---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-015250"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2025-05-08T23:59:59+00:00"
generated_at: "2026-05-22T05:56:28.222656+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.65
calibrated_materiality_score: 0.65
confidence: "high"
source: SEC EDGAR
---

# Gray Media Q1 revenue $782M, down 5% YoY; net loss $22M vs net income $75M

## Summary
- Net loss attributable to common stockholders $22M ($0.23 loss per share) vs net income $75M ($0.80) in Q1 2024.
- Adjusted EBITDA $160M (down 19% YoY); total revenue $782M (down 5%), above high end of guidance.
- Retransmission consent revenue $379M (flat YoY); core advertising $344M (down 8% due to Super Bowl and Leap Day).
- Political advertising $13M (down 52% YoY, but 225% above guidance high end, driven by Wisconsin).
- Q2 2025 guidance: core ad down mid-single digits, political $2-3M vs $47M; cost savings exceeding $60M annualized.

## SEC filing metadata
- accession: 0001437749-25-015250
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2025-05-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.65
- calibrated_materiality_score: 0.65
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774925015250/0001437749-25-015250-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774925015250/gtn20250506_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-015250
- JSON: https://secwatch.observer/filing/0001437749-25-015250.json
- Plain text: https://secwatch.observer/filing/0001437749-25-015250.txt

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