secwatch.observer — SEC 8-K summary
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Issuer:     GRAY MEDIA, INC (GTN)
CIK:        0000043196
Form:       8-K
Filed at:   2023-05-05T23:59:59+00:00
Accession:  0001437749-23-012677
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/43196/000143774923012677/0001437749-23-012677-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/43196/000143774923012677/gtn20230502_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-012677

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer