Gray Media Reports Record Q3 2026 Revenue Driven by Political Advertising
Gray Media (GTN) reported record-breaking third-quarter revenue of $972 million, fueled primarily by a surge in political advertising which reached $198 million. The company's performance was bolstered by recent acquisitions and a favorable political map, allowing it to surpass the high end of its previous guidance despite macroeconomic softness affecting core advertising sectors. While core advertising (excluding acquisitions) saw a mid-single-digit decline due to 'political crowd out,' the company remains focused on deleveraging. Management plans to use fourth-quarter political cash flow to fund $175 million to $200 million in debt reduction, aiming for significant interest expense savings in 2027. The company also expects a strong Q4 with total revenue guidance between $1.115 billion and $1.140 billion.