Gray Media, Inc. announced financial results for the fourth quarter ended December 31, 2024, with revenues and expenses both finishing slightly better than guidance. For the full year 2024, the company's television stations earned $497 million in political advertising revenue, which Gray estimates to be the highest among its peers. Total operating expenses in Q4 2024 were $648 million, 2% below the low end of previous guidance.
The company made significant progress in strengthening its balance sheet, reducing the outstanding principal amount of its debt by $520 million during 2024. Gray Media also disclosed a subsequent event in December 2024, entering into agreements to receive approximately $35 million in return for its interests in certain third-party leases for space at Gray-owned tower sites and the exclusive right to market and lease space at those sites.
For the first quarter of 2025, Gray Media expects core advertising revenue to be down approximately 7% to 8% year-over-year, partly due to the Super Bowl airing on FOX channels in 2025 versus CBS channels in 2024, and one less selling day. However, digital advertising revenue and new local direct sales continue to show strong double-digit growth. The $60 million annualized cost savings initiative is expected to reach its full run-rate in Q1 2025, and the company anticipates $25 million in additional reimbursements for Assembly Atlanta capital expenditures in 2025.
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