Gray Media Stock Rises 0.6% as Election Ads Trail Its $117 Million Interest Bill

Gray Media (NYSE) priced $750M of 7.5% senior secured first lien notes due 2034 at par. Proceeds will redeem part of its 10.5% notes due 2029, repay credit facility borrowings, and cover offering fees. The offering is expected to close on 8/21, subject to conditions.

Gray Media priced $750M of 7.500% senior secured first lien notes due 2034. Proceeds will redeem part of 10.500% notes due 2029, repay revolver borrowings, and cover fees/expenses. The notes are guaranteed by existing and future restricted subsidiaries and were offered privately. The closing is expected on August 21, 2026, subject to customary conditions.

Gray Media (GTN) priced a $750M offering of 7.500% senior secured notes due 2034. Proceeds will redeem part of its 10.500% 2029 notes, repay credit facility debt, and cover offering fees. The offering is set to close August 21, 2026, subject to conditions.

Gray Media (GTN) reported Q2 2026 revenue of $839 million, up 9% year over year, with political advertising revenue of $83 million and adjusted EBITDA of $214 million, up 27%. Net retransmission revenue was $150 million (+10%). Management guided Q3 political revenue to $165 million to $185 million and said it expects $120 million to $130 million capex and $440 million interest expense for 2026.

Gray Television (GTN) reported Q2 revenue of $839M vs $795.1M expected and adjusted EPS of $0.26 vs $0.25, with adjusted EBITDA $211M vs $189.6M. Management cited political advertising, station integration, and digital growth. Q3 revenue guidance midpoint is $950M. Analysts asked about retransmission margins, leverage, FCC rules, and AI-driven costs.

Gray Media (GTN) shares rose about 25% to $5.37 after its Q2 results. The company reported Q2 revenue of $839 million, up from $772 million, with $83 million of political advertising above expectations. Net loss narrowed to $19 million and basic EPS loss narrowed to $0.19. Leverage remained high at 5.73x.