Gray TV Q3 revenue $950M (+18% YoY); political ad surges 565%; targets $500M debt reduction

GRAY MEDIA, INC

2024-Q3 EPS reported $1.74 revenue$2,599,000,000

Q3 revenue $950M (+18% YoY); net income $83M vs -$53M loss; Adjusted EBITDA $338M (+61%).
Political ad revenue $173M (+565%); full-year projected $495–500M; core ad revenue flat at $365M (+1%).
Debt principal cut $241M YTD; board authorizes $250M repurchases; target $500M net debt reduction for FY2024.
Cost containment: annualized operating expense reduction at least $60M; full-year broadcast expense guide cut to $2.324–2.334B.
Q4 core ad revenue expected down ~11% YoY due to political displacement and hurricane impact in SE markets.

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