Gray Media Inc 2025年度报告

FORM 11-K ☒ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period fromto. Commission file numbers 1-13796. A.Full title of the plan and the address of the plan, if different from that of the issuer named below: Gray Media 401(k) Savings Plan(Formerly, Gray Television, Inc. Capital Accumulation Plan) B.Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: Gray Media, Inc.4370 Peachtree Rd. NEAtlanta, Georgia 30319 Gray Media 401(k) Savings PlanFORM 11-KREQUIRED INFORMATION (a)Financial Statements. Filed as part of this Report on Form 11-K are the financial statements and the supplemental schedule thereto of theGrayMedia 401(k) Savings Plan for the fiscal year ended December31, 2026, required by Form 11-K, together with the reports thereon of WarrenAverett LLC, independent registered public accounting firm, dated June25, 2026 prepared in accordance with the financial reporting requirementsof the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). (b)Exhibit. Consents of Warren Averett LLC, independent registered public accounting firm, dated June25, 2026, being filed as an exhibit to thisreport. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Plan Administrator has duly caused this annual report to be signed on its behalfby the undersigned hereunto duly authorized. Gray Media 401(k) Savings Plan Date: June25, 2026 Gray Media 401(k) Savings PlanFinancial Statements and Supplemental ScheduleDecember31, 2025 Index Reports of Independent Registered Public Accounting FirmFinancial StatementsStatements of Net Assets Available for BenefitsStatement of Changes in Net Assets Available for BenefitsNotes to Financial StatementsSupplemental ScheduleSchedule H, Line 4i — Schedule of Assets (Held at End of Year)EX-23.1 CONSENT OF WARREN AVERETT LLC Table of Contents Report of Independent Registered Public Accounting Firm Employee Benefits Committee, Plan Administrator and Plan Participants ofGray Media 401(k) Savings Plan Opinion on the Financial Statements We have audited the accompanying statement of net assets available for benefits of Gray Media 401(k) Savings Plan (the Plan) as of December31, 2025and 2024 and the related statement of changes in net assets available for benefits for the year ended December31, 2025, and the related notes to thefinancial statements (collectively, the financial statements). In our opinion, the financial statements present fairly, in all material respects, the net assetsavailable for benefits of the Plan as of December31, 2025 and 2024 and the changes in net assets available for benefits for the year ended December31,2025, in conformity with accounting principles generally accepted in the United States of America. Basis for Opinion These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statementsbased on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and arerequired to be independent with respect to the Plan in accordance with U.S. federal securities laws and the applicable rules and regulations of theSecurities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtainreasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits includedperforming procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing proceduresthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financialstatements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating theoverall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. Supplemental Information The supplemental information in the accompanying Schedule of Assets (Held at End of Year) as of December31, 2025, has been subjected to auditprocedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental information is presented for the purpose ofadditional analysis and is not a required part of the financial statements but includes supplemental information required by the Department of Labor’sRules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. The supplemental information is theresponsibility of the Pl