{"id":1018233,"date":"2026-11-06T06:03:39","date_gmt":"2026-11-06T11:03:39","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/gray-media-announces-third-quarter-financial-results\/"},"modified":"2026-11-06T06:03:39","modified_gmt":"2026-11-06T11:03:39","slug":"gray-media-announces-third-quarter-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/gray-media-announces-third-quarter-financial-results\/","title":{"rendered":"Gray Media Announces Third Quarter Financial Results"},"content":{"rendered":"
\n

ATLANTA, Nov. 06, 2026 (GLOBE NEWSWIRE) — Gray Media, Inc. (NYSE: GTN)<\/strong> today announced its financial results for the third quarter which ended September 30, 2026.<\/p>\n

\n EXECUTIVE COMMENTARY<\/strong>\n <\/p>\n

\n Hilton Howell, Jr., Executive Chairman and CEO, commented<\/strong>, \u201cOur third quarter results exceeded expectations across the board, highlighted by exceptionally strong political revenue of $198 million, which topped all prior third quarters for election years. With the election now behind us, we currently expect full-year 2026 political advertising to finish between $630 million and $640 million, with a midpoint 28% ahead of our $497 million in 2024 and 23% ahead of our $515 million total 2022, respectively. The expected political advertising crowd out was more than offset by the contribution from our acquisitions, resulting in core advertising revenue growth of 1% compared to the third quarter of 2025. Underlying non-political demand was stronger than we anticipated in our late September revised guidance.<\/p>\n

\u201cDuring the third quarter and into October, we extended approximately $2 billion of our debt maturities, including our revolving credit facility, and reduced our outstanding 10.500% first lien notes due 2029 by almost $1 billion through refinancings and repurchases, lowering our future annual interest expense by over $30 million. We currently expect to use our incremental political cash to reduce our outstanding debt by $175 million to $200 million during the fourth quarter of 2026, which will further reduce our interest expense going into 2027.<\/p>\n

\u201cWe continue to be recognized for our excellence in journalism. In August, we followed up our industry-leading 93 Regional Edward R. Murrow Awards with nine National Edward R. Murrow Awards, more than any other broadcast television network, cable television network or local television group. WANF in Atlanta, which became an independent station last fall, made us particularly proud recently by winning a highly prestigious National Edward R. Murrow Award for Overall Excellence and for hosting Georgia\u2019s first Senatorial debate and only Gubernatorial debate, proving again how Gray and WANF excel at providing valuable public service to local communities. In fact, Gray stations hosted more than 100 candidate forums and\/or debates for the 2026 midterms. We remain focused on continuing to grow the company by building on the significant financial, operational, and strategic progress achieved during the third quarter.\u201d<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n Gray Media Third Quarter Results vs. Guidance:<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
(amounts in millions)<\/td>\n\u200b<\/td>\n\n Revised<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
\u200b<\/td>\n\u200b<\/td>\n\n 3Q 2026<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n Reported<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
\u200b<\/td>\n\u200b<\/td>\n\n Guidance <\/strong>
\n (1)<\/sup>\n <\/td>\n		\u200b<\/td>\n\u200b<\/td>\n\n 3Q 2026<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
\u200b<\/td>\n\u200b<\/td>\n\n Low<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n High<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n Results<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
Revenue (less agency commissions):<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
Core advertising<\/td>\n\u200b<\/td>\n$<\/td>\n351<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n355<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n358<\/td>\n\u200b<\/td>\n<\/tr>\n
Political advertising<\/td>\n\u200b<\/td>\n$<\/td>\n188<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n195<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n198<\/td>\n\u200b<\/td>\n<\/tr>\n
Total revenue<\/td>\n\u200b<\/td>\n$<\/td>\n950<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n965<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n972<\/td>\n\u200b<\/td>\n<\/tr>\n
\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
Operating Expenses: (2)<\/sup><\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
Broadcasting<\/td>\n\u200b<\/td>\n$<\/td>\n590<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n600<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n596<\/td>\n\u200b<\/td>\n<\/tr>\n
Corporate and administrative<\/td>\n\u200b<\/td>\n$<\/td>\n30<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n35<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n31<\/td>\n\u200b<\/td>\n<\/tr>\n
\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
Net Retransmission Revenue<\/td>\n\u200b<\/td>\n$<\/td>\n147<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n150<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n150<\/td>\n\u200b<\/td>\n<\/tr>\n<\/table>\n

\n \n <\/p>\n\n\n\n\n
(1<\/td>\n)<\/td>\n\u201cRevised 3Q 2026 Guidance\u201d as disclosed in our second quarter 2026 earnings press release on August 7, 2026 updated in our press release on September 28, 2026.<\/td>\n<\/tr>\n
\u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
(2<\/td>\n)<\/td>\nOperating expenses exclude depreciation, amortization, impairment and loss on disposal of long-lived assets.<\/td>\n<\/tr>\n<\/table>\n

\n
During the nine-months ended September 30, 2026, we completed transactions to acquire several television stations and entered into management agreements under which we operate additional stations, pending regulatory approval to complete their acquisitions (collectively, the \u201c2026 Acquisitions\u201d). We also completed a transaction to swap television stations.<\/p>\n

\n FINANCIAL HIGHLIGHTS:<\/strong>\n <\/p>\n

    \n
  • \n Total Revenue <\/strong>\u2013\u00a0<\/strong>$972\u00a0<\/strong>million in the third quarter of 2026, above the high-end of our guidance of $965 million, and a 30% increase compared to third quarter 2025. The 2026 Acquisitions contributed $66 million in total advertising revenue for the third quarter 2026.<\/li>\n<\/ul>\n
      \n
    • \n Core Advertising Revenue<\/strong> \u2013\u00a0$358 million in the third quarter of 2026, or a 1% increase compared to third quarter 2025, and above the high end of our revised guidance of $355 million for the third quarter 2026. The 2026 Acquisitions contributed $24 million in core advertising revenue for the third quarter of 2026.<\/li>\n<\/ul>\n
        \n
      • \n Political Advertising Revenue <\/strong>\u2013 $198 million in the third quarter of 2026, above the high-end of the revised guidance of $195 million. The 2026 Acquisitions contributed $4 million in political advertising revenue for the third quarter of 2026. These results compare to $8 million in third quarter of 2025, and $173 million and $144 million in the third quarters of 2024 and 2022, respectively, the previous \u201con-years\u201d of the two-year election cycle.<\/li>\n<\/ul>\n
          \n
        • \n Retransmission Consent Revenue<\/strong> \u2013\u00a0$366 million in the third quarter of 2026, or an increase of 6% from $346 million in the third quarter of 2025. The 2026 Acquisitions contributed $37 million in retransmission consent revenue for the third quarter of 2026, which was partially offset by continued subscriber declines. Net Retransmission Revenue was $150 million in the third quarter of 2026, a 14% increase from $132 million in the third quarter of 2025. The 2026 Acquisitions contributed $9 million in Net Retransmission Revenue for the third quarter of 2026.<\/li>\n<\/ul>\n
            \n
          • \n Broadcasting Expenses <\/strong>\u2013 $596 million in the third quarter of 2026, or a 10% increase compared to the third quarter of 2025. The 2026 Acquisitions contributed $52 million in broadcasting expenses for the third quarter of 2026.<\/li>\n<\/ul>\n
              \n
            • \n Corporate Expenses<\/strong> \u2013 $31 million in the third quarter of 2026, or an increase of 11% compared to $28 million in third quarter of 2025.<\/p>\n<\/li>\n<\/ul>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              \n Selected Operating Data (Unaudited)<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\n Three Months Ended September 30,<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n Nine Months Ended September 30,<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n % Change<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n % Change<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n 2026 to<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n 2026 to<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\n 2026<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n 2025<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n 2025<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n 2026<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n 2025<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n 2025<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n(dollars in millions)<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(dollars in millions)<\/td>\n\u200b<\/td>\n<\/tr>\n
              Revenue (less agency commissions):<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Core advertising<\/td>\n\u200b<\/td>\n$<\/td>\n358<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n355<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n1,067<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n1,060<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1<\/td>\n%<\/td>\n<\/tr>\n
              Political advertising<\/td>\n\u200b<\/td>\n\u200b<\/td>\n198<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n8<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n2375<\/td>\n%<\/td>\n\u200b<\/td>\n\u200b<\/td>\n311<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n30<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n937<\/td>\n%<\/td>\n<\/tr>\n
              Retransmission consent<\/td>\n\u200b<\/td>\n\u200b<\/td>\n366<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n346<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n6<\/td>\n%<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1,064<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1,094<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(3<\/td>\n)%<\/td>\n<\/tr>\n
              Other<\/td>\n\u200b<\/td>\n\u200b<\/td>\n16<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n15<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n7<\/td>\n%<\/td>\n\u200b<\/td>\n\u200b<\/td>\n48<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n49<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(2<\/td>\n)%<\/td>\n<\/tr>\n
              Total broadcasting revenue<\/td>\n\u200b<\/td>\n\u200b<\/td>\n938<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n724<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n30<\/td>\n%<\/td>\n\u200b<\/td>\n\u200b<\/td>\n2,490<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n2,233<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n12<\/td>\n%<\/td>\n<\/tr>\n
              Production companies<\/td>\n\u200b<\/td>\n\u200b<\/td>\n34<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n25<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n36<\/td>\n%<\/td>\n\u200b<\/td>\n\u200b<\/td>\n89<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n70<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n27<\/td>\n%<\/td>\n<\/tr>\n
              Total revenue<\/td>\n\u200b<\/td>\n$<\/td>\n972<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n749<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n30<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n2,579<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n2,303<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n12<\/td>\n%<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Net Retransmission Revenue (1)<\/sup>:<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Retransmission consent revenue<\/td>\n\u200b<\/td>\n$<\/td>\n366<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n346<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n6<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n1,064<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n1,094<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(3<\/td>\n)%<\/td>\n<\/tr>\n
              Less: network affiliation fees<\/td>\n\u200b<\/td>\n\u200b<\/td>\n216<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n214<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1<\/td>\n%<\/td>\n\u200b<\/td>\n\u200b<\/td>\n622<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n681<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(9<\/td>\n)%<\/td>\n<\/tr>\n
              Net Retransmission Revenue<\/td>\n\u200b<\/td>\n$<\/td>\n150<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n132<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n14<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n442<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n413<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n7<\/td>\n%<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Operating expenses (2)<\/sup>:<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Broadcasting:<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Station expenses<\/td>\n\u200b<\/td>\n$<\/td>\n380<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n328<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n16<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n1,098<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n1,000<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n10<\/td>\n%<\/td>\n<\/tr>\n
              Network affiliation fees<\/td>\n\u200b<\/td>\n\u200b<\/td>\n216<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n214<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1<\/td>\n%<\/td>\n\u200b<\/td>\n\u200b<\/td>\n622<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n681<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(9<\/td>\n)%<\/td>\n<\/tr>\n
              Non-cash stock-based compensation<\/td>\n\u200b<\/td>\n\u200b<\/td>\n–<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n–<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n–<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n–<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(100<\/td>\n)%<\/td>\n<\/tr>\n
              Total broadcasting expense<\/td>\n\u200b<\/td>\n$<\/td>\n596<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n542<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n10<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n1,720<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n1,682<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n2<\/td>\n%<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Production companies<\/td>\n\u200b<\/td>\n$<\/td>\n29<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n22<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n32<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n79<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n62<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n27<\/td>\n%<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Corporate and administrative:<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Corporate expenses<\/td>\n\u200b<\/td>\n$<\/td>\n27<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n20<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n35<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n81<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n65<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n25<\/td>\n%<\/td>\n<\/tr>\n
              Transaction Related Expenses<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n3<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(67<\/td>\n)%<\/td>\n\u200b<\/td>\n\u200b<\/td>\n12<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n4<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n200<\/td>\n%<\/td>\n<\/tr>\n
              Non-cash stock-based compensation<\/td>\n\u200b<\/td>\n\u200b<\/td>\n3<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n5<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(40<\/td>\n)%<\/td>\n\u200b<\/td>\n\u200b<\/td>\n14<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n16<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(13<\/td>\n)%<\/td>\n<\/tr>\n
              Total corporate and administrative expense<\/td>\n\u200b<\/td>\n$<\/td>\n31<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n28<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n11<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n107<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n85<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n26<\/td>\n%<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Net income (loss)<\/td>\n\u200b<\/td>\n$<\/td>\n78<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n(10<\/td>\n)<\/td>\n\u200b<\/td>\n\u200b<\/td>\n880<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n72<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n(75<\/td>\n)<\/td>\n\u200b<\/td>\n\u200b<\/td>\n196<\/td>\n%<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              Adjusted EBITDA (2)<\/sup><\/td>\n\u200b<\/td>\n$<\/td>\n319<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n162<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n97<\/td>\n%<\/td>\n\u200b<\/td>\n$<\/td>\n687<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n491<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n40<\/td>\n%<\/td>\n<\/tr>\n<\/table>\n

              \n \n <\/p>\n\n\n\n\n
              (1<\/td>\n)<\/td>\nSee definition of non-GAAP terms included herein.<\/td>\n<\/tr>\n
              \u00a0<\/td>\n\u00a0<\/td>\n\u00a0<\/td>\n<\/tr>\n
              (2<\/td>\n)<\/td>\nExcludes depreciation, amortization, impairment and (gain) loss on disposal of assets, net.<\/td>\n<\/tr>\n<\/table>\n

              \n
              \n
              FINANCIAL POSITION AND LEVERAGE<\/strong>\n <\/p>\n

              \n Debt Summary – <\/strong>The table below summarizes our debt principal and cash balances:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
              \u200b<\/td>\n\u200b<\/td>\n\n As of<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\n September 30,<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n December 31,<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n\n 2026<\/strong>\n <\/td>\n\u200b<\/td>\n\u200b<\/td>\n\n 2025<\/strong>\n <\/td>\n\u200b<\/td>\n<\/tr>\n
              \u200b<\/td>\n\u200b<\/td>\n(in millions)<\/td>\n\u200b<\/td>\n<\/tr>\n
              Outstanding principal of debt obligations: (1)<\/sup><\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n<\/tr>\n
              First lien term loans<\/td>\n\u200b<\/td>\n$<\/td>\n739<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n749<\/td>\n\u200b<\/td>\n<\/tr>\n
              Senior secured first lien notes<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1,945<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1,900<\/td>\n\u200b<\/td>\n<\/tr>\n
              Senior secured second lien notes<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1,150<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1,150<\/td>\n\u200b<\/td>\n<\/tr>\n
              Senior unsecured notes<\/td>\n\u200b<\/td>\n\u200b<\/td>\n1,988<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n2,011<\/td>\n\u200b<\/td>\n<\/tr>\n
              Total outstanding principal of debt obligations<\/td>\n\u200b<\/td>\n\u200b<\/td>\n5,822<\/td>\n\u200b<\/td>\n\u200b<\/td>\n\u200b<\/td>\n5,810<\/td>\n\u200b<\/td>\n<\/tr>\n
              Less cash<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(154<\/td>\n)<\/td>\n\u200b<\/td>\n\u200b<\/td>\n(368<\/td>\n)<\/td>\n<\/tr>\n
              Total outstanding principal of debt obligations, less cash<\/td>\n\u200b<\/td>\n$<\/td>\n5,668<\/td>\n\u200b<\/td>\n\u200b<\/td>\n$<\/td>\n5,442<\/td>\n\u200b<\/td>\n<\/tr>\n<\/table>\n

              \n \n <\/p>\n\n\n
              (1<\/td>\n)<\/td>\nExcludes letters of credit, accounts receivable securitization facility and preferred stock.<\/td>\n<\/tr>\n<\/table>\n

              \n
              \n
              Recent Financing Activities and debt reduction<\/strong>\n <\/p>\n

                \n
              • \n Issuance of 2034 1L Notes and Redemption of 10.500% first lien notes due 2029 (<\/strong>\u201c2029 1L Notes<\/strong>\u201d)<\/strong> \u2013\u00a0on August 21, 2026, we issued $750 million aggregate principal amount of 7.500% senior secured first lien notes due 2034 (the \u201c2034 1L Notes\u201d). The net proceeds from the 2034 1L Notes were used to (i) redeem $675 million outstanding principal amount of the Company\u2019s 2029 1L Notes, (ii) repay $21 million of outstanding borrowings under the Company\u2019s revolving credit facility, and (iii) pay fees and expenses in connection with the offering, which included the call premium and accrued and unpaid interest on the 2029 1L Notes redeemed.<\/li>\n<\/ul>\n
                  \n
                • \n Amended Senior Credit Facility and Incremental Term Loan G<\/strong> \u2013\u00a0on October 8, 2026, we amended our senior credit facility, issuing a new $600 million tranche G term loan (the \u201cTerm Loan G\u201d) and reduced commitments under our revolving credit facility to $680 million. Both the Term Loan G and revolving credit facility have a final maturity date of July 15, 2030. The Term Loan G requires 1% annual principal repayments. Proceeds from the borrowings under the Term Loan G were used to repay $589 million in outstanding principal under the Term Loan D and pay associated transaction fees and expenses. After this use of proceeds, we have $150 million principal amount of our Term Loan D outstanding. On October 9, 2026, we further amended our senior credit facility, to increase the aggregate principal amount of the Term Loan G by an additional $75 million, to a total of $675 million. The incremental loan has identical terms to and is fungible with the Term Loan G. The net proceeds, together with cash generated from operations, were used to redeem $150 million of the 2029 1L Notes and pay fees and expenses in connection with the issuance and redemption, including the call premium and accrued and unpaid interest. After this redemption, which was completed on October 19, 2026, we have $200 million principal amount of our 2029 1L Notes outstanding.<\/li>\n<\/ul>\n