secwatch.observer — SEC 8-K summary
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Issuer:     GRAY MEDIA, INC (GTN)
CIK:        0000043196
Form:       8-K
Filed at:   2026-05-07T23:59:59+00:00
Accession:  0001437749-26-015344
Event type: earnings
Sentiment:  neutral
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/43196/000143774926015344/0001437749-26-015344-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/43196/000143774926015344/gtn20260505_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-26-015344

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