GTN-A

MKT CAP $675.8MP/E —DIV YIELD 4.15%FCF YIELD 21.60%REV TTM $3.1B −11.3%NET INCOME −$26M −113.0%NET DEBT $5.6B52W 4.71 – 14.06SEC XBRL · TTM TO Invalid Date

How GTN-A rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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Revenue Set forth below are the principal types of revenue, less agency commissions, and the percentage contribution of each to our total revenue (dollars in millions): Year Ended December 31, 2025 2024 2023 Amount % Amount % Amount % Revenue: Core advertising $ 1,452 % $ 1,490 % $ 1,514 % Political % % % Retransmission consent 1,429 % 1,482 % 1,532 % Production companies % % % Other % % % Total $ 3,095 % $ 3,644 % $ 3,281 % Results of Operations Year Ended December 31, 2025 ( “ 2025 ” ) Compared to Year Ended December 31, 2024 ( “ 2024 ” ) Revenue.
Total revenue decreased $549 million, or 15%, to $3.1 billion for 2025 compared to 2024.
During the year ended December 31, 2025: ● Core Advertising Revenue decreased by $38 million, due primarily to macroeconomic softness in the first half of 2025.
Additionally, we generated $9 million of Core Advertising Revenue from the broadcast of the Super Bowl on our 27 FOX channels in 2025, compared to an aggregate of $18 million of advertising revenue relating to the broadcast of the Super Bowl on our 54 CBS channels during 2024.
Our Super Bowl advertising revenue on our FOX channels increased from $6 million in 2023 to $9 million in 2025.
In 2024, our Core Advertising Revenue benefited from $16 million of advertising revenue earned on our 53 NBC channels from the broadcast of the Olympic Games.
Our Core Advertising Revenue during 2025 was negatively impacted by one less selling day due to leap day, which we estimate impacted Core Advertising Revenue by $4 million; ● Consistent with 2025 being the “off-year” of the two-year election cycle, political advertising revenue decreased by $455 million, or 92%, compared to 2024; ● Retransmission consent revenue decreased by $53 million or 4%, in 2025 compared to 2024, due to the impact of one station ceasing its networks affiliation on August 15, 2025 and a decrease in subscribers, offset, in part, by customary increases in rates under our retransmission agreements; and ● Production company revenue in 2025 increased by $2 million, or 2%, compared to 2024.
Broadcasting expenses (before depreciation, amortization, impairment and gain or loss on disposal of assets) decreased $78 million or 3%, to $2.2 billion.
During the year ended December 31, 2025 compared to the year ended December 31, 2024: ● Broadcasting payroll expenses decreased by $28 million.
This decrease includes: $15 million related to reduced incentive compensation, consistent with decreases in revenue; $9 million related to reduced employee headcount; a $5 million reduction in stock-based compensation; and a $7 million decrease in other payroll- related expenses.
This was offset by routine increases in compensation and an $8 million increase in health care premiums. ● Broadcasting non-payroll expenses decreased by $49 million primarily due to a $50 million decrease in network affiliation expenses, consistent with the transition of one television station to independent status and the implementation of several new network affiliation agreements.
Non-payroll expense also decreased $14 million due to a reduction in business services expenses, which was offset, in part by an $8 million increase in programming costs, and $6 million in bad debt expense. ● Broadcasting non-cash stock-based compensation expenses were $1 million and $5 million in the 2025 and 2024, respectively.
Production company expenses (before depreciation, amortization, and gain or loss on disposal of assets) increased by approximately $12 million to $95 million for 2025, compared to $83 million in 2024.
Production company operating expenses in 2025 increased primarily due to increases in property taxes at Assembly Atlanta and the non-recurring recovery from the Diamond Sports bankruptcy, which was recorded in 2024.
Corporate and administrative expenses (before depreciation, amortization and gain or loss on disposal of assets) increased by $9 million to $113 million in 2025 compared to 2024.
During 2025, professional services increased by $7 million primarily related to our pending business combination transactions.
Non-cash stock-based compensation expenses increased to $21 million in 2025 compared to $17 million in 2024.
Depreciation of property and equipment totaled $133 million and $144 million in 2025 and 2024, respectively.
Depreciation expenses have decreased as certain underlying assets become fully depreciated.
Amortization of intangible assets totaled $104 million and $125 million in 2025 and the 2024, respectively.
Impairment of Broadcast Licenses and Other Intangible Assets .
During 2025, we recorded non-cash impairment charges of $28 million related to a change in the network affiliation at one station.
We also recorded a non-cash impairment charge of $2 million for a license at one station.
We recognized a gain on disposal of assets of $11 million in 2025 compared to a loss on disposal of $20 million in 2024, primarily due to on the sale of easements and the assignment of leases at some of our television broadcast tower sites.
Miscellaneous expense, net totaled $1 million in 2025 compared to $117 million of miscellaneous income, net in 2024.
Miscellaneous expense, net in 2025 was due to $8 million in various other miscellaneous expenses, offset primarily due to a gain of $7 million on the sale of our investment in Premion, Inc..
Miscellaneous income, net in 2024 was due primarily to a gain of $110 million from the sale of our investment in Broadcast Music, Inc.
During 2025 and 2024, we wrote down the value of certain investments to their estimated net realizable values.
The total impairment charges were $20 million and $25 million in 2025 and 2024, respectively.
Interest expense decreased $11 million, or 2%, to $474 million for 2025 compared to 2024.
This decrease was primarily attributable to a combination of factors including: decreases in the outstanding debt balance on our floating rate Senior Credit Agreement and on our Notes resulting from our 2025 refinancing activities, offset by an increased average interest rate.
Our average outstanding total long-term debt balance was $5.7 billion and $6.1 billion during 2025 and 2024, respectively.
Our average total interest rate was 7.5% and 7.2% during 2025 and 2024, respectively.
(Loss) Gain on Early Extinguishment of Debt .
We recorded a loss on the early extinguishment of debt of $10 million in 2025, primarily due to the write-off of deferred financing costs related to the open-market repurchases and expenses incurred related to our refinancing activities.
We recorded a gain on the early extinguishment of debt of $34 million in 2024, primarily as a result of our open-market repurchases of debt at prices below face value, partially offset by the write-off of deferred financing costs related to the open-market repurchases and expenses incurred related to our refinancing activities.
Our effective income tax rate increased to 25% for 2025 compared to 24% for 2024.
Our effective income tax rates differed from the statutory rate due to the following items: Year Ended December 31, 2025 2024 Statutory federal income tax rate % % Nondeductible expenses (3 )% % Nondeductible compensation (7 )% (*) Investments % (*) State and local taxes, net of federal tax benefit % % Reserve for uncertain tax positions % (3 )% Other items, net % % Effective income tax expense rate % % (*) Disaggregated in accordance with ASU 2023-09, which was adopted prospectively in 2025.
We file a consolidated federal income tax return and such state or local tax returns as are required based on our current forecasts.
We estimate that these income tax payments, before deducting refunds, will be within a range of $105 million to $125 million in 2026.

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Revenue Set forth below are the principal types of revenue, less agency commissions, and the percentage contribution of each to our total revenue (dollars in millions): Year Ended December 31, 2024 2023 2022 Amount % Amount % Amount % Revenue: Core advertising $ 1,490 % $ 1,514 % $ 1,496 % Political % % % Retransmission consent 1,482 % 1,532 % 1,496 % Production companies % % % Other % % % Total $ 3,644 % $ 3,281 % $ 3,676 % Results of Operations Year Ended December 31, 2024 ( “ 2024 ” ) Compared to Year Ended December 31, 2023 ( “ 2023 ” ) Revenue.
Total revenue increased $363 million, or 11%, to $3.6 billion for 2024 compared to 2023.
During 2024: ● Core advertising revenue decreased by $24 million, due primarily to displacement during the on-year of the two-year political advertising cycle, partially offset by advertising revenue of $18 million from the broadcast of the Super Bowl on our 54 CBS channels, compared to $6 million of revenue relating to the broadcast of the Super Bowl on our 27 FOX channels during 2023, and $20 million of advertising revenue on our 53 NBC channels from the broadcast of the 2024 Olympic Games; ● Consistent with 2024 being the on-year of the two-year political advertising cycle, political advertising revenue increased by $418 million; ● Retransmission consent revenue decreased by $50 million due to a decrease in subscribers, offset, in part, by an increase in rates; and ● Production company revenue increased by $19 million in 2024 primarily due to the start-up of our operations at Assembly Atlanta.
Broadcasting expenses (before depreciation, amortization, impairment and gain on disposal of assets) increased $49 million, or 2%, to $2.3 billion for 2024, compared to 2023 .
During 2024: ● Broadcasting payroll and employee benefit expenses increased by $27 million primarily as a result of routine increases in compensation of $32 million, increases of $2 million severance pay and offset in part by decreases of $8 million in contributions to our defined contribution retirement plan; ● Broadcasting non-payroll expenses increased by $21 million primarily due to increases in sports programming costs; and ● Broadcast non-cash stock-based compensation expense was $5 million in each of the 2024 and 2023 years.
Production company expenses (before depreciation, amortization, impairment and gain or loss on disposal of assets) decreased by approximately $32 million in 2024 to $83 million, compared to $115 million in 2023.
Production company operating expenses decreased in 2024 primarily due to significant expenses incurred in 2023, which did not re-occur in 2024.
Corporate and administrative expenses (before depreciation, amortization, impairment and gain or loss on disposal of assets) decreased by $8 million, or 7%, to $104 million in 2024 compared to $112 million in 2023, primarily as a result of decreases in professional services costs.
We recorded corporate non-cash stock-based compensation expense of $17 million and $15 million in 2024 and 2023, respectively.
Depreciation of property and equipment totaled $144 million and $145 million for 2024 and 2023, respectively.
Amortization of intangible assets totaled $125 million and $194 million for 2024 and 2023, respectively.
Impairment of goodwill and other intangible assets.
In 2024 we did not incur impairment charges, compared to $43 million of impairment charges incurred in 2023.
We recognized a loss on disposal of assets of $20 million in 2024 compared to a loss on disposal of assets of $21 million in 2023.
The loss in 2023 was primarily related to the sale of television station KNIN, in which we recognized a loss of $14 million in 2023.
Miscellaneous income, net totaled $117 million and $7 million in 2024 and 2023, respectively.
Miscellaneous income, net in 2024 was due primarily to a gain of $110 million from the sale of our investment in BMI.
During 2024 and 2023, we wrote down the value of certain investments to their estimated net realizable values.
The total impairment charges were $25 million and $29 million in 2024 and 2023, respectively.
Interest expense increased $45 million, or 10%, to $485 million for 2024 compared to 2023.
This increase was primarily attributable to several factors including: increases in average interest rates on all of our debt to 7.2% in 2024 compared to 6.5% in 2023, partially offset by a decrease in the outstanding principal balances of our debt, for a net increase of $22 million; a reduction in the amount of capitalized construction period of interest which increased interest expense by $19 million; an increase in deferred financing cost amortization, consistent with our 2024 refinancing activities, which increased interest expense by $2 million; and an increase in the amortization of costs related to our interest rate caps which increased interest expense by $2 million.
Gain (Loss) on Early Extinguishment of Debt .
We recorded a gain on the early extinguishment of debt of $34 million in 2024, primarily as a result of our open-market repurchases of debt, partially offset by the write-off of deferred financing costs related to the open-market repurchases and expenses incurred related to our refinancing activities.
We recorded a loss on the early extinguishment of debt of $3 million in 2023 related the write-off of deferred financing costs related to the partial repayment of a portion of our 2017 Term Loan.
Our effective income tax rate increased to a net provision of 24% for 2024 from 7% for 2023.
Our effective income tax rates differed from the statutory rate due to the following items: Year Ended December 31, 2024 2023 Statutory federal income tax rate % % Current year permanent items % (13 )% State and local taxes, net of federal tax benefit % % Reserve for uncertain tax positions (3 )% (1 )% Other items, net % (6 )% Effective income tax expense rate % % We file a consolidated federal income tax return and such state or local tax returns as are required based on our current forecasts.
We estimate that these income tax payments, before deducting refunds, will be within a range of $80 million to $100 million in 2025.
Our primary sources of liquidity are cash on hand, cash flows from operations and borrowing capacity under our Revolving Credit Facility.
Certain contractual obligations are reflected on the Consolidated Balance Sheet as of December 31, 2024, while others are considered future commitments.
Our contractual obligations primarily consist of amounts required to be paid for: the acquisition of television stations; the purchase of property and equipment; service and other agreements; commitments for various syndicated television programs; and commitments under affiliation agreements with networks.
In addition to our contractual obligations, we expect that our primary anticipated uses of liquidity in 2025 will be to reduce our indebtedness, fund our working capital, make interest and tax payments, fund capital expenditures, pursue certain strategic opportunities and maintain operations.
The following tables present data that we believe is helpful in evaluating our liquidity and capital resources (dollars in millions): Year Ended December 31, 2024 2023 2022 Net cash provided by operating activities $ $ $ Net cash used in investing activities (28 ) (291 ) (503 ) Net cash used in financing activities (609 ) (397 ) (454 ) Net increase (decrease) in cash $ $ (40 ) $ (128 ) December 31, 2024 2023 Cash $ $ Long-term debt, including current portion, less deferred financing costs $ 5,621 $ 6,160 Series A Perpetual Preferred Stock $ $ Borrowing availability under Senior Credit Agreement $ $ Net Cash Provided By (Used In) Operating, Investing and Financing Activities – 2024 Compared to 2023 Net cash provided by operating activities increased $103 million to $751 million in 2024 compared to net cash provided by operating activities of $648 million in 2023.
The increase in cash provided by operating activities was primarily due to an increase in net income of $451 million; offset, in part, by a $144 million decrease in cash provided by changes in working capital; and a decrease in net non-cash charges of $204 million.
Net cash used in investing activities decreased $263 million to $28 million for 2024 compared to $291 million for 2023.
The net decrease in the amount used was primarily due to a decrease in cash used for purchases of property and equipment and an increase in proceeds received from the sale of investments and other assets.
Net cash used in financing activities increased $212 million to $609 million in 2024 compared to net cash used in financing activities of $397 million in 2023.
During 2024 and 2023, we used $52 million of cash to pay dividends to holders of our preferred stock and $32 million and $30 million, respectively, to pay dividends to holders of our common stock.
During 2024 and 2023, we used a net amount of $474 million and $310 million, respectively, for principal payments net of borrowings on our long-term debt.
Based on our debt outstanding as of December 31, 2024, we estimate that we will make approximately $450 million in debt interest payments over the twelve months immediately following December 31, 2024.
Although our cash flows from operations are subject to a number of risks and uncertainties, we anticipate that our cash on hand, future cash expected to be generated from operations, borrowings from time to time under the Senior Credit Agreement (or any such other credit facility as may be in place at the appropriate time) and, potentially, external equity or debt financing, will be sufficient to fund any debt service obligations, estimated capital expenditures and acquisition-related obligations for the next twelve months and the forseeable future.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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