Gray Media, Inc. (NYSE: GTN) updated its financial guidance for the third quarter ending September 30, 2026, raising its political advertising revenue estimate and lifting the low end of its total revenue range, according to a press release issued September 28, 2026.

The Atlanta-based company now expects political advertising revenue of $188 million to $195 million for the quarter, up from its prior guidance of $165 million to $185 million issued on August 7, 2026. The updated midpoint of $192 million includes approximately $9 million from recent acquisitions.

Total revenue guidance was revised to $950 million to $965 million, compared with the prior range of $935 million to $965 million. Core advertising revenue is now projected to be down 1% to flat compared with the year-ago period, a slight revision from the earlier guidance of flat.

Total corporate and administrative expenses are now expected to come in at $30 million to $35 million for the quarter, down from the prior estimate of $35 million to $40 million.

Gray said it anticipates no outstanding borrowings under its Revolving Credit Facility as of September 30, 2026. Current borrowing capacity under its Accounts Receivable Securitization facility is approximately $379 million, which the company attributed to lower core commercial receivables driven by political advertising revenues, which are paid in advance.

The updated guidance was issued in connection with lender meetings related to a potential refinancing of its credit facility. Gray expects to report full third-quarter results on November 6, 2026.