Gray Television, Inc. (GTN): Business Model Canvas [Jan-2025 Mise à jour]

Gray Television, Inc. (GTN) est une force dynamique dans la radiodiffusion locale, tissant magistralement la narration communautaire avec des opérations médiatiques stratégiques. En tirant parti d'une toile de modèle commerciale robuste qui s'étend sur des nouvelles hyperlocales, des plateformes de contenu diverses et des solutions publicitaires innovantes, GTN s'est positionné comme un acteur critique dans le paysage télévisé en constante évolution. Ce modèle commercial complexe transforme les paradigmes de diffusion traditionnels, connectant le public local à un contenu convaincant tout en créant une valeur substantielle pour les annonceurs, les téléspectateurs et les parties prenantes sur plusieurs marchés médiatiques.

Gray Television, Inc. (GTN) - Modèle d'entreprise: partenariats clés

Stations de télévision de diffusion locales

Gray Television exploite 180 stations de télévision locales sur 113 marchés à partir de 2023, représentant environ 36% des ménages de télévision américains.

Catégorie de marché	Nombre de stations	Couverture du marché
Top 25 marchés	42 stations	23% de la couverture totale
Marchés de niveau intermédiaire	88 stations	45% de la couverture totale
Petits marchés	50 stations	32% de la couverture totale

NEXSTAR Media Group Partnership

Contenu stratégique et accords de distribution avec Nexstar Media Group, impliquant des affiliations de réseau partagées et des échanges de contenu.

Réseaux de publicité nationale

• Partenariats établis avec des réseaux publicitaires majeurs
• 2023 Revenus publicitaires: 1,2 milliard de dollars
• Réseaux publicitaires principaux: CBS, ABC, NBC, FOX

Vendeurs technologiques

Catégorie des vendeurs	Vendeurs primaires	Investissement technologique annuel
Infrastructure diffusée	Harris, Grass Valley	45 millions de dollars
Infrastructure numérique	Cisco, Akamai	28 millions de dollars

Ligues sportives et production de contenu

Les partenariats comprennent:

• Droits de diffusion sportive de la NCAA
• Accords de contenu de l'équipe sportive professionnelle locale
• 2023 Investissement de contenu sportif: 87 millions de dollars

Gray Television, Inc. (GTN) - Modèle d'entreprise: activités clés

Nouvelles locales et production de programmation

Gray Television exploite 180 stations de télévision sur 113 marchés à partir de 2023. La société produit environ 1 200 heures de contenu de nouvelles locales chaque semaine à travers son portefeuille de gare.

Métrique	Valeur
Stations de télévision totales	180
Marchés couverts	113
Production hebdomadaire de nouvelles locales	1 200 heures

Diffuser la transmission de signal de télévision

Gray Television possède et exploite des stations sur plusieurs réseaux de diffusion, notamment:

• CBS
• NBC
• abc
• RENARD
• MyNetworktv

Création de contenu médiatique numérique

Les revenus de la plate-forme numérique ont atteint 120,3 millions de dollars en 2022, ce qui représente une augmentation de 17,4% par rapport à l'année précédente.

Ventes publicitaires et marketing

Télévision grise générée 3,26 milliards de dollars de revenus totaux pour l'exercice 2022, la publicité représentant une partie importante de ce revenu.

Catégorie de revenus	2022 Montant
Revenus totaux de l'entreprise	3,26 milliards de dollars
Revenus de plate-forme numérique	120,3 millions de dollars

Acquisition de la station et expansion du marché

Gray Television a terminé les acquisitions stratégiques, notamment l'acquisition de 2,7 milliards de dollars de Tegna Inc. en février 2022, élargissant sa présence sur le marché.

Acquisition	Valeur	Année
Acquisition de Tegna Inc.	2,7 milliards de dollars	2022

Gray Television, Inc. (GTN) - Modèle commercial: Ressources clés

Portefeuille approfondie de licences de diffusion télévisée

En 2024, Gray Television détient 180 stations de télévision sur 113 marchés, couvrant environ 36% des ménages de télévision américains.

Type de licence	Nombre de stations	Couverture du marché
Affiliés de CBS	37	22 États
Affiliés NBC	29	19 États
Affiliés ABC	26	17 États
Affiliés de Fox	24	16 États

Réseau diversifié de stations de télévision locales

Le réseau de station de Grey Television s'étend sur plusieurs marchés avec une diversité géographique importante.

• Valeur marchande totale: 4,2 milliards de dollars
• Rangage du marché moyen: les 50 meilleurs marchés télévisés
• Stations dans 35 États

Professionnels de la gestion et de la diffusion expérimentés

En 2024, Gray Television emploie environ 6 800 professionnels de la diffusion.

Niveau de gestion	Nombre d'employés	Tenure moyenne
Leadership exécutif	12	15 ans
Senior	98	12 ans
Gestion de niveau intermédiaire	356	8 ans

Advanced Broadcasting and Digital Media Technology

Investissement infrastructure technologique: 124 millions de dollars en 2023

• Plateformes numériques: 37 canaux de streaming
• Services OTT (Over-the-top): 12 plateformes actives
• Téléchargements d'applications mobiles: 2,3 millions

Solides relations de marché locales et reconnaissance de la marque

Pénétration du marché local: 68% de l'audience moyenne sur les marchés principaux

Métrique du marché	Valeur
Revenus publicitaires locaux	876 millions de dollars
Événements d'engagement communautaire	423 événements annuels
Part de marché local	52%

Gray Television, Inc. (GTN) - Modèle d'entreprise: propositions de valeur

Actualités hyperlocales et contenu axé sur la communauté

Gray Television exploite 180 stations de télévision sur 113 marchés à partir de 2023, couvrant 36% des ménages télévisés américains. La société génère 3,2 milliards de dollars de revenus annuels, avec un accent significatif sur le contenu des actualités locales.

Couverture du marché	Nombre de stations	Pourcentage de ménages américains
Marchés télévisés	113	36%
Stations de télévision totales	180	N / A

Diffusion télévisée gratuite en direct

Gray Television fournit des services de diffusion gratuits dans plusieurs affiliations de réseau:

• Affiliés CBS: 34 stations
• Affiliés NBC: 29 stations
• Affiliés ABC: 24 stations
• Fox Affiliés: 17 stations

Couverture complète du marché local

La stratégie de marché locale de Gray Television se concentre sur les régions géographiques clés avec une audience importante:

Région	Nombre de marchés	Classement du marché
Au sud-est	28	Top 50 marchés
Midwest	22	Top 75 marchés
Sud-ouest	15	Top 100 marchés

Divertissement diversifié et programmation d'information

Programmation de panne pour les stations de télévision grises:

• Nouvelles locales: 35% du contenu
• Programmation du réseau national: 45% du contenu
• Sports locaux: 10% du contenu
• Programmation communautaire: 10% du contenu

Plateforme publicitaire rentable pour les entreprises locales

Mesures de revenus publicitaires de Grey Television:

Revenus publicitaires	Montant	Année
Revenus publicitaires totaux	1,2 milliard de dollars	2023
Revenus publicitaires locaux	680 millions de dollars	2023
Revenus publicitaires numériques	170 millions de dollars	2023

Gray Television, Inc. (GTN) - Modèle d'entreprise: relations avec les clients

Engagement communautaire grâce à une couverture d'information locale

Gray Television exploite 180 stations de télévision locales sur 113 marchés à partir de 2023. La société couvre environ 36% des ménages de télévision américaine.

Métrique du marché	Données spécifiques
Stations locales totales	180
Les ménages télévisés sont parvenus	36%
Total des marchés couverts	113

Interaction directe du spectateur via les plateformes de médias sociaux

Les plateformes numériques de Gray Television génèrent environ 1,2 milliard de vues vidéo par an sur ses sites Web de station locale et ses réseaux sociaux.

• Engagement Facebook dans les stations locales: 3,5 millions d'abonnés
• Interactions Twitter: 1,8 million d'abonnés
• Instagram Reach: 2,1 millions d'abonnés

Contenu local personnalisé et programmation

La télévision grise produit Plus de 4 000 heures de programmation de nouvelles locales chaque semaine à travers son réseau de télévision.

Métrique de contenu	Volume annuel
Heures de programmation locales	208 000 heures
Les informations locales diffusent par jour	1 150 émissions

Support client pour la diffusion et les services numériques

Gray Television maintient des équipes de support client dédiées dans ses 180 stations locales, gantant chaque année environ 250 000 demandes de renseignements.

• Channeaux de support numérique: site Web, e-mail, téléphone
• Temps de réponse moyen: 24 à 48 heures
• Langues de soutien: anglais, espagnol

Solutions publicitaires ciblées pour les entreprises locales

Télévision grise générée 1,2 milliard de dollars de revenus publicitaires en 2022, en mettant l'accent sur les solutions de marketing localisées.

Métrique publicitaire	2022 données
Revenus publicitaires totaux	1,2 milliard de dollars
Clients publicitaires locaux	12,500+
Pourcentage de publicité numérique	22%

Gray Television, Inc. (GTN) - Modèle d'entreprise: Channeaux

Télévision de diffusion en direct

Gray Television exploite 180 stations de télévision sur 113 marchés à partir de 2023. La société possède des stations sur 57 marchés, classant les marchés n ° 1 sur 47.

Caractéristique du marché	Nombre
Stations de télévision totales	180
Marchés servis	113
Marchés classés n ° 1	47

Plateformes de streaming numérique

Gray Television exploite des plateformes de streaming numérique via ses sites Web de station locale et ses applications d'information numérique.

• Streaming d'actualités locales disponible sur 180 stations
• Revenus de plate-forme numérique: 46,2 millions de dollars en 2022
• Taux de croissance publicitaire numérique: 12,3% d'une année à l'autre

Applications mobiles

Gray Television fournit des applications d'actualités mobiles pour les marchés de la station locale.

Métrique de l'application mobile	Valeur
Téléchargements totaux d'applications mobiles	3,2 millions
Utilisateurs actifs mensuels moyens	1,1 million

Réseaux de médias sociaux

Gray Television maintient une présence active sur les réseaux sociaux sur plusieurs plateformes.

• Fonds Facebook: 4,7 millions d'agrégats
• Abonnés Twitter: 2,3 millions d'agrégats
• Followers Instagram: 1,8 million d'agrégats

Sites Web de station et portails en ligne

Gray Television exploite des plateformes d'information numériques complètes pour chaque station de télévision locale.

Métrique de performance du site Web	Valeur
Total des visiteurs mensuels du site Web	22,6 millions
Temps moyen sur place	4,3 minutes
Revenus publicitaires numériques	52,1 millions de dollars en 2022

Gray Television, Inc. (GTN) - Modèle d'entreprise: segments de clientèle

Téléspectateurs locaux

Gray Television exploite 180 stations de télévision locales sur 113 marchés dans 57 États et territoires en 2023.

Portée du marché	Nombre de stations	Démographie du spectateur
Top 25 marchés Nielsen	54 stations	18-54 ans démographique
Marchés de niveau intermédiaire	86 stations	25 à 54 ans démographique
Petits marchés	40 stations	35 à 65 ans démographique

Annonceurs régionaux

Gray Television a généré 1,34 milliard de dollars de revenus publicitaires en 2022.

• Annonceurs de détail locaux: 42% du total des revenus publicitaires
• Annonceurs automobiles régionaux: 22% du total des revenus publicitaires
• Annonceurs de services locaux: 18% du total des revenus publicitaires
• Annonceurs politiques: 12% du total des revenus publicitaires

Réseaux de publicité nationale

Les partenariats publicitaires nationaux de Grey Television incluent:

Réseau	Contribution annuelle des revenus	Type de contrat
CBS	215 millions de dollars	Accord d'affiliation à long terme
abc	187 millions de dollars	Droits de diffusion exclusive
NBC	163 millions de dollars	Partenariat de réseau pluriannuel

Organisations communautaires locales

Gray Television soutient l'engagement communautaire local à travers:

• Couverture d'information locale sur 113 marchés
• Commanditaires des événements communautaires
• Partenariats de bienfaisance locaux

Consommateurs de contenu sportif et de divertissement

Le contenu des sports et du divertissement représente 35% de la programmation de Gray Television.

Type de contenu	Pourcentage de programmation	Audience moyenne
Sports locaux	15%	2,3 millions de téléspectateurs hebdomadaires
Sports nationaux	12%	1,8 million de téléspectateurs hebdomadaires
Programmation de divertissement	8%	1,5 million de téléspectateurs hebdomadaires

Gray Television, Inc. (GTN) - Modèle d'entreprise: Structure des coûts

Dépenses opérationnelles de la station

Pour l'exercice 2023, Gray Television a déclaré des dépenses d'exploitation totales de 1 173,1 millions de dollars. Les coûts d'exploitation spécifiques de la station comprennent:

Catégorie de dépenses	Montant (en millions)
Dépenses d'exploitation de la station	$692.4
Droits de diffusion	$214.7
Entretien d'installation	$86.3

Coûts de production et d'acquisition de contenu

Les dépenses liées au contenu de Gray Television pour 2023 comprenaient:

• Coûts de production de nouvelles locaux: 157,6 millions de dollars
• Acquisition nationale de programmation: 89,3 millions de dollars
• Développement de contenu original: 45,2 millions de dollars

Maintenance des infrastructures technologiques

Les investissements technologiques et infrastructures pour 2023 étaient:

Catégorie de dépenses technologiques	Montant (en millions)
Infrastructure numérique	$62.5
Mises à niveau des équipements de diffusion	$41.2
Investissements en cybersécurité	$18.7

Salaires et avantages sociaux des employés

Dépenses liées au personnel pour 2023:

• Compensation totale des employés: 336,8 millions de dollars
• Salaires pour 3 200 employés à temps plein
• Salaire moyen par employé: 105 250 $
• Coût des avantages sociaux: 48,3 millions de dollars

Dépenses de marketing et de publicité

Déchange de dépenses de marketing pour 2023:

Catégorie de dépenses de marketing	Montant (en millions)
Publicité du marché local	$37.6
Marketing numérique	$22.4
Campagnes promotionnelles	$15.9

Gray Television, Inc. (GTN) - Modèle d'entreprise: Strots de revenus

Publicité télévisée locale et nationale

En 2023, Gray Television a déclaré un chiffre d'affaires publicitaire total de 1,26 milliard de dollars. La publicité locale représentait 746,4 millions de dollars, tandis que la publicité nationale représentait 513,6 millions de dollars.

Catégorie publicitaire	Revenus (2023)
Publicité locale	746,4 millions de dollars
Publicité nationale	513,6 millions de dollars

Frais de consentement de retransmission

Télévision grise générée 585,3 millions de dollars en frais de retransmission en 2023, ce qui représente une partie importante de ses sources de revenus.

Revenus publicitaires numériques

Les revenus publicitaires numériques pour la télévision grise en 2023 ont atteint 127,5 millions de dollars, reflétant l'engagement croissant de la plate-forme numérique de l'entreprise.

Publicité politique pendant les cycles électoraux

Au cours du cycle électoral à mi-parcours de 2022, Grey Television a rapporté 404,2 millions de dollars dans les revenus publicitaires politiques.

Cycle électoral	Revenus publicitaires politiques
2022 élections à mi-parcours	404,2 millions de dollars

Syndication et licence de contenu

Les revenus de licence et de syndication de contenu pour la télévision gris totalisent 92,7 millions de dollars en 2023.

• Revenus totaux de l'entreprise (2023): 2,45 milliards de dollars
• Pourcentage de revenus publicitaires: 51,3%
• Frais de retransmission pourcentage: 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.