secwatch.observer — SEC 8-K summary
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Issuer:     GRAY MEDIA, INC (GTN)
CIK:        0000043196
Form:       8-K
Filed at:   2025-02-27T23:59:59+00:00
Accession:  0001437749-25-005348
Event type: earnings
Sentiment:  positive
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/43196/000143774925005348/0001437749-25-005348-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/43196/000143774925005348/gtn20250225d_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-005348

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer