GTN · CIK 0000043196
What Gray Media, Inc. told the SEC could break it.
Gray Media's disclosures cluster on its dependence on the major networks and the FCC. Its local stations rely on programming from the 'Big Four' under affiliation agreements, and revenue is concentrated by affiliation — in 2025 CBS-affiliated channels were about 37% of total revenue, NBC 27%, FOX 14% and ABC 11% — so losing an affiliation or facing escalating network fees would materially hurt results. It is also heavily regulated by the FCC: its portfolio reaches roughly 37% of U.S. TV households (about 25% after the UHF Discount), near ownership-cap limits, with rule changes and DOJ antitrust scrutiny able to constrain it. Underneath sit high secured leverage tied to substantially all its assets and ad revenue that swings with the auto sector and the two-year political cycle.
4 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Regulatory & policy
- FCC media-ownership rules and the 39% national audience cap / UHF Discount (Gray reaches ~37%, ~25% after discount), indecency fines, and DOJ antitrust scrutiny of JSAs/SSAshigh
Gray is heavily regulated by the FCC: its station portfolio reaches approximately 37% of U.S. television households (about 25% after applying the UHF Discount), close to ownership-cap limits, and FCC rules (including scrutiny of joint sales/shared services agreements and indecency enforcement, with fines up to ~$0.5M per incident) can change and constrain its operations; the DOJ has also increased antitrust enforcement and blocked certain JSA/services-agreement transactions in the broadcast industry.
“Currently our station portfolio reaches approximately 37% of total United States television households, and approximately 25% after applying the UHF Discount.”
SEC filing →As of 2026
Supplier concentration
- dependence on Big Four network affiliations for programming — CBS 37%, NBC 27%, FOX 14%, ABC 11% of total revenuehigh
Gray Media's local TV stations depend on programming supplied under affiliation agreements with the 'Big Four' networks, and revenue is concentrated by affiliation: in 2025 CBS-affiliated channels were ~37% of total revenue, NBC ~27%, FOX ~14% and ABC ~11%; loss or non-renewal of a network affiliation, or escalating reverse-compensation/affiliation fees demanded by these networks, would materially affect viewership, retransmission revenue and results.
“For the year ended December 31, 2025, our CBS-affiliated channels accounted for approximately 37% of total revenue; our NBC-affiliated channels accounted for approximately 27% of total revenue; our FOX-affiliated channels accounted for approximately 14% of total revenue; and our ABC-affiliated channels accounted for approximately 11% of total revenue.”
SEC filing →As of 2026
Liquidity & debt
- high secured leverage — Senior Credit Agreement and 2029/2032/2033 Notes secured by substantially all assets, with covenants restricting dividends, investments and acquisitionsmedium
Gray Media is highly leveraged: its Senior Credit Agreement and 2029 Notes (1L), 2033 Notes (1L) and 2032 Notes (2L) are secured by substantially all of its consolidated assets (excluding real estate), with subsidiaries as joint-and-several guarantors and their interests pledged, and the indentures/credit agreement contain covenants restricting dividends, investments, acquisitions, liens and asset sales; this debt load and its covenants could constrain strategy and create refinancing risk.
“Our obligations under the Senior Credit Agreement, the 2029 Notes (1L), the 2033 Notes (1L) and the 2032 Notes (2L) are secured by substantially all of our consolidated assets, excluding real estate.”
SEC filing →As of 2026
Other disclosures
- advertising-revenue cyclicality and concentration — ~17% of non-political broadcast ad revenue from automotive; strong even/odd-year political-cycle swingsmedium
Gray's broadcast advertising revenue is cyclical and concentrated by industry: approximately 17% of non-political broadcast advertising revenue in 2025 (20% in 2024 and 2023) came from automotive advertisers, and total revenue swings with the two-year political-election cycle (higher in even years from political advertising); economic slowdowns, an auto-advertising pullback, or weak political cycles could materially reduce revenue.
“During the years ended December 31, 2025, 2024 and 2023 approximately 17 %, 20 % and 20 %, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to automotive customers.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“For the year ended December 31, 2025, our CBS-affiliated channels accounted for approximately 37% of total revenue; our NBC-affiliated channels accounted for approximately 27% of total revenue; our FOX-affiliated channels accounted for approximately 14% of total revenue; and our ABC-affiliated channels accounted for approximately 11% of total revenue.”
Cited →“For the year ended December 31, 2025, our CBS-affiliated channels accounted for approximately 37% of total revenue; our NBC-affiliated channels accounted for approximately 27% of total revenue; our FOX-affiliated channels accounted for approximately 14% of total revenue; and our ABC-affiliated channels accounted for approximately 11% of total revenue.”
Cited →“For the year ended December 31, 2025, our CBS-affiliated channels accounted for approximately 37% of total revenue; our NBC-affiliated channels accounted for approximately 27% of total revenue; our FOX-affiliated channels accounted for approximately 14% of total revenue; and our ABC-affiliated channels accounted for approximately 11% of total revenue.”
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