Gray Media Q4 net income $156M, political revenue $250M; debt reduced $520M in 2024

GRAY MEDIA, INC

2024-FY EPS reported $3.36 revenue$3,644,000,000

Q4 total revenue $1,045M (+21% YoY); net income $156M vs. $(22)M loss in Q4 2023.
Political advertising revenue $250M (+658% YoY); full-year political $497M, highest among peers.
Core advertising $380M (-8% YoY) due to political displacement; retransmission $361M (-1%).
Adjusted EBITDA $402M (+86% YoY); debt reduced by $520M in 2024; leverage ratio 5.49x.
Q1 2025 guidance: revenue $764-775M, core advertising $342-347M; cost cuts targeting $60M run-rate.

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