Gray Media, Inc. reported a total revenue of $3.6 billion for the fiscal year ending December 31, 2024, marking an increase of 11% from $3.3 billion in 2023. The company's net income attributable to common stockholders was $323 million, a significant recovery from a net loss of $128 million in the previous year. This turnaround was largely driven by a substantial increase in political advertising revenue, which rose to $497 million in 2024 from $79 million in 2023, reflecting the cyclical nature of political advertising during election years.
In terms of operational changes, Gray Media completed several strategic transactions, including the sale of its television stations KCWY and KGWN to Marquee Broadcasting in exchange for a construction permit for a new station in Salt Lake City. This transaction, valued at approximately $1 million, resulted in a non-cash loss of $14 million. Additionally, the company recorded a gain of $110 million from the sale of its investment in Broadcast Music, Inc. (BMI), contributing to a miscellaneous income of $117 million for the year.
The company’s advertising revenue was impacted by a decrease in core advertising, which fell by $24 million, primarily due to the displacement caused by the political advertising cycle. However, this was offset by increased revenues from the broadcast of the Super Bowl and the 2024 Olympic Games, which generated $18 million and $20 million, respectively. Retransmission consent revenue decreased by $50 million, attributed to a decline in subscribers, although this was partially mitigated by increased rates.
Gray Media's employee headcount stood at 9,118 full-time employees and 384 part-time employees as of February 21, 2025. The company continues to focus on maintaining its market leadership, with its television stations achieving the #1 ranking in overall audience in 78 of its 113 markets. The company’s strategic outlook includes continued investment in local news programming and potential acquisitions to enhance its operational efficiency and revenue generation capabilities.
Looking ahead, Gray Media anticipates capital expenditures of approximately $85 million to $90 million in 2025, including investments in its Assembly Atlanta project. The company also expects to maintain sufficient liquidity to meet its operational and debt obligations, with cash on hand and cash flows from operations projected to support its financial commitments in the foreseeable future.
About GRAY MEDIA, INC
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