Gray Media (GTN)
Owns local TV stations, digital ad services, production businesses, and studio facilities.
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Operates a US-focused local television portfolio that sells advertising, digital marketing, and retransmission consent access, with smaller production and studio businesses. Broadcasting dominates the model, shaped by network affiliations, political advertising cycles, FCC licenses, and carriage negotiations.
Anchored in local television stations and station digital assets, the portfolio reaches more than one hundred US markets and includes a sizable Telemundo affiliate group. Revenue comes mainly from advertising, digital marketing, and retransmission consent fees.
Broadcasting is the core segment, supported by Gray Digital Media, production companies, and studio facilities. Acquisitions of Raycom, Quincy, and Meredith local media assets turned the company into a nationwide station group.
Performance depends on local news strength, network-affiliate economics, advertising demand, political cycles, FCC licenses, ownership rules, and retransmission consent negotiations. Voting power is split between common and higher-vote Class A shares.
Company facts
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| May 15, 2026 | Guggenheim | Reiterate | Rating: —Target: $8 | Target: $7 |
| Mar 3, 2026 | Guggenheim | Target | Target: — | Target: $8 |
| Aug 11, 2025 | Barrington Research | Upgrade | ||
| Mar 3, 2025 | Wells Fargo | Upgrade |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $176.0M · Total debt $5.89B · Total assets $10.44B · Shareholders' equity $2.73B
- Revenue
- $839.0M
- Operating income
- $136.0M
- Net income
- $14.0M
HistoryDividendAnnual yield
| Institutions | ≥ 75.86% | 78.12M shares | |
|---|---|---|---|
| 186 holders · as of Jun 30, 2026 | |||
| Insiders | 14.85% | 15.30M shares | |
| 14 holders · as of May 21, 2026 | |||
| Other | ≤ 9.29% | 9.57M shares | |
| remainder | |||
102.98M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Institutional filings for GTN-A (10% of the company) are not on file here, so the institutional figure is a floor.
This company has 2 share classes; every stake here is a share of the whole company.
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Manoj BhargavaInsider | 7.60% | 7.83M | filed Feb 14, 2022 |
Miller Value Partners, LLCInstitution | 7.03% | 7.24M | as of Jun 30, 2026 |
Capital Management Corp /VAInstitution | 6.87% | 7.07M | as of Jun 30, 2026 |
The Capital Management CorporationInstitution | 6.87% | 7.07M | filed Jul 6, 2026 |
BlackRock, Inc.Institution | 6.80% | 7.00M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 19, 2026 | Richard Lee Boger | director | −57,000 | $4.40 |
- Nexstar Media Group
Largest listed station-group rival in local TV and retransmission
- Sinclair
Large local-TV group overlap in ads, retransmission, and digital
- E.W. Scripps
Direct station-group peer in local media and network affiliates
- Fox Class A
FOX O&O stations and network assets overlap with affiliate economics
- Comcast
NBC and Telemundo O&O stations overlap with key Gray affiliations
- Paramount Skydance
CBS O&O stations overlap with Gray's largest affiliation base
- Walt Disney
ABC O&O stations overlap with Gray's ABC-affiliate markets
- Entravision Communications
Spanish-language media peer for local and digital Latino advertising
CompareAfter hours
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Gray Media | $4.65 | 0.00% | $451.2M | — | 2.6 | 0.1 | +8.7% |
| Nexstar Media Group | $167.53 | −0.02% | $5.07B | 31.6 | 5.7 | 0.7 | +62.3% |
| Sinclair | $13.17 | −0.08% | $923.2M | 17.5 | 25.5 | 0.3 | +7.1% |
| E.W. Scripps | $3.12 | −0.48% | $246.0M | — | — | 0.1 | −9.2% |
| Fox Class A | $63.95 | −0.45% | $28.41B | 16.9 | 10.8 | 1.7 | +28.1% |
| Comcast | $22.50 | +0.32% | $81.37B | 7.4 | 6.5 | 0.7 | −1.2% |
| Paramount Skydance | $10.12 | −0.05% | $10.78B | — | 12.2 | 0.4 | +0.9% |
| Walt Disney | $103.82 | −0.01% | $180.96B | 21.5 | 13.9 | 1.8 | +7.1% |
| Entravision Communications | $8.10 | −0.06% | $735.4M | 399.5 | 20.0 | 1.1 | +126.2% |
| Median | 19.5 | 12.2 | 0.7 | +7.1% |