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Here are 1-3 brief analogies for Gray Media (GTN-A):

• Gray Media is the McDonald's of local TV stations, owning hundreds across the country that broadcast local news and sell advertising.
• Think of Gray Media as the Walmart of local television; a massive company owning hundreds of local TV stations that are pillars of their communities, providing news, entertainment, and advertising.

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• Local Television Broadcasts: Gray Media operates local television stations, providing news, weather, sports, and entertainment programming to communities across the United States.
• Digital News & Information: The company offers local content, including news and weather, through its station websites and mobile applications.
• Advertising Solutions: Gray Media provides businesses with advertising opportunities across its television and digital platforms to reach local audiences.

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Gray Media (symbol: GTN-A) primarily sells its services to **other companies**.

Its major customers fall into two primary categories:

• Advertisers: These are businesses that purchase advertising time on Gray Media's television stations and digital platforms to reach consumers. This category includes a wide array of local, regional, and national advertisers across various industries. Given the nature of local broadcasting, the advertising customer base is highly fragmented, and no single advertiser or small group of advertisers typically constitutes a "major customer" by representing a significant portion of Gray Media's total advertising revenue.
• Multichannel Video Programming Distributors (MVPDs): These are cable, satellite, and streaming television providers that pay retransmission consent fees to Gray Media for the right to carry its local broadcast signals to their subscribers. These agreements are often multi-year and can represent substantial revenue. Major public companies in this category include, but are not limited to:
  • Comcast Corporation (CMCSA)
  • Charter Communications, Inc. (CHTR)
  • DISH Network Corporation (DISH)
  • Verizon Communications Inc. (VZ) - for Verizon Fios
  • Alphabet Inc. (GOOGL) - for YouTube TV
  • The Walt Disney Company (DIS) - for Hulu Live TV

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• Paramount Global (PARA)
• Comcast (CMCSA)
• The Walt Disney Company (DIS)
• Fox Corporation (FOXA)
• Nexstar Media Group (NXST)

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Hilton H. Howell, Jr., Executive Chairman and Chief Executive Officer

Hilton H. Howell, Jr. has over 30 years of experience in the broadcast and insurance industries. He has been with Gray Television since 1993, serving in various leadership roles including Chairman, President, and CEO since 2009. Concurrently, he serves as Chairman, President, and Chief Executive Officer of Atlantic American Corporation, an insurance holding company, a role he has held since 2009 and 1995, respectively. He also holds positions as CEO, General Counsel, and Director at Delta Life Insurance Company since 2013, and Chairman of Bankers Fidelity Life Insurance Company since 2009. Under his leadership, Gray Television expanded its television station portfolio through strategic acquisitions.

Jeffrey R. Gignac, Executive Vice President, Chief Financial Officer (effective July 1, 2024)

Jeffrey R. Gignac is set to assume the role of Executive Vice President, Chief Financial Officer on July 1, 2024, having joined Gray Television as Executive Vice President, Finance on April 1, 2024. Prior to joining Gray, he had a nearly 20-year career at Wells Fargo Securities, where he served as Managing Director and Head of Media & Telecom Investment Banking. In this capacity, he worked closely with Gray Television, leading their debt financing efforts for significant transactions such as the Raycom and Meredith acquisitions. He previously worked at Ernst & Young and Arthur Andersen. Mr. Gignac holds a BA in Accounting from Michigan State University and is a licensed CPA.

James C. Ryan, Chief Financial Officer (retiring after 2025)

James C. Ryan joined Gray Television as CFO in 1998, following the company's acquisition of Busse Broadcasting, where he also held the CFO position. During his 25-year tenure, he was instrumental in Gray's transformation from a regional media company to one of the nation's largest broadcast companies. His leadership involved divesting non-core businesses and orchestrating numerous acquisitions of television stations. Mr. Ryan will transition into a Senior Advisor role until his retirement at the end of 2025 to ensure a smooth handover of his duties.

Kevin P. Latek, Executive Vice President and Chief Legal and Development Officer

Kevin P. Latek has served as Gray Television's Executive Vice President and Chief Legal and Development Officer since February 2016. His previous roles at the company include Senior Vice President, Business Affairs (since 2013) and Vice President for Law and Development (since 2012). Before joining Gray, Mr. Latek spent 15 years as a media lawyer, representing financial institutions and television and radio broadcasters in FCC regulatory and transactional matters with the law firm of Dow Lohnes, PLLC, in Washington, DC.

Sandra Breland McNamara, Executive Vice President and Chief Operating Officer

Sandra Breland McNamara has been the Executive Vice President and Chief Operating Officer of Gray Television since May 2023. She previously held the position of Senior Vice President of Local Media at the company. Ms. Breland McNamara brings over 30 years of experience in local broadcasting to her role. She also served as President of the FOX Affiliate Board of Governors.

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The key risks to Gray Media's business are its substantial debt load, the ongoing decline in linear TV viewership and advertising revenue, and the inherent volatility of political advertising revenue.

1. High Debt Load: Gray Media faces a significant challenge with its substantial debt, which was reported at $5.64 billion as of June 30, 2025, in contrast to a market capitalization of approximately $0.5 billion. The company's debt-to-equity ratio has been noted as high, at 2.60. While management is actively pursuing deleveraging strategies, the large debt balance remains a key concern and weighs heavily on the company's financial health.

2. Declining Linear TV Viewership and Advertising Revenue: The shift of audiences to streaming and digital platforms poses a structural challenge to Gray Media's traditional broadcast model, leading to eroding linear TV viewership and advertising income. Core advertising revenue has shown flatness or decline, indicating fundamental industry headwinds and increasing competition from digital media. Retransmission consent revenue, a substantial portion of the company's income, is also at risk due to ongoing cord-cutting trends.

3. Political Ad Revenue Volatility: Gray Media's revenue is significantly influenced by political advertising, which, while providing substantial boosts in election years, introduces considerable volatility due to its cyclical nature. Non-election years typically see a sharp decline in this revenue stream, impacting overall financial performance and predictability.

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One clear emerging threat for Gray Media (GTN-A) is the accelerating shift of media consumption and advertising spend from traditional linear broadcast television to digital streaming platforms and social media. This trend, often referred to as "cord-cutting" or "cord-needing," directly impacts Gray Media's core business model by eroding its audience base and, consequently, its ability to generate advertising revenue from its broadcast stations. As consumers increasingly opt for on-demand content, personalized feeds, and a wider array of digital entertainment and news sources, the unique value proposition of scheduled broadcast television diminishes. This mirrors the historical threats where new, more convenient, or technologically advanced platforms (like Netflix for Blockbuster, YouTube for cable, or the iPhone for BlackBerry) disrupted established incumbents by offering superior alternatives for content delivery and consumption.

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Local Broadcast Television Advertising

Digital Advertising

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Gray Media (symbol: GTN-A) is expected to drive future revenue growth over the next 2-3 years through several key initiatives:

1. Political Advertising: The company anticipates a substantial increase in political advertising revenue, particularly in 2026, which is a midterm election year. Management has expressed strong optimism regarding the level of political spending, with competitive races expected to drive higher advertising efforts. Gray Television expects approximately $0.5 billion of political revenue for the full year 2024, positioning itself as a major recipient of political ad dollars.
2. Strategic Acquisitions and Market Expansion: Gray Media is pursuing growth through strategic acquisitions, with plans to enter six new markets by acquiring top-ranked local news stations. Additionally, the company aims to create 11 new "Big Four full duopolies," which are considered essential for the industry and for preserving local news in smaller markets. These expansions are designed to enhance Gray Media's market presence and strengthen its business.
3. Expansion in Sports and Digital Content & Streaming Initiatives: Gray Media's outlook includes continued expansion in sports and digital content. The company has highlighted expanded sports content and new partnerships as drivers. A significant initiative is a new partnership with Google Cloud, powered by Quickplay, aimed at enhancing content discovery, with a new streaming structure planned for rollout across all Gray markets in January. Digital business has also demonstrated healthy growth.
4. Growth in Core Advertising Categories: While overall core advertising revenue can be subject to macroeconomic factors, Gray Media has observed positive trends in specific categories. Core ad revenue saw a 1% increase in Q3 2025, driven by strong performances in the legal and financial services sectors. The company anticipates low single-digit growth for core advertising revenue in Q4 2025, with early indications of encouraging numbers for Q1 2026.

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1. Share Repurchases

• On November 5, 2020, Gray's Board authorized an expansion of its share repurchase authorization for up to an additional $150 million of outstanding common stock, bringing the total capacity to $220 million through December 31, 2023.
• As of the third quarter of 2025, Gray Television reported $232 million in availability on its open market repurchase authorization.

2. Outbound Investments

• In August 2025, Gray Media announced an agreement to acquire television stations in ten markets from Byron Allen's Allen Media Group for $171 million, which is expected to expand Gray's presence into three new markets and create new duopolies in seven existing markets by Q4 2025.
• Also in August 2025, Gray Television agreed to acquire television stations from Block Communications for $80 million, including stations in Louisville, Kentucky; Springfield-Champaign-Decatur, Illinois; and Lima, Ohio.
• Gray completed significant acquisitions in 2021, including Quincy Media, which were financed through a combination of cash on hand, fixed-rate debt, and proceeds from divestitures.

3. Capital Expenditures

• Gray Television expects its full-year 2025 capital expenditures to be in the range of $70-$75 million.
• Capital expenditures have substantially increased over the last five years, indicating a focus on investing in new capacity.
• A portion of capital expenditures is directed towards the Assembly Atlanta project, with additional expenditures for the remainder of 2025 expected to be offset by reimbursements from the Doraville Community Improvement District.