Gray Television, Inc. (GTN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Gray Television, Inc. (GTN) se erige como una fuerza dinámica en la transmisión local, tejiendo magistralmente la narración de la comunidad con operaciones estratégicas de medios. Al aprovechar un sólido lienzo de modelo de negocio que abarca noticias hiperlocales, diversas plataformas de contenido y soluciones publicitarias innovadoras, GTN se ha posicionado como un jugador crítico en el panorama televisivo en constante evolución. Este intrincado modelo de negocio transforma los paradigmas de transmisión tradicionales, conectando al público local con contenido convincente al tiempo que crea un valor sustancial para los anunciantes, espectadores y partes interesadas en múltiples mercados de medios.

Gray Television, Inc. (GTN) - Modelo de negocios: asociaciones clave

Estaciones de televisión locales de transmisión

Gray Television opera 180 estaciones de televisión locales en 113 mercados a partir de 2023, representando aproximadamente el 36% de los hogares de televisión estadounidense.

Categoría de mercado	Número de estaciones	Cobertura del mercado
Top 25 mercados	42 estaciones	23% de la cobertura total
Mercados de nivel medio	88 estaciones	45% de la cobertura total
Mercados pequeños	50 estaciones	32% de la cobertura total

Nexstar Media Group Partnership

Acuerdos estratégicos de contenido y distribución con Nexstar Media Group, que involucra afiliaciones de redes compartidas e intercambio de contenido.

Redes de publicidad nacionales

• Asociaciones establecidas con las principales redes de publicidad
• 2023 Ingresos publicitarios: $ 1.2 mil millones
• Redes de publicidad primaria: CBS, ABC, NBC, Fox

Proveedores de tecnología

Categoría de proveedor	Proveedores principales	Inversión tecnológica anual
Infraestructura de transmisión	Harris, Grass Valley	$ 45 millones
Infraestructura digital	Cisco, Akamai	$ 28 millones

Ligas deportivas y producción de contenido

Las asociaciones incluyen:

• Derechos de transmisión deportiva de la NCAA
• Acuerdos de contenido del equipo deportivo profesional local
• 2023 Inversión de contenido deportivo: $ 87 millones

Gray Television, Inc. (GTN) - Modelo de negocios: actividades clave

Producción de noticias y programación locales

Gray Television opera 180 estaciones de televisión en 113 mercados a partir de 2023. La compañía produce aproximadamente 1,200 horas de contenido de noticias locales semanalmente en la cartera de su estación.

Métrico	Valor
Estaciones de televisión totales	180
Mercados cubiertos	113
Producción semanal de noticias locales	1.200 horas

Transmisión de señal de televisión transmitida

Gray Television posee y opera estaciones en múltiples redes de transmisión que incluyen:

• CBS
• NBC
• abecedario
• ZORRO
• Mynetworktv

Creación de contenido de medios digitales

Los ingresos por la plataforma digital alcanzaron los $ 120.3 millones en 2022, lo que representa un aumento del 17.4% respecto al año anterior.

Ventas y marketing publicitarios

Televisión gris generada $ 3.26 mil millones en ingresos totales Para el año fiscal 2022, con publicidad que representa una parte significativa de este ingreso.

Categoría de ingresos	Cantidad de 2022
Ingresos totales de la empresa	$ 3.26 mil millones
Ingresos de la plataforma digital	$ 120.3 millones

Adquisición de estaciones y expansión del mercado

Gray Television completó adquisiciones estratégicas que incluyen la adquisición de Tegna Inc. de $ 2.7 mil millones en febrero de 2022, ampliando su presencia en el mercado.

Adquisición	Valor	Año
Adquisición de Tegna Inc.	$ 2.7 mil millones	2022

Gray Television, Inc. (GTN) - Modelo de negocios: recursos clave

Extensa cartera de licencias de transmisión de televisión

A partir de 2024, Gray Television posee 180 estaciones de televisión en 113 mercados, cubriendo aproximadamente el 36% de los hogares de televisión estadounidense.

Tipo de licencia	Número de estaciones	Cobertura del mercado
Afiliados de CBS	37	22 estados
Afiliados de NBC	29	19 estados
Afiliados de ABC	26	17 estados
Afiliados de zorro	24	16 estados

Diversa red de estaciones de televisión locales

La red de estación de Gray Television abarca múltiples mercados con una diversidad geográfica significativa.

• Valor de mercado total: $ 4.2 mil millones
• Rango promedio de mercado: los 50 principales mercados de televisión
• Estaciones en 35 estados

Profesionales de administración y transmisión experimentadas

A partir de 2024, Gray Television emplea aproximadamente 6.800 profesionales de transmisión.

Nivel de gestión	Número de empleados	Tenencia promedio
Liderazgo ejecutivo	12	15 años
Alta gerencia	98	12 años
Gestión de nivel medio	356	8 años

Tecnología avanzada de transmisión y medios digitales

Inversión en infraestructura tecnológica: $ 124 millones en 2023

• Plataformas digitales: 37 canales de transmisión
• Servicios OTT (exagerados): 12 plataformas activas
• Descargas de aplicaciones móviles: 2.3 millones

Fuertes relaciones locales en el mercado y reconocimiento de marca

Penetración del mercado local: 68% de audiencia promedio en los mercados centrales

Métrico de mercado	Valor
Ingresos publicitarios locales	$ 876 millones
Eventos de participación comunitaria	423 eventos anuales
Cuota de mercado de noticias locales	52%

Gray Television, Inc. (GTN) - Modelo de negocios: propuestas de valor

Noticias hiperlocales y contenido centrado en la comunidad

Gray Television opera 180 estaciones de televisión en 113 mercados a partir de 2023, cubriendo el 36% de los hogares de televisión estadounidense. La compañía genera $ 3.2 mil millones en ingresos anuales, con un enfoque significativo en el contenido de noticias locales.

Cobertura del mercado	Número de estaciones	Porcentaje de hogares estadounidenses
Mercados de televisión	113	36%
Estaciones de televisión totales	180	N / A

Transmisión gratuita de televisión por el aire

Gray Television ofrece servicios de transmisión gratuitos en múltiples afiliaciones de red:

• Afiliados de CBS: 34 estaciones
• Afiliados de NBC: 29 estaciones
• AFILIATES ABC: 24 estaciones
• Afiliados de Fox: 17 estaciones

Cobertura integral del mercado local

La estrategia del mercado local de Gray Television se centra en regiones geográficas clave con una audiencia significativa:

Región	Número de mercados	Clasificación de mercado
Sudeste	28	Top 50 mercados
Medio oeste	22	Top 75 mercados
Suroeste	15	Top 100 mercados

Entretenimiento diverso y programación informativa

Desglose de programación para estaciones de televisión grises:

• Noticias locales: 35% del contenido
• Programación de la red nacional: 45% del contenido
• Deportes locales: 10% del contenido
• Programación comunitaria: 10% del contenido

Plataforma de publicidad rentable para empresas locales

Métricas de ingresos publicitarios de Gray Television:

Ingresos publicitarios	Cantidad	Año
Ingresos publicitarios totales	$ 1.2 mil millones	2023
Ingresos publicitarios locales	$ 680 millones	2023
Ingresos publicitarios digitales	$ 170 millones	2023

Gray Television, Inc. (GTN) - Modelo de negocios: relaciones con los clientes

Participación comunitaria a través de la cobertura de noticias locales

Gray Television opera 180 estaciones de televisión locales en 113 mercados a partir de 2023. La compañía cubre aproximadamente el 36% de los hogares de televisión estadounidense.

Métrico de mercado	Datos específicos
Estaciones locales totales	180
Los hogares de televisión llegaron	36%
Mercados totales cubiertos	113

Interacción directa del espectador a través de plataformas de redes sociales

Las plataformas digitales de Gray Television generan aproximadamente 1,2 mil millones de vistas de video anualmente en sus sitios web de estaciones locales y canales de redes sociales.

• Compromiso de Facebook en las estaciones locales: 3.5 millones de seguidores
• Interacciones de Twitter: 1.8 millones de seguidores
• Alcance de Instagram: 2.1 millones de seguidores

Contenido local y programación personalizados

Televisión gris produce Más de 4,000 horas de programación de noticias locales semanalmente a través de su red de televisión.

Métrico de contenido	Volumen anual
Horas de programación de noticias locales	208,000 horas
Transmisiones de noticias locales por día	1,150 transmisiones

Ayuda al cliente para servicios de transmisión y digital

Gray Television mantiene equipos dedicados de atención al cliente en sus 180 estaciones locales, manejando aproximadamente 250,000 consultas de espectadores anualmente.

• Canales de soporte digital: sitio web, correo electrónico, teléfono
• Tiempo de respuesta promedio: 24-48 horas
• Idiomas de apoyo: inglés, español

Soluciones publicitarias específicas para empresas locales

Televisión gris generada $ 1.2 mil millones en ingresos por publicidad en 2022, con un enfoque en soluciones de marketing localizadas.

Métrica de publicidad	Datos 2022
Ingresos publicitarios totales	$ 1.2 mil millones
Clientes de publicidad local	12,500+
Porcentaje de publicidad digital	22%

Gray Television, Inc. (GTN) - Modelo de negocios: canales

Televisión de transmisión sobre el aire

Gray Television opera 180 estaciones de televisión en 113 mercados a partir de 2023. La compañía posee estaciones en 57 mercados, clasificando #1 en 47 mercados.

Característica del mercado	Número
Estaciones de televisión totales	180
Mercados atendidos	113
Mercados clasificados #1	47

Plataformas de transmisión digital

Gray Television opera plataformas de transmisión digital a través de sus sitios web de estaciones locales y aplicaciones de noticias digitales.

• Transmisión de noticias locales disponibles en 180 estaciones
• Ingresos de la plataforma digital: $ 46.2 millones en 2022
• Tasa de crecimiento de publicidad digital: 12.3% año tras año

Aplicaciones móviles

Gray Television ofrece aplicaciones de noticias móviles para los mercados de estaciones locales.

Módulo de aplicación móvil	Valor
Descargas totales de aplicaciones móviles	3.2 millones
Usuarios activos mensuales promedio	1.1 millones

Redes de redes sociales

Gray Television mantiene la presencia activa de las redes sociales en múltiples plataformas.

• Seguidores de Facebook: 4.7 millones de agregados
• Seguidores de Twitter: 2.3 millones de agregados
• Seguidores de Instagram: 1.8 millones de agregados

Sitios web de la estación y portales en línea

Gray Television opera plataformas integrales de noticias digitales para cada estación de televisión local.

Métrica de rendimiento del sitio web	Valor
Visitantes mensuales totales de sitios web	22.6 millones
Tiempo promedio en el sitio	4.3 minutos
Ingresos publicitarios digitales	$ 52.1 millones en 2022

Gray Television, Inc. (GTN) - Modelo de negocios: segmentos de clientes

Visualizadores de televisión locales

Gray Television opera 180 estaciones de televisión locales en 113 mercados en 57 estados y territorios a partir de 2023.

Alcance del mercado	Número de estaciones	Demografía del espectador
Top 25 mercados de Nielsen	54 estaciones	18-54 Edad demográfico
Mercados de nivel medio	86 estaciones	25-54 Edad demográfico
Mercados pequeños	40 estaciones	35-65 Edad demográfico

Anunciantes regionales

Gray Television generó $ 1.34 mil millones en ingresos por publicidad en 2022.

• Anunciantes minoristas locales: 42% de los ingresos publicitarios totales
• Anunciantes automotrices regionales: 22% de los ingresos por anuncios totales
• Anunciantes de servicios locales: 18% de los ingresos publicitarios totales
• Anunciantes políticos: 12% de los ingresos publicitarios totales

Redes de publicidad nacionales

Las asociaciones publicitarias nacionales de Gray Television incluyen:

Red	Contribución anual de ingresos	Tipo de contrato
CBS	$ 215 millones	Acuerdo de afiliado a largo plazo
abecedario	$ 187 millones	Derechos de transmisión exclusivos
NBC	$ 163 millones	Asociación de red de varios años

Organizaciones comunitarias locales

Gray Television apoya el compromiso de la comunidad local a través de:

• Cobertura de noticias locales en 113 mercados
• Patrocinios de eventos comunitarios
• Asociaciones benéficas locales

Contenido de deportes y entretenimiento consumidores

El contenido de deportes y entretenimiento representa el 35% de la programación de Gray Television.

Tipo de contenido	Porcentaje de programación	Audiencia promedio
Deportes locales	15%	2.3 millones de espectadores semanales
Deportes nacionales	12%	1.8 millones de espectadores semanales
Programación de entretenimiento	8%	1.5 millones de espectadores semanales

Gray Television, Inc. (GTN) - Modelo de negocio: Estructura de costos

Estación Gastos operativos

Para el año fiscal 2023, Gray Television reportó gastos operativos totales de $ 1,173.1 millones. Los costos operativos de la estación específicos incluyen:

Categoría de gastos	Cantidad (en millones)
Estación Gastos operativos	$692.4
Derechos de transmisión	$214.7
Mantenimiento de la instalación	$86.3

Costos de producción y adquisición de contenido

Los gastos relacionados con el contenido de Gray Television para 2023 incluyeron:

• Costos de producción de noticias locales: $ 157.6 millones
• Adquisición de programación nacional: $ 89.3 millones
• Desarrollo de contenido original: $ 45.2 millones

Mantenimiento de la infraestructura tecnológica

Las inversiones en tecnología e infraestructura para 2023 fueron:

Categoría de gastos tecnológicos	Cantidad (en millones)
Infraestructura digital	$62.5
Actualizaciones de equipos de transmisión	$41.2
Inversiones de ciberseguridad	$18.7

Salarios y beneficios de los empleados

Gastos relacionados con el personal para 2023:

• Compensación total de empleados: $ 336.8 millones
• Salarios para 3.200 empleados a tiempo completo
• Salario promedio por empleado: $ 105,250
• Beneficios y costos de seguro: $ 48.3 millones

Gastos de marketing y publicidad

Desglose de gastos de marketing para 2023:

Categoría de gastos de marketing	Cantidad (en millones)
Publicidad del mercado local	$37.6
Marketing digital	$22.4
Campañas promocionales	$15.9

Gray Television, Inc. (GTN) - Modelo de negocios: flujos de ingresos

Publicidad televisiva local y nacional

En 2023, Gray Television reportó ingresos por publicidad totales de $ 1.26 mil millones. La publicidad local representó $ 746.4 millones, mientras que la publicidad nacional representó $ 513.6 millones.

Categoría publicitaria	Ingresos (2023)
Publicidad local	$ 746.4 millones
Publicidad nacional	$ 513.6 millones

Tarifas de consentimiento de retransmisión

Televisión gris generada $ 585.3 millones en tarifas de consentimiento de retransmisión durante 2023, que representa una parte significativa de sus fuentes de ingresos.

Ingresos publicitarios digitales

Los ingresos por publicidad digital para la televisión gris en 2023 alcanzaron $ 127.5 millones, reflejando el creciente compromiso de la plataforma digital de la compañía.

Publicidad política durante los ciclos electorales

En el ciclo electoral de mediana plazo de 2022, Gray Television informó $ 404.2 millones en ingresos por publicidad política.

Ciclo electoral	Ingresos publicitarios políticos
2022 elecciones de mitad de período	$ 404.2 millones

Licencias de sindicación y contenido

Licencias de contenido y ingresos por sindicación para televisión gris totalizados $ 92.7 millones en 2023.

• Ingresos totales de la compañía (2023): $ 2.45 mil millones
• Porcentaje de ingresos publicitarios: 51.3%
• Porcentaje de tarifas de retransmisión: 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.