secwatch.observer — SEC 8-K summary
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Issuer:     GRAY MEDIA, INC (GTN)
CIK:        0000043196
Form:       8-K
Filed at:   2025-11-07T23:59:59+00:00
Accession:  0001437749-25-033706
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/43196/000143774925033706/0001437749-25-033706-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/43196/000143774925033706/gtn20251105_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-25-033706

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