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.
Gray Television IncQ2 earnings and revenue beat estimates, driving shares up 24%
