Gray Television

What Gray Television does

Gray Television, operating as Gray Media, Inc., is a publicly traded U.S. broadcast television company (NYSE: GTN) founded in 1992 and headquartered in Atlanta, Georgia. The company owns and operates local television stations across the United States affiliated with NBC, CBS, Fox, and Telemundo networks, providing local news, weather, sports, and entertainment content to viewers. Its portfolio includes core local broadcast stations, regional sports properties (e.g., GCSEN Gulf Coast Sports Entertainment Network, New Orleans Pelicans NBA broadcasts), Spanish-language Telemundo affiliates (including Telemundo 20 in Odessa, TX), and digital assets such as InvestigateTV en Español. Studio infrastructure includes AR/VR graphics, virtual sets, and LED video walls implemented across owned-and-operated stations.

The company's business model is built on three primary revenue streams: local and national advertising sales (both core spot and cyclical political advertising tied to election years), recurring retransmission consent fees paid by MVPDs (cable, satellite, and streaming distributors) for the right to carry Gray station signals, and network affiliation/license fee arrangements. Gray pursues an active M&A-driven growth strategy, including the pending $171 million acquisition of 10 stations from Byron Allen's Media Group (FCC-approved March 2026) and a pending station swap with E.W. Scripps targeting Mountain West markets, while expanding its Telemundo/NBCUniversal partnership to capture Hispanic demographic growth and 2026 sports content (MLB, FIFA World Cup, Super Bowl LX). The company participates in syndicated programming such as 'Front Office Sports Tonight' reaching over 85% of U.S. households across 49 of the top 50 markets. Guggenheim forecasts 2026 revenue of $3.51 billion and adjusted EBITDA of $1.124 billion; Moody's affirmed a B1 Corporate Family Rating reflecting moderate credit risk amid broader broadcast sector challenges.

Name

Gray Television

Legal name

Gray Media, Inc.

Website

https://sutelemundo20.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

1–10 employees

Short description

Gray Television (Gray Media, Inc., NYSE: GTN) is a publicly traded U.S. broadcast television company that owns and operates local NBC, CBS, Fox, and Telemundo-affiliated TV stations across the United States, generating revenue from advertising, retransmission consent fees, and network affiliations, with recent expansion into Hispanic markets and sports broadcasting.

Ownership category

akta.pro rank

Product category

Broadcast Television

NAICS

Television Broadcasting Stations (51612), Radio and Television Broadcasting Stations (5161)

SIC

Television Broadcasting Stations (4833)

akta.pro primary industry

Network-Affiliated Local TV Stations (ABC/CBS/NBC/FOX/CW/Telemundo/Univision, etc.) (MPABACAE)

akta.pro secondary industry

National & Regional Sports TV Networks (Linear) (MPABAJAA)

Keywords

• Local broadcast television
• Television advertising sales
• Network affiliate programming
• Retransmission consent fees
• Regional sports broadcasting

Headquarters

HQ city

Odessa

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Advertising Revenue: Core advertising revenue from local TV spot advertising and national spot advertising. The company faced headwinds from weaker core advertising demand in Q1 2026. Revenue missed estimates in Q4 2025.
2. Retransmission Consent Fees: Fees paid by cable, satellite, and streaming distributors (MVPDs) for the right to broadcast Gray Television's local station signals. The company has faced retransmission disputes, including with Dish Network which removed Gray Media local stations from its customer lineups.
3. Political Advertising: Revenue from political advertising tied to election cycles. Guggenheim forecasts continued debt reduction driven in part by political advertising revenue. The 2026 election cycle (MLB season, FIFA World Cup, Super Bowl LX) is expected to provide tailwinds.
4. Telemundo/NBC Affiliation Fees: Revenue from network affiliation agreements with NBC/Telemundo, including new affiliate stations launched in Dayton, OH, Chattanooga, TN, and Lafayette, LA to serve Spanish-language and sports broadcasting markets.
5. Capital Raises and Debt Issuance: Gray Television completed a $900 million capital raise via an offering and launched a private placement of senior secured second lien notes due 2032 to support its capital structure and M&A activities.

Go-to-market motion1 record

Distribution channels4 records

Marketing channels3 records

Core offering

Gray Television owns and operates local television broadcast stations across the United States, delivering local news, weather, sports, and entertainment programming to viewers in markets nationwide. The company provides advertising inventory to local and national advertisers on its stations, earns retransmission consent fees from MVPDs, and distributes network-affiliated content from NBC, CBS, and Telemundo. Its portfolio includes Spanish-language stations, regional sports networks, and syndicated programs such as Front Office Sports Tonight.

Product overview

Gray Television operates as a multimedia broadcasting company offering a portfolio of local television stations across the United States. The company provides a unified local media platform consisting of NBC and Telemundo affiliated stations, local news programming, sports broadcasting including regional sports networks like GCSEN, and investigative journalism content through InvestigateTV en Español. The product architecture combines core broadcast operations with digital assets and various media production units serving diverse geographic and demographic markets.

Differentiator

Problem solved

Functional benefit

Brands

• Telemundo 20: Spanish-language television station in Odessa/Midland, Texas area operated by Gray Local Media
• InvestigateTV en Español

Products and services

• Local Television Stations Owned-and-operated local TV broadcast stations across the United States providing news, sports, weather, and entertainment content to viewers in various markets.
• NBC Affiliated Stations Local TV stations affiliated with the NBC network, providing national network programming alongside local content to viewers across the United States.
• Telemundo Affiliated Stations Spanish-language local TV stations affiliated with Telemundo, targeting Hispanic audiences and providing sports broadcasting in markets including Dayton, Chattanooga, and Lafayette.
• InvestigateTV en Español Spanish-language investigative journalism unit providing in-depth reporting and investigative stories for Hispanic audiences across Gray Television's station network.
• GCSEN (Gulf Coast Sports Entertainment Network) Accessible local sports network expanding in the Gulf region, providing regional sports content to viewers in the Gulf Coast area.
• Regional Sports Broadcasting Local and regional sports content broadcast on Gray Television stations, including NBA games such as New Orleans Pelicans games, providing over-the-air TV options for sports fans.

Quantifiable outcome

• Q4 2025 revenue exceeded consensus estimates by $12 million and EBITDA exceeded forecasts by nearly $17 million.
• +2 more outcomes

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Five partnerships are on record, tiered flagship and core.

• Front Office Sports / RedBird IMIflagshipChannel Partner/ Reseller/ Distributor · 23 April 2026Gray Television participates as one of the major station groups (alongside Fox, Hearst, Nexstar Media, Sinclair, Scripps, Sunbeam, American Spirit, and Lockwood) in the national syndication of 'Front Office Sports Tonight,' a daily 30-minute TV news program launching September 14, 2026. The show has been cleared in over 85% of U.S. households across 49 of the top 50 markets. Jeff Zucker, CEO of RedBird IMI (majority owner of Front Office Sports), leads the initiative.
• Telemundo / NBCUniversalcoreChannel Partner/ Reseller/ Distributor · 11 April 2026Gray Television expanded its partnership with Telemundo by launching new affiliate stations in Dayton, Ohio; Chattanooga, Tennessee; and Lafayette, Louisiana. The expansion targets Spanish-speaking audiences and major sports events in 2026, including the MLB season, FIFA World Cup, and Super Bowl LX. This builds on Gray's existing NBC/Telemundo affiliation agreements renewed in December 2025.
• E.W. Scripps CompanycoreStrategic or Co-development Partner · 1 January 2026Gray Television has a pending station swap with E.W. Scripps awaiting federal regulatory approval. The swap is intended to strengthen both companies' positions in Mountain West markets. Guggenheim cited this transaction among recent deals expected to drive debt reduction. Combined with Scripps' sale of WRTV to Circle City Broadcasting for $83 million and WFTX to Sun Broadcasting for $40 million.
• NBCUniversalcoreChannel Partner/ Reseller/ Distributor · 23 December 2025Gray Media renewed its NBC station affiliation agreements in December 2025. The company owns multiple local TV stations affiliated with NBC, along with digital assets and various media production units in the United States.
• Allen Media Group (Byron Allen)coreStrategic or Co-development Partner · 1 August 2025Gray Media is purchasing 10 television stations from Byron Allen's Media Group for $171 million, announced in August 2025. The FCC approved license assignments for three stations covering new markets in Columbus-Tupelo, MS; Terre Haute, IN; and West Lafayette, IN. The Justice Department indicated it does not intend to take action on the applications.

Scale indicators6 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Nexstar Media Group: Largest U.S. owner of local TV broadcast stations (CBS/FOX/NBC/ABC affiliates) and operator of The CW; competes directly with Gray in M&A for station groups, national ad sales, and retransmission negotiations.
• Sinclair Broadcast Group: Major U.S. local TV station operator (FOX/CBS/NBC/ABC affiliates) with regional sports networks (Bally Sports); competes head-to-head with Gray for political ad dollars, syndicated content, and station acquisitions.
• Tegna: U.S. local TV station group with NBC/ABC/CBS/FOX affiliations; competes with Gray in mid-size markets for advertisers and has been an active consolidation target in the same broadcast roll-up cycle.
• E.W. Scripps Company: Local broadcast TV station operator (ABC/NBC/CBS/FOX affiliates) currently engaged in a Mountain West station swap with Gray; comparable footprint, scale, and political ad exposure.
• Hearst Television: Privately held local TV station group (NBC/ABC/CBS/FOX affiliates) operating in mid- and large-size markets; partners with Gray in national syndication (Front Office Sports Tonight) and competes for premium inventory and sports rights.
• Cox Media Group: Privately held operator of local TV and radio stations across the U.S.; comparable broadcast-plus-radio footprint and competes with Gray for political and local ad budgets.
• Allen Media Group (Byron Allen): Black-owned operator of local TV stations (ABC/CBS/NBC/FOX affiliates) and The Weather Channel; currently divesting 10 stations to Gray for $171M and remains a comparable mid-market broadcaster.
• Sunbeam Television: Privately held local TV station group (CBS/NBC affiliates) participating in national syndication with Gray; smaller scale but comparable operating model and political ad exposure.

Broad incumbents

• Fox Corporation: Owns the Fox broadcast network and Fox-owned local stations plus Fox Sports; supplies syndicated sports programming (e.g., via partnership in Front Office Sports Tonight distribution) and competes broadly with Gray's sports and station portfolio.

Emerging players

• Standard Media Group: Smaller, PE-backed local TV station operator pursuing a similar consolidation strategy in mid-size U.S. markets; comparable business model and customer base despite smaller footprint.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/CBS7Telemundo20

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries2 records

Funding overview

Funding rounds

Investors

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

M&A

Investments

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

Frequently asked questions about Gray Television