Gray Media Reports Q2 2025 Financial Results

Gray Television ( (GTN) ) has released its Q2 earnings. Here is a breakdown of the information Gray Television presented to its investors.

Gray Media, Inc., headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations and digital assets in the United States, reaching approximately 37% of US television households and operating in 113 markets. The company also owns a digital marketing agency and several video production companies.

Gray Media recently released its second-quarter financial results for 2025, reporting a total revenue of $772 million, which marks a 7% decrease from the same period in 2024. The company attributed this decline primarily to a cyclical decrease in political advertising revenue.

Key financial metrics from the report include a net loss of $69 million attributable to common stockholders, compared to a net income of $9 million in the previous year. The company also reported an adjusted EBITDA of $169 million, down from $225 million in the second quarter of 2024. Additionally, Gray Media reduced its outstanding debt by $22 million during the quarter.

Strategically, Gray Media has been active in acquisitions and divestitures, entering agreements with The E.W. Scripps Company, Sagamore Hill Broadcasting, Inc., and Block Communications, Inc. These transactions are expected to advance the company’s strategic goals and reduce its leverage ratio.

Looking ahead, Gray Media anticipates a continued decrease in core advertising revenue for the third quarter of 2025, partly due to the absence of revenue from the 2024 Olympic Games. The company remains focused on optimizing its cost structure and enhancing its local content offerings, particularly in sports broadcasting.