Gray Media updates Q2 guidance down, announces $750M notes offering and impairment

GRAY MEDIA, INC

2025-Q2 EPS reported -$0.95 revenue$1,554,000,000

Q2 2025 preliminary guidance: revenue $769-$775M (vs $826M in Q2 2024); political revenue drops to $8-$9M from $47M.
Repurchased $7.7M of 5.875% notes due 2026; made $15M amortization payments on Term Loans D and F.
Expects $29M non-cash impairment on WANF intangible assets due to CBS affiliation loss on Aug 16, 2025.
Offers $750M senior secured second lien notes due 2032 to redeem all 7.000% 2027 notes and repay Term Loan F.

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