Gray Q3 rev $803M (-12% YoY); net loss $53M; raises political ad guidance to $80M

● Revenue was $803 million, a decrease of 12% from the third quarter of 2022. 4370 Peachtree Road, NE, Atlanta, GA 30319 | P 404.504.9828 F 404.261.9607 | www.gray.tv ● Core Advertising Revenue was $363 million, an increase of 1% from the third quarter of 2022. ● Impairment charge of $43 million was related to the bankruptcy of Diamond Sports Group, LLC’s (“Diamond”) Atlantic Coast Conference (“ACC”) contract with our Raycom Sports subsidiary and its replacement with new ACC sports rights agreements with ESPN and the CW. ● Net loss attributable to common stockholders was $53 million, or $0.57 per share.

Guidance for the Three-Months Ending December 31, 2023 Based on our current forecasts for the quarter ending December 31, 2023, we anticipate the following key financial results, as outlined below in approximate ranges. We present revenue net of agency commissions. We exclude depreciation, amortization, impairment and (gain) loss on disposal of assets from our estimates of operating expenses. ● Revenue: o Core advertising revenue of $410 million to $414 million; up low single digit percentage increases over the fourth quarter of 2022. o Retransmission revenue of $362 million to $365 million; up low single digit percentage increases over fourth quarter 2022. o Political advertising revenue of $34 million to $35 million. o Production company revenue of $30 million to $31 million. o Total revenue of $854 million to $864 million.