Publicly owned Gray Media, also known as Gray, formerly Gray Television, Inc., is headquartered in Atlanta, Georgia, US. The company was founded in 1897, operates with approximately 2040 employees, and reported $3.1B in revenue as of 2025. It specializes in broadcast television and radio, functioning as a multimedia company and an owner of local television stations and digital assets, serving 113 television markets that collectively reach approximately 36 percent of US television households. Its portfolio includes 77 markets with a top-rated television station and 100 markets with the first and/or second highest rated television station, alongside the largest Telemundo Affiliate group spanning 43 markets and totaling nearly 1.5 million Hispanic TV Households. Gray also owns Gray Digital Media, a full-service digital agency that provides national and local clients with digital marketing strategies and advanced digital products and services. Additional media properties include video production companies such as 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.
Gray Media will consolidate Louisville's WDRB and WAVE under a unified WDRB+WAVE digital platform, effective September 1, following its $80 million acquisition of the assets. Previously, on August 24, the company reported a net revenue of $156 million, marking a 13.4% year-over-year decline, with adjusted EBITDA decreasing 21.8% to $13 million, attributing the results to challenging market conditions. Earlier, on August 23, Gray Media intensified its recruitment drive, highlighting its status as a significant owner of local television stations and digital assets in the U.S. This followed the completion of a $750 million debt refinancing on August 21, through the issuance of 7.500% senior secured first lien notes due 2034 at par. Earlier the same day, Gray Media announced Chief Operating Officer Sandy Breland will serve as Television Co-Chair for Forecast 2027, the annual broadcast and finance leadership summit taking place November 12.
Gray Media offers 149 products in the media tech and media and telecoms services 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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