GTN-ANYSETelevision Broadcasting StationsUS GAAP · USD

Gray Media, Inc

Gray Media, Inc. is a U.S. multimedia company built around local television stations, digital advertising, and related production assets. It owns and operates stations in 114 full-power TV markets, including the largest Telemundo affiliate group, and supplements broadcast revenue with Gray Digital Media, sports and studio production, and tower and management services.

Kysy yhtiöstä
Liikevaihto3 095milj. USD
−15,1 %v/v
Liikevoitto (EBIT)392milj. USD
−53,9 %v/v
EBIT-marginaali12,7%
−10,7 %-yks.v/v
Nettotulos−85,0milj. USD
−122,7 %v/v
Vapaa kassavirta181milj. USD
−70,2 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2020–2025

01 0002 0003 0004 000milj. USD2020: 2 381 milj. USD2020: EBIT 752 milj. USD20202021: 2 413 milj. USD2021: EBIT 381 milj. USD20212022: 3 676 milj. USD2022: EBIT 990 milj. USD20222023: 3 281 milj. USD2023: EBIT 383 milj. USD20232024: 3 644 milj. USD2024: EBIT 851 milj. USD20242025: 3 095 milj. USD2025: EBIT 392 milj. USD20253 095392
LiikevaihtoLiikevoitto (EBIT)

Liiketoiminta

Osuus liikevaihdosta
Broadcast television stations70 %

Owned local TV stations and affiliated channels that sell advertising and retransmission rights.

Digital media and advertising15 %

Gray Digital Media and related online advertising and marketing services for local and national clients.

Retransmission consent fees10 %

Fees paid by cable, satellite, and streaming distributors for carriage of Gray's stations.

Production and studio services4 %

Sports, entertainment, commercial, and studio production through owned production businesses and facilities.

Other media and ancillary services1 %

Tower rentals, management fees, and other smaller revenue sources tied to the media footprint.

Tuotteet

Raportoitu · osuus liikevaihdosta
46,9%46,2%FY2025100 %
  • Core Advertising46,9 %
  • Retransmission Consent46,2 %
  • Production Companies3,5 %
  • Services and other2,1 %
  • Political Advertising1,4 %

Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.

Asiakkaat

Gray sells primarily to advertisers that want local and regional reach, with demand concentrated in services, automotive, and other local consumer categories. It also serves multichannel video distributors that pay retransmission consent fees, plus digital clients that buy targeted marketing and campaign execution. The company’s audience reach and station ratings matter because they directly affect ad pricing and carriage leverage.

Local and national advertisers

Buy broadcast and digital inventory to reach viewers in specific markets and drive local demand.

Services-sector advertisers

Financial, legal, and medical advertisers that are a major source of non-political ad revenue.

Automotive advertisers

Dealers and auto brands that use local TV and digital campaigns to drive showroom traffic and sales.

MVPD and video distributors

Cable, satellite, and other distributors that pay retransmission consent fees for station carriage.

Digital marketing clients

National and local businesses buying Gray Digital Media's campaign strategy and execution services.

Strategia

Gray’s strategy centers on maintaining scale in local broadcast markets while monetizing that footprint through advertising, retransmission fees, and digital products. It is also investing in digital agency capabilities and production assets to diversify beyond traditional TV advertising and to better serve national and local clients. Cost control and portfolio quality matter because much of the broadcast cost base is fixed, so ratings strength and revenue mix drive operating leverage.

Strengthen local station economicsLyhyt aikaväli

Station ratings and market share support ad pricing and retransmission leverage.

Grow digital revenue mixKeskipitkä aikaväli

Digital products reduce reliance on linear TV advertising and improve client retention.

Diversify through production assetsKeskipitkä aikaväli

Sports, studio, and event production can add non-advertising revenue and reuse content capabilities.

Maantiede

Gray is overwhelmingly a U.S. business, headquartered in Atlanta and operating local stations across 114 full-power television markets. Its footprint reaches about 37% of U.S. television households, so performance depends heavily on U.S. local advertising conditions, distributor relationships, and regional market health. The company also has Hispanic audience exposure through its large Telemundo affiliate group and serves markets where local ratings and carriage coverage are critical.

Riskit

Gray is exposed to cyclical advertising demand, especially because local TV ad sales depend on economic conditions, audience ratings, and election-cycle timing. It also faces structural competition from streaming, digital platforms, and other media, while retransmission negotiations and cybersecurity risks can affect revenue and operations. Because the business has a large fixed-cost base, any revenue softness can pressure margins quickly.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Competition from streaming and digital platforms1Advertising revenue cyclicality2Cybersecurity and technology disruption3Election-cycle revenue volatility4Retransmission consent negotiation risk5
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Competition from streaming and digital platformsVaikutus: KorkeaTodennäköisyys: Korkea

    Viewers and advertisers can shift away from linear TV to online video and social platforms.

    Kohdistuu: Audience share and ad pricing

  2. Advertising revenue cyclicalityVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Broadcast advertising is the main revenue source and fluctuates with local economies and ad budgets.

    Kohdistuu: Core broadcast advertising

  3. Cybersecurity and technology disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen

    Digital operations rely on third-party systems, data, and ad technology that can be attacked.

    Kohdistuu: Broadcast and digital infrastructure

  4. Election-cycle revenue volatilityVaikutus: KeskitasoTodennäköisyys: Korkea

    Political advertising can materially lift revenue in odd-numbered years and fall in even-numbered years.

    Kohdistuu: Political ad inventory

  5. Retransmission consent negotiation riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    Distributor fees depend on renewal terms and carriage relationships.

    Kohdistuu: MVPD and video distributor contracts

Kirjanpito

Harkinnanvaraiset erät
Advertising revenue recognition

Revenue is recorded when the advertisement airs, so timing of inventory delivery affects quarterly results.

Vaikutus: Quarterly revenue volatility

Barter transactions

The company records both revenue and expense at fair value when goods or services are exchanged.

Vaikutus: Can affect reported revenue and operating expenses

Broadcast license and goodwill impairment

Large intangible assets require annual impairment testing and can be written down if market conditions weaken.

Vaikutus: Potential non-cash charges

Income tax estimates

Management judgment on tax positions and deferred taxes can materially affect net income.

Vaikutus: Effective tax rate and earnings

Samankaltaisia listattuja yhtiöitä

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Grupo Televisa S.A.B

TV · Television Broadcasting Stations

Townsquare Media, Inc.

TSQ · Radio Broadcasting Stations

Tegna Inc

Television Broadcasting Stations

Entravision Communications Corporation

EVC · Television Broadcasting Stations

Sinclair, Inc.

SBGI · Television Broadcasting Stations

Liberty Media Corp

FWONA · Television Broadcasting Stations

Päivitetty: 24.9.2026