Earnings ·
Gray Media reports $972M Q3 revenue and extends $2B in debt maturities
GTNGray Media, Inc
Gray Media reported third-quarter total revenue of $972 million, exceeding the high-end guidance of $965 million. Core advertising revenue rose 1% to $358 million, while political advertising surged to $198 million. The company also announced it extended approximately $2 billion in debt maturities and reduced outstanding first lien notes by nearly $1 billion through refinancings and repurchases, lowering future annual interest expense by over $30 million. Gray Media operates the nation's largest group of top-rated local television stations.