Q4 2025 Gray Media Inc Earnings Call Transcript
Key Points
- Gray Media Inc (GTN) reported total revenue of $792 million for Q4 2025, exceeding the high end of their guidance.
- Broadcasting expenses declined by $41 million in Q4 2025 compared to Q4 2024, contributing to overall cost savings.
- Net retransmission revenue returned to growth in Q4 2025, indicating progress in creating a sustainable model.
- The company completed the acquisition of WBBJ-TV in Jackson, Tennessee, and is working towards closing other transactions.
- Gray Media Inc (GTN) enhanced its local content offerings, winning 10 National Edward R. Murrow Awards and expanding its sports broadcast portfolio.
- Gray Media Inc (GTN) reported a net loss attributable to common stockholders of $23 million in Q4 2025.
- The automotive advertising category finished Q4 2025 down low single digits, indicating challenges in this sector.
- Despite improvements, the company still faces declines in traditional MVPD subscribers, impacting overall pay TV subs.
- The company's leverage ratios remain high, with a total leverage ratio of 5.8 times at year-end 2025.
- The Assembly Atlanta project has a net investment of $630 million, with returns yet to be fully realized.
Good day, everyone, and thank you for joining us for this Gray Media Q4 2025 earnings release call. (Operator Instructions) Also, today's meeting is being recorded. For opening remarks and introductions, I am pleased to turn the floor over to Chairman and CEO, Mr. Hilton Howell. Welcome, sir.
Thank you, operator. Good morning, everyone. As the operator mentioned, this is Hilton Howell, and I'm Chairman and CEO of Gray Media. And I want to thank all of you for joining our fourth quarter 2025 earnings call. As usual, all of our executive officers are here with me in Atlanta; Pat LaPlatney, our President and Co-CEO; Sandy Breland, our Chief Operating Officer; Kevin Latek, our Chief Legal and Development Officer; and Jeff Gignac, our Chief Financial Officer.
And joining us for the first time is Alan Gould, our newly appointed Vice President of Investor Relations, who many of you know from his prior role as a sell-side analyst. Alan joined us in December, and we are
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