GRAY MEDIA, INC — Form 8-K
Filed August 7, 2026 · analyzed by the 8-K Agent
8-K
▲ Likely positive
significance 48/100
What the filing says
Gray Media reported Q2 2026 total revenue of $839M (+9% YoY), driven by political advertising revenue of $83M (+822% YoY, vs. $9M in Q2 2025) and 2026 acquisitions contributing $41M. The company completed multiple station acquisitions in Q2 2026 (Allen Media, Block Communications, Sagamore Hill) and on July 1, 2026, acquired six television stations from American Spirit Media for $43M in cash. Net retransmission revenue grew 10% to $150M, and adjusted EBITDA increased 27% to $214M in Q2. Debt principal stood at $5.87B as of June 30, 2026, with net leverage ratios of 2.55x (first lien), 3.71x (secured), and 5.73x (total).
Why this rating
M&A activity and political revenue surge are real but cyclical; leverage remains elevated at 5.73x relative to ~$1B annualized EBITDA. Moderate significance—acquisitions expand footprint but don't transform the core business fundamentals within the company's ~$396M market cap context.
See more from August 7, 2026.
EDGAR·FLOW summarizes public SEC EDGAR filings with automated analysis. Materiality scores and stock-impact predictions are algorithmically generated and are not investment advice. Always verify against the source filing on SEC.gov.