Gray Media Reports Q1 Revenue of $769M-$775M, Consensus $765.16M

Gray Media expects Q1 revenue of $769M-$775M, beating consensus of $765.16M. The company repurchased $7.7 million in outstanding 5.875% senior notes due 2026 and made amortization payments on its term loans. Gray also expects a non-cash impairment charge of approximately $29 million related to intangible assets associated with its Atlanta station, WANF.

Gray Media, Inc. (NYSE: GTN), a leading multimedia company, has updated its financial guidance for the second quarter of 2025. The company expects total revenue to fall between $769 million and $775 million, which represents a 6-7% decline from the $826 million reported in the same period last year [2]. This projection is slightly higher than the consensus estimate of $765.16 million [3].

Significant developments during the quarter include the repurchase of $7.7 million in outstanding 5.875% senior notes due in 2026, and amortization payments on its term loans totaling $15 million. These actions are part of the company's ongoing efforts to strengthen its balance sheet and enhance financial flexibility [2].

Additionally, Gray Media expects to record a non-cash impairment charge of approximately $29 million in the second quarter of 2025. This charge is related to intangible assets associated with its Atlanta station, WANF, which will cease its CBS network affiliation on August 16, 2025. This transition is expected to result in a substantial revenue reduction due to lower viewership and advertising [2].

The company's updated guidance highlights the cyclical nature of political advertising revenue, which is expected to decline by 81% to $8-9 million from $47 million in the previous year. Core advertising is also projected to decline by 3-4%, indicating potential broader advertising market weakness [3].

In summary, Gray Media's Q2 2025 guidance points to concerning revenue trends, with total revenue projected to decline 6-7% year-over-year. The company's debt management actions and expected impairment charge will be closely watched by investors as they provide insight into the company's financial health and strategic direction.

References:
[1] https://www.gurufocus.com/news/2962346/wp-carey-wpc-launches-400m-senior-notes-offering
[2] https://www.globenewswire.com/news-release/2025/07/08/3111757/0/en/Gray-Media-Updates-Second-Quarter-2025-Guidance-and-Provides-an-Update-on-Certain-Developments-During-the-Quarter.html
[3] https://www.stocktitan.net/news/GTN/gray-media-updates-second-quarter-2025-guidance-and-provides-an-bs2bpuvvrpvl.html