---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-26-015344"
form_type: "8-K"
ticker: "GTN"
cik: "0000043196"
company_name: "GRAY MEDIA, INC"
filed_at: "2026-05-07T23:59:59+00:00"
generated_at: "2026-05-14T22:12:04.581423+00:00"
event_type: "earnings"
sentiment: "neutral"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

# Gray Media Q1 revenue $768M at high end of guidance; core ad up 2% YoY; net loss widens to $20M

## Summary
- Core advertising revenue $352M, +2% YoY, exceeding guidance of flat; political revenue $30M (high end of $25-30M).
- Net retransmission revenue $142M, -3% YoY; retrans consent $339M, -11% due to subscriber declines and distribution dispute.
- Net loss $20M vs $9M loss in Q1 2025; Adjusted EBITDA $154M, down 4% from $160M.
- Q2 2026 guidance: total revenue $780-800M, political $60-70M (vs $9M in Q2 2025), core down mid-single digits.
- Closed acquisitions of TV stations: $115M from Allen Media (May 1) and $80M from Block Communications (May 6).

## SEC filing metadata
- accession: 0001437749-26-015344
- form_type: 8-K
- ticker: GTN
- cik: 0000043196
- company_name: GRAY MEDIA, INC
- filed_at: 2026-05-07T23:59:59+00:00
- event_type: earnings
- sentiment: neutral
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/43196/000143774926015344/0001437749-26-015344-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/43196/000143774926015344/gtn20260505_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-26-015344
- JSON: https://secwatch.observer/filing/0001437749-26-015344.json
- Plain text: https://secwatch.observer/filing/0001437749-26-015344.txt

## Source-grounded claims
- claim_id: c14c3c2b5de026c0e2a60f58137bb7680073e2e3
  claim: GRAY MEDIA, INC reported financial results for first quarter that ended March 31, 2026.
  evidence_excerpt: On May 7, 2026, Gray Media, Inc. issued a press release reporting its financial results for the three-months March 31, 2026.
  evidence_url: https://www.sec.gov/Archives/edgar/data/43196/000143774926015344/0001437749-26-015344-index.htm

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