secwatch.observer — SEC 8-K summary
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Issuer:     GRAY MEDIA, INC (GTN)
CIK:        0000043196
Form:       8-K
Filed at:   2025-07-08T23:59:59+00:00
Accession:  0001437749-25-022301
Event type: earnings
Sentiment:  negative
Materiality: 0.75
Item codes: 2.02, 8.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/43196/000143774925022301/0001437749-25-022301-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/43196/000143774925022301/gtn20250630_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-022301

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