---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-25-033706"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2025-11-07T23:59:59+00:00"
generated_at: "2026-05-16T23:13:34.876220+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-25-033706
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2025-11-07T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774925033706/0001437749-25-033706-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774925033706/gtn20251105_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-25-033706
- JSON: https://secwatch.observer/filing/0001437749-25-033706.json
- Plain text: https://secwatch.observer/filing/0001437749-25-033706.txt

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