Gray Media Updates Second Quarter 2025 Guidance and Provides an Update on Certain Developments During the Quarter

Core Viewpoint - Gray Media, Inc. has updated its financial guidance for the quarter ended June 30, 2025, indicating a decline in total revenue compared to the same quarter in 2024, alongside other significant developments affecting its financial position [2][3][4]. Financial Guidance Summary - The anticipated total revenue for the quarter ended June 30, 2025, is projected to be between $769 million and $775 million, a decrease from $826 million in the same quarter of 2024 [2]. - Core advertising revenue is expected to decline to between $360 million and $362 million from $373 million in the previous year [2]. - Political advertising revenue is forecasted to drop significantly to between $8 million and $9 million, down from $47 million [2]. - Retransmission consent revenue is expected to remain relatively stable, projected between $368 million and $369 million compared to $371 million [2]. - Total operating expenses for broadcasting are anticipated to remain flat at approximately $565 million, with slight variations in station expenses and network affiliation fees [2]. Debt Management Actions - In June 2025, Gray repurchased $7.7 million of its 5.875% senior notes due 2026, and made amortization payments totaling $15 million on its Term Loans D and F, fulfilling all mandatory obligations through December 31, 2025 [3]. Impairment Charge - Gray expects to record a non-cash impairment charge of approximately $29 million in Q2 2025 related to intangible assets from its Atlanta station, WANF, due to its cessation of CBS network affiliation effective August 16, 2025 [4][5].