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Summary

Gray Media remains a buy below $5/share, especially in an election year, as 2026 is expected to be strong in terms of political advertising.

Q1 results were in line with expectations, with net retransmission revenue misses attributed to the Dish dispute and higher corporate expenses tied to M&A and legal fees.

GTN is optimizing its broadcast business via AI-driven efficiency, workforce reductions, and a growing digital media segment, while political ad revenue is pacing above expectations.

Recent and pending M&A transactions are not fully reflected in guidance, suggesting upside to net retransmission revenue and overall performance in upcoming quarters.

simonkr/E+ via Getty Images

Gray Media ( GTN ) reported Q1 results yesterday which we thought were pretty much in line with expectations when accounting for the outlier events that occurred during the quarter.…