Gray Television ( (GTN) ) has released its Q4 earnings. Here is a breakdown of the information Gray Television presented to its investors.
Gray Television, a leading multimedia company based in Atlanta, Georgia, operates the largest portfolio of top-rated local television stations and digital assets in the United States, reaching approximately 37% of US television households. The company also owns a digital marketing agency and several video production companies.
Gray Television’s fourth-quarter financial results for 2024 exceeded expectations, with total revenue reaching $1.0 billion, marking a 21% increase from the previous year. The company reported a net income of $156 million, a significant improvement from a net loss of $22 million in the same quarter of 2023.
Key highlights from the earnings report include a substantial increase in political advertising revenue, which surged by 658% to $250 million, and an 86% rise in adjusted EBITDA to $402 million. The company also reduced its outstanding debt by $520 million during the year and improved its leverage ratio.
Looking ahead, Gray Television remains optimistic about 2025, despite macroeconomic and geopolitical uncertainties. The company anticipates continued benefits from internal initiatives and a favorable regulatory environment, with plans to further optimize its cost structure and enhance financial flexibility.