MEDIUMOutside partyCounterparty
37%
CBS
“10-K Item 1: 'our CBS-affiliated channels accounted for approximately 37% of total revenue'”
GTN · Concentration risk · 10-K extracted
Gray Media (GTN) concentration risks
Updated
The most significant concentration Gray Media discloses is CBS 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.
Show full disclosure ▾Hide full disclosure ▴
About TrendMatrix. TrendMatrix is a publisher of general securities research and market commentary. We publish on a regular schedule. All content is the same for every subscriber in a tier — we do not provide personalized investment advice and we do not take into account any individual subscriber's financial situation, investment objectives, risk tolerance, tax situation, or holdings.
Not investment advice. TrendMatrix is not a registered investment adviser. Our content is for informational and educational purposes only. Consult your own licensed investment adviser, broker, or tax professional before making any investment decision.
Conflicts and positions. The TrendMatrix editorial team frequently holds personal long-term positions in securities discussed. We disclose positions held at the time of publication on each piece. We maintain a trading-window policy: we do not initiate or close positions in the same direction as a TrendMatrix publication within 24 hours before or 72 hours after publication.
No paid promotion. TrendMatrix does not accept payment from any issuer, broker, or third party in exchange for coverage of any security. Our sole compensation is subscription revenue.
No fiduciary duty. No fiduciary, advisory, or agency relationship is created between you and TrendMatrix by reading our content or subscribing to our service.
Performance. Past performance is not indicative of future results. Performance figures reflect the published model only and do not reflect any individual subscriber's actual results.
Source: Gray Media’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 5 disclosed concentrations
HIGH0
MEDIUM4
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
“10-K Item 1: 'our NBC-affiliated channels accounted for approximately 27% of total revenue'”
MEDIUMOutside partyCustomer
26%
services sector advertisers
“10-K Item 1A: 'Approximately 26%, 23%, and 27% of our Core Advertising Revenue was derived from advertising sales to customers in the services sector for the years ended December 31, 2025, 2024, and 2023, respectively.'”
MEDIUMBuilt-inGeographic
25%
top 10 markets
“10-K Item 1: 'Our top 10 markets by revenue contributed approximately 25% and 26% of our total revenue in the years ended December 31, 2025 and 2024, respectively.'”
LOWOutside partyCustomer
17%
automotive advertisers
“10-K Item 1A: 'Approximately 17%, 20%, and 20% of our Core Advertising Revenue was derived from advertising sales to automotive customers for the years ended December 31, 2025, 2024, and 2023, respectively.'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-06Gray Media's concentration risk runs primarily through network affiliation and geography. CBS-affiliated channels contributed approximately 37% of total revenue and NBC-affiliated channels approximately 27% — both sizable, dependency-type exposures tied to network relationships that could be affected by affiliation agreement changes or network-level disputes. Advertiser-side concentration is more moderate: services-sector advertisers accounted for approximately 26% of Core Advertising Revenue, and the company's top 10 markets by revenue contributed approximately 25% of total revenue — the latter a structural concentration reflecting Gray's station footprint rather than any single advertiser relationship. Automotive advertisers made up a smaller approximately 17% of Core Advertising Revenue. Collectively, the CBS and NBC affiliation shares are the largest and most consequential exposures disclosed, since together they represent the majority of total revenue tied to just two network relationships, while the market and sector concentrations are more moderate and more typical of a broadcaster's structural footprint. An educated investor should weight affiliation-relationship risk above advertiser-sector or market-geography risk here, given the relative size of each disclosed exposure.
For the engine’s reasoning on GTN’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.