MEDIUMOutside partyCounterparty
37%
CBS-affiliated channels
“10-K Item 1: 'our CBS-affiliated channels accounted for approximately 37% of total revenue'”
GTN-A · Concentration risk · 10-K extracted
Gray Media (GTN-A) concentration risks
Updated
The most significant concentration Gray Media discloses is CBS-affiliated channels at 37%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Gray Media’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH0
MEDIUM3
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCounterparty
27%
NBC-affiliated channels
“10-K Item 1: 'our NBC-affiliated channels accounted for approximately 27% of total revenue'”
MEDIUMOutside partyCustomer
26%
services sector advertisers
“10-K Item 1: 'approximately 26%, 23% and 27%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to the services sector'”
LOWOutside partyCustomer
17%
automotive advertisers
“10-K Item 1: 'approximately 17%, 20% and 20%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to automotive customers'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Gray Media's Class A shares carry the same underlying network-affiliation concentration as the common stock. CBS-affiliated channels accounted for approximately 37% of total revenue and NBC-affiliated channels approximately 27% — both dependency-type exposures of meaningful size tied to network relationships rather than to the structure of the business itself. On the advertiser side, services-sector customers contributed approximately 26% of broadcast advertising revenue (excluding political advertising), while automotive customers made up a smaller approximately 17% — both moderate-to-lower dependency exposures reflecting the cyclicality of specific ad categories rather than a structural feature of the broadcaster's footprint. Combined, the CBS and NBC affiliation shares represent close to two-thirds of total revenue tied to just two network relationships, making affiliation continuity the most consequential concentration factor disclosed here; the sector-level advertiser concentrations in services and automotive are comparatively smaller and more typical of the diversification an educated investor would expect across a broadcaster's ad-sales base.
For the engine’s reasoning on GTN-A’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Broadcasting
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| GTN | Gray Media, Inc. | 0 | 4 | 1 | 5 |
| GTN-A● | Gray Media, Inc. | 0 | 3 | 1 | 4 |
| NMAX | Newsmax, Inc. | 0 | 1 | 0 | 1 |
| NXST | Nexstar Media Group, Inc. | 0 | 1 | 0 | 1 |
| IHRT | iHeartMedia, Inc. | 0 | 0 | 0 | 0 |
| SBGI | Sinclair, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.