Gray TV Q2 net income $22M; cuts 2024 core ad rev guidance to $1.525B, retrans to $1.475B

GRAY MEDIA, INC

2024-Q2 EPS reported $0.88 revenue$1,649,000,000

Total Q2 revenue $826M (+2% YoY); net income $22M vs $4M in Q2 2023.
Core advertising rev $373M (-2% YoY); full-year guidance lowered to $1.525B from $1.6B.
Retransmission consent rev $371M (-6% YoY); full-year guidance cut to $1.475B.
Political advertising rev $47M (+292% YoY); Q3 expected $180-200M.
Debt refinancing extended maturities to 2027; weighted avg cost of debt rose to 7.7%.

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