secwatch.observer — SEC 8-K summary
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Issuer:     GRAY MEDIA, INC (GTN)
CIK:        0000043196
Form:       8-K
Filed at:   2025-05-08T23:59:59+00:00
Accession:  0001437749-25-015250
Event type: earnings
Sentiment:  negative
Materiality: 0.65
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/43196/000143774925015250/0001437749-25-015250-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/43196/000143774925015250/gtn20250506_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-015250

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