Core Advertising was Gray Media’s largest product and service line in fiscal 2025, bringing in $2.90B of $6.19B (47%).
| Product and Service | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Advertising | $4.02B | — | — | — | ||||||
| Core Advertising | $2.99B | $3.03B | $2.98B | $2.90B | ||||||
| Retransmission Consent | $2.99B | $3.06B | $2.96B | $2.86B | ||||||
| Local Advertising | — | — | — | — | ||||||
| Political Advertising | — | $158.00M | $994.00M | $84.00M | ||||||
| National Advertising | — | — | — | — | ||||||
| Production Companies | $186.00M | $172.00M | $210.00M | $214.00M | ||||||
| Service, Other | $152.00M | $140.00M | $140.00M | $130.00M | ||||||
| Total | $10.34B | $6.56B | $7.29B | $6.19B |
Gray Media brought in $6.19B from its five product and service lines in fiscal 2025, the year ended December 31, 2025. That was down 15.1% from $7.29B in fiscal 2024. Core Advertising was the largest at $2.90B (46.9%), ahead of Retransmission Consent at $2.86B (46.2%) and Production Companies at $214.00M (3.5%). The other two lines brought in $214.00M combined.
Compared with fiscal 2024, Production Companies grew fastest, up 1.9% to $214.00M, while Service, Other fell the most, down 7.1% to $130.00M.
Gray Media stopped reporting Advertising as a separate line after fiscal 2022, when it brought in $4.02B.
Sales Channel, Directly To Consumer was Gray Media’s largest revenue line in fiscal 2025, bringing in $4.42B of $6.19B (71%).
| Contract with Customer, Sales Channel | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales Channel, Directly To Consumer | $4.33B | $4.45B | $4.47B | $4.42B | ||||||
| Sales Channel, Through Intermediary | $3.03B | $2.11B | $2.82B | $1.77B | ||||||
| Total | $7.35B | $6.56B | $7.29B | $6.19B |
Gray Media brought in $6.19B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was down 15.1% from $7.29B in fiscal 2024. Sales Channel, Directly To Consumer was the largest at $4.42B (71.4%), ahead of Sales Channel, Through Intermediary at $1.77B (28.6%).
Compared with fiscal 2024, Sales Channel, Directly To Consumer fell 1.2% to $4.42B and Sales Channel, Through Intermediary fell 37.1% to $1.77B. From fiscal 2022 to 2025, combined revenue from these revenue lines fell from $7.35B to $6.19B, a compound annual decline of 5.6%. Sales Channel, Directly To Consumer's share of the total rose from 58.8% to 71.4%.
Broadcasting, was Gray Media’s largest segment in fiscal 2025, bringing in $5.98B of $6.19B (97%).
| Segment | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Broadcasting, | $7.17B | $6.39B | $7.08B | $5.98B | |||||
| Production Companies, | $186.00M | $172.00M | $210.00M | $214.00M | |||||
| Total | $7.35B | $6.56B | $7.29B | $6.19B |
Gray Media brought in $6.19B from its two segments in fiscal 2025, the year ended December 31, 2025. That was down 15.1% from $7.29B in fiscal 2024. Broadcasting, was the largest at $5.98B (96.5%), ahead of Production Companies, at $214.00M (3.5%).
Compared with fiscal 2024, Production Companies, grew 1.9% to $214.00M, while Broadcasting, fell 15.6% to $5.98B. From fiscal 2022 to 2025, combined revenue from these segments fell from $7.35B to $6.19B, a compound annual decline of 5.6%. Broadcasting,'s share of the total fell from 97.5% to 96.5%.
Gray Media (GTN) reports its revenue by product and service, by contract with customer, sales channel and by segment. In fiscal 2025, Core Advertising was its largest product and service line, bringing in $2.90B (46.9% of the total), followed by Retransmission Consent at $2.86B (46.2%).
Core Advertising was Gray Media's largest product and service line in fiscal 2025, bringing in $2.90B, or 46.9% of the $6.19B total across its five product and service lines.
Sales Channel, Directly To Consumer was Gray Media's largest revenue line in fiscal 2025, bringing in $4.42B, or 71.4% of the $6.19B total across its two revenue lines.
Broadcasting, was Gray Media's largest segment in fiscal 2025, bringing in $5.98B, or 96.5% of the $6.19B total across its two segments.
Among Gray Media's product and service lines that make up at least 2% of revenue, Production Companies grew fastest in fiscal 2025, up 1.9% from $210.00M to $214.00M.
Every figure comes from Gray Media's annual financial filings, as reported. Each line keeps the name Gray Media gives it, and years follow its fiscal calendar.
Gray Media's revenue by product and service goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.