One of the largest owners of local television stations in the United States, this Atlanta-based broadcaster operates in well over a hundred markets. It grew out of a Georgia newspaper: James Gray bought the Albany Herald in 1946 and launched the station WALB-TV in 1954. Once called Gray Communications and then Gray Television, the company renamed itself Gray Media in 2025 to reflect a shift beyond traditional broadcasting.
Political ad revenue rose to $83M and a preferred-stock repurchase gain lifted Gray Media to net income of $14M after a year-ago loss.
Political advertising returned, and with it, profitability. rose 8.7% to $839 million and climbed 66% to $136 million as political ad spending reached $83 million, up from $9 million a year earlier, while a $20 million gain from repurchasing preferred stock below face value helped swing the to net income of $14 million from a $56 million loss. The core business remains under pressure from subscriber losses, but the election cycle is rebuilding earnings power.
Key takeaways
Political advertising rose to $83 million from $9 million a year earlier, the primary driver of the 8.7% increase in total revenue to $839 million, as the company entered the on-year of the two-year election cycle.
rose 66% to $136 million and widened 5.6 points to 16.2%, as the increase in high-margin political flowed through with only a modest rise in costs.
attributable to common stockholders was $14 million, or $0.21 , compared with a $56 million loss a year earlier, aided by a $20 million from repurchasing $50 million face value of Series A Perpetual Preferred Stock for $30 million.
Section summaries
Legal Proceedings
Gray Media Q2 2026 revenue up 8.7% to $839M; common EPS $0.21 vs -$0.71
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Total rose 8.7% in Q2 2026 to $839 million, as political advertising jumped to $83 million from $9 million and production companies revenue increased to $26 million from $18 million; revenue declined to $359 million from $369 million.
Retransmission consent fell 3% to $359 million, as subscriber losses and the distribution dispute that began in Q1 continued to weigh on the .
rose to $123 million from $31 million a year earlier, and turned positive at $106 million after a negative $6 million in the prior-year period, as political ad collections boosted cash generation.
principal rose to $5.808 billion from $5.580 billion a year earlier, reflecting $264 million spent on station acquisitions in the first half of 2026, partially offset by debt repayments.
What changed
The distribution dispute flagged in Q1 2026 continued to pressure retransmission consent , which fell to $359 million from $369 million a year earlier, though the rate of decline moderated from the $40 million drop recorded in Q1.
Core advertising , which the prior quarter flagged as benefiting from an estimated $25 million in combined Winter Olympics and Super Bowl ad spending, was not separately disclosed in Q2; total revenue growth was driven almost entirely by political advertising.
The interest-rate caps that expired in December 2025 remained absent, and the company did not report replacing them, leaving its floating-rate exposure unhedged on $5.8 billion in debt.
The station acquisitions announced in prior quarters — WBBJ, Allen 3, Allen 7, Block, and SGH — closed during the first half of 2026, contributing to the $264 million in acquisition spending and the rise in principal to $5.867 billion.
What to watch
Political advertising in Q3 2026, the peak quarter of the midterm election cycle, and whether the full-year total approaches the $500 million recorded in the 2024 presidential cycle.
Resolution of the distribution dispute that has depressed retransmission consent for two consecutive quarters, and the pace of underlying subscriber losses once any settlement is reached.
Core advertising trajectory in Q3 2026, now that Winter Olympics and Super Bowl comparisons have fully passed, to gauge whether the non-political business can grow organically.
for the second half of 2026, given the $5.8 billion debt load, the absence of interest-rate caps, and the $450 million in expected interest payments over the next twelve months.
Q2 attributable to common stockholders was $21 million, or $0.21 , compared with a $69 million loss a year earlier, aided by a $20 million from repurchasing 50,000 shares of Series A Perpetual with a $50 million face value for $30 million.
For the first six months of 2026, fell to $124 million from $163 million, and cash declined to $176 million from $368 million at year-end, largely due to $264 million spent on television station acquisitions.
The company completed multiple station acquisitions in the first half of 2026, including WBBJ, Allen 3, Allen 7, Block, and SGH, and a non-cash station swap with Scripps that resulted in a $22 million loss; six-month was $1,670 million.
Total principal increased to $5,867 million from $5,810 million; the company issued $70 million of additional 2033 1L Notes and had $745 million of borrowing availability under its .
No or intangible asset impairments were recognized in the six months ended June 30, 2026, and management states that legal contingencies are not expected to materially affect financial position, results of operations, or cash flows.
In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors that affect our business and financial results that are discussed in Part I, Item 1A, of our 2025 Form 10-K. These factors could materially advers…
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In addition to the other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the risk factors that affect our business and financial results that are discussed in Part I, Item 1A, of our 2025 Form 10-K. These factors could materially adversely affect our business, financial condition, liquidity, results of operations and capital position, and could cause our actual results to differ materially from our historical results or the results contemplated by the forward-looking statements contained in this report. There have been no material changes to such risk factors.