Thu, Feb 27, 6:06 PM (59 days ago)
Gray Media, Inc. (GTN) reported a total revenue of $3.6 billion for the year ended December 31, 2024, an increase of 11% from $3.3 billion in 2023. The revenue breakdown included $1.49 billion from core advertising, $497 million from political advertising, and $1.48 billion from retransmission consent fees. Despite a decline in core advertising revenue, political advertising surged due to the election cycle. Operating expenses increased by 2% to $2.3 billion, primarily driven by payroll and programming costs. Net income reached $375 million, compared to a loss of $76 million in 2023, with earnings per share of $3.40. Strategically, Gray Media continues to strengthen its market position through acquisitions and divestitures, alongside efforts to reduce debt, which totaled $5.7 billion at year-end. The company executed significant refinancing activities, reducing its debt burden by $520 million. Risks include reliance on advertising revenues, regulatory changes, and competition from digital platforms. The company maintains a strong liquidity position, with $135 million in cash and $674 million available under its credit facility. Looking forward, Gray Media aims to leverage its market leadership and ongoing investments in technology to enhance operational efficiencies and revenue streams.