Gray Media, Inc. (GTN) is a multimedia company that owns and operates local television stations and digital assets across the United States. Revenue comes primarily from local and national advertising sold against broadcast audiences, plus retransmission consent fees paid by cable and satellite distributors to carry Gray's signals. Headquartered in Atlanta, Georgia, Gray Media changed its corporate name from Gray Television, Inc. to Gray Media, Inc. on January 1, 2025. As of the 10-K filed February 26, 2026, Gray operates television stations in 114 full-power television markets, collectively reaching approximately 37% of U.S. television households. The portfolio includes 77 markets where Gray holds the top-rated station and 97 markets where it holds the first and/or second highest rated station in average all-day ratings, according to Nielsen and Comscore data. This scale makes Gray the largest owner of top-rated local television stations in the United States by market count.

Revenue model

Gray Media generates revenue through two primary streams: advertising sales (local and national spot advertising sold to businesses targeting local audiences) and retransmission consent fees (contractual payments from pay-TV distributors such as cable and satellite operators for the right to carry Gray's broadcast signals).

Products and services

Full-power local television stations across 114 U.S. markets, digital media assets associated with those stations, and local news and entertainment programming produced at the market level.

Customers and end markets

Local and national advertisers purchasing airtime on broadcast television stations; pay-TV distributors (cable, satellite, and virtual multichannel video programming distributors) paying retransmission consent fees; and local television viewers across markets collectively representing approximately 37% of U.S. television households (as of the 10-K filed February 26, 2026).

Value-chain role

Broadcast television station owner and operator; content distributor at the local market level; advertising inventory seller; retransmission consent licensor to pay-TV distributors.

Geographic exposure

United States only. Operations span 114 full-power television markets as of the 10-K filed February 26, 2026, with headquarters in Atlanta, Georgia.

Source: SEC 10-K, filed 2026-02-26

Industry: Television Broadcasting Stations Peers: AMC Global Media Inc iHeartMedia Inc Paramount Global E W Scripps Co Entravision Communications Corp Fox Corp TEGNA INC Nexstar Media Group Inc Sinclair Broadcast Group, LLC