---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-025554"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2025-08-08T23:59:59+00:00"
generated_at: "2026-05-17T16:52:23.803289+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-25-025554
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2025-08-08T23:59:59+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774925025554/0001437749-25-025554-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774925025554/gtn20250806_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-025554
- JSON: https://secwatch.observer/filing/0001437749-25-025554.json
- Plain text: https://secwatch.observer/filing/0001437749-25-025554.txt

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