8-K: Gray Media Renews 52 CBS Affiliations, Atlanta Station WANF to Become Independent

Gray Media, Inc. announced a new agreement with CBS, a subsidiary of Paramount Global, renewing 52 of its 53 CBS network affiliations, while its Atlanta station WANF will transition to an independent format.

Summary

• Gray Media, Inc. (Gray) and CBS, a subsidiary of Paramount Global, have entered into an agreement to renew 52 of Gray's 53 existing CBS network affiliations.
• The renewed CBS affiliates will continue to be available to subscribers on Paramount+ and widely distributed across traditional and virtual MVPD platforms.
• Effective August 16, 2025, Gray's Atlanta station WANF will cease its affiliation with the CBS Network.
• WANF will thereafter operate as an independent television station, with a stated focus on the Atlanta market.

Sentiment

Score: 8

Explanation: The sentiment is largely positive due to the successful renewal of the vast majority of CBS affiliations, securing continued distribution and content. The strategic shift for WANF, while a change, is presented as a focused move for the Atlanta market rather than a negative outcome.

Positives

• Renewal of 52 out of 53 CBS network affiliations ensures continued strong content partnerships for the vast majority of Gray's CBS-affiliated stations.
• Continued availability of renewed CBS affiliates on Paramount+ and across all traditional and virtual MVPD platforms maintains broad audience reach and distribution.
• The strategic decision for WANF to become an independent station allows for a hyper-focused approach on the Atlanta market, potentially enabling tailored local content and revenue opportunities.

Negatives

• Gray's Atlanta station WANF will lose its CBS network affiliation, which could impact its immediate viewership and advertising revenue streams tied to network programming.

Risks

• Forward-looking statements are subject to risks, trends, and uncertainties that could cause actual results to differ materially from expectations.
• Gray's ability to continue to successfully invest in local news, weather, and sports reporting is a key factor influencing future performance.
• General risks and uncertainties described in Gray's quarterly and annual reports filed with the SEC, including in the Risk Factors and management's discussion and analysis of financial condition and results of operations sections.

Future Outlook

Gray Media's Atlanta station WANF will transition to operating as an independent television station, hyper-focused on the Atlanta market, effective August 16, 2025. The company's ability to continue successful investment in local news, weather, and sports reporting is highlighted as a key factor for future results.

Management Comments

• CBS and Gray Media have entered into an agreement that renews 52 of Gray's existing 53 CBS network affiliations.
• The renewing CBS affiliates will continue to be available locally to subscribers on Paramount+ and widely distributed across all traditional and virtual MVPD platforms.
• Gray's Atlanta station WANF will cease its affiliation with the CBS Network and thereafter operate an independent television station hyper-focused on the Atlanta market.

Industry Context

This announcement reflects ongoing dynamics in the media industry, particularly the evolving relationship between local broadcasters and national networks, as well as the increasing importance of streaming platforms like Paramount+. The strategic decision for WANF to become independent highlights a trend where local stations may seek greater control over content and revenue in specific markets, moving beyond traditional network affiliations.

Comparison to Industry Standards

• The renewal of 52 out of 53 affiliations demonstrates a strong, continued partnership between Gray Media and CBS, which is typical for long-standing network-affiliate relationships in the broadcasting industry.
• The transition of WANF to an independent station in a major market like Atlanta is a notable strategic move, similar to other large market stations that have opted for independence to pursue hyper-local content strategies or alternative programming models, such as WGN-TV in Chicago (formerly CW, now independent) or KCOP-TV in Los Angeles (formerly UPN, now MyNetworkTV/independent).

Stakeholder Impact

• Shareholders: The renewal of affiliations provides stability and continued revenue streams, while the strategic shift for WANF could impact future financial performance in the Atlanta market.
• Employees: Staff at WANF may experience changes in programming focus and operational strategies as the station transitions to an independent model.
• Customers/Viewers: Viewers in the Atlanta market will see a change in programming on WANF as it ceases its CBS affiliation and develops its independent content.
• Advertisers: Advertising strategies for WANF will shift as it moves from a network affiliate to an independent station, potentially opening new opportunities or requiring adjustments.

Next Steps

• WANF will begin operating as an independent television station, hyper-focused on the Atlanta market, effective August 16, 2025.

Key Dates

Recommendation

Keywords

Television broadcasting, Media company, Network affiliation, CBS, Paramount Global, Gray Media, WANF, Independent station, Local news, Digital media, Streaming platforms