GTN

Gray Television’s second quarter saw a strong market response, as the company delivered revenue and adjusted profitability above Wall Street expectations. Management pointed to outsized political advertising, successful integration of recently acquired stations, and growth in digital advertising as the main drivers of performance. CEO Hilton Howell highlighted that political revenue exceeded projections, aided by Gray’s significant presence in key battleground states. Additionally, recurring retransmission revenue showed stability, further supporting the company’s deleveraging efforts. Howell noted, “Growth in this recurring revenue stream remains a foundational pillar in our deleveraging plan.” Is now the time to buy GTN? Find out in our full research report (it’s free). Revenue: $839 million vs analyst estimates of $795.1 million (8.7% year-on-year growth, 5.5% beat) Adjusted EPS: $0.26 vs analyst estimates of $0.25 (5% beat) Adjusted EBITDA: $211 million vs analyst estimates of $189.6 million (25.1% margin, 11.3% beat) Revenue Guidance for Q3 CY2026 is $950 million at the midpoint, above analyst estimates of $896.4 million Operating Margin: 16.2%, up from 10.6% in the same quarter last year Market Capitalization: $502.4 million While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Steven Cahall (Wells Fargo) asked about the outlook for net retransmission revenue and margin trends. CFO Jeff Gignac explained margins should remain stable, with incremental growth from acquisitions and organic trends, expecting continued dollar acceleration into next year. Steven Cahall (Wells Fargo) questioned whether 2027 EBITDA will surpass 2025 levels, given recent M&A. Gignac said EBITDA should be up slightly, but emphasized the need to watch core trends and macro conditions. Daniel Kurnos (StoneX) inquired about how changes in FCC ownership rules could affect M&A and industry consolidation. CEO Hilton Howell emphasized openness to further deals but reiterated that debt reduction is the short-term priority. Aaron Watts (Deutsche Bank) asked about the near-term impact of debt repurchases and refinancing on leverage and interest expense. Gignac said lowering interest costs by even $30 million would significantly boost free cash flow and accelerate deleveraging. Craig Huber (Huber Research Partners) queried the use of AI and cost-cutting in operations. COO Pat LaPlatney stated the company uses AI for efficiency but maintains human oversight, and Gray continues to operate lean while prioritizing its workforce. Going forward, the StockStory team will be watching (1) the pace and effectiveness of integrating newly acquired stations and realizing targeted synergies, (2) the magnitude and timing of political advertising as election season intensifies, and (3) ongoing progress in reducing leverage and interest expense. Execution in scaling digital platforms and expanding local sports content will also be important markers for Gray’s growth trajectory. Gray Television currently trades at $5.06, up from $4.28 just before the earnings. In the wake of this quarter, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

Interested in Gray Media Inc.? Here are five stocks we like better. Second-quarter revenue rose 9% to $839 million, beating the high end of guidance by roughly $9 million, while adjusted EBITDA reached $214 million. Results benefited from stronger-than-expected political advertising and recent acquisitions. Political advertising generated $83 million in Q2, above the company’s $60 million–$70 million forecast, with management expecting $165 million–$185 million in Q3. Gray plans to direct essentially all incremental political cash flow toward debt reduction. Core advertising remained weak, declining 1% year over year on a reported basis, though digital revenue grew 12% and retransmission revenue reached $150 million. Gray reduced its 2026 capital-expenditure outlook to $120 million–$130 million and continued debt reduction through note repurchases and a new $250 million repurchase authorization. 3 Value Stocks Flying Under the Radar—For Now Gray Media (NYSE:GTN) reported second-quarter 2026 revenue of $839 million, up 9% from a year earlier and about $9 million above the high end of its adjusted guidance range, as political advertising outperformed expectations and recently completed acquisitions contributed to results. Net income attributable to stockholders was $21 million, while adjusted EBITDA totaled $214 million. Chairman and CEO Hilton Howell said the quarter included the impact of three acquisitions and a station swap with E.W. Scripps that closed during the period. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling 3 TV And Radio Stocks Broadcast Their Growth Political revenue reached $83 million in the second quarter, exceeding Gray's guidance of $60 million to $70 million. The total included $3 million from stations acquired during the quarter. The company said second-quarter political revenue compared with $47 million in the 2024 presidential-election cycle and $90 million in the comparable quarter of the 2022 midterm cycle. For the third quarter, Gray expects political revenue of $165 million to $185 million. President and Co-CEO Pat LaPlatney said political spending is typically weighted toward the back half of the quarter, with September historically accounting for roughly half of quarterly political revenue. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High Gray said its station footprint covers all 12 U.S. Senate races, all 11 gubernatorial races and 29 House races considered competitive by The Cook Political Report at the time of the call. Management cited primary spending in several states, including Tennessee, Kansas, Florida, Michigan, Arkansas, Wisconsin, Connecticut and Hawaii, as well as early general-election spending in Senate contests in Maine, Ohio, Iowa, Alaska and Michigan. Howell said the company intends to direct essentially all incremental political advertising cash flow toward debt reduction. → No Hangover: Revisiting Microsoft One Week After Earnings Core advertising revenue declined 1% from a year earlier on a reported basis during the second quarter. Adjusted for the second-quarter acquisitions, core advertising would have declined in the mid-single digits, consistent with Gray's guidance. LaPlatney estimated that political advertising crowd-out accounted for about one percentage point of the core-advertising decline, while FIFA World Cup programming provided a tailwind. Gaming advertising remained strong and continued to show strength entering the third quarter, according to management. Communications services, including health and insurance, and consumer-related categories were softer. Automotive advertising declined 2% to 3% on a same-station basis in the second quarter but was pacing slightly higher in the third quarter. Digital revenue increased 12% year over year in the second quarter, while new local direct business rose 5%. Gray expects third-quarter core advertising to be flat year over year on an as-reported basis, including acquired stations. Excluding acquisitions, management expects a mid-single-digit decline, citing both political crowd-out and broader softness in core advertising demand. Gray closed transactions during the first half that added four new markets, 14 stations in existing markets and included the swap of three markets with Scripps. The company also completed acquisitions of the non-licensed assets of American Spirit Media and WHPM, a Fox affiliate in Hattiesburg, Mississippi, on July 1 through local management agreements. Gray expects to close the licensed assets of those transactions during the fourth quarter. Net retransmission revenue was $150 million in the second quarter, including a $6 million contribution from the acquisitions completed during the period. The result exceeded the company’s adjusted guidance range despite a blackout with one of Gray's largest distributors that ended May 1. Howell said Gray has no further retransmission negotiations scheduled for the rest of 2026. Chief Financial Officer Jeff Gignac said Gray expects low-single-digit organic growth in net retransmission revenue, supplemented by acquired-station contributions. He said net retransmission margins should remain slightly above 40%, in line with the first and second quarters, and that total net retransmission dollars should begin to increase as acquired properties are integrated. As of June 30, Gray reported a consolidated first-lien net leverage ratio of 2.55 times, a consolidated secured net leverage ratio of 3.71 times and a consolidated total net leverage ratio of 5.73 times. Gignac said the total leverage ratio was down from 5.94 times in the first quarter. During and after the quarter, Gray took several balance-sheet actions. The company issued $70 million of 7.25% first-lien notes due 2033 on June 30. It used $30 million of proceeds to repurchase $50 million of liquidation preference on its Series A preferred equity and used the remaining proceeds to fund the July 1 transaction closings. On July 21, Gray repurchased $100 million of its 10.5% first-lien notes and $20 million of its 5.38% unsecured notes. The board also reauthorized up to $250 million of open-market debt repurchases. Gray ended the second quarter with more than $900 million in liquidity. The company lowered its full-year 2026 capital-expenditure outlook to $120 million to $130 million from a prior estimate of $140 million. It also reduced its full-year tax guidance to $80 million to $100 million. Beyond its television operations, Gray highlighted an agreement with the Atlanta Hawks running through the 2028-29 season. The deal will bring 70 to 75 Hawks regular-season games and more than 200 hours of programming to WANF and Peachtree Sports Network. Gray’s Raycom Sports unit will produce the non-national Hawks games. Gray Media (NYSE:GTN) is a U.S.-based broadcasting and digital media company that owns and operates a portfolio of local television stations and associated digital platforms. The company's core business centers on delivering local news, sports and entertainment programming through its network-affiliated broadcast outlets. In addition to traditional over-the-air distribution, Gray Media supports multi-platform video streaming and on-demand services for audiences across its markets. Gray Media's television stations carry network programming from major national broadcasters, including ABC, CBS, NBC, Fox and The CW, and often feature locally produced news and public affairs content. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Gray Media Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Gray Media (GTN) came out with quarterly earnings of $0.21 per share, beating the Zacks Consensus Estimate of a loss of $0.08 per share. This compares to a loss of $0.42 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +362.50%. A quarter ago, it was expected that this broadcast television company would post a loss of $0.32 per share when it actually produced a loss of $0.34, delivering a surprise of -6.25%. Over the last four quarters, the company has surpassed consensus EPS estimates three times. Gray Media, which belongs to the Zacks Broadcast Radio and Television industry, posted revenues of $839 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 6.47%. This compares to year-ago revenues of $772 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Gray Media shares have lost about 11.6% since the beginning of the year versus the S&P 500's gain of 12.6%. While Gray Media has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Gray Media was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.68 on $874 million in revenues for the coming quarter and $1.85 on $3.46 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Broadcast Radio and Television is currently in the top 45% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Newsmax (NMAX), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 13. This media outlet known for its conservative following and views is expected to post quarterly loss of $0.02 per share in its upcoming report, which represents a year-over-year change of +96.6%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Newsmax's revenues are expected to be $52.5 million, up 13.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Gray Media Inc. (GTN) : Free Stock Analysis Report Newsmax Inc. (NMAX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

This article first appeared on GuruFocus. Release Date: August 07, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Total revenue in Q2 2026 reached $839 million, exceeding the high end of guidance by about $9 million and up 9% year-over-year. Political revenue significantly outperformed expectations at $83 million, well above the $60-70 million guidance range. Net retransmission revenue of $150 million came in above guidance, marking a key inflection point for the leverage ratio denominator. The company completed multiple accretive acquisitions and swaps, adding 4 new markets and 14 stations in existing markets, with synergies expected to drive further deleveraging. Management is actively reducing debt and interest costs through opportunistic repurchases, including $120 million of debt and $50 million of preferred equity, with a new $250 million authorization. Core advertising revenue declined 1% in Q2, and adjusted for acquisitions, it was down mid-single digits, with continued softness expected in Q3. Political crowd-out is negatively impacting core advertising, with an estimated 1 point decline in Q2 and further displacement expected in Q3. The macro environment remains turbulent, with uncertainty around tariffs, potential conflicts, and consumer-facing categories like restaurants and supermarkets showing softer demand. The company incurred elevated transaction costs in Q2, which negatively impacted corporate expenses. Leverage remains high at 5.73 times total net leverage, and the company faces a steep call price on its 10.5% notes, limiting some refinancing options. Warning! GuruFocus has detected 8 Warning Signs with GTN. Is GTN fairly valued? Test your thesis with our free DCF calculator. Q: Can you provide more detail on the net retransmission revenue outlook, specifically whether the dollar growth will accelerate into 2027 including M&A contributions, and what the margin profile looks like given the slight quarter-over-quarter decline?A: Jeff Gennik (CFO): The net retransmission margin should hold in the range we've seen in the first and second quarters, a little above 40%. We're lapping the WANF transition to independent, but with additional stations coming online from acquisitions, the total will start to ramp. Think of it as low single-digit growth on an organic basis plus the acquisitions on top of that on the net line. Q: With the FCC's repeal of the ownership cap, how do you think this changes the M&A landscape, and do you expect conversations to change given the potential for legal challenges?A: Hilton Howell (Chairman and CEO): We compliment the FCC for updating rules that were outdated and didn't account for competitors like Google. We are open for business, but our short-term priority is reducing debt using political revenue. We must also navigate the unique regulatory structure of state attorneys general and work to explain the benefits of TV station consolidation. Without consolidation over the last 30 years, there wouldn't be newsrooms in existence; Gray has local news in all 117 markets. Q: Given the strong political advertising performance, can you help us think directionally about how optimistic you are for the full political cycle, especially compared to 2022?A: Hilton Howell (Chairman and CEO) and Pat LaPlatney (President and co-CEO): The biggest indicator for robust political spending is the sheer amount of money both parties have. Democratic candidates have substantial funds, and Republicans have significant resources as well. Unlike 2022, where expensive primaries left candidates without funds for general elections, we're not seeing that this year. We have exposure to all 12 competitive Senate races and all 11 competitive gubernatorial races per Cook Political, with strong positioning in key battleground states like Maine, Alaska, Ohio, Texas, and Georgia. Q: Can you confirm that the flat third-quarter core advertising guide applies on an as-reported basis, and what does it look like excluding acquisitions?A: Jeff Gennik (CFO): The flat guide is on an as-reported basis versus the prior year, including acquisitions. Essentially, the acquisition benefit offsets some drag on the portfolio between political crowd-out and softness in the business. Excluding acquisitions, core would be down mid single-digits, with some of that attributable to political crowd-out and some to general softness. Q: With the board authorizing $250 million for debt repurchases, what are you trying to accomplish with the capital stack, and what can that mean for leverage and interest costs going forward?A: Jeff Gennik (CFO): We've been opportunistic and creative. Our bonds are trading relative to our current weighted average interest cost, and the shortest bond tranche is fairly expensive. We'd love to extend maturities and drive down the cost of debt. Our current full-year guide for interest expense is $440 million, which could come down by $30+ million through refinancing activities. Reducing interest expense is dollar-for-dollar beneficial to free cash flow given the 163J interest deductibility limitation, and combined with political cash flows, it will accelerate deleveraging. Q: Is there a lag between recognizing acquisition synergies in the leverage calculation and applying operating expense savings within your guidance?A: Jeff Gennik (CFO): Yes, there is a lag. In our earnings release, we lay out the leverage ratio calculation with an add-back of $144 million divided by two, or $72 million. As we implement all of our synergies, that add-back will come down and the actual results will benefit, capitalizing into actual results rather than being an add-back. Q: How are you thinking about the use of AI to improve efficiency, and are you being more aggressive than peers in taking costs out of TV station operations?A: Hilton Howell (Chairman and CEO) and Pat LaPlatney (President and co-CEO): We've found use for AI in editorial, sales, and marketing, but anything published is reviewed by a human. We use AI as an efficiency tool to give our people better tool sets. Gray has always run lean, and our people are our most important asset. We're judicious about costs but operate in a very lean capacity 24/7, constantly looking for areas to tighten. Q: Regarding the Assembly Atlanta studio facility, are you seeing benefits from companies leaving California, and what's the current occupancy and production outlook?A: Hilton Howell (Chairman and CEO): Our studios will be 90% filled for the remainder of the year, with a large blockbuster expected to begin shooting in September. Georgia's film incentives remain the best structure because they are uncapped and pay rapidly, unlike other states with 7-8 year wait times. We're deeply involved with both gubernatorial campaigns and see no risk to the film tax credit, with potential for enhancements. Q: What is the share of gross retransmission coming through virtual MVPDs, and how does the dynamics differ from traditional channels?A: Jeff Gennik (CFO): We don't break out individual contracts or streams between traditional and virtual MVPDs, and I don't believe anyone in the industry does. What matters is what we keep. On the virtual side, it's a fee we receive; on the traditional side, there's a fee and a network feedback, so the margin profiles are different, but we won't comment on the mix. Q: In the 2024 cycle, core advertising fell about 11% in Q4 due to political displacement. Given the changing portfolio mix, what kind of displacement can we expect in Q4 2026?A: Jeff Gennik (CFO): It will depend on how aggressive political spending gets later in the year. If political, which has higher margins, is gangbusters, the net will be better. There are only so many spots, so depending on when political ramps up and how aggressive spending is, that will drive displacement. We can't put a number on it where we sit today. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Performance exceeded guidance driven by robust political spending and the successful integration of multiple acquisitions and swaps closed during the quarter. Management attributes the 9% year-over-year revenue growth to the strategic addition of 14 stations in existing markets and entry into four new markets, enhancing scale and synergy potential. The company is pivoting its local sports strategy by securing long-term broadcast rights for the Atlanta Hawks and Atlanta Braves, utilizing Raycom Sports' production expertise to capture high-value local content. Net retransmission revenue growth remains a foundational pillar for deleveraging, with management noting that all contracts are now secured through 2027, providing a stable, recurring revenue stream. Operational focus at Assembly Atlanta is shifting toward high-profile events and long-term studio renewals, such as the two-season extension for a CBS soap opera, to maintain high lot utilization. Management emphasized that industry consolidation is essential for maintaining journalistic excellence, citing their record 93 regional Edward Murrow Awards as evidence of the scale-driven investment in local news. Management expects third-quarter political revenue between $165 million and $185 million, with approximately half of the total historically occurring in September. The company intends to utilize the substantial majority of incremental cash flows from the back-half political season to aggressively reduce debt and lower fixed charges. Net retransmission revenue is projected to accelerate into 2027 as synergies from newly acquired stations are fully realized and organic growth continues under fixed contracts. Full-year capital expenditure guidance was lowered to $120 million to $130 million, reflecting a disciplined approach to cash preservation and operational efficiency. Strategic investments in technology include transitioning all digital video and mobile applications to the Quickplay platform to enhance viewer engagement and content discovery across screens. Gray redeemed $50 million of Series A preferred equity and repurchased $120 million of debt in private transactions to reduce total capital obligations and interest expense. The Board reauthorized the purchase of up to $250 million of debt in the open market, signaling a commitment to opportunistic balance sheet optimization. Management identified 'political crowd out' as a primary driver for the mid-single-digit decline in core advertising, alongside macroeconomic turbulence affecting consumer-facing categories. The company noted a rare blackout with a large distributor ended on May 1, which impacted second-quarter results but has since been resolved with long-term contract stability. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that net retransmission margins should hold above 40%, with total dollars ramping as acquisitions are fully integrated. Growth is expected to be driven by low single-digit organic increases supplemented by the full-year contribution of the 2026 station additions. Management sees potential for future spectrum reallocation auctions as mobile demand increases and ATSC 3.0 technology allows for more efficient 'repacking'. The transition could provide a national security benefit by serving as a robust, cost-efficient backup to the GPS timing system. While 'open for business' for future consolidation, management's immediate priority is debt reduction using political cash flows. Management noted that while federal rules may modernize, they must still navigate a 'third regulatory structure' involving state attorneys general. Automotive advertising is showing signs of stabilization, pacing slightly up in Q3 after a 2-3% decline in Q2. Management characterized the current macro environment as 'turbulent' due to geopolitical factors and interest rate uncertainty, leading to cautious ad buyer behavior.

ATLANTA, Aug. 07, 2026 (GLOBE NEWSWIRE) -- Gray Media (NYSE: GTN) today announced its financial results for the quarter ended June 30, 2026. EXECUTIVE COMMENTARY Hilton Howell, Jr., Executive Chairman and CEO, commented, “Our second quarter 2026 results are starting to reflect the benefits of our M&A activity. We met or exceeded our second quarter guidance across every metric except corporate expense, which was higher due to transaction-related costs, and our net leverage ratio improved during the quarter. We are particularly pleased with political advertising, which significantly exceeded our second quarter guidance, and is trending ahead of not only 2024 but also 2022 year-to-date levels. Our Net Retransmission Revenue returned to year-over-year growth even excluding the 2026 acquisitions, despite the blackout that ended on May 1. “Year-to-date, we have made progress on every front. We have added stations in 22 markets (net of dispositions) including stations in six markets from American Spirit Media. We continue to invest in our stations, people and communities to drive journalistic excellence, as reflected by our 93 Regional Edward R. Murrow Awards this year, up from 81 last year. We expanded our local professional sports portfolio by adding approximately 70 televised Atlanta Hawks regular season games on WANF in Atlanta and across our Peachtree Sports Network through the 2028-29 NBA season. We also made progress on our balance sheet through creative transactions that lower our cost of capital and enhance our cash flow. Our goal is to extend our market leadership as the largest owner of top-rated local television stations by prudently investing in our broadcast business, while also prioritizing balance sheet deleveraging.” FINANCIAL HIGHLIGHTS: Total Revenue - $839 million in the second quarter of 2026, or an increase of 9% compared to second quarter 2025. The 2026 Acquisitions(1) contributed $41 million in total revenue in the second quarter of 2026. Core Advertising Revenue – $357 million in the second quarter of 2026, or a decrease of 1% compared to second quarter 2025. The 2026 Acquisitions contributed $15 million of core advertising revenue in the second quarter of 2026. Political Advertising Revenue – $83 million in the second quarter of 2026, compared to $9 million in  the second quarter of 2025, and $47 million and $90 million in the second quarters of 2024 and 2022, respectively, the previous “on-years” of the two-year election cycle. The 2026 Acquisitions contributed $3 million of political advertising revenue in the second quarter of 2026. Retransmission Consent Revenue – $359 million in the second quarter of 2026, or a decrease of 3% from $369 million in the second quarter of 2025. Retransmission consent revenue decreased due to continued subscriber declines, the transition of one station to independent status, and a resolved dispute with a distribution partner. The 2026 Acquisitions contributed $23 million of retransmission consent revenue in the second quarter of 2026. Net Retransmission Revenue was $150 million in the second quarter of 2026, an increase of 10% from $136 million in the second quarter of 2025. The 2026 Acquisitions contributed $9 million of Net Retransmission Revenue in the second quarter of 2026. Broadcasting Expenses – $569 million in the second quarter of 2026, or an increase of 1% compared to the second quarter of 2025. The 2026 Acquisitions increased broadcasting expenses by $30 million in the second quarter of 2026. Corporate Expenses – $37 million, above the high end of the $30 million to $35 million guidance range, primarily due to transaction-related expenses. (1) We define "2026 Acquisitions" as all of the acquisitions which closed between January 1, 2026 and June 30, 2026. This includes stations acquired from Bahakel Communications, Ltd. (WBBJ), all ten markets from Allen Media Group, Block Communications, Inc. and Sagamore Hill Broadcasting, Inc. The 2026 Acquisitions exclude the station swap with Scripps. Recent Financing Activities Additional 2033 1L Notes – On June 30, 2026, we issued $70 million in additional 7.250% Senior Secured First Lien Notes due in 2033 at par, plus accrued interest. The additional notes were used to fund $40 million of the purchase consideration for the first closing of American Spirit Media, LLC and $30 million to repurchase an aggregate liquidation preference of $50 million of Series A Perpetual Preferred Stock (50,000 shares). Repurchase of 2029 1L Notes and 2031 Notes – On July 21, 2026, we repurchased, in a privately negotiated transaction, $100 million of our 10.500% Senior Secured First Lien notes due in 2029 and $20 million of our 5.375% Senior Unsecured Notes due 2031, each at a price of par, plus accrued interest, using cash on hand and borrowings under our existing revolving credit facility. Debt Repurchase Authorization –  On August 6, 2026, our Board of Directors authorized us to use up to $250 million of available liquidity to repurchase our outstanding indebtedness through December 31, 2027, replacing our prior authorization that expired on December 31, 2025. The extent of such repurchases, including the amount and timing of any repurchases, will depend on general market conditions, regulatory requirements, alternative investment opportunities and other considerations. This repurchase program does not require us to repurchase a minimum amount of debt, and it may be modified, suspended or terminated at any time without prior notice. Leverage Metrics - As of June 30, 2026, calculated as set forth in our Senior Credit Agreement (unaudited): Consolidated First Lien Net Leverage Ratio          2.55 to 1.00 Consolidated Secured Net Leverage Ratio           3.71 to 1.00 Consolidated Total Net Leverage Ratio                 5.73 to 1.00 Liquidity - As of June 30, 2026:Cash – $176 million Borrowing availability under our $750 million undrawn revolving credit facility - $745 million (reflecting only certain outstanding undrawn letters of credit) Accounts receivable securitization facility of $400 million was fully drawn Acquisitions During the three months ended June 30, 2026, we completed transactions involving television station acquisitions and divestitures with The E.W. Scripps Company (“Scripps”), Sagamore Hill Broadcasting, Inc. (“SGH”), Block Communications, Inc. (“BCI”) and Allen Media Group, Inc. (“Allen 7”) (collectively, the “2Q Acquisitions”). On July 1, 2026, we acquired the non-license assets of six television stations from American Spirit Media, LLC (“ASM”) and the non-license assets of WHPM-TV, LLC (“WHPM”) for $43 million in cash. The acquisition of the remaining assets of ASM and WHPM are pending regulatory approval; however, no assurance can be given that we will receive the required regulatory approvals. Guidance for the Quarter Ending September 30, 2026: Based on our current forecasts for the quarter ending September 30, 2026, we anticipate the following key financial results, as outlined below in approximate ranges and as compared to the three months ended September 30, 2025, as well as certain currently anticipated full-year financial results. Our guidance includes estimated results for all television stations that were fully acquired as of August 7, 2026, as well as the ASM and WHPM stations.As always, guidance may change in the future based on several factors and therefore may not reflect future actual results. The Company We are a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets. We serve 117 full-power television markets that collectively reach approximately 37% of US television households. The portfolio includes 78 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station in average all-day ratings across the 116 of such markets that were measured by Nielsen in 2025. We also own the largest Telemundo Affiliate group with 46 markets and Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Our additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios.Cautionary Statements for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform ActThis press release contains certain forward-looking statements that are based largely on our current expectations and reflect various estimates and assumptions by us. These statements are statements other than those of historical fact and may be identified by words such as “estimates,” “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond our control, include: the inability to achieve estimates of future revenue, expenses, capital expenditures, and income tax payments, the inability to complete the pending acquisitions within the expected timeframes, or at all, including as a result of the failure to obtain necessary FCC or other regulatory approvals, and other future events. We are subject to additional risks and uncertainties described in our quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections contained therein, which reports are made publicly available via our website, www.graymedia.com. Any forward-looking statements in this press release should be evaluated in light of these important risk factors. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this press release beyond the published date, whether as a result of new information, future events or otherwise. Information about certain potential factors that could affect our business and financial results and cause actual results to differ materially from those expressed or implied in any forward-looking statements are included under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in our Annual Report on Form 10-K for the year ended December 31, 2025, and may be contained in reports subsequently filed with the U.S. Securities and Exchange Commission and available at www.sec.gov.Conference Call InformationWe will host a conference call to discuss our operating results for the quarter ended June 30, 2026, on Friday, August 7, 2026. The call will begin at 11:00 a.m. Eastern Time. The live dial-in number is 1-800-715-9871 or 1-646-307-1963 conference ID 3663076. The call will be webcast live and available for replay at www.graymedia.com. The taped replay of the conference call will be available at 1-800-770-2030 using conference ID 3663076 until September 4, 2026. Gray Contact:Web site: www.graymedia.comAlan Gould, Vice President, Investor Relations, (404) 266-8333, [email protected] Non-GAAP TermsThis earnings release includes certain non-GAAP financial measures, such as “Adjusted EBITDA” and “Net Retransmission Revenue.” We present these measures, in addition to results prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), because management believes they are useful in evaluating the performance of the business. Adjusted EBITDA is calculated as net income (loss), adjusted for income tax expense (benefit), interest expense, gain or loss on extinguishment of debt, non-cash stock-based compensation costs, non-cash 401(k) expense, depreciation, amortization of intangible assets, impairment of goodwill and other intangible assets, impairment of investments, loss (gain) on asset disposals and certain other miscellaneous items. Net Retransmission Revenue is calculated as retransmission consent revenue less broadcasting network affiliation fees. See “Selected Operating Data” above for a reconciliation of Net Retransmission Revenue to the most comparable GAAP metric. We consider Adjusted EBITDA and Net Retransmission Revenue to be indicators of our operating performance.In addition to results prepared in accordance with GAAP, “Leverage Ratio Denominator” is a metric that management uses to calculate our compliance with certain financial covenants in our indebtedness agreements. This metric is calculated as specified in our Senior Credit Agreement and is a significant measure that represents the denominator of a formula used to calculate compliance with certain material financial covenants within the Senior Credit Agreement that govern our ability to incur indebtedness, incur liens, make investments and make restricted payments, among other limitations usual and customary for credit agreements of this type. Accordingly, management believes this metric may be useful to investors to understand how we assess compliance with our Senior Credit Agreement. Leverage Ratio Denominator gives effect to the revenue and broadcast expenses of all completed acquisitions and divestitures as if they had been acquired or divested, respectively, on July 1, 2024. It also gives effect to certain operating synergies expected from the acquisitions and related financings and adds back professional fees incurred in completing the various transactions. Certain financial information related to the acquisitions, if applicable, has been derived from, and adjusted based on, unaudited, un-reviewed financial information prepared by other entities, which Gray cannot independently verify. We cannot assure you that such financial information would not be materially different if such information were audited or reviewed and no assurances can be provided as to the completeness or accuracy of such information, or that our actual results would not differ materially from this financial information if the acquisitions had been completed on the stated date. In addition, the presentation of Leverage Ratio Denominator as determined in the Senior Credit Agreement and the adjustments to such information, including expected synergies, if applicable, resulting from such transactions, may not comply with GAAP or the requirements for pro forma financial information under Regulation S-X under the Securities Act of 1933, and should not be relied upon as indicative of future results. Leverage Ratio Denominator, as determined in the Senior Credit Agreement, represents an average amount for the preceding eight quarters then ended. Our “Specified Transaction Costs and Expenses” are defined in our Senior Credit Agreement and include incremental expenses incurred specific to acquisitions and divestitures, including but not limited to legal and professional fees, severance and incentive compensation, and contract termination fees. We present certain line items from our selected operating data, net of Transaction Related Expenses, to enhance the comparability of our operating expenses and results of operations across periods.Our “Consolidated First Lien Net Debt”, “Consolidated Secured Net Debt” and “Consolidated Total Net Debt” in each case presented net of all cash, represents the amount of outstanding principal of our long-term debt, plus certain other obligations as defined in our Senior Credit Agreement for the applicable amount of indebtedness.These non-GAAP measures are not defined by GAAP, and our definitions may differ from, and therefore may not be comparable to, similarly titled measures used by other companies, thereby limiting their usefulness. Such measures are used by management in addition to, and in conjunction with, results presented in accordance with GAAP and should be considered as supplements to, and not as substitutes for, net income and cash flows reported in accordance with GAAP.

ATLANTA, Aug. 07, 2026 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray”) (NYSE: GTN) announced today that its Board of Directors has authorized a quarterly cash dividend of $0.08 per share of its common stock and Class A common stock. The dividend is payable on September 30, 2026, to shareholders of record at the close of business on September 15, 2026. About Gray Media: We are a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets. We serve 117 full-power television markets that collectively reach approximately 37% of US television households. The portfolio includes 78 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station in average all-day ratings across the 116 of such markets that were measured by Nielsen in 2025. We also own the largest Telemundo Affiliate group with 46 markets and Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Our additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. For more information, please visit www.graymedia.com. Forward-Looking Statements: This press release contains certain forward-looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact and may be identified by words such as “estimates”, “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control include Gray’s inability to provide expected future payment of dividends, and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.graymedia.com. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise. # # # Gray Contacts: Alan Gould, Vice President, Investor Relations, (404) 266-8333, [email protected]

Roku (ROKU) came out with quarterly earnings of $1.18 per share, beating the Zacks Consensus Estimate of $0.61 per share. This compares to earnings of $0.07 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +93.44%. A quarter ago, it was expected that this video streaming company would post earnings of $0.34 per share when it actually produced earnings of $0.57, delivering a surprise of +67.65%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Roku, which belongs to the Zacks Broadcast Radio and Television industry, posted revenues of $1.35 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.23%. This compares to year-ago revenues of $1.11 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Roku shares have added about 35.5% since the beginning of the year versus the S&P 500's gain of 12.8%. While Roku has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Roku was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.51 on $1.4 billion in revenues for the coming quarter and $2.41 on $5.55 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Broadcast Radio and Television is currently in the bottom 37% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Gray Media (GTN), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 7. This broadcast television company is expected to post quarterly loss of $0.08 per share in its upcoming report, which represents a year-over-year change of +81%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. Gray Media's revenues are expected to be $788 million, up 2.1% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Roku, Inc. (ROKU) : Free Stock Analysis Report Gray Media Inc. (GTN) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research