Gray Media Q3 revenue $749M beats guidance; net loss $23M; announces station acquisitions

GRAY MEDIA, INC

2025-Q3 EPS reported -$1.19 revenue$2,303,000,000

Total revenue $749M (high end of guidance); core advertising $355M (high end).
Net loss attributable to common stockholders $23M vs $83M net income in Q3 2024 due to political ad cycle.
Adjusted EBITDA $162M; broadcast expenses $542M significantly below guidance.
Agreed to acquire stations from Scripps (swap), SGH ($2M), BCI ($80M), AMG ($171M); adds 6 markets, 11 duopolies.
Issued $900M 9.625% second lien notes due 2032 and $775M 7.25% first lien notes due 2033; refinanced debt.

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