Gray Reports Q1 Revenue of $768M, In Line with Expectations
Written by Emily J. Thompson, Senior Investment Analyst
Updated: May 07 2026
0mins
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."
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Analyst Views on GTN
Wall Street analysts forecast GTN stock price to rise
4 Analyst Rating
3 Buy
1 Hold
0 Sell
Strong Buy
Current: 4.020
Low
5.50
Averages
7.25
High
10.00
Current: 4.020
Low
5.50
Averages
7.25
High
10.00
About GTN
Gray Media, Inc. is a multimedia company. The Company owns local television stations and digital assets serving approximately 120 full-power television markets in the United States. The Company's portfolio includes 81 markets with television stations and 103 markets, as well as the Telemundo Affiliate group with 47 markets. The Company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Its 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. Its brands include Gray Digital Media, Gray Sports Networks, Local News Live, Assembly, InvestigateTV, Raycom Sports, PowerNation Studios, Tupelo Honey, Gray Washington News Bureau, and Telemundo.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Gray Media Stations Win 93 Regional Edward R. Murrow Awards
- Significant Awards: Gray Media's 41 local television stations collectively earned 93 Edward R. Murrow Awards, highlighting their excellence in journalism and reinforcing the company's leadership in the local news market.
- Outstanding Performers: WVUE in New Orleans led with nine awards, followed closely by WMTV in Wisconsin with six, demonstrating the strong impact these stations have in local news reporting.
- Diverse Honors: The awards included four for Overall Excellence and eleven for Investigative Reporting, indicating Gray Media's ongoing commitment to high-quality journalism, which enhances public trust in their news content.
- National Competition Opportunity: The regional awards position Gray's winning stations for the national competition, further elevating their brand image and potentially attracting more advertising revenue, thus promoting future business growth.
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- Acquisition Expansion: Gray Media has recently completed the acquisition of television stations in 10 markets from Allen Media Group and expects to finalize remaining transactions with E.W. Scripps and Sagamore Hill in the coming weeks, indicating a proactive approach to market consolidation.
- Soft Advertising Trends: Co-CEO Patrick LaPlatney noted a softness in core advertising trends as the company enters Q2, primarily influenced by tensions in the Middle East and fluctuations in oil prices, leading clients to delay spending commitments and reducing visibility into near-term advertising demand.
- Revenue Decline: CFO Jeff Gignac reported a $4 million decline in net retransmission revenue in Q1 2026 compared to the same period last year; however, the company still expects full-year net retransmission revenue growth to remain in the low single-digit range, indicating confidence in future revenue stability.
See More
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- Sales Leadership Achievements: As the Director of Sales at WFIE, Jamie has been instrumental in driving local direct and digital revenue, significantly improving the station's business performance through strategic partnerships and market development initiatives.
- Community Engagement: Jamie is recognized for her commitment to building authentic relationships within the business community and actively participates in community service, serving as President of the board for Tristate Senior Wishes and coaching several local soccer teams, showcasing her passion and responsibility.
- Educational Background: A graduate of Oakland City University, Jamie's solid educational foundation combined with her extensive industry experience positions her appointment as a significant step for Gray Media in enhancing the competitiveness of local television stations.
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- Lincoln National: Lincoln National is the second-largest holding in Miller Value Partners, comprising nearly 8% of total assets; despite trimming its position by about 3% in Q4 2025, the stock has become attractive due to a more than 20% decline year-to-date, currently offering a dividend yield of 5.24% with a payout ratio below 20%, indicating relatively safe dividend potential.
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See More
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- Market Expansion: Gray Media acquired WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana, further solidifying its influence in these markets while enhancing its market share in Louisiana.
- Counterparty Analysis: Scripps acquired KKTV (CBS) in Colorado Springs and several other stations, indicating its strategic intent to strengthen its presence in Colorado and Idaho, thereby enhancing its competitive positioning.
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See More
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- Strategic Leadership: Known for bridging editorial, technology, and business strategy, she has led enterprise-wide operational transformation efforts and developed AI and digital training programs for thousands of journalists, ensuring the company's competitiveness in the digital age.
- Industry Recognition: Joanie has been named to Forbes 30 Under 30 and Broadcasting & Cable's Digital Dynamos list, showcasing her influence and leadership capabilities within the media industry.
See More
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- Significant Awards: Gray Media's 41 local television stations collectively earned 93 Edward R. Murrow Awards, highlighting their excellence in journalism and reinforcing the company's leadership in the local news market.
- Outstanding Performers: WVUE in New Orleans led with nine awards, followed closely by WMTV in Wisconsin with six, demonstrating the strong impact these stations have in local news reporting.
- Diverse Honors: The awards included four for Overall Excellence and eleven for Investigative Reporting, indicating Gray Media's ongoing commitment to high-quality journalism, which enhances public trust in their news content.
- National Competition Opportunity: The regional awards position Gray's winning stations for the national competition, further elevating their brand image and potentially attracting more advertising revenue, thus promoting future business growth.
See More
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- Target Price Cut: Guggenheim analyst Curry Baker lowered Gray Media's (GTN) price target from $8 to $7 while maintaining a Buy rating, reflecting a cautious outlook following the company's Q1 results and guidance.
- Acquisition Expansion: Gray Media has recently completed the acquisition of television stations in 10 markets from Allen Media Group and expects to finalize remaining transactions with E.W. Scripps and Sagamore Hill in the coming weeks, indicating a proactive approach to market consolidation.
- Soft Advertising Trends: Co-CEO Patrick LaPlatney noted a softness in core advertising trends as the company enters Q2, primarily influenced by tensions in the Middle East and fluctuations in oil prices, leading clients to delay spending commitments and reducing visibility into near-term advertising demand.
- Revenue Decline: CFO Jeff Gignac reported a $4 million decline in net retransmission revenue in Q1 2026 compared to the same period last year; however, the company still expects full-year net retransmission revenue growth to remain in the low single-digit range, indicating confidence in future revenue stability.
See More
Gray Media Appoints Jamie Bremer as WFIE General Manager
- New General Manager: Gray Media has appointed Jamie Bremer as the General Manager of WFIE, the NBC affiliate in Evansville, Indiana, effective immediately, leveraging her 13 years of experience across various roles to enhance leadership at the station.
- Sales Leadership Achievements: As the Director of Sales at WFIE, Jamie has been instrumental in driving local direct and digital revenue, significantly improving the station's business performance through strategic partnerships and market development initiatives.
- Community Engagement: Jamie is recognized for her commitment to building authentic relationships within the business community and actively participates in community service, serving as President of the board for Tristate Senior Wishes and coaching several local soccer teams, showcasing her passion and responsibility.
- Educational Background: A graduate of Oakland City University, Jamie's solid educational foundation combined with her extensive industry experience positions her appointment as a significant step for Gray Media in enhancing the competitiveness of local television stations.
See More
Bill Miller's High-Yield Stock Investments
- Miller's Investment Strategy: Bill Miller is renowned for his unique deep value investment strategy, having outperformed the S&P 500 for 15 consecutive years, showcasing his exceptional ability to identify overlooked investment opportunities; although his son, Bill Miller IV, now manages the fund, Miller still retains a stake, ensuring the continuity of his investment philosophy.
- Lincoln National: Lincoln National is the second-largest holding in Miller Value Partners, comprising nearly 8% of total assets; despite trimming its position by about 3% in Q4 2025, the stock has become attractive due to a more than 20% decline year-to-date, currently offering a dividend yield of 5.24% with a payout ratio below 20%, indicating relatively safe dividend potential.
- Gray Media: As the third-largest holding in Miller Value Partners, Gray Media saw a 12% increase in its stake in Q4 2025; despite its stock price plummeting over 80% from its 2021 peak, its 7.71% high dividend yield continues to attract investors, although its 74% payout ratio raises concerns about sustainability.
- Quad/Graphics Performance: Quad/Graphics ranks as the fifth-largest holding in Miller Value Partners, with a 4.4% increase in position in Q4 2025; the stock has more than doubled over the past three years, currently offering a 5.5% dividend yield, and after cutting dividends from 2019 to 2024, it has recently begun to increase payouts, indicating improved financial health.
See More
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- Completion of Asset Swap: Gray Media has finalized a cash-free asset exchange with E.W. Scripps Company, involving television stations across five mid-sized and small markets, marking the execution of their agreement announced in July 2025.
- Market Expansion: Gray Media acquired WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana, further solidifying its influence in these markets while enhancing its market share in Louisiana.
- Counterparty Analysis: Scripps acquired KKTV (CBS) in Colorado Springs and several other stations, indicating its strategic intent to strengthen its presence in Colorado and Idaho, thereby enhancing its competitive positioning.
- Increased Market Coverage: As of May 15, 2026, Gray Media serves 117 full-power television markets, reaching approximately 37% of U.S. television households, further solidifying its status as the largest owner of local television stations and digital assets in the nation.
See More
Gray Media Appoints Joanie Vasiliadis as Senior Vice President for Transformation
- Executive Appointment: Gray Media announced that Joanie Vasiliadis will join as Senior Vice President for Transformation on June 1, 2026, aiming to accelerate the company's digital transformation and enhance efficiency in content gathering, creation, workflow, and distribution.
- Extensive Experience: Joanie brings over a decade of experience in driving growth across digital, streaming, and broadcast platforms, having served as Vice President of Content at TEGNA, overseeing content strategy and operations for 64 brands, focusing on newsroom modernization and platform growth.
- Strategic Leadership: Known for bridging editorial, technology, and business strategy, she has led enterprise-wide operational transformation efforts and developed AI and digital training programs for thousands of journalists, ensuring the company's competitiveness in the digital age.
- Industry Recognition: Joanie has been named to Forbes 30 Under 30 and Broadcasting & Cable's Digital Dynamos list, showcasing her influence and leadership capabilities within the media industry.
See More
