ATLANTA, Aug. 07, 2026 (GLOBE NEWSWIRE) — Gray Media (NYSE: GTN) announced its financial results for the quarter ended June 30, 2026, with total revenue rising 9% year-over-year and political advertising surging to $83 million, as the company continued to integrate recently completed station transactions and manage its balance sheet.

Executive Commentary

Hilton Howell, Jr., Executive Chairman and CEO, stated: "Our second quarter 2026 results are starting to reflect the benefits of our M&A activity. We met or exceeded our second quarter guidance across every metric except corporate expense, which was higher due to transaction-related costs, and our net leverage ratio improved during the quarter. We are particularly pleased with political advertising, which significantly exceeded our second quarter guidance, and is trending ahead of not only 2024 but also 2022 year-to-date levels. Our Net Retransmission Revenue returned to year-over-year growth even excluding the 2026 acquisitions, despite the blackout that ended on May 1.

"Year-to-date, we have made progress on every front. We have added stations in 22 markets (net of dispositions) including stations in six markets from American Spirit Media. We continue to invest in our stations, people and communities to drive journalistic excellence, as reflected by our 93 Regional Edward R. Murrow Awards this year, up from 81 last year. We expanded our local professional sports portfolio by adding approximately 70 televised Atlanta Hawks regular season games on WANF in Atlanta and across our Peachtree Sports Network through the 2028-29 NBA season. We also made progress on our balance sheet through creative transactions that lower our cost of capital and enhance our cash flow. Our goal is to extend our market leadership as the largest owner of top-rated local television stations by prudently investing in our broadcast business, while also prioritizing balance sheet deleveraging."

Financial Highlights

Total Revenue — $839 million in Q2 2026, an increase of 9% compared to Q2 2025. The 2026 Acquisitions contributed $41 million in total revenue.

Core Advertising Revenue — $357 million in Q2 2026, a decrease of 1% compared to Q2 2025. The 2026 Acquisitions contributed $15 million.

Political Advertising Revenue — $83 million in Q2 2026, compared to $9 million in Q2 2025, and $47 million and $90 million in Q2 2024 and Q2 2022, respectively — the previous "on-years" of the two-year election cycle. The 2026 Acquisitions contributed $3 million.

Retransmission Consent Revenue — $359 million in Q2 2026, a decrease of 3% from $369 million in Q2 2025. The decline was attributed to continued subscriber declines, the transition of one station to independent status, and a resolved dispute with a distribution partner. The 2026 Acquisitions contributed $23 million. Net Retransmission Revenue was $150 million, an increase of 10% from $136 million in Q2 2025. The 2026 Acquisitions contributed $9 million.

Broadcasting Expenses — $569 million in Q2 2026, an increase of 1% compared to Q2 2025. The 2026 Acquisitions increased broadcasting expenses by $30 million.

Corporate Expenses — $37 million, above the high end of the $30 million to $35 million guidance range, primarily due to transaction-related expenses.

(1) "2026 Acquisitions" are defined as all acquisitions that closed between January 1, 2026 and June 30, 2026, including stations acquired from Bahakel Communications, Ltd. (WBBJ), all ten markets from Allen Media Group, Block Communications, Inc., and Sagamore Hill Broadcasting, Inc. The 2026 Acquisitions exclude the station swap with Scripps.

Recent Financing Activities

Additional 2033 1L Notes — On June 30, 2026, Gray Media issued $70 million in additional 7.250% Senior Secured First Lien Notes due in 2033 at par, plus accrued interest. The proceeds funded $40 million of the purchase consideration for the first closing of American Spirit Media, LLC and $30 million to repurchase an aggregate liquidation preference of $50 million of Series A Perpetual Preferred Stock (50,000 shares).

Repurchase of 2029 1L Notes and 2031 Notes — On July 21, 2026, the company repurchased, in a privately negotiated transaction, $100 million of its 10.500% Senior Secured First Lien notes due in 2029 and $20 million of its 5.375% Senior Unsecured Notes due 2031, each at par plus accrued interest, using cash on hand and borrowings under the existing revolving credit facility.

Debt Repurchase Authorization — On August 6, 2026, Gray Media's Board of Directors authorized the use of up to $250 million of available liquidity to repurchase outstanding indebtedness through December 31, 2027, replacing the prior authorization that expired on December 31, 2025. The extent of repurchases will depend on general market conditions, regulatory requirements, alternative investment opportunities, and other considerations. The program does not require a minimum amount of debt repurchase and may be modified, suspended, or terminated at any time without prior notice.

Leverage Metrics (as of June 30, 2026)

Calculated as set forth in the Senior Credit Agreement (unaudited):

• Consolidated First Lien Net Leverage Ratio: 2.55 to 1.00
• Consolidated Secured Net Leverage Ratio: 3.71 to 1.00
• Consolidated Total Net Leverage Ratio: 5.73 to 1.00

Liquidity (as of June 30, 2026)

• Cash: $176 million
• Borrowing availability under the $750 million undrawn revolving credit facility: $745 million (reflecting only certain outstanding undrawn letters of credit)
• Accounts receivable securitization facility of $400 million was fully drawn

Acquisitions

During the three months ended June 30, 2026, Gray Media completed transactions involving television station acquisitions and divestitures with The E.W. Scripps Company ("Scripps"), Sagamore Hill Broadcasting, Inc. ("SGH"), Block Communications, Inc. ("BCI"), and Allen Media Group, Inc. ("Allen 7") — collectively, the "2Q Acquisitions."

On July 1, 2026, the company acquired the non-license assets of six television stations from American Spirit Media, LLC ("ASM") and the non-license assets of WHPM-TV, LLC ("WHPM") for $43 million in cash. The acquisition of the remaining assets of ASM and WHPM is pending regulatory approval, though no assurance can be given that the required regulatory approvals will be received.

Guidance for the Quarter Ending September 30, 2026

Based on current forecasts for Q3 2026, the company anticipates the following key financial results in approximate ranges, compared to the three months ended September 30, 2025, along with certain currently anticipated full-year financial results. Guidance includes estimated results for all television stations fully acquired as of August 7, 2026, as well as the ASM and WHPM stations. Guidance may change based on several factors and may not reflect future actual results.

About Gray Media

Gray Media is a multimedia company headquartered in Atlanta, Georgia, and the nation's largest owner of top-rated local television stations and digital assets. The company serves 117 full-power television markets that collectively reach approximately 37% of US television households. The portfolio includes 78 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station in average all-day ratings across 116 of such markets measured by Nielsen in 2025.

Gray Media also owns the largest Telemundo Affiliate group with 46 markets and Gray Digital Media, a full-service digital agency. Additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios.

Safe Harbor Statement

This press release contains forward-looking statements based largely on current expectations and various estimates and assumptions. These statements may be identified by words such as "estimates," "expect," "anticipate," "will," "implied," "assume," and similar expressions. Forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to differ materially. Such risks include the inability to achieve estimates of future revenue, expenses, capital expenditures, and income tax payments; the inability to complete pending acquisitions within expected timeframes or at all, including failure to obtain necessary FCC or other regulatory approvals; and other future events.

Gray Media is subject to additional risks and uncertainties described in its quarterly and annual reports filed with the Securities and Exchange Commission (www.sec.gov), including the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections, which are available via the company's website at www.graymedia.com.

This press release reflects management's views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information beyond the published date.

Conference Call Information

Gray Media will host a conference call to discuss Q2 2026 operating results on Friday, August 7, 2026, at 11:00 a.m. Eastern Time.

• Live dial-in: 1-800-715-9871 or 1-646-307-1963 (Conference ID: 3663076)
• Webcast: Available live and for replay at www.graymedia.com
• Taped replay: 1-800-770-2030 (Conference ID: 3663076), available until September 4, 2026

Investor Relations Contact: Alan Gould, Vice President, Investor Relations — (404) 266-8333 — alan.gould@graymedia.com

Non-GAAP Financial Measures

This earnings release includes certain non-GAAP financial measures, including "Adjusted EBITDA" and "Net Retransmission Revenue." Management presents these measures because it believes they are useful in evaluating business performance.

Adjusted EBITDA is calculated as net income (loss), adjusted for income tax expense (benefit), interest expense, gain or loss on extinguishment of debt, non-cash stock-based compensation costs, non-cash 401(k) expense, depreciation, amortization of intangible assets, impairment of goodwill and other intangible assets, impairment of investments, loss (gain) on asset disposals, and certain other miscellaneous items.

Net Retransmission Revenue is calculated as retransmission consent revenue less broadcasting network affiliation fees.

Leverage Ratio Denominator is a metric management uses to calculate compliance with certain financial covenants in the company's indebtedness agreements, as specified in the Senior Credit Agreement. It represents the denominator of a formula used to calculate compliance with material financial covenants governing the ability to incur indebtedness, incur liens, make investments, and make restricted payments. Leverage Ratio Denominator gives effect to the revenue and broadcast expenses of all completed acquisitions and divestitures as if they had been acquired or divested on July 1, 2024, including certain expected operating synergies and add-backs for professional fees. Certain financial information related to the acquisitions has been derived from unaudited, un-reviewed financial information prepared by other entities, which Gray cannot independently verify.

The presentation of Leverage Ratio Denominator as determined in the Senior Credit Agreement, including expected synergies, may not comply with GAAP or Regulation S-X requirements for pro forma financial information, and should not be relied upon as indicative of future results. Leverage Ratio Denominator represents an average amount for the preceding eight quarters.

Specified Transaction Costs and Expenses, as defined in the Senior Credit Agreement, include incremental expenses specific to acquisitions and divestitures, such as legal and professional fees, severance and incentive compensation, and contract termination fees.

Consolidated First Lien Net Debt, Consolidated Secured Net Debt, and Consolidated Total Net Debt, each presented net of all cash, represent the outstanding principal of long-term debt plus certain other obligations as defined in the Senior Credit Agreement.

These non-GAAP measures are not defined by GAAP, and the company's definitions may differ from similarly titled measures used by other companies. They should be considered supplements to, and not substitutes for, net income and cash flows reported in accordance with GAAP.