Gray Media

What Gray Media does

Gray Media (NYSE: GTN; legal name Gray Local Media, Inc.) is the largest owner of local television stations in the United States, operating 120 full-power television markets that reach approximately 37% of U.S. television households. Founded in 1897 and headquartered in Atlanta, the company runs ABC, CBS, FOX, NBC, CW, MyNetworkTV, and Telemundo affiliates across markets ranging from major metros (Atlanta, Phoenix, Tampa-Sarasota, Cleveland, Charlotte) to small communities (Ottumwa, Fairbanks, North Platte), and employs approximately 10,000 people. The company rebranded from Gray Television to Gray Media in 2021 following the transformative $2.7 billion acquisition of Meredith Corporation's Local Media Group.

The company operates an integrated broadcast, digital, and streaming platform underpinned by technology partnerships with Google Cloud AI, Quickplay, Madhive, Aristotle, Kiswe, and Nielsen. Its AI-powered streaming platform consolidates 1,300 digital touchpoints across 163 websites, 326 mobile apps, and 815 CTV applications, managing 269 live channels and 123 FAST channels. Internal AI tools include 'ask grAI' (a proprietary LLM-trained assistant used by all employees) and Quickplay's Social Signals AI for automated content clipping. Specialized sub-brands include Raycom Sports and Gray Sports Networks for sports production and broadcast rights, Assembly Studios (a 19-stage production facility in Doraville, Georgia), Tupelo Honey for entertainment production, InvestigateTV for investigative journalism, Gray Digital Media for digital advertising, Gray Washington News Bureau for national political coverage, and 44 Telemundo affiliates serving Hispanic audiences.

Revenue is generated across five primary streams: core local and national television advertising ($352M in Q1 2026), retransmission consent fees from MVPDs ($142M in Q1 2026, declining due to cord-cutting), political advertising (expected $60-70M in Q2 2026 driven by midterms), digital advertising (powered by Political 360/Aristotle and Madhive partnerships), and production/content licensing through Assembly Studios and Tupelo Honey ($105M full-year 2024). Q1 2026 revenue totaled $768M, full-year 2024 revenue was $3.64B, and the company carried $5.8B in debt as of Q4 2025. The go-to-market motion is sales-led across field sales (enterprise advertisers, sports teams), inside sales (mid-market advertisers), and direct-to-consumer streaming apps. Recent strategic moves include acquisitions of Allen Media Group ($171M) and Block Communications ($80M) stations in early 2026, expanding the portfolio to 120 markets.

Name

Gray Media

Legal name

Gray Local Media, Inc.

Website

https://graymedia.com

Company type

Public

Founded year

1897

Operating status

Operating

Headcount range

5,001–10,000 employees

Short description

Gray Media (NYSE: GTN) is the largest U.S. owner of local television stations, operating 120 full-power markets reaching 37% of American households. It generates revenue through broadcast advertising, retransmission fees, political ads, digital streaming, and sports production across integrated broadcast, digital, and AI-powered streaming platforms.

Ownership category

akta.pro rank

Product category

Broadcast Television Services

NAICS

Television Broadcasting Stations (51612), Television Broadcasting Stations (516120)

SIC

Television Broadcasting Stations (4833)

akta.pro primary industry

National General-Entertainment Broadcast Networks (MPABAAAA)

akta.pro secondary industries

National & Regional Sports TV Networks (Linear) (MPABAJAA), Direct-to-Consumer (DTC) Sports Streaming Platforms (MPAKAOAA), Direct-to-Consumer (DTC) Network/Studio Streaming Channels (MPABAHAG)

Keywords

• Local television broadcasting
• Broadcast advertising sales
• Retransmission consent revenue
• Political advertising targeting
• Streaming platform services

Headquarters

HQ city

Atlanta

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Revenue model

1. Core Advertising Revenue: Local and national television advertising revenue from Gray Media's 120+ television markets. Core advertising revenue was $352 million in Q1 2026, rising 2% year-over-year.
2. Retransmission Consent Revenue: Fees paid by multichannel video programming distributors (MVPDs) for the right to carry Gray's broadcast signals. Net retransmission revenue was $142 million in Q1 2026, declining 3% due to MVPD subscriber trends.
3. Political Advertising: Political advertising revenue expected to be $60-70 million in Q2 2026, benefiting from the significant 2026 midterm election cycle. The company guided Q2 2026 revenue of $780-$800 million.
4. Digital Revenue: Digital revenue from Gray Media's extensive digital assets including streaming, programmatic advertising, and data-driven advertising solutions like Political 360 and Madhive partnerships.
5. Production/Content Revenue: Revenue from Assembly Studios' 19-stage production facility in Doraville, Georgia, which is 70% occupied with production company revenue of $105 million for full-year 2024.

Pricing tiers

Go-to-market motion2 records

Distribution channels5 records

Marketing channels7 records

Core offering

Gray Media owns and operates local television stations across 113-120 designated market areas (DMAs), reaching approximately 37% of U.S. television households, as the nation's largest local TV station owner. The company sells broadcast advertising (local, national, political) and earns retransmission consent fees from MVPDs, while expanding into streaming, digital advertising, and sports production through sub-brands like Raycom Sports, Assembly Studios, Gray Sports Networks, and an AI-powered streaming platform built with Google Cloud and Quickplay.

Product overview

Gray Media operates as a multimedia company and the nation's largest owner of local television stations (113+ DMAs reaching 37% of U.S. TV households), offering a unified platform-plus-services model. The core product is its station portfolio spanning ABC, CBS, FOX, NBC, CW, MyNetworkTV, and Telemundo affiliates across markets from Atlanta and Phoenix to Ottumwa and Fairbanks. Supporting this core are specialized sub-brands: Gray Sports Networks and Raycom Sports for sports production and broadcast rights; Assembly Studios (19-stage production facility); Tupelo Honey for entertainment production; InvestigateTV for investigative journalism; Local News Live for collaborative coverage; Gray Washington News Bureau for national political coverage; Gray Digital Media for digital advertising; PowerNation Studios; and Aging Untold for lifestyle content. The platform integrates Political 360 (Aristotle-powered political advertising), the AI-driven streaming platform (Google Cloud/Quickplay), Madhive omnichannel advertising solution (with Maverick AI), and the internal 'ask grAI' assistant for newsroom workflow automation.

Differentiator

Problem solved

Functional benefit

Brands

• Gray Digital Media: Digital advertising technology and data-driven campaign tools partner
• Gray Innovation Lab
• Tupelo Honey
• Aging Untold
• Raycom Sports
• Gray Sports Networks
• Gray Telemundo Stations
• InvestigateTV
• Local News Live
• Assembly Studios
• PowerNation Studios
• Gray Washington News Bureau

Products and services

• Gray Media Television Stations Portfolio of 110+ local television stations spanning 113-120 DMAs across the U.S., affiliated with major broadcast networks (ABC, CBS, FOX, NBC, CW, MyNetworkTV, Telemundo), serving markets from large metros (Atlanta, Phoenix, Tampa-Sarasota, Cleveland, Charlotte) to small markets (Ottumwa, Fairbanks, North Platte). The stations deliver local news, weather, sports, and entertainment programming to advertisers and viewers.
• Gray Sports Networks Gray's broadcast sports network division producing and distributing regional sports content across multiple platforms including Peachtree Sports Network, Palmetto Sports & Entertainment, and Gulf Coast Sports & Entertainment Network (GCSEN), with partnerships including FanDuel Sports Network.
• Raycom Sports End-to-end live sports production division providing broadcast production services for regional sports including BravesVision, college athletics, and professional team partnerships, producing game broadcasts across 24 markets and six states.
• Assembly Studios 19-stage production facility in Doraville, Georgia, 70% occupied with production company clients, generating $105 million in production company revenue for full-year 2024; produces content for external clients.
• Gray Media Streaming Platform AI-powered next-generation streaming platform built with Google Cloud AI and Quickplay. Consolidates 1,300 digital touchpoints (163 websites, 326 mobile apps, 815 CTV apps) managing 269 live channels and 123 FAST channels across 113 markets, delivering hyper-personalized content and reduced infrastructure costs.
• Political 360 Digital advertising solution for political campaigns powered by Aristotle's political and consumer data. Integrates National Voter File (235M+ voters) and National Consumer File (267M+ records) for precise voter targeting across digital channels, reducing wasted impressions.
• Arizona's Family Sports App Direct-to-consumer streaming app for Phoenix Suns and Phoenix Mercury broadcasts, built in partnership with Kiswe. First NBA/WNBA team pair to offer games under a single broadcast partner across both over-the-air and streaming platforms.
• Gray Telemundo Stations 44 Telemundo affiliate stations serving the U.S. Hispanic community with local Spanish-language news and content, reaching over 1.6 million Hispanic TV households.
• InvestigateTV Investigative journalism brand producing in-depth investigative reports distributed across Gray's station network, recognized with National Emmy and Investigative Reporters and Editors (IRE) honors.
• Local News Live Collaborative local news platform enabling Gray stations to share content and coverage across markets for national stories with local impact.
• Tupelo Honey Sports and entertainment production company delivering content from concept to creation for screens large and small, connecting audiences to athletes, artists, and brands.

Quantifiable outcome

• Phoenix Suns games averaged 110,000 viewers per game during 2025-26 season, ranking top four in NBA in local household viewership
• +4 more outcomes

Named customers10 records

Segments5 records

Ideal customer profiles1 record

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration4 records

AI capability10 records

Feature4 records

Scale indicators11 records

Recent moves10 records

Expansion highlights6 records

Market position

Competitive moat6 records

Key highlights7 records

Customer concentration

• Xx.com/GrayTelevision
• Facebookfacebook.com/GrayTelevision
• LinkedInlinkedin.com/company/gray-media

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries8 records

Funding overview

Funding rounds5 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A10 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Gray Media