Gray Television, Inc. (GTN): Modelo de negócios Canvas [Jan-2025 Atualizado]

A Gray Television, Inc. (GTN) permanece como uma força dinâmica na transmissão local, tecendo magistralmente narrativa da comunidade com operações estratégicas de mídia. Ao alavancar uma tela robusta do modelo de negócios que abrange notícias hiperlocais, diversas plataformas de conteúdo e soluções de publicidade inovadoras, a GTN se posicionou como um participante crítico no cenário de televisão em constante evolução. Esse intrincado modelo de negócios transforma paradigmas tradicionais de transmissão, conectando o público local a conteúdo atraente, criando um valor substancial para anunciantes, espectadores e partes interessadas em vários mercados de mídia.

Grey Television, Inc. (GTN) - Modelo de Negócios: Principais Parcerias

Estações de televisão de transmissão local

A televisão cinza opera 180 estações de televisão locais em 113 mercados em 2023, representando aproximadamente 36% das famílias de televisão dos EUA.

Categoria de mercado	Número de estações	Cobertura de mercado
Os 25 principais mercados	42 estações	23% da cobertura total
Mercados de nível intermediário	88 estações	45% da cobertura total
Pequenos mercados	50 estações	32% da cobertura total

Parceria do Grupo de Mídia Nexstar

Acordos estratégicos de conteúdo e distribuição com o Nexstar Media Group, envolvendo afiliações de rede compartilhadas e troca de conteúdo.

Redes de publicidade nacionais

• Parcerias estabelecidas com principais redes de publicidade
• 2023 Receita de publicidade: US $ 1,2 bilhão
• Redes de publicidade primária: CBS, ABC, NBC, Fox

Fornecedores de tecnologia

Categoria de fornecedor	Fornecedores primários	Investimento de tecnologia anual
Infraestrutura de transmissão	Harris, Grass Valley	US $ 45 milhões
Infraestrutura digital	Cisco, Akamai	US $ 28 milhões

Ligas esportivas e produção de conteúdo

As parcerias incluem:

• Direitos de transmissão esportiva da NCAA
• Acordos locais de conteúdo da equipe esportiva profissional
• 2023 Investimento de conteúdo esportivo: US $ 87 milhões

Gray Television, Inc. (GTN) - Modelo de Negócios: Atividades -chave

Notícias locais e produção de programação

A Grey Television opera 180 estações de televisão em 113 mercados a partir de 2023. A empresa produz aproximadamente 1.200 horas de conteúdo de notícias locais semanalmente em seu portfólio de estação.

Métrica	Valor
Total de estações de televisão	180
Mercados cobertos	113
Produção semanal de notícias locais	1.200 horas

Transmissão de sinal de transmissão televisiva

A televisão cinza possui e opera estações em várias redes de transmissão, incluindo:

• Cbs
• NBC
• abc
• RAPOSA
• MyNetworktv

Criação de conteúdo de mídia digital

A receita da plataforma digital atingiu US $ 120,3 milhões em 2022, representando um aumento de 17,4% em relação ao ano anterior.

Vendas de publicidade e marketing

Televisão cinza gerada US $ 3,26 bilhões em receita total Para o ano fiscal de 2022, com publicidade representando uma parcela significativa dessa renda.

Categoria de receita	2022 quantidade
Receita total da empresa	US $ 3,26 bilhões
Receita da plataforma digital	US $ 120,3 milhões

Aquisição de estação e expansão de mercado

A televisão cinza concluiu aquisições estratégicas, incluindo a aquisição de US $ 2,7 bilhões da TEGNA Inc. em fevereiro de 2022, expandindo sua presença no mercado.

Aquisição	Valor	Ano
Aquisição da Tegna Inc.	US $ 2,7 bilhões	2022

Gray Television, Inc. (GTN) - Modelo de Negócios: Recursos -Principais

Extenso portfólio de licenças de transmissão de televisão

A partir de 2024, a Grey Television possui 180 estações de televisão em 113 mercados, cobrindo aproximadamente 36% das famílias de televisão dos EUA.

Tipo de licença	Número de estações	Cobertura de mercado
Afiliados da CBS	37	22 estados
Afiliados da NBC	29	19 estados
Afiliados da ABC	26	17 estados
Afiliados da Fox	24	16 estados

Rede diversificada de estações de televisão locais

A rede de estação da televisão cinza abrange vários mercados com diversidade geográfica significativa.

• Valor de mercado total: US $ 4,2 bilhões
• Classificação média de mercado: 50 principais mercados de televisão
• Estações em 35 estados

Profissionais de gestão e transmissão experientes

A partir de 2024, a televisão cinza emprega aproximadamente 6.800 profissionais de transmissão.

Nível de gerenciamento	Número de funcionários	Posse média
Liderança executiva	12	15 anos
Gestão sênior	98	12 anos
Gerenciamento de nível médio	356	8 anos

Tecnologia avançada de transmissão e mídia digital

Investimento de infraestrutura tecnológica: US $ 124 milhões em 2023

• Plataformas digitais: 37 canais de streaming
• Serviços OTT (Over-the-Top): 12 plataformas ativas
• Downloads de aplicativos móveis: 2,3 milhões

Forte relacionamentos de mercado local e reconhecimento de marca

Penetração do mercado local: 68% de audiência média nos mercados principais

Métrica de mercado	Valor
Receita de publicidade local	US $ 876 milhões
Eventos de engajamento da comunidade	423 eventos anuais
Participação de mercado de notícias local	52%

Gray Television, Inc. (GTN) - Modelo de negócios: proposições de valor

Notícias hiperlocais e conteúdo focado na comunidade

A televisão cinza opera 180 estações de televisão em 113 mercados em 2023, cobrindo 36% das famílias de televisão dos EUA. A empresa gera US $ 3,2 bilhões em receita anual, com um foco significativo no conteúdo de notícias local.

Cobertura de mercado	Número de estações	Porcentagem de famílias dos EUA
Mercados de televisão	113	36%
Total de estações de televisão	180	N / D

Transmissão televisiva gratuita ao ar livre

A televisão cinza fornece serviços de transmissão gratuitos em várias afiliações de rede:

• Afiliados da CBS: 34 estações
• Afiliados da NBC: 29 estações
• Afiliados da ABC: 24 estações
• Afiliados da Fox: 17 estações

Cobertura abrangente do mercado local

A estratégia de mercado local da televisão cinza se concentra nas principais regiões geográficas com visualização significativa:

Região	Número de mercados	Classificação de mercado
Sudeste	28	Os 50 principais mercados
Centro -Oeste	22	Top 75 mercados
Sudoeste	15	Os 100 principais mercados

Entretenimento diversificado e programação informativa

Programação Redução para estações de televisão cinza:

• Notícias locais: 35% do conteúdo
• Programação nacional de rede: 45% do conteúdo
• Esportes locais: 10% do conteúdo
• Programação comunitária: 10% do conteúdo

Plataforma de publicidade econômica para empresas locais

Métricas de receita de publicidade da televisão cinza:

Receita de publicidade	Quantia	Ano
Receita total de publicidade	US $ 1,2 bilhão	2023
Receita de publicidade local	US $ 680 milhões	2023
Receita de publicidade digital	US $ 170 milhões	2023

Gray Television, Inc. (GTN) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento da comunidade através da cobertura de notícias locais

A televisão cinza opera 180 estações de televisão locais em 113 mercados a partir de 2023. A empresa cobre aproximadamente 36% das famílias de televisão dos EUA.

Métrica de mercado	Dados específicos
Total de estações locais	180
As famílias de televisão alcançaram	36%
Mercados totais cobertos	113

Interação direta do visualizador via plataformas de mídia social

As plataformas digitais da Grey Television geram aproximadamente 1,2 bilhão de visualizações de vídeo anualmente em seus sites de estação local e canais de mídia social.

• Engajamento do Facebook em estações locais: 3,5 milhões de seguidores
• Interações do Twitter: 1,8 milhão de seguidores
• Alcance do Instagram: 2,1 milhões de seguidores

Conteúdo local personalizado e programação

A televisão cinza produz Mais de 4.000 horas de programação de notícias locais semanalmente em sua rede de televisão.

Métrica de conteúdo	Volume anual
Horário de programação de notícias local	208.000 horas
Transmissões de notícias locais por dia	1.150 transmissões

Suporte ao cliente para serviços de transmissão e digital

A Gray Television mantém equipes dedicadas de suporte ao cliente em suas 180 estações locais, lidando com aproximadamente 250.000 consultas de espectadores anualmente.

• Canais de suporte digital: site, email, telefone
• Tempo médio de resposta: 24-48 horas
• Idiomas de suporte: inglês, espanhol

Soluções de publicidade direcionadas para empresas locais

Televisão cinza gerada US $ 1,2 bilhão em receita de publicidade em 2022, com foco em soluções de marketing localizadas.

Métrica de publicidade	2022 dados
Receita total de publicidade	US $ 1,2 bilhão
Clientes de publicidade local	12,500+
Porcentagem de publicidade digital	22%

Gray Television, Inc. (GTN) - Modelo de Negócios: Canais

Televisão de transmissão de ar

A televisão cinza opera 180 estações de televisão em 113 mercados a partir de 2023. A empresa possui estações em 57 mercados, classificando o número 1 em 47 mercados.

Característica do mercado	Número
Total de estações de televisão	180
Mercados servidos	113
Mercados classificados em #1	47

Plataformas de streaming digital

A televisão cinza opera plataformas de streaming digital por meio de sites de estação local e aplicativos de notícias digitais.

• Streaming de notícias locais disponíveis em 180 estações
• Receita da plataforma digital: US $ 46,2 milhões em 2022
• Taxa de crescimento da publicidade digital: 12,3% ano a ano

Aplicativos móveis

A televisão cinza fornece aplicativos de notícias móveis para os mercados de estações locais.

Métrica de aplicativo móvel	Valor
Downloads de aplicativos móveis totais	3,2 milhões
Usuários ativos mensais médios	1,1 milhão

Redes de mídia social

A televisão cinza mantém a presença ativa das mídias sociais em várias plataformas.

• Seguidores do Facebook: 4,7 milhões de agregados
• Seguidores do Twitter: 2,3 milhões de agregados
• Seguidores do Instagram: 1,8 milhão de agregados

Sites de estação e portais online

A televisão cinza opera plataformas abrangentes de notícias digitais para cada estação de televisão local.

Métrica de desempenho do site	Valor
Total de visitantes mensais do site	22,6 milhões
Tempo médio no local	4,3 minutos
Receita de anúncios digitais	US $ 52,1 milhões em 2022

Gray Television, Inc. (GTN) - Modelo de Negócios: Segmentos de Clientes

Espectadores de televisão locais

A televisão cinza opera 180 estações de televisão locais em 113 mercados em 57 estados e territórios a partir de 2023.

Alcance do mercado	Número de estações	Demografia dos espectadores
Os 25 principais mercados da Nielsen	54 estações	18-54 Demografia demográfica da idade
Mercados de nível intermediário	86 estações	25-54 Demografia demográfica da idade
Pequenos mercados	40 estações	35-65 Idade demográfica

Anunciantes regionais

A televisão cinza gerou US $ 1,34 bilhão em receita de publicidade em 2022.

• Anunciantes locais de varejo: 42% da receita total de anúncios
• Anunciantes Automotivos Regionais: 22% da Receita Total de AD
• Anunciantes de serviços locais: 18% da receita total de anúncios
• Anunciantes políticos: 12% da receita total de anúncios

Redes de publicidade nacionais

As parcerias nacionais de publicidade da televisão cinza incluem:

Rede	Contribuição anual da receita	Tipo de contrato
Cbs	US $ 215 milhões	Contrato de Afiliado de longo prazo
abc	US $ 187 milhões	Direitos de transmissão exclusivos
NBC	US $ 163 milhões	Parceria de rede de vários anos

Organizações comunitárias locais

A televisão cinza suporta o envolvimento da comunidade local através de:

• Cobertura de notícias local em 113 mercados
• Patrocínio de eventos da comunidade
• Parcerias de caridade locais

Consumidores de conteúdo de esportes e entretenimento

O conteúdo de esportes e entretenimento representa 35% da programação da televisão cinza.

Tipo de conteúdo	Porcentagem de programação	Audiência média
Esportes locais	15%	2,3 milhões de espectadores semanais
Esportes nacionais	12%	1,8 milhão de espectadores semanais
Programação de entretenimento	8%	1,5 milhão de espectadores semanais

Gray Television, Inc. (GTN) - Modelo de Negócios: Estrutura de Custo

Despesas operacionais da estação

Para o ano fiscal de 2023, a Grey Television registrou despesas operacionais totais de US $ 1.173,1 milhões. Os custos operacionais específicos da estação incluem:

Categoria de despesa	Quantidade (em milhões)
Despesas operacionais da estação	$692.4
Direitos de transmissão	$214.7
Manutenção da instalação	$86.3

Custos de produção e aquisição de conteúdo

As despesas relacionadas ao conteúdo da televisão cinza para 2023 incluíram:

• Custos de produção de notícias locais: US $ 157,6 milhões
• Aquisição nacional de programação: US $ 89,3 milhões
• Desenvolvimento de conteúdo original: US $ 45,2 milhões

Manutenção de infraestrutura de tecnologia

Os investimentos em tecnologia e infraestrutura para 2023 foram:

Categoria de despesa de tecnologia	Quantidade (em milhões)
Infraestrutura digital	$62.5
Atualizações de equipamentos de transmissão	$41.2
Investimentos de segurança cibernética	$18.7

Salários e benefícios dos funcionários

Despesas relacionadas ao pessoal para 2023:

• Compensação total dos funcionários: US $ 336,8 milhões
• Salários para 3.200 funcionários em tempo integral
• Salário médio por funcionário: US $ 105.250
• Benefícios e custos de seguro: US $ 48,3 milhões

Despesas de marketing e publicidade

Repartição de gastos com marketing para 2023:

Categoria de despesa de marketing	Quantidade (em milhões)
Publicidade do mercado local	$37.6
Marketing digital	$22.4
Campanhas promocionais	$15.9

Gray Television, Inc. (GTN) - Modelo de negócios: fluxos de receita

Publicidade de televisão local e nacional

Em 2023, a Grey Television registrou uma receita total de publicidade de US $ 1,26 bilhão. A publicidade local representou US $ 746,4 milhões, enquanto a publicidade nacional representava US $ 513,6 milhões.

Categoria de publicidade	Receita (2023)
Publicidade local	US $ 746,4 milhões
Publicidade nacional	US $ 513,6 milhões

Taxas de consentimento de retransmissão

Televisão cinza gerada US $ 585,3 milhões nas taxas de consentimento de retransmissão durante 2023, representando uma parcela significativa de seus fluxos de receita.

Receita de publicidade digital

Receita de publicidade digital para televisão cinza em 2023 alcançada US $ 127,5 milhões, refletindo o crescente engajamento da plataforma digital da empresa.

Publicidade política durante os ciclos eleitorais

No ciclo eleitoral de 2022, a televisão cinza relatada US $ 404,2 milhões em receita de publicidade política.

Ciclo eleitoral	Receita de anúncios políticos
2022 Eleições de médio prazo	US $ 404,2 milhões

Licenciamento de sindicação e conteúdo

Licenciamento de conteúdo e receita de sindicação para televisão cinza totalizou US $ 92,7 milhões em 2023.

• Receita total da empresa (2023): US $ 2,45 bilhões
• Porcentagem de receita de publicidade: 51,3%
• Taxas de retransmissão porcentagem: 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.