Gray Media, Inc. reported a significant decline in financial performance for the third quarter and the first nine months of 2025, as detailed in its latest 10-Q filing. For the three months ended September 30, 2025, total revenue decreased by 21% to $749 million, down from $950 million in the same period last year. The nine-month revenue also fell by 11% to $2.3 billion compared to $2.6 billion in 2024. The decline was primarily attributed to a sharp drop in political advertising revenue, which fell by 95% in the third quarter, reflecting the cyclical nature of election-related spending.
In terms of profitability, Gray Media reported a net loss attributable to common stockholders of $23 million, or $(0.24) per share, for the third quarter, compared to a profit of $83 million, or $0.87 per share, in the prior year. For the nine-month period, the net loss was $114 million, compared to a profit of $167 million in 2024. The company also recorded a non-cash impairment charge of $28 million related to changes in network affiliation at one of its stations, contributing to the overall decline in profitability.
Operationally, Gray Media is pursuing strategic growth through acquisitions and divestitures. The company has entered agreements to acquire several television stations from various entities, including The E.W. Scripps Company and Allen Media Group, which will expand its market presence and create new duopolies in key regions. These transactions are expected to enhance the company's local news offerings and leverage its existing sales and sports strategies. However, the completion of these acquisitions is contingent upon obtaining regulatory approvals.
The company’s balance sheet reflects a total asset value of $10.3 billion as of September 30, 2025, down from $10.5 billion at the end of 2024. Long-term debt remained relatively stable at approximately $5.6 billion. Cash reserves increased to $182 million from $135 million, indicating a focus on maintaining liquidity amid challenging market conditions. Gray Media's management expressed confidence in its ability to navigate these challenges, citing expected cash flows from operations and available credit facilities to meet future obligations.
Looking ahead, Gray Media anticipates continued volatility in advertising revenues, particularly in political spending cycles. The company is committed to optimizing its operational efficiencies and exploring further growth opportunities through strategic acquisitions. Management remains focused on enhancing shareholder value while navigating the complexities of the media landscape.
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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