Gray Media's TV Stations Dropped by Dish Network
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."
Trade with 70% Backtested Accuracy
Analyst Views on GTN
About GTN
About the author

- New Investment Position: Miller Value Partners initiated a new position in Dauch Corporation by acquiring 1,734,780 shares during Q4 2025, with an estimated transaction value of $11.12 million, reflecting confidence in the automotive supplier's growth potential.
- Asset Allocation Increase: This transaction accounts for 3.92% of Miller Value Partners' reportable assets, indicating a strategic diversification within its investment portfolio.
- Strong Stock Performance: Dauch's shares have risen 52.6% over the past year, outperforming the S&P 500 by 40.84 percentage points, demonstrating its competitive edge and investment appeal in the market.
- Future Growth Expectations: Dauch anticipates nearly doubling its revenue in fiscal 2026 to a range of $10.3 billion to $10.7 billion, with adjusted EBITDA targeted at $1.3 billion to $1.4 billion, showcasing robust growth prospects and market confidence.

Connection of Stations: Echos Star Corp has decided to connect certain stations after Dish refused to accept a reasonable rate increase.
Rate Increase Dispute: The refusal from Dish highlights ongoing tensions regarding acceptable rate increases in media partnerships.
- Partnership Overview: The Cincinnati Reds have entered a two-year agreement with Gray Media to simulcast 10 regular-season games on free over-the-air television, with the first game scheduled for Opening Day on March 26.
- Broad Coverage: This partnership allows Reds games to be broadcast on Gray Media stations across 17 communities, including Ohio, Kentucky, and Indiana, significantly enhancing the team's local visibility and fan engagement.
- Enhanced Media Support: Fans will benefit from expanded coverage on WXIX Fox19, where award-winning reporters from the FOX19 Sports Team will provide in-depth analysis and reporting, further elevating the team's brand image.
- Strategic Implications: This initiative not only offers fans a more accessible viewing option but also highlights the strong partnership between the Reds and Gray Media, which is expected to attract more viewers and enhance the team's market value.
- Revenue and Expense Beat: Gray Media reported total revenue of $792 million and operating expenses of $618 million for Q4 2025, both exceeding prior guidance, demonstrating effective financial management and potential for future growth.
- Significant Decline in Broadcasting Costs: Broadcasting expenses decreased by $41 million compared to Q4 2024 and by $78 million for the full year, indicating substantial progress in cost control that enhances overall profitability.
- Net Retransmission Revenue Recovery: Net retransmission revenue returned to growth in Q4 2025, stabilizing at $547 million, reflecting a rebound in market demand and laying a foundation for future revenue stability.
- Strategic Investments and Expansion: Gray Media completed the $25 million acquisition of WBBJ-TV and plans to leverage the political advertising cycle to drive $25 million to $30 million in ad revenue for Q1 2026, showcasing proactive market expansion and capital management strategies.
- Quarterly Dividend Announcement: Gray Media has declared a quarterly dividend of $0.08 per share, consistent with previous distributions, indicating the company's ongoing ability to maintain stable cash flow, which is likely to attract income-seeking investors.
- Dividend Yield: The forward yield of 6.74% reflects the company's attractiveness in the current market environment, potentially increasing investor interest in its stock.
- Payment Schedule: The dividend will be payable on March 31, with a record date of March 13 and an ex-dividend date also on March 13, ensuring shareholders receive timely returns and bolstering shareholder confidence.
- Financial Performance Beats Expectations: Gray Media reported a GAAP EPS of -$0.24, beating expectations by $0.09, and revenue of $792 million, exceeding forecasts by $12 million, demonstrating the company's effectiveness in revenue growth and cost control, which may instill confidence in future investors.






