---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-022301"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2025-07-08T23:59:59+00:00"
generated_at: "2026-05-18T09:13:01.459500+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-25-022301
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2025-07-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774925022301/0001437749-25-022301-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774925022301/gtn20250630_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-022301
- JSON: https://secwatch.observer/filing/0001437749-25-022301.json
- Plain text: https://secwatch.observer/filing/0001437749-25-022301.txt

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