Recent Updates — GTN
Gray Media entered into an eighth amendment to its credit agreement, increasing the aggregate principal amount of its Term Loan G due July 15, 2030, by $75 million. The incremental term loan will be available on a delayed draw basis upon satisfaction of customary closing conditions expected by October 19, 2026. Concurrently, Gray issued a conditional notice to redeem $150 million of its 10.500% senior secured notes due 2029 at 105.250% of principal plus accrued interest on the same date. Proceeds from the new debt and cash on hand will fund the redemption and pay associated fees. Upon completion, Gray expects $675 million in Term Loan G and $200 million remaining in 2029 Notes outstanding. Gray Media is a multimedia company and the nation's largest owner of top-rated local television stations and digital assets.
Gray Media closed a new $600 million Term Loan G maturing July 15, 2030, priced at SOFR plus 3.50% with a 0.5% original issue discount. The company reduced its revolving credit facility from $750 million to $680 million and extended the maturity date to July 15, 2030. Proceeds were used to repay part of an existing Term Loan D, leaving $150 million outstanding, and pay fees. Combined with a recent $750 million note offering, Gray has extended over $1.25 billion in debt maturities and lowered borrowing costs, pushing its nearest material debt obligations until after the 2028 political cycles. Gray Media is the nation's largest owner of top-rated local television stations and digital assets.
Gray Media, Inc. issued a press release on September 28, 2026, updating its financial guidance for the quarter ending September 30, 2026. The company raised political advertising revenue estimates to $188 million–$195 million from the previous range of $165 million–$185 million and lifted total revenue expectations to $950 million–$965 million from $935 million–$965 million. Core advertising guidance was adjusted slightly downward to a -1% to flat change, while corporate and administrative expenses were reduced to $30 million–$35 million. Gray anticipates no outstanding borrowings under its Revolving Credit Facility as of quarter-end and expects to report third-quarter results on November 6, 2026. The company is the nation's largest owner of top-rated local television stations and digital assets.
Gray Media, Inc. issued $750 million in aggregate principal amount of 7.500% senior secured first lien notes due September 15, 2034. The company intends to use the net proceeds to redeem $675 million of its outstanding 10.500% senior secured first lien notes due 2029, repay $21 million in revolving credit facility borrowings, and pay offering-related fees and expenses. Following the redemption, approximately $350 million of the 2029 Notes will remain outstanding. This refinancing activity is material as it alters the company's capital structure and debt maturity profile. Gray Media operates in the broadcasting industry, owning and operating television stations across the United States.
Gray Media, Inc. announced that its Board of Directors authorized a quarterly cash dividend of $0.08 per share for both common stock and Class A common stock. The dividend is payable on September 30, 2026, to shareholders of record at the close of business on September 15, 2026. Gray Media operates as a multimedia company and is the nation’s largest owner of top-rated local television stations and digital assets.