Gray Media raises Q3 2026 political ad guidance to $188-195M, lifts total revenue floor to $950M

GRAY MEDIA, INC

Q3 2026 political advertising guidance raised to $188-195M from the $165-185M given Aug 7; includes about $9M from recent acquisitions.
Total revenue guidance raised at the low end to $950-965M from $935-965M; core advertising now -1% to flat as reported vs. prior flat.
Corporate and administrative expense outlook cut to $30-35M from $35-40M; Q3 2025 actuals: revenue $749M, political $8M, core ads $355M.
Gray expects no outstanding borrowings under its Revolving Credit Facility as of Sept 30, 2026; AR securitization capacity ~$379M, down on prepaid political ads.
Update issued alongside lender meetings to potentially refinance its credit facility; Q3 2026 results scheduled for Friday, Nov 6, 2026.

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