Gray Media, Inc.

https://graymedia.com

Gray Media, Inc. (NYSE: GTN), headquartered in Atlanta, Georgia, is a premier American multimedia company and the nation's largest owner of top-rated local television stations. Operating under its current corporate identity—having rebranded from Gray Television in January 2025 to reflect its increasingly diverse footprint—the company serves 117 full-power television markets that collectively reach approximately 37% of U.S. television households. Gray Media stands as a powerhouse in local broadcasting, maintaining the number one or two highest-rated television stations in the vast majority of its markets, alongside operating the largest group of Telemundo affiliates in the country.

The company's operations are strategically divided between its expansive Broadcasting and Production segments. Beyond its core local news and television network affiliations, Gray Media owns a robust portfolio of video production, event, and content companies, including Raycom Sports, Tupelo Media Group, and PowerNation Studios. It also operates major film and television production facilities, most notably the sprawling Assembly Atlanta complex and Third Rail Studios. Complementing its broadcast reach, the company runs Gray Digital Media, a full-service agency providing advanced digital marketing strategies and streaming solutions to local and national clients.

Guided by Executive Chairman and CEO Hilton H. Howell, Gray Media is currently focused on disciplined capital allocation, strategic market expansion, and digital innovation. Moving through 2026, the company is heavily capitalizing on a highly favorable political advertising cycle to execute its deleveraging strategy while smoothly integrating targeted acquisitions, such as WBBJ-TV in Tennessee. Furthermore, Gray Media continues to adapt to modern viewer habits by prioritizing new personalized streaming infrastructures, securing highly lucrative live sports rights—including recent free, over-the-air simulcast partnerships with the Atlanta Braves and Cincinnati Reds—and consistently delivering award-winning local journalism.

Latest updates

Gray Media Taps Marketing Vet Hays to Lead Terre Haute Station

Event summary

  • Jim Hays has been appointed General Manager of WTHI (CBS/Fox) in Terre Haute, Indiana, effective April 13, 2026.
  • Hays previously served as Marketing Director for Gray Media’s WOIO, WUAB, and WTCL in Cleveland, OH, and the Rock Entertainment Sports Network.
  • His career includes leadership roles at multiple Gray Media-owned stations across the Southeast and Midwest.
  • Hays holds a degree in Radio, Television, and Motion Pictures from the University of North Carolina.
  • Gray Media operates 80 markets with the top-rated television station and 100 markets with the first or second highest rated station as of 2025.

The big picture

The appointment of Jim Hays, a marketing-focused executive, to lead WTHI suggests Gray Media is increasingly emphasizing brand building and revenue generation at its local stations. This move aligns with the broader trend of broadcasters seeking to diversify revenue streams and enhance audience engagement in a fragmented media landscape. Gray Media's significant market share (37% of US television households) makes these strategic shifts potentially impactful across its portfolio.

What we're watching

Revenue Impact
Hays’s focus on driving local revenue will be a key indicator of WTHI’s performance and could signal a broader strategy shift for Gray Media’s smaller market stations.
Community Engagement
Given Hays’s past success with community initiatives like the ‘Families Helping Families’ campaign, his approach to local programming and outreach at WTHI warrants observation.
Marketing Focus
The appointment of a marketing executive to the GM role suggests Gray Media is prioritizing brand building and audience engagement at WTHI, potentially signaling a shift away from traditional operational management.

Gray Media Broadens Braves Broadcast Reach with Over-the-Air Simulcast

Event summary

  • Gray Media and the Atlanta Braves have agreed to a multi-year deal to simulcast 25 regular season Braves games on Gray’s free, over-the-air television stations across the Southeast.
  • Raycom Sports, a Gray Media subsidiary, will provide production services for BravesVision, the Braves’ team-owned television platform.
  • The simulcasts will begin on Opening Day, March 27, 2026, and reach approximately 37% of US television households.
  • The agreement expands Gray Media’s portfolio, leveraging its network of broadcast stations and digital assets across six states.

The big picture

This agreement represents a strategic move by Gray Media to bolster its local broadcasting presence and capitalize on the continued popularity of live sports. By offering Braves games on free, over-the-air television, Gray aims to retain and expand its audience base in a market increasingly fragmented by streaming services. The deal also provides the Braves with a broader reach, mitigating the risk of relying solely on their team-owned streaming platform.

What we're watching

Audience Migration
The success of this strategy hinges on whether Braves fans will consistently choose free over-the-air broadcasts over subscription-based streaming services, potentially impacting BravesVision’s adoption.
Production Costs
Raycom Sports’ production costs for BravesVision will be a key factor in Gray Media’s overall profitability from this deal, particularly given the competitive landscape of sports broadcasting.
Territory Expansion
Gray Media’s ability to leverage this partnership to secure similar deals with other sports teams in its extensive broadcast territory will determine the long-term strategic value of this arrangement.

Gray Media Broadens Local Sports Reach with Braves Simulcast Deal

Event summary

  • Gray Media will simulcast the Atlanta Braves’ 2026 home opener against the Kansas City Royals on March 27th.
  • The simulcast will air on BravesVision and Gray Media’s local television stations across the Southeast.
  • BravesVision is the Atlanta Braves’ official local television home for the 2026 season, offering games without blackouts.
  • The home opener will include pregame festivities celebrating 60 years of Braves baseball in Atlanta.

The big picture

This agreement represents a strategic move by Gray Media to deepen its presence in the valuable Southeast sports market and leverage the Braves’ brand recognition. The deal underscores the increasing fragmentation of sports distribution, with teams seeking greater control over their content and revenue streams through direct-to-consumer platforms like BravesVision. Gray Media's scale, reaching 37% of US television households, positions it to benefit from this trend while also facing the challenge of maintaining relevance in a rapidly evolving media landscape.

What we're watching

Audience Migration
How the Braves’ reliance on BravesVision and streaming platforms will affect long-term linear viewership and advertising revenue for Gray Media.
Rights Valuation
Whether this deal signals a broader shift in how sports teams value regional broadcast rights, potentially impacting future negotiations for Gray Media and other broadcasters.
Distribution Strategy
The pace at which BravesVision expands its reach and adoption among Braves fans will determine the long-term success of the Braves’ direct-to-consumer strategy.

Dish Network Removes Gray Stations Amid Unprecedented Contract Demand

Event summary

  • Dish Network has removed Gray Media’s television stations from its platform, marking the first time Gray has experienced such an action.
  • Negotiations between Gray and Dish had nearly reached agreement on standard terms before Dish introduced a ‘materially adverse’ provision.
  • Gray Media, the largest owner of US local television stations (reaching ~37% of US households), claims Dish’s demand is unprecedented and violates federal negotiation obligations.
  • Dish’s subscriber base has declined significantly, from 14 million in 2014 to 5 million currently, suggesting increasing financial pressure.

The big picture

This dispute highlights the ongoing power struggle between traditional broadcasters and increasingly desperate satellite providers like Dish Network. As cord-cutting continues and pay-TV revenues decline, Dish appears to be leveraging its position to extract concessions from content providers, even at the risk of alienating customers. Gray Media’s willingness to publicly challenge Dish’s tactics signals a potential shift in the balance of power within the industry, with broadcasters pushing back against what they perceive as unfair and unsustainable demands.

What we're watching

Legal Action
Gray’s threat to pursue legal action against Dish could trigger a protracted and costly battle, potentially setting a precedent for future negotiations in the pay-TV industry.
Subscriber Impact
The removal of Gray’s stations will likely lead to subscriber churn for Dish, accelerating the decline in its already shrinking customer base.
Industry Response
Other broadcasters will be closely monitoring the outcome of this dispute, as Dish’s actions could embolden it to make similar demands in future negotiations.

Gray Media Broadens Reach with Free Reds Broadcast Deal

Event summary

  • Gray Media has secured a two-year agreement to simulcast 10 Cincinnati Reds regular-season games per season on over-the-air television via WXIX FOX19.
  • The agreement includes Reds Opening Day (March 26, 2026) and nine additional 'Red Hot Mondays' games.
  • The broadcasts will reach fans in seven states and 17 communities across Gray Media’s television markets.
  • The deal aims to expand Reds baseball viewership beyond traditional cable and streaming platforms.

The big picture

This partnership represents a strategic shift towards leveraging free over-the-air broadcasting to reach a broader audience, countering the trend of cord-cutting and the fragmentation of sports viewership. Gray Media, with its extensive local television footprint, is positioning itself as a key distributor of live sports content, potentially impacting the revenue models of traditional sports networks. The deal also highlights the ongoing effort by sports teams to find alternative distribution channels to maintain and grow their fan base.

What we're watching

Audience Impact
The success of this initiative will hinge on whether the free OTA broadcasts meaningfully expand the Reds’ fanbase and viewership, particularly among cord-cutters.
Revenue Model
Gray Media’s ability to monetize this content through advertising or other ancillary revenue streams will be critical to justifying the investment.
Expansion Scope
The pace at which Gray Media might extend similar deals with other sports teams to further leverage its broadcast infrastructure warrants observation.

Gray Media Maintains Dividend Amidst Shifting Media Landscape

Event summary

  • Gray Media's Board authorized a quarterly cash dividend of $0.08 per share.
  • The dividend will be paid on March 31, 2026, to shareholders of record on March 13, 2026.
  • Gray Media is the largest owner of top-rated local television stations, reaching approximately 37% of US television households.
  • The company operates 77 markets with the top-rated television station and 97 markets with the first or second highest rated station.

The big picture

Gray Media's continued dividend payments signal a commitment to shareholder returns despite the broader challenges facing the traditional broadcasting industry. The company's scale, reaching nearly 40% of US television households, provides a degree of stability, but its reliance on linear advertising makes it vulnerable to shifts in consumer behavior. Maintaining dividend payouts while investing in digital transformation will be a critical balancing act for management.

What we're watching

Financial Health
The consistency of Gray Media's dividend policy will be a key indicator of its ability to navigate the ongoing challenges of cord-cutting and declining linear TV advertising revenue.
Digital Strategy
The effectiveness of Gray Digital Media's digital marketing strategies will be crucial for offsetting revenue declines in traditional broadcasting and driving overall growth.
Regulatory Scrutiny
Increased regulatory scrutiny of media consolidation and ownership rules could impact Gray Media’s ability to pursue future acquisitions and expand its market reach.

Gray Media’s Results Beat Expectations Amid Regulatory Reform Hopes

Event summary

  • Gray Media exceeded Q4 2025 revenue and Adjusted EBITDA consensus expectations.
  • Improved MVPD subscriber trends drove a 3% year-over-year increase in Net Retransmission Revenue.
  • The company refinanced debt, extending maturities beyond the 2026 and 2028 political cycles.
  • Gray anticipates closing pending acquisitions in the first half of 2026, subject to regulatory approvals.

The big picture

Gray Media’s strong Q4 results highlight the resilience of local broadcasting, particularly as MVPD subscriber trends stabilize. The company’s strategic focus on acquisitions and regulatory reform positions it to capitalize on the 2026 midterm election cycle, but its substantial debt load and reliance on favorable regulatory changes create potential risks. The company’s $3.1 billion in revenue in 2025 underscores its position as a major player in the fragmented local broadcasting market.

What we're watching

Regulatory Headwinds
The likelihood of local ownership reform remains a key catalyst; its implementation could significantly alter Gray Media’s acquisition strategy and competitive landscape.
Debt Management
Gray’s continued focus on deleveraging and refinancing will be crucial, given the substantial debt load and potential for rising interest rates.
Advertising Trends
The sustainability of core advertising revenue growth, particularly in a potentially softening economic environment, warrants close monitoring.

Gray Media Bets on Aging Demographic with New Program 'Aging Untold'

Event summary

  • Gray Media is launching 'Aging Untold,' a 30-minute daily program focused on aging and senior care.
  • The program debuts March 2, 2026, and will air on Gray stations reaching approximately 35% of U.S. television households.
  • Four experts – Sam Cradduck, Amy Cameron O’Rourke, Katherine Ambrose, and Rhea Rogers, MD – will host the show.
  • Full episodes will be available on Gray’s streaming platforms.

The big picture

Gray Media's investment in 'Aging Untold' reflects a strategic pivot towards content catering to the rapidly growing senior population, a demographic with significant purchasing power and unmet informational needs. This move positions Gray to capitalize on the increasing demand for senior-focused content, but also introduces execution risk given the competitive landscape of both traditional and digital media. The program's success will hinge on its ability to offer genuinely valuable and engaging content that resonates with both seniors and their families.

What we're watching

Audience Adoption
How effectively 'Aging Untold' can capture and retain viewership within the target demographic will determine its long-term value to Gray Media's portfolio.
Digital Integration
The success of the program’s streaming availability will be critical, as it signals Gray’s broader strategy to compete in the evolving digital media landscape.
Content Differentiation
Whether 'Aging Untold' can establish a unique identity and avoid becoming a generic informational program will be key to its sustained appeal and advertising value.

Gray Media Secures Exclusive Broadcast Rights for Portland Pro Sports Teams

Event summary

  • Gray Media’s FOX 12 Plus (KPDX) has secured exclusive regional broadcast rights for the Portland Fire (WNBA) and Portland Thorns (NWSL) through a multi-year partnership.
  • The Portland Fire will launch a direct-to-consumer streaming platform powered by Kiswe, offering interactive live games and exclusive content.
  • Gray Media will leverage its subsidiary, Raycom Sports, for game production and related programming.
  • RAJ Sports, the ownership group for both teams, is investing in a dual-sport women’s performance center slated to open in 2026.
  • The deal positions Portland as a hub for women’s sports, following RAJ Sports’ acquisitions of the Portland Thorns and the WNBA Portland expansion team in 2024.

The big picture

This partnership reflects the growing commercial interest in women’s sports, fueled by increasing fan engagement and sponsorship opportunities. Gray Media’s acquisition of these broadcast rights signals a strategic bet on local sports programming and digital expansion, while RAJ Sports’ investments underscore a broader trend of private equity entering the women’s sports market. The deal also highlights the increasing importance of direct-to-consumer streaming platforms for sports franchises seeking to control distribution and enhance fan engagement.

What we're watching

Audience Growth
How effectively Gray Media can leverage the broadcast rights to expand viewership and attract new fans to both teams remains to be seen, especially given the existing popularity of the Thorns.
Streaming Adoption
The success of the Portland Fire’s Kiswe-powered streaming platform will depend on its ability to offer a compelling, interactive experience that differentiates it from existing sports streaming services.
Facility Impact
The Kaiser Permanente Performance Center’s impact on athlete development and team performance, and whether it can become a model for other women’s sports franchises, warrants observation.

Gray Media Expands Braves Broadcast Reach, Signals Local Sports Play

Event summary

  • Gray Media is broadcasting 15 Atlanta Braves spring training games across 26 markets in the Southeast, beginning February 22, 2026.
  • The broadcast includes a 10-episode series, 'Celebrating '21,' featuring former manager Brian Snitker and narrated by Braves announcer Ben Ingram.
  • Gray Media is the largest owner of local television stations in the US, reaching approximately 37% of US television households.
  • The partnership aims to increase Braves fan engagement and leverages Gray Media’s existing portfolio of Southeastern television stations.

The big picture

Gray Media's expansion of its Braves broadcast partnership signals a continued focus on local sports programming as a key differentiator in a fragmented media landscape. This strategy leverages Gray’s extensive local television station network to reach a significant portion of US households, but also exposes the company to the cyclical nature of sports viewership and the increasing competition from digital platforms. The deal reinforces the value of regional sports rights in a world of cord-cutting and streaming wars.

What we're watching

Audience Retention
The success of this expanded broadcast offering will hinge on Gray Media’s ability to retain and grow viewership beyond the existing Braves fanbase, potentially impacting advertising revenue.
Content Strategy
Gray Media’s decision to include the 'Celebrating '21' series suggests a broader content strategy beyond live games, and its effectiveness in attracting viewers remains to be seen.
Competitive Landscape
The move underscores Gray Media’s continued investment in local sports content, potentially intensifying competition with streaming services and other traditional broadcasters for audience and advertising dollars.

Gray Media Broadens Local Sports Reach with Cardinals Partnership

Event summary

  • Gray Media is expanding its partnership with the St. Louis Cardinals to launch 'Home Plate,' a programming package featuring live games and related content.
  • The package will air in St. Louis and Cape Girardeau, with portions reaching 13 other Midwestern markets via Gray’s television stations.
  • The agreement includes simulcasts of 10 regular-season Cardinals games, 8 Spring Training games, and coverage of minor league affiliates (Redbirds and Springfield Cardinals).
  • Programming begins February 23, 2026, and will be available over-the-air for free.
  • The deal aims to capitalize on positive fan feedback from previous Cardinals game broadcasts on Gray Media’s stations.

The big picture

This partnership represents a strategic move by Gray Media to bolster its local content offerings and attract viewers in a competitive media landscape. By providing free, over-the-air access to popular sports programming, Gray Media aims to differentiate itself from subscription-based services and strengthen its position as a dominant local broadcaster. The deal also highlights the ongoing trend of sports teams seeking alternative distribution channels to reach fans directly.

What we're watching

Market Penetration
The success of 'Home Plate' will hinge on Gray Media’s ability to maintain viewership across its 14 markets, particularly in areas outside of the core St. Louis region.
Content Cost
Gray Media’s profitability will be affected by the cost of producing and distributing the expanded Cardinals content, especially given the inclusion of minor league games.
Competitive Landscape
The free, over-the-air availability of Cardinals games could impact subscription rates for regional sports networks and streaming services vying for the same audience.

Gray Media Expands Telemundo Partnership, Bolsters Hispanic Audience Reach

Event summary

  • Gray Media has entered a multi-year affiliation agreement with Telemundo Network, expanding their existing partnership.
  • The agreement adds Telemundo affiliates in Dayton, Ohio; Chattanooga, Tennessee; and Lafayette, Louisiana, via Gray-owned stations.
  • Gray Media’s Telemundo portfolio now reaches over 1.6 million Hispanic TV households.
  • Gray Media’s Telemundo stations produce over 1,100 hours of local Spanish-language news monthly and generate 50 million digital impressions annually.

The big picture

Gray Media’s expansion into Telemundo affiliation underscores the growing importance of the US Hispanic market for media companies. This deal, reaching 1.6 million households, represents a significant investment in a demographic with increasing purchasing power and media consumption. The partnership also positions Gray to capitalize on high-profile sporting events, which are key drivers of viewership and advertising revenue within the Spanish-language market.

What we're watching

Market Penetration
The success of Gray’s expansion hinges on effectively integrating Telemundo programming and local news production into the new markets, requiring careful management of resources and cultural sensitivity.
Competitive Landscape
Increased competition in the US Hispanic media market, particularly from digital platforms and other Spanish-language networks, will likely pressure Gray to continually innovate its content and distribution strategies.
Content Costs
The rising costs of producing local news and securing rights to major sporting events like the FIFA World Cup and Super Bowl could impact Gray’s profitability and necessitate further operational efficiencies.

Gray Media Extends Royals Broadcast Deal, Signals Midwest Focus

Event summary

  • Gray Media has renewed its broadcast partnership with the Kansas City Royals for the 2026 season.
  • The agreement will broadcast select Royals games in up to 18 markets across 8 states, free over-the-air.
  • The Royals' home opener on March 30th will be broadcast free, marking the first time since 2007.
  • KCTV5 will broadcast ten regular season games throughout the 2026 season.
  • The partnership includes highlighting the Royals' community outreach initiatives.

The big picture

This partnership extension underscores Gray Media’s focus on local broadcasting and its strategy to leverage free over-the-air channels to combat cord-cutting. The deal, while not massive in terms of overall revenue for Gray (which operates across 113 markets), demonstrates a commitment to maintaining a presence in key regional markets and providing accessible sports content. The Royals’ willingness to partner again suggests a mutually beneficial arrangement, though the financial terms remain undisclosed.

What we're watching

Regional Strategy
Gray Media's continued investment in Midwest markets suggests a deliberate strategy to capture local audience share, potentially at the expense of national streaming services.
Cord-Cutting
The free over-the-air broadcasts are a direct response to cord-cutting trends, aiming to retain viewers who are abandoning traditional cable subscriptions.
Advertising Revenue
The extent to which Gray Media can monetize these free broadcasts through local advertising will be a key indicator of the partnership's overall financial success.

Gray Media Appoints Santiago to Lead Missouri, Kentucky Stations

Event summary

  • Kristy Santiago has been named General Manager of KFVS (CBS and CW) in Cape Girardeau, Missouri and WQWQ-LD (Telemundo) in Paducah, Kentucky.
  • Santiago previously served as General Manager of KION, KMUV, and KCBA in Monterey, CA.
  • She has decades of experience in television station management and sales operations, including launching Telemundo, CW, and FOX affiliations.
  • Gray Media, Inc. (NYSE: GTN) owns KFVS and operates in 113 markets reaching approximately 37% of US television households.

The big picture

The appointment of Santiago signals Gray Media’s continued focus on strengthening its local broadcasting assets, a core strategy for maintaining market share in a fragmented media landscape. With Gray Media owning a significant portion of US local television stations, the GM role is a critical position for driving revenue and operational performance. Santiago's background in launching new network affiliations suggests a willingness to experiment with programming and distribution models.

What we're watching

Operational Integration
Santiago's experience across multiple networks and markets suggests a focus on operational efficiencies; the degree to which she can streamline KFVS and WQWQ-LD will be a key indicator of success.
Revenue Diversification
Given Gray Media’s push into digital marketing, Santiago’s ability to integrate digital revenue streams into the KFVS and WQWQ-LD operations will be crucial for long-term growth.
Market Dynamics
The performance of KFVS and WQWQ-LD will be heavily influenced by the broader economic conditions in the Cape Girardeau and Paducah markets, and Santiago’s local engagement will be a factor in navigating these challenges.
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