Gray Media Sees Revenue Drop Amid Fox Renewal and Google Streaming Deal

Gray Media, Inc. (NYSE:GTN) reported a 7% decline in total revenue for Q2 compared to the same period last year. However, the company secured a Fox affiliation renewal and a new video streaming deal with Google Cloud. The Fox affiliation extension covers 27 markets, and the Google Cloud deal will provide an end-to-end solution for local streaming. The company's current dividend yield is 5.25% with a closing stock price of $6.09 as of August 28, 2025.

Gray Media, Inc. (NYSE:GTN) reported a 7% decline in total revenue for the second quarter (Q2) of 2025 compared to the same period last year. The company's total revenue stood at $772 million, down from $835 million in Q2 2024. Despite the revenue decline, Gray Media secured a Fox affiliation renewal for 27 markets and a new video streaming deal with Google Cloud. The Fox affiliation extension will enhance Gray Media's local news and entertainment offerings, while the Google Cloud deal will provide an end-to-end solution for local streaming services.

Core advertising revenue decreased by 3% to $361 million, while retransmission consent revenue declined by 1% to $369 million. The company reported a net loss of $69 million, compared to net income of $9 million in Q2 2024. Gray Media also completed significant debt refinancing, including a $900 million offering of 9.625% senior secured notes and a $775 million offering of 7.25% senior secured notes. The company expects core advertising revenue to decline in Q3 2025 compared to Q3 2024, which included $20 million in Olympic Games advertising revenue.

Gray Media's current dividend yield is 5.25%, with a closing stock price of $6.09 as of August 28, 2025. The company's strategic acquisitions and divestitures with Scripps, Sagamore Hill Broadcasting, and Block Communications are expected to close in Q4 2025. These transactions will expand Gray Media's presence into new markets and enhance its local news, weather, and sports programming.

Gray Media's stock price has been volatile in recent months, reflecting the company's ongoing efforts to adapt to the evolving media landscape. The company's ability to secure strategic partnerships and renewals, such as the Fox affiliation and Google Cloud deal, demonstrates its commitment to maintaining a strong position in the local television broadcasting and digital media sectors.

References:
[1] https://www.stocktitan.net/news/GTN/