Gray Media

Gray Media

Gray Media traces its roots to 1897, when it began as a single newspaper in Albany, Georgia, before transitioning into broadcasting in the 1950s. The company shifted its headquarters to Atlanta and listed on the New York Stock Exchange in 1996. Hilton H. Howell Jr. has led the firm as Executive Chairman and CEO, guiding an acquisition strategy that has transformed it from a regional operator into the nation's second-largest owner of local television stations by market reach (per public record). The firm generates revenue primarily from local broadcast advertising, retransmission consent fees paid by cable and satellite providers, and political advertising during election cycles. Gray owns or operates stations in 113 markets, spanning states from Maine to Alaska, including affiliates of all four major networks. Its digital portfolio extends the reach of its local news brands through websites and mobile apps, while its ownership structure is controlled by a publicly traded common stock (NYSE: GTN). With a market capitalization reflecting the cyclical ad business, Gray operates more than 180 stations. In February 2025, the company completed its rebranding from Gray Television to Gray Media, signaling a broader identity that encompasses its digital production house, Assembly Atlanta, and the Swirl Films studio acquisition. The firm employs thousands of local journalists and producers, with a footprint that makes it a dominant buyer of broadcast syndication programming. Gray is distinct among pure-play TV station groups for its ownership structure: the Howell family retains voting control through super-voting shares, a structure that allows the CEO to pursue decade-long local journalism investments without quarterly earnings pressure forcing cuts. This governance architecture is unusual among scaled consolidators and explains the firm's willingness to operate smaller-market stations that peers often discard.