---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-005348"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2025-02-27T23:59:59+00:00"
generated_at: "2026-05-26T02:50:05.832730+00:00"
event_type: "earnings"
sentiment: "positive"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-25-005348
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2025-02-27T23:59:59+00:00
- event_type: earnings
- sentiment: positive
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774925005348/0001437749-25-005348-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774925005348/gtn20250225d_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-005348
- JSON: https://secwatch.observer/filing/0001437749-25-005348.json
- Plain text: https://secwatch.observer/filing/0001437749-25-005348.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.