GRAY MEDIA, INC Segments Disclosure
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14. |
Segment Information |
The Company’s chief operating decision maker (“CODM”) is the chief executive officer (“CEO”). The CODM assesses segment performance and allocates resources to each segment by using each segment’s operating profit. The CODM uses operating profit for each segment in the annual budgeting and forecasting process as well as reviewing segment operating profit quarterly when making decisions about allocating capital and operating resources to segments. Disaggregated total assets and goodwill by segment are not regularly provided to the CODM. The following tables present our business information (in millions):
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Production |
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As of and for the Year ended December 31, 2025: |
Broadcasting |
Companies |
Other |
Consolidated |
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Revenue (less agency commissions) |
$ | 2,988 | $ | 107 | $ | - | $ | 3,095 | ||||||||
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Less:(1) |
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Payroll and employee benefits |
864 | 22 | 60 | 946 | ||||||||||||
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882 | - | - | 882 | ||||||||||||
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Programming |
116 | 17 | - | 133 | ||||||||||||
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Depreciation and amortization |
215 | 20 | 2 | 237 | ||||||||||||
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Other segment items(2) |
398 | 54 | 53 | 505 | ||||||||||||
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Segment operating income (loss) |
$ | 513 | $ | (6 | ) | $ | (115 | ) | $ | 392 | ||||||
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Other income (expense): |
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Miscellaneous income (expense), net |
(1 | ) | ||||||||||||||
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Impairment of investments |
(20 | ) | ||||||||||||||
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Interest expense |
(474 | ) | ||||||||||||||
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Loss on early extinguishment of debt |
(10 | ) | ||||||||||||||
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Loss before income tax |
$ | (113 | ) | |||||||||||||
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Capital expenditures (excluding business combinations) |
$ | 74 | $ | 34 | $ | - | $ | 108 | ||||||||
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Goodwill |
$ | 2,614 | $ | 28 | $ | - | $ | 2,642 | ||||||||
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Investments in broadcasting and technology companies |
$ | 23 | $ | 1 | $ | 13 | $ | 37 | ||||||||
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Total assets |
$ | 9,326 | $ | 647 | $ | 467 | $ | 10,440 | ||||||||
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Production |
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As of and for the Year ended December 31, 2024: |
Broadcasting |
Companies |
Other |
Consolidated |
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Revenue (less agency commissions) |
$ | 3,539 | $ | 105 | $ | - | $ | 3,644 | ||||||||
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Less:(1) |
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Payroll and employee benefits |
892 | 24 | 55 | 971 | ||||||||||||
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Network affiliation fees |
932 | - | - | 932 | ||||||||||||
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Programming |
108 | 20 | - | 128 | ||||||||||||
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Depreciation and amortization |
248 | 19 | 2 | 269 | ||||||||||||
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Other segment items(2) |
403 | 41 | 49 | 493 | ||||||||||||
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Segment operating income (loss) |
$ | 956 | $ | 1 | $ | (106 | ) | $ | 851 | |||||||
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Other income (expense): |
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Miscellaneous income, net |
117 | |||||||||||||||
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Impairment of investments |
(25 | ) | ||||||||||||||
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Interest expense |
(485 | ) | ||||||||||||||
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Gain on early extinguishment of debt |
34 | |||||||||||||||
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Income before income tax |
$ | 492 | ||||||||||||||
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Capital expenditures (excluding business combinations) |
$ | 97 | $ | 46 | $ | - | 143 | |||||||||
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Goodwill |
$ | 2,614 | $ | 28 | $ | - | 2,642 | |||||||||
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Investments in broadcasting and technology companies |
$ | 49 | $ | 4 | $ | 13 | 66 | |||||||||
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Total assets |
$ | 9,636 | $ | 681 | $ | 225 | 10,542 | |||||||||
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Production |
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As of and for the Year ended December 31, 2023: |
Broadcasting |
Companies |
Other |
Consolidated |
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Revenue (less agency commissions) |
$ | 3,195 | $ | 86 | $ | - | $ | 3,281 | ||||||||
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Less:(1) |
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Payroll and employee benefits |
865 | 21 | 54 | 940 | ||||||||||||
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Network affiliation fees |
937 | - | - | 937 | ||||||||||||
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Programming |
98 | 25 | - | 123 | ||||||||||||
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Depreciation and amortization |
322 | 13 | 4 | 339 | ||||||||||||
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Impairment of goodwill and other intangible assets |
- | 43 | - | 43 | ||||||||||||
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Other segment items(2) |
386 | 72 | 58 | 516 | ||||||||||||
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Segment operating income (loss) |
$ | 587 | $ | (88 | ) | $ | (116 | ) | $ | 383 | ||||||
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Other income (expense): |
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Miscellaneous income, net |
7 | |||||||||||||||
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Impairment of investments |
(29 | ) | ||||||||||||||
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Interest expense |
(440 | ) | ||||||||||||||
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Loss on early extinguishment of debt |
(3 | ) | ||||||||||||||
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Loss before income tax |
$ | (82 | ) | |||||||||||||
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Capital expenditures (excluding business combinations) |
$ | 107 | $ | 240 | $ | 1 | 348 | |||||||||
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Goodwill |
$ | 2,615 | $ | 28 | $ | - | 2,643 | |||||||||
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Investments in broadcasting and technology companies |
$ | 68 | $ | 4 | $ | 13 | 85 | |||||||||
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Total assets |
$ | 9,897 | $ | 658 | $ | 85 | 10,640 | |||||||||
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown.
(2) Other segment items for each reportable segment includes; (gain) loss on disposal of assets, impairment of goodwill and intangible assets, professional services expense, repairs and maintenance expense, occupancy expense (including property tax expense), and certain overhead expenses.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 23, 2024 | |
| 2022 | Feb 24, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 27, 2020 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.