GTN News & Events

Gray Media sees 2026 revenue $780M-$800M, consensus $796.95M

Reports Q1 revenue $768M, consensus $768.05M. CEO Hilton Howell, Jr. commented, "Our Q1 2026 results were solid, with Core Advertising exceeding our guidance and Political revenue at the high end of our guidance range. A recently resolved dispute with a distribution partner impacted our Net Retransmission Revenue for the quarter. With all scheduled 2026 retransmission negotiations now complete and the improvement in underlying MVPD subscriber trends, we now have visibility on our growth in Net Retransmission Revenue for full year 2026. While we are seeing some softness in core advertising in Q2, we are optimistic that, as the largest owner of top-rated local television stations and a footprint covering most of the competitive races, we will again capitalize on a strong mid-term political cycle. We were thrilled to have added new stations in four new markets during Q1...We are strengthening our market position through innovative sports partnerships - including airing 19 MLB teams across our 16 broadcast sports networks this year - while continuing to focus on the balance sheet, evaluating accretive M&A opportunities, and attracting the best and brightest talent to Gray."

The Federal Communications Commission has approved Gray Television's acquisition of three Allen Media stations, rejecting DIRECTV's petition to deny and dismissing several other objections. "The Video Division, Media Bureau has before it the above-referenced applications seeking consent to the assignment of the licenses of broadcast television stations WLFITV, Lafayette, Indiana; WTHI-TV, Terre Haute, Indiana; and WTVA, Tupelo, Mississippi, from subsidiaries of Allen Media to Gray Television Licensee. DIRECTV filed a petition to deny the Applications... Finally, based on our own review of the Applications and the record in this matter, we find that the Applications fully comply with the Commission's rules. In addition, we have not identified any other issues or potential public interest harms that would require further consideration. We therefore conclude that grant of the Applications would serve the public interest. Accordingly, IT IS ORDERED... that the Applications, seeking consent to assignment of the licenses of broadcast television stations WLFI-TV, Lafayette, Indiana; WTHI-TV, Terre Haute, Indiana; and WTVA, Tupelo, Mississippi, from subsidiaries of Allen Media, LLC, to Gray Television Licensee, LLC, ARE GRANTED," it said.

Gray Media's television stations have been dropped by Dish Network, announced Gray, which added: "Gray's track record for fair and reasonable distribution negotiations is undisputed in the industry. Gray has never had its signals dropped by a satellite operator, and its last multimarket cable system dispute lasted just a few days over a decade ago. Dish's action follows the parties spending several months negotiating and nearly reaching agreement on rates, tenure and all other customary terms in a standard new distribution agreement... Despite all this, Gray stands ready to finalize an agreement with Dish and restore its stations to Dish's platform, without the unprecedented provision that it outrageously demands. Absent an immediate resolution of this dispute, Gray will enforce its rights against Dish's bad faith negotiating conduct and will seek restitution for the millions of dollars in damages that Gray has incurred from Dish's repeated, continuing and undisputed breaches of the parties just-expired distribution agreement."