Gray Media announced a multi‑year renewal of its NBC affiliation agreements that covers all 54 markets in which the company operates NBC‑affiliated stations. The deal extends the partnership that delivers NBC’s flagship programming—including TODAY, NBC Nightly News, Sunday Night Football, the NBA, and the Olympics—to more than 14 million households nationwide, roughly 11% of U.S. television households.
The renewal is a key driver of Gray’s revenue stability. By guaranteeing full carriage of NBC’s broadcast network, the company preserves access to premium content that underpins local advertising sales and retransmission consent fees. The agreement also protects a significant portion of Gray’s earnings from the volatility of political advertising cycles, reinforcing the company’s competitive edge as the largest owner of top‑rated local stations in the country.
Gray’s broader portfolio reaches about 37% of U.S. television households across 113 markets. The company’s stations include 78 markets with the top‑rated local station and 99 markets where the first or second highest‑rated station is owned by Gray, underscoring the breadth of its audience reach and the value of the NBC affiliation in sustaining high‑viewership markets.
The renewal complements Gray’s strategic diversification into content production. The company invested more than $400 million in Assembly Atlanta, a state‑of‑the‑art studio complex that opened in the fall of 2023, and has been actively reducing leverage and improving liquidity. The long‑term affiliation agreement provides a predictable revenue base that supports these capital‑intensive initiatives and debt‑reduction plans.
NBC remains the #1 network in all programming categories for the 2025‑26 season, and the renewal ensures that Gray’s stations continue to carry the network’s high‑profile programming. The deal therefore secures a stable source of viewership that drives advertising demand and retransmission fees, key components of Gray’s earnings model.
Gray’s CEO, Hilton Howell Jr., said the renewal “solidifies our partnership with NBC and strengthens our position as a leading local broadcaster while we continue to invest in new content platforms like Assembly Atlanta.” The company’s management signals confidence that the renewal will support its long‑term growth strategy and debt‑reduction objectives.
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