Gray Media declares 8-cent dividend after revenue beat and EPS miss

Gray Media’s board authorized an 8-cent quarterly dividend payable Dec. 31, 2026, to holders of record Dec. 15. On Nov. 6 the company reported third-quarter results: revenue $972 million, above the $953.25 million consensus, and diluted EPS from continuing operations $0.66, below the $0.84 estimate. Revenue was up 30% from $749 million a year earlier; net income was $78 million versus a $10 million loss a year earlier. CEO Hilton Howell Jr. said political advertising reached $198 million in the quarter, a third-quarter election-year record, and the company expects full-year 2026 political advertising of $630 million to $640 million. He said core advertising rose 1% to $358 million as acquisitions offset political crowd-out. Gray extended about $2 billion of debt maturities, reduced nearly $1 billion of 10.5% first-lien notes due 2029, and expects those moves to cut future annual interest expense by over $30 million; it plans to use $175–$200 million of fourth-quarter political cash to pay down more debt. Howell also cited nine National Edward R. Murrow Awards and WANF Atlanta’s Overall Excellence award and debate hosting. Rated coverage was thin (0 left, 2 center, 1 right), with center and right outlets stressing the revenue beat and EPS miss. No source-versus-source factual dispute appears in the record.