Gray Media, Inc. reported financial results for the quarter ended June 30, 2025. Total revenue was $772 million, a 7% decrease from the same quarter in 2024. Net loss attributable to common stockholders was $69 million. Adjusted EBITDA was $169 million, down from $225 million in 2024. The company reduced debt by $22 million during the quarter.

The company also announced pending acquisitions and divestitures with Scripps, SGH, and BCI, which will contribute to reducing the Leverage Ratio. Gray entered into agreements to swap television stations with Scripps, acquire SGH’s WLTZ and KJTV, and acquire BCI’s television stations for $80 million. These transactions are expected to close in the fourth quarter of 2025.

For the quarter ending September 30, 2025, Gray expects Core advertising revenue to be down compared to the same quarter in 2024 due to the effects of the 2024 Olympic Games. The company provided guidance for key financial results for the upcoming quarter, including revenue ranges for Core advertising, political advertising, and retransmission consent.

In addition to GAAP results, Gray Media uses non-GAAP metrics like Adjusted EBITDA and Leverage Ratio to evaluate performance and compliance with financial covenants. Adjusted EBITDA for the second quarter of 2025 was $169 million. The company’s Leverage Ratio, First Lien Leverage Ratio, and Secured Leverage Ratio were 5.60, 2.99, and 2.99, respectively, as of June 30, 2025. These metrics help assess financial health and debt levels.

Read more at GlobeNewswire: Gray Media Announces Second Quarter Financial Results