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Positive earnings mix, revenue contribution from 2026 acquisitions, and improved leverage ratios contribute to potential multiple expansion and better covenant headroom; however, corporate expenses remained above guidance due to transaction costs, which could temper near-term upside.
What happened, with direct paths to the underlying reporting
Gray Media reported Q2 2026 revenue of $839 million, up 9% year over year, aided by the closing of 2026 acquisitions that contributed $41 million in revenue. Core advertising declined modestly while retransmission and political advertising surged, underscoring a diversified revenue mix. Leverage improved on the quarter, with First Lien Net Leverage at 2.55x and total net leverage at 5.73x, supporting balance-sheet de‑leveraging and capital‑allocation flexibility.
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