---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-012677"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2023-05-05T23:59:59+00:00"
generated_at: "2026-06-15T18:22:49.014494+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Gray Television Q1 net loss $44M on $801M revenue; charges hit broadcast cash flow

## Summary
- Net loss $44M ($0.48 diluted EPS) vs net income $49M ($0.52) in Q1 2022; revenue down 3% to $801M.
- Broadcast Cash Flow fell 31% to $186M; core ad revenue down 2% to $357M (excluding Super Bowl/Olympics flat).
- Recorded $35M in unanticipated charges: $18M litigation Atlanta Assembly, $17M credit loss from Diamond Sports bankruptcy.
- Repaid $295M Term Loan B using $300M securitization facility; leverage ratio 5.26x with $56M cash.
- Q2 2023 guidance: total revenue $784-802M; core ad $362-374M, retransmission $390-393M.

## SEC filing metadata
- accession: 0001437749-23-012677
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2023-05-05T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774923012677/0001437749-23-012677-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774923012677/gtn20230502_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-012677
- JSON: https://secwatch.observer/filing/0001437749-23-012677.json
- Plain text: https://secwatch.observer/filing/0001437749-23-012677.txt

## Key facts
- Earnings Releases
  GRAY MEDIA, INC reported the three-months ended March 31, 2023 results: revenue $801 million, net income $44 million, EPS $0.48 per fully diluted share.
  - Period: the three-months ended March 31, 2023
  - Revenue: $801 million
  - Net income: $44 million
  - EPS: $0.48 per fully diluted share
  - Result: reported results
  source text: Inc. ( “ Gray, ” “ we, ” “ us ” or “ our ” ) (NYSE: GTN) today announced financial results for the first quarter ended March 31, 2023, reflecting our total revenue of $801 million, that was above our revenue guidance and total operating expenses (before depreciation, amortization and loss on disposal of assets) of $640 million, which, after excluding $35
  evidence_url: https://www.sec.gov/Archives/edgar/data/43196/000143774923012677/0001437749-23-012677-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.