Gray Media, Inc.

Disproportionate station concentration in the Southeast (Georgia, Alabama, Mississippi, Florida, Tennessee, Kentucky, Carolinas) due to history of acquisitions; regional economic downturns or natural disasters could disproportionately affect ad revenue

Gray Media Stations (WALB, WYFF, WIS, WLTX, WVLT, WAFB, etc.)NYSE:GTNSoutheastern station portfolio

Concentration

Customer, supplier, or partner concentration exposures that can distort the supply network.

Customer

Critical

Retransmission consent revenue concentration: top 5 MVPDs (Comcast, Charter, DirecTV, Dish, Cox) account for majority of ~$1.43B retrans revenue. Dish dispute in Q1 2026 demonstrated vulnerability to individual MVPD drop risk.

Other

Critical

Debt leverage: $5.8B total debt vs ~$450M market cap (as of June 2026). Leverage ratio ~4.9x. High interest burden constrains free cash flow and limits strategic flexibility.

Other

High

Programming cost dependency: network affiliation fees paid to NBC, ABC, CBS, FOX represent significant cost base that reduces net retransmission revenue. Gray retains only a portion of gross retrans fees after paying networks.

Other

High

Cord-cutting / MVPD subscriber decline: linear TV viewership declining 5-8% annually, secular shift to streaming reduces retransmission fee base over time.

Foundry

Medium

Political advertising cyclicality: $42M in 2025 (off-year) vs $497M in 2024 (presidential election year). Revenue volatility from political cycle creates earnings unpredictability.

Revenue mix

How the target's revenue mix translates into supply-chain leverage and dependency.

Advertising Revenue

48.3%

$1.5B

Drives demand for local/national ad sales infrastructure and digital marketing platforms. Core advertising ($1.452B) is recurring; political ($42M) is cyclical (every 2 years).

Retransmission Consent Fees

46.2%

$1.4B

Primary downstream relationship driver with MVPDs (cable, satellite, telco). Negotiating leverage depends on station market coverage and network affiliation strength. Network affiliation fees subtracted to derive net retrans revenue.

Production Companies

3.5%

$0.1B

Raycom Sports, Tupelo Media Group, PowerNation Studios produce content distributed via Gray stations and third-party platforms. Requires studio facilities, production equipment, and talent.

Service & Other Revenue

2.1%

$0.1B

Includes digital agency services and other ancillary revenue streams. Minimal supply chain footprint.

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Gray Media, Inc.

Supply Chain of GTN

Upstream

NBC (NBCUniversal / Comcast Corporation)

ABC (The Walt Disney Company)

CBS (Paramount Global)

Fox (Fox Corporation)

The CW Network (Nexstar Media Group majority owner)

GatesAir

Dielectric (Sinclair Broadcast Group subsidiary)

Grass Valley

View More

Downstream

Comcast Cable (Xfinity)

Charter Communications (Spectrum)

DirecTV (owned by AT&T/TPG)

DISH Network / EchoStar Corporation

Cox Communications (private; merging with Charter)

Cable One, Inc. (Sparklight)

Verizon Communications (Fios)

YouTube TV (Alphabet Inc.)

View More

Proxies

Nexstar Media Group, Inc.

Sinclair Broadcast Group, Inc.

TEGNA Inc.

The E.W. Scripps Company

Geographic

United States (100% of operations)

Southeastern United States

Supply Chain of GTN

Upstream

NBC (NBCUniversal / Comcast Corporation)

ABC (The Walt Disney Company)

CBS (Paramount Global)

Fox (Fox Corporation)

The CW Network (Nexstar Media Group majority owner)

GatesAir

Dielectric (Sinclair Broadcast Group subsidiary)

Grass Valley

View More

Downstream

Comcast Cable (Xfinity)

Charter Communications (Spectrum)

DirecTV (owned by AT&T/TPG)

DISH Network / EchoStar Corporation

Cox Communications (private; merging with Charter)

Cable One, Inc. (Sparklight)

Verizon Communications (Fios)

YouTube TV (Alphabet Inc.)

View More

Proxies

Nexstar Media Group, Inc.

Sinclair Broadcast Group, Inc.

TEGNA Inc.

The E.W. Scripps Company

Geographic

United States (100% of operations)

Southeastern United States