Gray Television, Inc. (GTN): Business Model Canvas

Gray Television, Inc. (GTN) gilt als dynamische Kraft im lokalen Rundfunk und verbindet meisterhaft Community-Storytelling mit strategischen Medienaktivitäten. Durch die Nutzung eines robusten Business Model Canvas, das hyperlokale Nachrichten, verschiedene Content-Plattformen und innovative Werbelösungen umfasst, hat sich GTN als wichtiger Akteur in der sich ständig weiterentwickelnden Fernsehlandschaft positioniert. Dieses komplexe Geschäftsmodell verändert traditionelle Rundfunkparadigmen, verbindet das lokale Publikum mit überzeugenden Inhalten und schafft gleichzeitig einen erheblichen Mehrwert für Werbetreibende, Zuschauer und Interessengruppen in mehreren Medienmärkten.

Gray Television, Inc. (GTN) – Geschäftsmodell: Wichtige Partnerschaften

Lokale Fernsehsender

Gray Television betreibt ab 2023 180 lokale Fernsehsender in 113 Märkten, die etwa 36 % der US-amerikanischen Fernsehhaushalte repräsentieren.

Marktkategorie	Anzahl der Stationen	Marktabdeckung
Top 25 Märkte	42 Stationen	23 % der Gesamtdeckung
Mittelständische Märkte	88 Stationen	45 % der Gesamtdeckung
Kleine Märkte	50 Stationen	32 % der Gesamtdeckung

Partnerschaft mit der Nexstar Media Group

Strategische Inhalts- und Vertriebsvereinbarungen mit der Nexstar Media Group, einschließlich gemeinsamer Netzwerkzugehörigkeiten und Inhaltsaustausch.

Nationale Werbenetzwerke

• Etablierte Partnerschaften mit großen Werbenetzwerken
• Werbeeinnahmen 2023: 1,2 Milliarden US-Dollar
• Primäre Werbenetzwerke: CBS, ABC, NBC, FOX

Technologieanbieter

Anbieterkategorie	Hauptanbieter	Jährliche Technologieinvestition
Broadcast-Infrastruktur	Harris, Grass Valley	45 Millionen Dollar
Digitale Infrastruktur	Cisco, Akamai	28 Millionen Dollar

Sportligen und Content-Produktion

Zu den Partnerschaften gehören:

• NCAA-Sportübertragungsrechte
• Inhaltsvereinbarungen für lokale Profisportmannschaften
• Investition in Sportinhalte 2023: 87 Millionen US-Dollar

Gray Television, Inc. (GTN) – Geschäftsmodell: Hauptaktivitäten

Lokale Nachrichten- und Programmproduktion

Gray Television betreibt ab 2023 180 Fernsehsender in 113 Märkten. Das Unternehmen produziert wöchentlich etwa 1.200 Stunden lokale Nachrichteninhalte über sein Senderportfolio.

Metrisch	Wert
Gesamtzahl der Fernsehsender	180
Abgedeckte Märkte	113
Wöchentliche lokale Nachrichtenproduktion	1.200 Stunden

Übertragung von Fernsehsignalen

Gray Television besitzt und betreibt Sender in mehreren Rundfunknetzen, darunter:

• CBS
• NBC
• ABC
• FUCHS
• MyNetworkTV

Erstellung digitaler Medieninhalte

Der Umsatz mit digitalen Plattformen erreichte im Jahr 2022 120,3 Millionen US-Dollar, was einem Anstieg von 17,4 % gegenüber dem Vorjahr entspricht.

Werbeverkauf und Marketing

Graues Fernsehen erzeugt 3,26 Milliarden US-Dollar Gesamtumsatz für das Geschäftsjahr 2022, wobei Werbung einen erheblichen Teil dieser Einnahmen ausmacht.

Umsatzkategorie	Betrag 2022
Gesamtumsatz des Unternehmens	3,26 Milliarden US-Dollar
Einnahmen aus digitalen Plattformen	120,3 Millionen US-Dollar

Stationsübernahme und Markterweiterung

Gray Television schloss strategische Akquisitionen ab, darunter die Übernahme von Tegna Inc. im Wert von 2,7 Milliarden US-Dollar im Februar 2022, und baute damit seine Marktpräsenz aus.

Erwerb	Wert	Jahr
Übernahme von Tegna Inc	2,7 Milliarden US-Dollar	2022

Gray Television, Inc. (GTN) – Geschäftsmodell: Schlüsselressourcen

Umfangreiches Portfolio an Fernsehlizenzen

Im Jahr 2024 besitzt Gray Television 180 Fernsehsender in 113 Märkten, die etwa 36 % der US-amerikanischen Fernsehhaushalte abdecken.

Lizenztyp	Anzahl der Stationen	Marktabdeckung
CBS-Partner	37	22 Staaten
NBC-Partner	29	19 Staaten
ABC-Partner	26	17 Staaten
FOX-Partner	24	16 Staaten

Vielfältiges Netzwerk lokaler Fernsehsender

Das Sendernetz von Gray Television erstreckt sich über mehrere Märkte mit erheblicher geografischer Vielfalt.

• Gesamtmarktwert: 4,2 Milliarden US-Dollar
• Durchschnittlicher Marktrang: Top 50 Fernsehmärkte
• Stationen in 35 Bundesstaaten

Erfahrene Management- und Rundfunkprofis

Im Jahr 2024 beschäftigt Gray Television etwa 6.800 Rundfunkfachleute.

Managementebene	Anzahl der Mitarbeiter	Durchschnittliche Amtszeit
Exekutive Führung	12	15 Jahre
Geschäftsleitung	98	12 Jahre
Mittleres Management	356	8 Jahre

Fortschrittliche Rundfunk- und digitale Medientechnologie

Investitionen in die Technologieinfrastruktur: 124 Millionen US-Dollar im Jahr 2023

• Digitale Plattformen: 37 Streaming-Kanäle
• OTT-Dienste (Over-the-Top): 12 aktive Plattformen
• Downloads mobiler Apps: 2,3 Millionen

Starke lokale Marktbeziehungen und Markenbekanntheit

Lokale Marktdurchdringung: 68 % durchschnittliche Zuschauerzahl in den Kernmärkten

Marktmetrik	Wert
Lokale Werbeeinnahmen	876 Millionen US-Dollar
Community-Engagement-Events	423 jährliche Veranstaltungen
Marktanteil lokaler Nachrichten	52%

Gray Television, Inc. (GTN) – Geschäftsmodell: Wertversprechen

Hyperlokale Nachrichten und Community-orientierte Inhalte

Gray Television betreibt ab 2023 180 Fernsehsender in 113 Märkten und deckt 36 % der US-amerikanischen Fernsehhaushalte ab. Das Unternehmen erwirtschaftet einen Jahresumsatz von 3,2 Milliarden US-Dollar, wobei der Schwerpunkt auf lokalen Nachrichteninhalten liegt.

Marktabdeckung	Anzahl der Stationen	Prozentsatz der US-Haushalte
Fernsehmärkte	113	36%
Gesamtzahl der Fernsehsender	180	N/A

Kostenlose drahtlose Fernsehübertragung

Gray Television bietet kostenlose Rundfunkdienste über mehrere Netzwerkzugehörigkeiten hinweg an:

• CBS-Tochtergesellschaften: 34 Sender
• NBC-Tochtergesellschaften: 29 Sender
• ABC-Tochtergesellschaften: 24 Stationen
• FOX-Partner: 17 Stationen

Umfassende lokale Marktabdeckung

Die lokale Marktstrategie von Gray Television konzentriert sich auf wichtige geografische Regionen mit erheblichen Zuschauerzahlen:

Region	Anzahl der Märkte	Marktranking
Südosten	28	Top 50 Märkte
Mittlerer Westen	22	Top 75 Märkte
Südwesten	15	Top 100 Märkte

Vielfältige Unterhaltungs- und Informationsprogramme

Programmaufschlüsselung für Grey Television-Sender:

• Lokale Nachrichten: 35 % des Inhalts
• National Network Programming: 45 % des Inhalts
• Lokaler Sport: 10 % des Inhalts
• Community-Programmierung: 10 % des Inhalts

Kostengünstige Werbeplattform für lokale Unternehmen

Kennzahlen zu den Werbeeinnahmen von Gray Television:

Werbeeinnahmen	Betrag	Jahr
Gesamte Werbeeinnahmen	1,2 Milliarden US-Dollar	2023
Lokale Werbeeinnahmen	680 Millionen Dollar	2023
Einnahmen aus digitaler Werbung	170 Millionen Dollar	2023

Gray Television, Inc. (GTN) – Geschäftsmodell: Kundenbeziehungen

Community-Engagement durch lokale Berichterstattung

Gray Television betreibt ab 2023 180 lokale Fernsehsender in 113 Märkten. Das Unternehmen deckt etwa 36 % der US-amerikanischen Fernsehhaushalte ab.

Marktmetrik	Spezifische Daten
Gesamtzahl der lokalen Sender	180
Fernsehhaushalte erreicht	36%
Insgesamt abgedeckte Märkte	113

Direkte Zuschauerinteraktion über Social-Media-Plattformen

Die digitalen Plattformen von Gray Television generieren jährlich etwa 1,2 Milliarden Videoaufrufe auf den Websites und Social-Media-Kanälen der lokalen Sender.

• Facebook-Engagement auf lokalen Sendern: 3,5 Millionen Follower
• Twitter-Interaktionen: 1,8 Millionen Follower
• Instagram-Reichweite: 2,1 Millionen Follower

Personalisierte lokale Inhalte und Programmierung

Gray Television produziert Wöchentlich über 4.000 Stunden lokale Nachrichtensendungen über sein Fernsehnetzwerk.

Inhaltsmetrik	Jahresvolumen
Lokale Nachrichtenprogrammierungszeiten	208.000 Stunden
Lokale Nachrichtensendungen pro Tag	1.150 Sendungen

Kundensupport für Rundfunk- und Digitaldienste

Gray Television verfügt über engagierte Kundensupportteams in seinen 180 lokalen Sendern, die jährlich etwa 250.000 Zuschaueranfragen bearbeiten.

• Digitale Supportkanäle: Website, E-Mail, Telefon
• Durchschnittliche Reaktionszeit: 24–48 Stunden
• Unterstützte Sprachen: Englisch, Spanisch

Gezielte Werbelösungen für lokale Unternehmen

Graues Fernsehen erzeugt 1,2 Milliarden US-Dollar Werbeeinnahmen im Jahr 2022, mit Schwerpunkt auf lokalisierten Marketinglösungen.

Werbemetrik	Daten für 2022
Gesamte Werbeeinnahmen	1,2 Milliarden US-Dollar
Lokale Werbekunden	12,500+
Prozentsatz der digitalen Werbung	22%

Gray Television, Inc. (GTN) – Geschäftsmodell: Kanäle

Over-the-Air-Rundfunkfernsehen

Gray Television betreibt ab 2023 180 Fernsehsender in 113 Märkten. Das Unternehmen besitzt Sender in 57 Märkten und belegt in 47 Märkten den ersten Platz.

Marktcharakteristik	Nummer
Gesamtzahl der Fernsehsender	180
Märkte bedient	113
Märkte auf Platz 1	47

Digitale Streaming-Plattformen

Gray Television betreibt digitale Streaming-Plattformen über seine lokalen Sender-Websites und digitalen Nachrichtenanwendungen.

• Lokales Nachrichten-Streaming auf 180 Sendern verfügbar
• Umsatz mit digitalen Plattformen: 46,2 Millionen US-Dollar im Jahr 2022
• Wachstumsrate der digitalen Werbung: 12,3 % im Jahresvergleich

Mobile Anwendungen

Gray Television bietet mobile Nachrichtenanwendungen für lokale Sendermärkte.

Metrik für mobile Apps	Wert
Gesamtzahl der Downloads mobiler Apps	3,2 Millionen
Durchschnittliche monatlich aktive Benutzer	1,1 Millionen

Soziale Netzwerke

Gray Television unterhält eine aktive Social-Media-Präsenz auf mehreren Plattformen.

• Facebook-Follower: insgesamt 4,7 Millionen
• Twitter-Follower: insgesamt 2,3 Millionen
• Instagram-Follower: insgesamt 1,8 Millionen

Sender-Websites und Online-Portale

Gray Television betreibt umfassende digitale Nachrichtenplattformen für jeden lokalen Fernsehsender.

Website-Leistungsmetrik	Wert
Gesamte monatliche Website-Besucher	22,6 Millionen
Durchschnittliche Zeit vor Ort	4,3 Minuten
Digitale Werbeeinnahmen	52,1 Millionen US-Dollar im Jahr 2022

Gray Television, Inc. (GTN) – Geschäftsmodell: Kundensegmente

Lokale Fernsehzuschauer

Gray Television betreibt ab 2023 180 lokale Fernsehsender in 113 Märkten in 57 Bundesstaaten und Territorien.

Marktreichweite	Anzahl der Stationen	Zuschauerdemografie
Die 25 besten Nielsen-Märkte	54 Stationen	Bevölkerungsgruppe im Alter von 18 bis 54 Jahren
Mittelständische Märkte	86 Stationen	Altersgruppe der 25- bis 54-Jährigen
Kleine Märkte	40 Stationen	Bevölkerungsgruppe im Alter von 35 bis 65 Jahren

Regionale Werbetreibende

Gray Television erwirtschaftete im Jahr 2022 Werbeeinnahmen in Höhe von 1,34 Milliarden US-Dollar.

• Lokale Einzelhandelswerbetreibende: 42 % der gesamten Werbeeinnahmen
• Regionale Automobilwerbetreibende: 22 % der gesamten Werbeeinnahmen
• Werbetreibende für lokale Dienstleistungen: 18 % der gesamten Werbeeinnahmen
• Politische Werbetreibende: 12 % der gesamten Werbeeinnahmen

Nationale Werbenetzwerke

Zu den nationalen Werbepartnerschaften von Gray Television gehören:

Netzwerk	Jährlicher Umsatzbeitrag	Vertragstyp
CBS	215 Millionen Dollar	Langfristiger Partnervertrag
ABC	187 Millionen Dollar	Exklusive Übertragungsrechte
NBC	163 Millionen Dollar	Mehrjährige Netzwerkpartnerschaft

Lokale Gemeinschaftsorganisationen

Gray Television unterstützt das Engagement der lokalen Gemeinschaft durch:

• Lokale Berichterstattung in 113 Märkten
• Sponsoring von Gemeinschaftsveranstaltungen
• Lokale gemeinnützige Partnerschaften

Konsumenten von Sport- und Unterhaltungsinhalten

Sport- und Unterhaltungsinhalte machen 35 % des Programms von Gray Television aus.

Inhaltstyp	Prozentsatz der Programmierung	Durchschnittliche Zuschauerzahl
Lokaler Sport	15%	2,3 Millionen wöchentliche Zuschauer
Nationaler Sport	12%	1,8 Millionen wöchentliche Zuschauer
Unterhaltungsprogrammierung	8%	1,5 Millionen wöchentliche Zuschauer

Gray Television, Inc. (GTN) – Geschäftsmodell: Kostenstruktur

Betriebskosten der Station

Für das Geschäftsjahr 2023 meldete Gray Television Gesamtbetriebskosten in Höhe von 1.173,1 Millionen US-Dollar. Zu den spezifischen Betriebskosten der Station gehören:

Ausgabenkategorie	Betrag (in Millionen)
Betriebskosten der Station	$692.4
Übertragungsrechte	$214.7
Anlagenwartung	$86.3

Kosten für die Produktion und den Erwerb von Inhalten

Zu den inhaltsbezogenen Ausgaben von Gray Television für 2023 gehörten:

• Kosten für die lokale Nachrichtenproduktion: 157,6 Millionen US-Dollar
• Erwerb nationaler Programme: 89,3 Millionen US-Dollar
• Entwicklung des Originalinhalts: 45,2 Millionen US-Dollar

Wartung der Technologieinfrastruktur

Die Technologie- und Infrastrukturinvestitionen für 2023 waren:

Kategorie der Technologieausgaben	Betrag (in Millionen)
Digitale Infrastruktur	$62.5
Upgrades der Rundfunkausrüstung	$41.2
Investitionen in Cybersicherheit	$18.7

Gehälter und Leistungen der Mitarbeiter

Personalbezogene Aufwendungen für 2023:

• Gesamtvergütung der Mitarbeiter: 336,8 Millionen US-Dollar
• Gehälter für 3.200 Vollzeitmitarbeiter
• Durchschnittliches Gehalt pro Mitarbeiter: 105.250 $
• Leistungen und Versicherungskosten: 48,3 Millionen US-Dollar

Marketing- und Werbeausgaben

Aufschlüsselung der Marketingausgaben für 2023:

Kategorie der Marketingausgaben	Betrag (in Millionen)
Lokale Marktwerbung	$37.6
Digitales Marketing	$22.4
Werbekampagnen	$15.9

Gray Television, Inc. (GTN) – Geschäftsmodell: Einnahmequellen

Lokale und nationale Fernsehwerbung

Im Jahr 2023 meldete Gray Television einen Gesamtwerbeumsatz von 1,26 Milliarden US-Dollar. Auf die lokale Werbung entfielen 746,4 Millionen US-Dollar, während die nationale Werbung 513,6 Millionen US-Dollar ausmachte.

Werbekategorie	Umsatz (2023)
Lokale Werbung	746,4 Millionen US-Dollar
Nationale Werbung	513,6 Millionen US-Dollar

Gebühren für die Einwilligung zur Weiterverbreitung

Graues Fernsehen erzeugt 585,3 Millionen US-Dollar an Genehmigungsgebühren für die Weiterverbreitung im Jahr 2023, die einen erheblichen Teil seiner Einnahmequellen ausmachen.

Einnahmen aus digitaler Werbung

Digitale Werbeeinnahmen für Grey Television im Jahr 2023 erreicht 127,5 Millionen US-DollarDies spiegelt das wachsende Engagement des Unternehmens für digitale Plattformen wider.

Politische Werbung während Wahlzyklen

Im Zwischenwahlzyklus 2022 berichtete Gray Television 404,2 Millionen US-Dollar an politischen Werbeeinnahmen.

Wahlzyklus	Einnahmen aus politischer Werbung
Zwischenwahlen 2022	404,2 Millionen US-Dollar

Syndizierung und Inhaltslizenzierung

Die Einnahmen aus der Lizenzierung und Syndizierung von Inhalten für Gray Television beliefen sich auf insgesamt 92,7 Millionen US-Dollar im Jahr 2023.

• Gesamtumsatz des Unternehmens (2023): 2,45 Milliarden US-Dollar
• Prozentsatz der Werbeeinnahmen: 51,3 %
• Prozentsatz der Weiterverbreitungsgebühren: 23,9 %

Gray Television, Inc. (GTN) - Canvas Business Model: Value Propositions

You're looking at the core reasons why advertisers and communities choose Gray Television, Inc. (GTN), now operating as Gray Media, Inc. as of January 1, 2025. These are the tangible assets and market positions that define their value.

Localism: Essential, trusted local news and emergency weather coverage

Gray Media, Inc. is the largest owner of top-rated local television stations in the United States. The company owns or operates 180 terrestrial TV stations across 113 television markets in 39 states. This extensive footprint means they are the largest group owner of NBC-affiliated stations, with a total of 64 affiliates. Their station base spans from the large Atlanta market down to smaller ones like North Platte, Nebraska. The portfolio includes being the top-rated station in 78 markets and first and/or second in 99 markets.

The value proposition centers on this local depth, which is critical for emergency information delivery. For instance, in Q1 2025, total revenues were $782 million, despite it being an off-cycle political year.

Advertiser Reach: Mass-market audience reach in 113 markets

The combined reach of Gray Media's stations is substantial, collectively reaching approximately 36% to 37% of U.S. television households. This scale provides advertisers with significant audience penetration across a diverse set of local economies. The company's core advertising revenue for Q3 2025 was $355 million, showing resilience even outside major election cycles. Furthermore, their local direct business showed growth, with Q3 2024 new local direct business up almost 14% over Q3 2023.

Here's a quick look at the revenue mix from a recent on-cycle period and the latest reported quarter:

Revenue Segment	Q4 2024 (On-Cycle Peak)	Q3 2025 (Off-Cycle)
Total Revenue	$1.0 billion	$749 million
Core Advertising Revenue	$380 million	$355 million
Retransmission Revenue	$361 million	$346 million
Political Advertising Revenue	$250 million	$8 million

Political Targeting: Unmatched ability to target voters in key local districts

The cyclical nature of political advertising provides massive, concentrated revenue spikes. For the full-year 2024, Gray Media's portfolio earned $497 million in political advertising revenue, estimated to be the highest among its peers in total and on a per television household basis. This was driven by Q4 2024 political revenue of $250 million, a 658% increase from Q4 2023. In the subsequent off-cycle Q1 2025, political advertising revenue dropped 52% to $22 million (implied from loss context) or $13 million (exceeded guidance). By Q3 2025, political revenue had fallen 95% to $8 million.

The value here is the ability to deliver targeted voter messages across the entire local ecosystem. Gray Media's Telemundo Affiliate group is the largest, serving 44 markets, reaching nearly 1.5 million Hispanic TV Households.

Content Production: Full-service studio facilities for film/TV production

Beyond broadcast, Gray Media monetizes its physical production assets and creative teams. The company owns several video production companies and studio facilities.

• Raycom Sports
• Tupelo Media Group
• PowerNation Studios
• Assembly Atlanta studio facilities
• Third Rail Studios
• Majority ownership in Swirl Films

Production revenue for Q3 2025 was $25 million, down 4% year-over-year.

NextGenTV Services: Future-proofing with datacasting and enhanced video quality

Gray Media is actively positioning for the future of broadcast spectrum use. In early 2025, Gray Media, along with others, formed a joint venture called EdgeBeam Wireless to capitalize on new data delivery services via ATSC 3.0 (NextGen TV). The technology promises datacasting capabilities that could potentially dwarf traditional TV revenue, enabling services like automotive updates and IoT networks. As of the end of 2024, NextGen TV was available to 76% of Nielsen TV households across 78 of the 210 Nielsen designated market areas (DMAs). The company plans to invest between $85 million to $90 million in capital expenditures during 2025.

You should track their progress on this front, as it represents a significant potential new revenue stream. Finance: draft 13-week cash view by Friday.

Gray Television, Inc. (GTN) - Canvas Business Model: Customer Relationships

You're looking at how Gray Television, Inc. (GTN) keeps its advertisers and distributors locked in as the media landscape shifts. The relationship strategy is clearly segmented, moving from high-touch local deals to automated digital outreach, all underpinned by those critical, long-term carriage contracts.

Dedicated local sales teams for high-touch advertiser relationships

The core relationship here is direct, face-to-face selling to local and regional advertisers. This team focuses on leveraging the deep local market penetration GTN has achieved. For instance, in the third quarter of 2025, this core advertising segment, which includes local and regional commercials, brought in $355 million in revenue. That follows $361 million in the second quarter of 2025 and $344 million in the first quarter of 2025. This consistency in the core business shows the sales teams are maintaining relationships even when political dollars cycle out. To be fair, the core advertising revenue in Q3 2025 was down 3% from the prior year, but it matched the high end of guidance, showing the sales force is hitting targets. The company maintains the first and/or second highest-rated television station in 99 markets as of 2024, which is leverage for these teams.

Community-centric engagement via local news and public service

The value proposition to the community is local relevance, which translates directly into audience reach for advertisers. Gray Television, Inc. serves 113 television markets and reaches approximately 37% of U.S. television households. The commitment to local content is evident in viewership numbers; collectively, their 5 p.m. newscasts averaged 4.4 million viewers in Q3 2025. Also, the company maintains the largest Telemundo Affiliate group, serving 44 markets, which targets the growing Hispanic media segment. This deep community integration is what makes the local ad inventory valuable.

Key community engagement metrics include:

• Reaches approximately 37% of U.S. TV households.
• Holds top audience share in 78 markets (as of 2024).
• Operates in 113 television markets.
• Largest Telemundo Affiliate group with 44 markets.

Contractual, long-term retransmission agreements with pay-TV providers

These agreements represent a foundational, non-discretionary revenue stream. Retransmission consent revenue is payment from cable and satellite operators for the right to carry GTN's channels. This revenue stream was historically a growth driver, making up nearly 45% of total revenue as of early 2024, though it is facing pressure from subscriber churn. The relationship here is highly contractual and often spans multiple years, providing revenue visibility. For example, the remaining 60% of the subscriber base was up for renewal in 2024, following a 40% renewal cadence in 2023. The trend shows slight pressure, with Q3 2025 retransmission revenue slipping 6% to $346 million.

Here's a look at the recent quarterly retransmission revenue performance:

Quarter Ended	Retransmission Revenue (Millions USD)	Year-over-Year Change
March 31, 2025 (Q1)	$379 million	-1%
June 30, 2025 (Q2)	$369 million	-1%
September 30, 2025 (Q3)	$346 million	-6%

Automated digital advertising sales for smaller local businesses

For smaller local businesses that might not engage the high-touch local sales teams, GTN uses automated platforms for digital ad sales. This is the scalable, transactional part of the customer relationship. While specific 2025 digital revenue figures aren't explicitly broken out in the latest reports, the company was guiding for strong double-digit growth in digital advertising revenue for the quarter ending June 30, 2025, suggesting this segment is a key focus area for growth outside of traditional core and political sales. This automated approach helps capture smaller, more frequent digital ad buys efficiently.

Gray Television, Inc. (GTN) - Canvas Business Model: Channels

You're looking at how Gray Media, Inc. (formerly Gray Television, Inc.) gets its content and services in front of viewers and customers as of late 2025. This is all about distribution pathways.

Over-the-Air (OTA) Broadcast via owned/operated TV stations remains the core foundation. Gray Media is the nation's largest owner of top-rated local television stations. As of August 2025, its portfolio serves 113 television markets and collectively reaches approximately 37 percent of US television households. The company has a strong local presence, holding the top-rated television station in 78 markets and the first or second highest-rated station in 99 markets during 2024.

The revenue from these OTA signals is heavily reliant on network affiliations, which dictate the primary content stream. Based on 2024 data, the network split of total revenue was:

Network Affiliation (2024 Data)	Percentage of Total Revenue
CBS	38%
NBC	27%
FOX	14%
ABC	11%

This OTA channel is also the source of significant political advertising revenue, though it is cyclical. For instance, Q3 2025 political advertising revenue was $8 million, which is significantly lower than the $497 million earned in the full year 2024.

Multichannel Video Programming Distributors (MVPDs) like cable/satellite provide a crucial, recurring revenue stream through retransmission consent fees. This revenue is reported under Distribution Fee Revenue. For the third quarter of 2025, this channel brought in $346 million. S&P Global Ratings expected gross retransmission revenue to decline 1% in 2025.

The performance across the main revenue-generating channels for recent quarters shows the relative weight of each component:

Revenue Component	Q1 2025 Amount	Q3 2025 Amount
Total Revenue	$782 million	$749 million
Core Advertising Revenue (OTA/Local Direct)	$344 million	$355 million
Retransmission/Distribution Fee Revenue	$379 million	$346 million
Political Advertising Revenue	$13 million	$8 million

Virtual MVPDs (vMVPDs) like YouTube TV are part of the MVPD distribution channel but are currently a point of friction. The company is facing challenges due to the ongoing YouTube TV carriage dispute which specifically affects its ABC stations. No specific financial metric for this channel's contribution or loss in 2025 was made public.

Gray Digital Media: Websites, mobile apps, and OTT streaming platforms represent the digital growth vector. Gray Media operates Gray Digital Media, a full-service digital agency. Digital advertising revenue saw strong double-digit growth year-over-year in Q1 2025. The newer local direct business within this segment was up low single digits in Q3 2025 over Q3 2024.

Studio Facilities: Direct B2B channel for film/TV production companies is another distinct channel. Gray owns production companies like Tupelo Media Group and facilities such as Assembly Atlanta and Third Rail Studios. Revenue from this segment, categorized as Production Revenue, was $25 million in Q3 2025. The Assembly Atlanta development is viewed as a potential major cash generator within 12-24 months.

The overall financial scale of Gray Media as of the trailing twelve months (TTM) ending in 2025 is reported at $3.34 Billion USD in revenue.

Gray Television, Inc. (GTN) - Canvas Business Model: Customer Segments

You're looking at the customer base for Gray Media, Inc. (formerly Gray Television, Inc.) as of late 2025. This company relies on a diverse set of entities paying for access to its local audience reach and production capabilities.

The primary customer groups are segmented by the nature of their advertising spend, distribution access fees, or production needs. Here's a breakdown of the key segments and supporting financial data from the latest available reports, primarily Q3 2025 results and Q4 2025 guidance.

Customer Segment	Latest Reported Revenue (Q3 2025)	Year-over-Year Change (Q3 2025 vs Q3 2024)	Relevant Context/Guidance
Local and National Core Advertisers	$355 million (Core advertising)	Down 3%	Q4 2025 Core advertising guidance is $380 million to $390 million.
Political Campaigns and Issue Advertisers	$8 million (Political advertising)	Down 95%	This reflects the non-election cycle year; Q4 2024 political revenue was $250 million.
Pay-TV Distributors (MVPDs/vMVPDs)	$346 million (Retransmission revenue)	Down 6%	Q1 2025 retransmission revenue was $379 million.
Film and Television Production Companies	$25 million (Production revenue)	Down 4%	Gray Media owns production facilities like Assembly Atlanta and Third Rail Studios.

Local and National Core Advertisers (e.g., legal, financial services, auto)

This segment represents the consistent, non-cyclical advertising revenue stream. You see this group's spending reflected in the Core advertising figures. For instance, in the third quarter of 2025, this group generated $355 million in revenue for Gray Media, Inc. While this was a slight dip of 3% year-over-year, the company is projecting a stronger fourth quarter, guiding core advertising between $380 million and $390 million. Legal advertising specifically saw double-digit growth in Q2 2025.

• Legal advertising grew at double-digit rates in Q2 2025.
• Digital advertising revenue increased by 8% in Q2 2025.
• Core advertising revenue in Q1 2025 was $344 million.

Political Campaigns and Issue Advertisers (cyclical, high-margin)

This is a highly cyclical customer segment, spiking significantly in even-numbered election years. In the non-election year of 2025, the revenue reflects the expected sharp drop-off. Q3 2025 political advertising revenue was only $8 million, a 95% decrease from the prior year. For context, the full-year 2024 political advertising revenue reached $497 million, estimated to be the highest among peers. The guidance for Q4 2025 political advertising remains low, projected between $7 million and $8 million.

Pay-TV Distributors (MVPDs/vMVPDs) paying retransmission fees

These distributors pay Gray Media, Inc. to carry its broadcast signals. This revenue stream is substantial and provides a base level of income, though it faces pressure from subscriber churn. Q3 2025 retransmission revenue was $346 million, a 6% slip from the prior year. In the first quarter of 2025, this segment brought in $379 million. Gray Media, Inc. bolstered this segment with its 113-station network.

Local Viewers/Audiences in 113 US markets

While viewers don't directly pay Gray Media, Inc., their attention is the product sold to advertisers and distributors. Gray Media, Inc. owns local television stations and digital assets serving 113 television markets. This footprint collectively reaches approximately 37 percent of U.S. television households. The portfolio includes the top-rated station in 78 markets as of 2024.

• Markets served: 113.
• U.S. TV Household Reach: Approximately 37 percent.
• Largest market by revenue in 2024: Phoenix, Arizona, contributing 5% of total revenue.

Film and Television Production Companies (for studio space)

This segment utilizes Gray Media's physical assets, such as Assembly Atlanta and Third Rail Studios, for production needs. Q3 2025 revenue from production companies totaled $25 million. The company had previously guided for an EBITDA contribution from its studios of $20 million-$30 million in 2024. Gray Media, Inc. is actively securing tenants for this space.

Finance: draft 13-week cash view by Friday.

Gray Television, Inc. (GTN) - Canvas Business Model: Cost Structure

The Cost Structure for Gray Television, Inc. (GTN) is heavily weighted towards fixed and semi-fixed operational expenses necessary to maintain its extensive local broadcast footprint. You see this immediately when looking at the scale of running dozens of local stations.

High fixed costs form the bedrock of the expense base. Broadcast operating expenses, which exclude non-cash items like depreciation and amortization, were reported at $542 million for the third quarter of 2025. This figure reflects the ongoing costs of running the stations, such as power, transmission, and core staffing, even when advertising revenue fluctuates. For context, the full-year 2025 estimate for total Operating Expenses (Broadcasting and Corporate, before D&A) was projected to be around $1,682 million.

Debt servicing is another major, non-discretionary cost. As of September 30, 2025, Gray Television's total long-term debt stood at approximately $5.6 billion. Servicing this debt requires significant cash outlay, with estimated 2025 interest payments being around $450 million. Managing this interest expense through refinancing, like the secured note issuances in mid-2025, is a key financial priority to keep this cost manageable.

Network affiliation expenses represent a direct cost tied to carrying major network programming. For the third quarter of 2025, network affiliation fees paid by Gray Television were reported at $214 million. This is a critical component of the cost structure, as these fees are often negotiated against the retransmission consent revenue received from cable and satellite providers. The full-year 2025 estimate for Network Affiliation Fees was projected to be approximately $595 million.

Content production and personnel costs are essential for delivering the core product: local news and programming. These costs are substantial because local news requires dedicated reporters, anchors, and production crews in every market. For the third quarter of 2025, the Production Companies Expense line item, which captures some of this content creation cost, was reported at $28 million.

Finally, capital investment is necessary for future compliance and technological advancement. This includes expenditures for the transition to NextGenTV (ATSC 3.0) and ongoing studio development projects, such as the Assembly Atlanta initiative. Capital expenditures for 2025 were estimated to be in the range of $85 million to $90 million.

Here's a quick breakdown of key quarterly cost components for Q3 2025:

Cost Category	Q3 2025 Reported Amount (Millions USD)	Notes
Broadcast Operating Expenses (Excl. D&A)	$542	Reflects cost containment actions.
Network Affiliation Fees	$214	Paid to networks; compared to $346 million in Retransmission Revenue.
Production Companies Expense	$28	Cost associated with content creation.

The cost structure is characterized by these large, relatively fixed outflows that must be covered regardless of short-term advertising volatility. You have to pay the transmission costs and the debt service every month.

Key cost drivers that you need to monitor include:

• Personnel Costs: Salaries and benefits for local news staff.
• Network Fees: Payments tied to affiliation agreements.
• Debt Interest: Fixed cash outflow based on outstanding debt balances.
• Technology Upgrades: Capital outlay for NextGenTV compliance.

If onboarding takes 14+ days, churn risk rises, but for costs, if the interest rate environment shifts unfavorably, the $450 million annual interest expense could easily increase on future refinancings.

Finance: draft 13-week cash view by Friday.

Gray Television, Inc. (GTN) - Canvas Business Model: Revenue Streams

You're looking at the core ways Gray Television, Inc. makes money right now, late in 2025. It's a mix of traditional media fees and modern digital sales, though you'll see some streams are far more dependable than others.

The main engine is still fees from cable/satellite providers, followed closely by local advertising sales. Political revenue, as you know, is a wild card that swings hard based on the election calendar.

Here's a breakdown of the key revenue streams based on the latest reported quarter, Q3 2025, plus context on the growth areas.

Revenue Stream Category	Q3 2025 Amount (Millions USD)	Year-over-Year Change Context (Q3 2025 vs Q3 2024)
Retransmission Consent Fees	$346 million	Slipped 6 percent
Core Advertising Revenue	$355 million	Declined 3 percent
Political Advertising Revenue	$8 million	Fell 95 percent, highly cyclical
Production Company Revenue	$25 million	Down 4 percent

The digital segment is where Gray Television, Inc. is clearly pushing for future stability. While the Q3 numbers above are the headline figures, the digital side shows a different trend.

• Digital Advertising Revenue: Gray Television, Inc. reported seeing strong double-digit growth on a year-over-year basis in digital advertising revenue as of the outlook provided for Q1 2025.
• Local Customers: This digital growth is also supported by growth from local customers who hadn't purchased advertising before.

To be fair, the Q3 2025 figures show the cyclical nature of the business. For instance, the $8 million in Political Advertising Revenue is a massive drop from the prior year, which is expected in an off-election year. Still, the $346 million from Retransmission Consent Fees provides a solid, recurring base, even with a slight dip.

You can see the relative size of the two biggest components from Q3 2025:

• Retransmission Revenue: Accounted for 46.2 percent of total revenue.
• Advertising Revenue (Core + Political): Accounted for 48.6 percent of total revenue ($355 million + $8 million = $363 million, which is 48.46 percent of the $749 million total revenue).

Finance: draft 13-week cash view by Friday.