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

Gray Media’s board declared a quarterly dividend of 8 cents per share, payable Dec. 31 to shareholders of record Dec. 15. In third-quarter results, revenue of $972 million exceeded analysts’ $953.25 million consensus, while earnings per share of 66 cents fell short of the 84-cent estimate. CEO Hilton Howell Jr. highlighted $198 million in political advertising revenue, a third-quarter record for an election year, and the company forecast full-year political revenue of $630 million to $640 million. Gray also said it extended about $2 billion in debt maturities and expects to use fourth-quarter political revenue to pay down $175 million to $200 million of debt.





