Gray Media, also known as Gray Television, Inc., and often referred to as Gray, is a Publicly Owned company headquartered in Atlanta, Georgia, US. Founded in 1897, the company operates with approximately 2,040 employees and reported $3.1 billion in revenue as of 2025. As a tier 1 media tech buyer, its main product offerings include broadcast television and radio. The company primarily focuses on being a large owner of local television stations and digital assets, serving 113 television markets and collectively reaching approximately 36 percent of US television households. Its portfolio includes 77 markets with local television stations identified as top-rated and 100 markets with the first and/or second highest-rated television station. It also operates the largest Telemundo Affiliate group, covering 43 markets and totaling nearly 1.5 million Hispanic TV Households. Additionally, Gray owns Gray Digital Media, a full-service digital agency that provides national and local clients with digital marketing strategies and products. Other media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, as well as studio production facilities Assembly Atlanta and Third Rail Studios. Gray holds a majority interest in Swirl Films.
DISH Network subscribers remained without 226 Gray Media local broadcast channels across 113 markets as of April 3, 2026, more than three weeks after a high-profile carriage dispute began. The disruption started on March 10, 2026, when negotiations between the satellite provider and Gray Media broke down ahead of a contract renewal deadline, leading to the removal of stations from DISH’s lineup. This situation included DISH TV customers losing access to Gray Media's KFVS12 in March due to the unreached renewal agreement, impacting newscasts, CBS Sports, and other entertainment programming. Previously, on April 1, 2026, Gray Media Inc. announced it entered into a sixth amendment to its Fifth Amended and Restated Credit Agreement with Wells Fargo Bank and other lenders. This amendment, executed on March 31, 2026, amends and restates the company's senior credit facility. Gray Media plans repayment of a $10 million term loan, while the amendment leaves revolving commitments, term loan principal amounts, and stated maturities unchanged, with no new borrowings made.
Gray Media offers 149 products in the media and telecoms services and media tech industries. Gray Media's product portfolio comprises of media managed services and broadcast television and radio.
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Gray Media's revenues were $3.1B in 2025. Caretta Research has split Gray Media's revenue into 3 different product categories, the largest of which is local broadcaster advertising, which represents 54% of Gray Media's revenue.
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