GRAY MEDIA, INC

Gray Media, Inc. is a multimedia company headquartered in Atlanta, Georgia. The company is the nation's largest owner of top-rated local television stations and digital assets in the United States. Its television stations serve 114 full-power television markets, collectively reaching approximately 37% of US television households. This portfolio includes 77 markets with the top-rated television station and 97 markets with the first and/or second highest rated television station in average all-day ratings across the 113 of such markets measured by Nielsen in 2025. Gray Media also owns the largest Telemundo Affiliate group, with 47 markets totaling over 1.6 million Hispanic TV Households. Additionally, the company owns Gray Digital Media, a full-service digital agency providing national and local clients with digital marketing strategies and advanced digital products and services. Its additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, along with studio production facilities Assembly Atlanta and Third Rail Studios. Gray Media's operating revenues are primarily generated from broadcast and digital advertising and from retransmission consent fees. For the years ended December 31, 2025, 2024, and 2023, the company's total revenue was $3.1 billion, $3.6 billion, and $3.3 billion, respectively.