Financial Performance - Gray Media's 2Q25 total revenue exceeded guidance, reaching $772 million [9] - Core advertising revenue for 2Q25 was $361 million, a 3% decline [9] - Retransmission revenue for 2Q25 was $369 million, aligning with guidance [9] - Adjusted EBITDA for the six months ending June 30, 2025, was $329 million [11] - The company reduced debt principal by $22 million in 2Q25 [12] Debt and Leverage - As of 2Q25, Gray Media's leverage ratio was 560x [12] - First lien leverage ratio at 2Q25 was 299x [12] - Total outstanding principal secured by a first lien as of June 30, 2025, was $3112 billion [15] - Adjusted Total Indebtedness was $5460 billion as of June 30, 2025 [15] Strategic Initiatives - Gray Media is focused on a multi-pronged deleveraging approach, including refinancing and debt reduction [21] - The company issued 9625% 2L Secured Notes to extend portfolio duration and reduce 1L leverage [23]

Group 1 - Gray Media stations and InvestigateTV received awards for outstanding investigative journalism at the IRE annual conference [1][2] - WANF in Atlanta and InvestigateTV won Video Division II for their investigation "In Plane Sight: The Fix," which led to significant changes in the US Department of Justice's practices [2] - WSMV in Nashville won Video Division III for "Predator: System Failure," revealing serious flaws in the handling of sexual assault complaints and resulting in the arrest of a predator [2] - KMOV in St. Louis was a finalist in Video Division III for "Secrets of a School Shooting Revealed," uncovering critical information about a school shooting and the failures that allowed it to occur [2] Group 2 - Gray Media, Inc. is the largest owner of local television stations in the US, serving 113 television markets and reaching approximately 37% of US television households [3] - The company operates 78 markets with top-rated television stations and has the largest Telemundo Affiliate group with 44 markets [3] - Gray Media also includes Gray Digital Media, which provides advanced digital marketing strategies, and owns various video production companies and studio facilities [3]

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]