Gray Media, Inc. reported a total revenue of $3.1 billion for the fiscal year ending December 31, 2025, a decrease of 15% from $3.6 billion in 2024. The decline was primarily attributed to a significant drop in political advertising revenue, which fell by 92% to $42 million, compared to $497 million in the previous year. Core advertising revenue also decreased slightly by $38 million, impacted by macroeconomic conditions and a reduction in selling days due to the leap year. Retransmission consent revenue decreased by 4% to $1.4 billion, influenced by the cessation of a network affiliation for one of its stations.
In terms of operational changes, Gray Media underwent a corporate name change from Gray Television, Inc. to Gray Media, Inc. on January 1, 2025. The company also made strategic moves in its market presence, including the acquisition of WBBJ-TV in Jackson, Tennessee, for $25 million, which was completed in early 2026. Additionally, Gray Media is pursuing further acquisitions, having entered agreements to acquire several television stations from various companies, which are expected to enhance its market reach and operational efficiency.
The company’s employee headcount as of February 20, 2026, stood at 9,165 full-time employees and 417 part-time employees. Gray Media's television stations serve 114 full-power television markets, reaching approximately 37% of U.S. television households. The company maintains a strong market position, with its stations achieving the #1 ranking in overall audience in 77 of the 113 markets measured by Nielsen in 2025.
Financially, Gray Media's total liabilities were reported at $7.6 billion as of December 31, 2025, with long-term debt amounting to $5.8 billion. The company has been actively managing its debt, having refinanced portions of its obligations to extend maturities and enhance liquidity. The outlook for 2026 includes expectations of continued revenue generation from both traditional and digital advertising, alongside strategic growth through acquisitions, although the company remains cautious about the potential impacts of economic conditions on advertising budgets.
About GRAY MEDIA, INC
Gray Media, Inc. is a leading owner and operator of local television stations across the U.S., serving 113 markets with top-rated channels affiliated with major networks like CBS, NBC, ABC, and FOX. The company generates revenue primarily from advertising and retransmission fees, leveraging strong local news content, digital assets, and strategic acquisitions to maintain market leadership and diversify income streams.
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