Gray Media, Inc. reported a decline in financial performance for the second quarter of 2025, with total revenue decreasing by 7% to $772 million compared to $826 million in the same period last year. The company's broadcasting segment generated $754 million in revenue, down from $808 million, while production companies maintained steady revenue at $18 million. For the first half of 2025, total revenue was $1.554 billion, a decrease of 6% from $1.649 billion in the prior year. The company recorded a net loss attributable to common stockholders of $69 million, or $(0.71) per share, compared to a profit of $9 million, or $0.09 per share, in the second quarter of 2024.
The decline in revenue was attributed to a significant drop in political advertising, which fell by 81% to $9 million, reflecting the cyclical nature of political spending in off-election years. Core advertising revenue also decreased by 3%, while retransmission consent revenue saw a slight decline of 1%. Operating expenses before depreciation and amortization remained relatively stable, totaling $690 million, with a slight decrease in broadcasting expenses. However, the company incurred a non-cash impairment charge of $28 million related to changes in network affiliation at one of its stations.
In terms of strategic developments, Gray Media has been active in acquisitions and divestitures. Subsequent to the end of the second quarter, the company announced agreements to acquire television stations from several entities, including The E.W. Scripps Company and Allen Media Group, with total expected transaction values exceeding $250 million. These acquisitions are anticipated to enhance the company's market presence and contribute to reducing its leverage ratio. Additionally, Gray Media has been involved in refinancing activities, issuing new senior secured notes to repurchase existing debt and extend its credit facilities.
Operationally, Gray Media's total assets decreased to $10.352 billion as of June 30, 2025, down from $10.542 billion at the end of 2024. The company reported a cash balance of $199 million, an increase from $135 million at the end of the previous year. The total long-term debt, including current portions, was $5.590 billion, reflecting a slight decrease from $5.621 billion. The company continues to maintain compliance with its debt covenants and anticipates that its cash flow from operations, along with available credit, will be sufficient to meet its obligations in the near term.
Looking ahead, Gray Media expects to navigate the challenges posed by the current economic environment while leveraging its strategic acquisitions to bolster growth. The company remains focused on optimizing its operational efficiency and enhancing its market position through targeted investments and strategic partnerships.
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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