Gray Media prices $750 million notes offering
Gray Media priced a private offering of $750 million of 7.500% senior secured first-lien notes due 2034 at 100% of par. The offering is expected to close on Aug. 21, 2026, subject to customary closing conditions. The company plans to use the proceeds to redeem a portion of its 10.500% senior secured first-lien notes due 2029, repay part of its revolving credit facility borrowings, and cover fees and expenses related to the offering.
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Gray Media shares surge 24% after second-quarter earnings and revenue beat estimates
Gray Media shares jumped 24% on Friday after the broadcaster reported second-quarter earnings and revenue that exceeded Wall Street estimates. The company posted earnings of 21 cents per share, beating analysts' expectations by 29 cents, while revenue rose 8.7% from a year earlier to $839 million, topping estimates by about $43.9 million. Total revenue was boosted by the company's 2026 acquisitions, which contributed $41 million during the quarter. Core advertising revenue slipped 1% to $357 million, and retransmission consent revenue fell 3% to $359 million, reflecting continued subscriber declines, the transition of one station to independent status, and the resolution of a distribution dispute. Net retransmission revenue increased 10% to $150 million, aided by contributions from the acquisitions.
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Gray Media declares $0.08 quarterly dividend
Gray Media declared a quarterly cash dividend of $0.08 per share, in line with its previous payout. The dividend is payable on September 30 to shareholders of record as of September 15, with the ex-dividend date also set for September 15. Based on the announcement, the forward yield stands at 7.48%.
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Three Consumer Stocks We’re Skeptical Of
We are skeptical of three consumer stocks: Gray Television, Warner Music Group, and Sysco. Gray Television, with a market cap of $410.1 million, saw its sales grow at just 5.2% annually over five years, below the typical consumer discretionary company, and its return on invested capital has not improved, raising doubts about recent investments. Warner Music Group, valued at $15 billion, posted 8.6% annual revenue growth over five years, slower than peers, with free cash flow margin not expected to grow and eroding returns on capital from a low base. Sysco, with a market cap of $39.91 billion, achieved only 1.1% average unit sales growth over two years, lacks free cash flow generation, and also faces declining returns on capital.
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Gray Media to acquire six TV stations from American Spirit Media for $50 million
Gray Media is purchasing six television stations from American Spirit Media for $50 million. The stations are located in Ohio, Mississippi, North Carolina, Georgia, Texas, and Louisiana, and are designated as DMA 81, DMA 100, DMA 125, DMA 126, DMA 149, and DMA 176. Gray Media has already paid $40 million and funded part of the deal through a debt offering. Earlier this year, Guggenheim lowered its price target on Gray Media to $6 from $7 while maintaining a Buy rating, following first-quarter results that included $768 million in revenue and a $33 million net loss.
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Gray Media launches Political 360 digital ad solution powered by Aristotle data
Gray Media has launched an enhanced political digital advertising solution called Political 360, powered by Aristotle's political and consumer data. The offering integrates Aristotle's National Voter File, covering more than 235 million registered U.S. voters, and its National Consumer File, built from more than 267 million consumer records, into Gray's go-to-market strategy. This enables campaigns, issues, and advocacy organizations to target precise voter audience segments across digital channels, moving beyond broad demographic targeting. Gray's Chief Digital Officer Mike Braun said the combination of Gray's local market strength and Aristotle's voter intelligence helps campaigns engage the right voters at the right time with the right message.
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