce operating expenses by at least $60 million on an annualized basis[10] Debt and Cash Management - Full-year 2024 net debt reduction is expected to be approximately $500 million[3] - Long-term debt, including the current portion, decreased to $5,893 million as of September 30, 2024, from $6,160 million at the end of 2023[28] - Total outstanding principal, including the current portion, was $5,969 million as of September 30, 2024[41] - Adjusted total indebtedness was reported at $5,906 million, with a leverage ratio of 5.67, below the maximum limit of 7.00 to 1.00[41] - Cash balance increased to $69 million as of September 30, 2024, compared to $21 million at the end of 2023[28] - The company has $674 million available under its Revolving Credit Facility as of September 30, 2024, up from $494 million at the end of 2023[28] EBITDA and Financial Metrics - Adjusted EBITDA for the three months ended September 30, 2024, was $338 million, a 61% increase from $210 million in the same period of 2023[24] - Interest expense for the three months ended September 30, 2024, was $130 million, an increase from $111 million in the same period of 2023[39] - Interest expense rose to $363 million in 2024, compared to $324 million in 2023, indicating increased borrowing costs[40] Miscellaneous Financial Information - The company reported a loss of $114 million in miscellaneous income/expense for 2024, contrasting with a gain of $13 million in 2023[40] - The impairment of goodwill and other intangible assets was recorded at $43 million in 2023, with no impairment reported in 2024[40] - The company incurred $64 million in purchases of property and equipment in 2024, down from $78 million in 2023[40] - Depreciation expenses increased slightly to $108 million in 2024 from $106 million in 2023[40] - The company paid $39 million in preferred stock dividends, consistent with the previous year[40] Market Presence - The company operates in 113 television markets, reaching approximately 36% of US television households[29] - The portfolio includes the largest Telemundo Affiliate group with 43 markets, totaling nearly 1.5 million Hispanic TV households[29] Upcoming Events - The company plans to host a conference call on November 8, 2024, to discuss third-quarter operating results[32]