The broadcaster reported first-quarter revenue at the high end of guidance, driven by outperforming political and core advertising segments.
Gray Media reported first-quarter revenue of $768 million, matching the top of its guidance range, as core and political advertising exceeded expectations. Adjusted EBITDA reached $154 million, while net loss attributable to common stockholders totaled $33 million.
The company noted softening core advertising for Q2 but expects political ad revenue to remain robust at $60 million to $70 million. Digital revenue continues to grow in the high teens, though management guided for a mid-single-digit year-over-year decline in core ads.
Gray resolved its Dish retransmission dispute and anticipates no further negotiations through 2026. The company also highlighted over $1 billion in liquidity and a strong M&A pipeline, with expectations of elevated political spending in the 2026 midterms.