Gray Media Q2 net loss $69M; revenue down 7% to $772M; impairment of $28M from CBS affiliation loss

GRAY MEDIA, INC

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

Total revenue $772M (-7% YoY); core advertising $361M (-3%); political $9M (-81%) due to off-year cycle.
Net loss attributable to common stockholders $69M vs. net income $9M in Q2 2024; Adjusted EBITDA $169M vs. $225M.
Recorded $28M impairment from non-renewal of CBS affiliation at Atlanta station WANF.
Completed $900M 9.625% senior secured notes due 2032 and $775M 7.25% notes due 2033; used proceeds to refinance debt.
Pending acquisitions: station swap with Scripps (no cash), SGH purchase (<$2M), BCI purchase ($80M); expected Q4 2025 close.

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