Gray Media, Inc.
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ROIC.AI
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- Gray Media, Inc. is a multimedia and broadcasting company primarily engaged in owning and operating top-rated local television stations and digital assets across the United States. Its core products and services comprise the ownership and operation of 113 television markets reaching approximately 37 percent of US television households, with 78 markets featuring the top-rated television station and 99 markets delivering either the first or second highest-rated station during 2024. The company also operates secondary digital channels affiliated with major networks including ABC, CBS, NBC, FOX, CW Plus Network, MY Network, MeTV Network, Circle, Telemundo, THE365, and Outlaw. Additional media properties under Gray include full-service digital marketing agency Gray Digital Media offering national and local clients advanced digital strategies and products, video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, as well as studio production facilities Assembly Atlanta and Third Rail Studios. Gray also creates and manages over-the-air regional sports networks such as Palmetto Sports & Entertainment, Tennessee Valley Sports Entertainment, and Silver State Sports & Entertainment. The company’s broadcasting operations cover diverse U.S. geographic regions including major cities such as Nashville, Knoxville, Chattanooga, Memphis, and markets in Missouri, Illinois, Indiana, Kentucky, Mississippi, Alabama, and Texas. Founded in 1946 and headquartered in Atlanta, Georgia, Gray Media continues to expand its footprint through strategic acquisitions and partnerships. Recently, Gray Media has undertaken several major strategic movements reflecting growth and operational enhancement. In August 2025, it agreed to acquire ten television stations from Byron Allen’s Allen Media Group for $171 million, entering three new markets—Columbus-Tupelo in Mississippi, Terre Haute, and West Lafayette in Indiana—while creating 11 new duopolies subject to regulatory approvals. In July and August 2025, the company also announced agreements to acquire stations WLTZ and KJTV-TV from SagamoreHill Broadcasting and stations owned by Block Communications for $80 million, with regulatory approval pending. Additionally, Gray secured significant refinancing transactions including $900 million of second-lien notes due 2032 and $775 million of first-lien notes due 2033, alongside increased revolving credit availability of $750 million. Gray further expanded its sports broadcasting with a multi-year agreement to air Ohio Valley Conference basketball across 20 Gray markets and nationally simulcast on ESPN+. The company reported strong third-quarter 2025 financial results with $749 million in revenue and $162 million in Adjusted EBITDA. It also promoted key leadership, such as elevating Nick Hasenecz to General Manager of WNDU in South Bend, Indiana, effective December 2025. These strategic expansions and financial maneuvers reinforce Gray Media's position as a leading multimedia broadcaster and digital media service provider in the U.S. market.
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