Gray Media, Inc. today reported its financial results for the first quarter ended March 31, 2025, with total revenues of $782 million, surpassing the high end of its guidance for the quarter. Total operating expenses were also below guidance, and broadcasting operating expenses declined year-over-year for the first time since the COVID slowdown in 2020, reflecting effective cost management.
The company continued its focus on balance sheet strength, reducing its outstanding principal debt by $17 million during the first quarter. Core advertising revenue for the quarter was $344 million, an 8% decrease year-over-year, primarily impacted by the Super Bowl airing on FOX channels in 2025 versus CBS channels in 2024, and one less selling day. Retransmission consent revenue decreased by 1% to $379 million.
Political advertising revenue, at $13 million, decreased by 52% year-over-year consistent with the off-year political cycle, but significantly exceeded the high end of guidance by 225% due to strong results in Wisconsin. Net loss attributable to common stockholders was $22 million, compared to a net income of $75 million in the prior year, while Adjusted EBITDA was $160 million, a 19% decrease from Q1 2024.
For the second quarter of 2025, Gray Media anticipates core advertising revenue to be down by mid-single digits year-over-year, citing macroeconomic uncertainties. However, digital advertising revenue and new local direct sales continue to show strong double-digit growth. The company confirmed that its $60 million annualized cost containment measures have been implemented and exceeded the anticipated savings run-rate.
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