Gray Media Declares $0.08 Dividend, Q4 Revenue Hits $792M Beating Guidance
Gray Media’s board approved a quarterly cash dividend of $0.08 per share payable March 31 to shareholders of record March 13, 2026. The company reported fourth-quarter revenue of $792 million, beating high-end guidance by $10 million, with core advertising up 3% and broadcasting expenses down 7% year-over-year.
1. Q4 Results Exceed Guidance
Gray Media reported fourth-quarter revenue of $792 million, surpassing its high-end guidance of $782 million. Core advertising revenue rose 3% to $392 million, retransmission consent revenue reached $335 million, and net retransmission revenue climbed to $134 million, while total broadcasting expenses fell by $41 million, or 7%, year-over-year.
2. Quarterly Dividend Declaration
The board of directors authorized a quarterly cash dividend of $0.08 per share for both common and Class A shares. The dividend is payable on March 31, 2026, to shareholders of record at the close of business on March 13, 2026.
3. Debt Refinancing and Strategic Outlook
In 2025, Gray Media extended the majority of its debt maturities beyond the 2026 and 2028 political cycles, enhancing financial flexibility. Pending acquisitions announced in 2025 are expected to close in the first half of 2026, and management plans to pursue further deleveraging and refinancing opportunities throughout the year.