Gray Media Q2 revenue up 9% to $839M; political ad revenue jumps to $83M

GRAY MEDIA, INC

Q2 total revenue $839M (+9% YoY); net income $14M vs $56M loss; adjusted EBITDA $214M (+27%).
Political advertising revenue $83M vs $9M in Q2 2025; core advertising down 1% to $357M.
Net retransmission revenue $150M (+10% YoY); retransmission consent revenue $359M (-3%).
Board authorized up to $250M debt repurchases through Dec 31, 2027; July repurchases totaled $120M.
Q3 guidance: total revenue $935-965M, political $165-185M; FY2026 capex $120-130M.

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