Gray Television

GTN and GTN.A • NYSE

Gray Television is a broadcasting company in the communication services sector on NYSE, led by James C. Ryan, with a market cap of $544.1M. As of Q3 2025, 76% of shares are held by 201 institutional investors, with BlackRock, Inc. as the largest holder at 6.78%.

CEOJames C. Ryan

Market Cap$544.1M

Broadcasting

Communication Services

Employees9.4K

Websitegray.tv

Country

United States of America

Overview

Overview of institutional ownership in GTN and GTN.A as of Q3 2025 with a market cap of $590.1M

All Institutions

Institutions: 201
Value Held: $447.9M
Shares Held: 77.3M
Avg Position: $2.1M
Median Position: $224.9K

Hedge Funds

Hedge Funds: 27
Value Held: $47.3M
Shares Held: 8.2M
Avg Position: $1.7M
Median Position: $718.2K

Ownership Breakdown

Institutional (non-HF)

67.89%

$400.6M

Hedge Funds

8.02%

$47.3M

Retail & Other

24.09%

$142.1M

Based on market cap of $590.1M as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in GTN and GTN.A as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$40.0M 0.00% of portfolio	6.78% 6.9M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$34.7M 0.00% of portfolio	5.88% 6.0M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
CAPITAL MANAGEMENT CORP /VA RIA/Wealth	Pamela Catherine Simms President	$34.1M 5.37% of portfolio	5.79% 5.9M shares	Q2 2023 Held for 2y 5m	$636.3M
DIMENSIONAL FUND ADVISORS LP Long Only Manager	David Paul Butler CEO	$29.2M 0.01% of portfolio	4.92% 5.0M shares	≤ Q2 2013 Held for 12y 5m+	$466.32B
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	Omar Aguilar Chavez CEO	$24.2M 0.00% of portfolio	4.11% 4.2M shares	≤ Q2 2013 Held for 12y 5m+	$620.51B
R Retirement Systems of Alabama Institution	-	$23.9M 0.08% of portfolio	4.04% 4.1M shares	Q1 2019 Held for 6y 8m	$30.1B
LMM LLC Long Only Manager	William Herbert Miller Chairman	$20.6M 7.56% of portfolio	3.49% 3.6M shares	Q2 2023 Held for 2y 5m	$272.2M
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	Pamela Marie Lawrence President	$18.8M 1.44% of portfolio	3.17% 3.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.3B
FMR LLC Institution	-	$18.2M 0.00% of portfolio	3.09% 3.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.92T
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$12.0M 0.00% of portfolio	2.02% 2.1M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T

Net Capital Flow

Institutional buying and selling activity for GTN and GTN.A in Q3 2025

Traded: +$37.3M
Buyers: 108
Sellers: 86
Total Bought: +$79.9M
Total Sold: −$42.6M
Avg Position: $1.9M

Biggest Buyers

Institution	Net Bought	Current Position
FMR LLC Institution	+$18.0M +3.1M shares	$18.2M 3.2M shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	+$7.4M +1.3M shares	$24.2M 4.2M shares
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	+$5.7M +983.4K shares	$18.8M 3.2M shares
DSC Meridian Capital LP Hedge Fund•Distressed	+$5.4M +939.7K shares	$5.4M 939.7K shares
R Russell Investments Group, Ltd. RIA/Wealth	+$3.1M +543.9K shares	$7.0M 1.2M shares
N NEW YORK STATE COMMON RETIREMENT FUND Institution	+$2.9M +504.8K shares	$10.9M 1.9M shares
Verition Fund Management LLC Hedge Fund•Multi-Strategy	+$2.8M +480.0K shares	$5.4M 934.3K shares
MORGAN STANLEY RIA/Wealth	+$2.7M +462.9K shares	$9.9M 1.7M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$2.0M +342.6K shares	$2.9M 498.2K shares
VICTORY CAPITAL MANAGEMENT INC Long Only Manager	+$1.8M +309.5K shares	$2.1M 355.7K shares

Biggest Sellers

Institution	Net Sold	Current Position
CAPITAL MANAGEMENT CORP /VA RIA/Wealth	−$4.5M −781.8K shares	$34.1M 5.9M shares
GOLDMAN SACHS GROUP INC Institution	−$4.2M −720.5K shares	$10.7M 1.9M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	−$3.4M −587.0K shares	$3.7M 638.7K shares
Schonfeld Strategic Advisors LLC Hedge Fund•Multi-Strategy	−$2.9M −500.0K shares	$5.8M 1.0M shares
N Nuveen, LLC Institution	−$2.4M −406.7K shares	$1.1M 198.2K shares
PRUDENTIAL FINANCIAL INC Institution	−$2.2M −383.4K shares	$3.0M 523.9K shares
B BlackRock, Inc. Institution	−$2.1M −368.8K shares	$40.0M 6.9M shares
R READYSTATE ASSET MANAGEMENT LP Hedge Fund•Multi-Strategy	−$1.8M −405.1K shares	Sold Off 0 shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	−$1.8M −402.3K shares	Sold Off 0 shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	−$1.8M −394.4K shares	Sold Off 0 shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited GTN and GTN.A in Q3 2025

New Positions: 13
New Value: $8.4M
Exited Positions: 37
Exited Value: $11.8M

New Positions

Institution	Position Value
DSC Meridian Capital LP Hedge Fund•Distressed	$5.4M 939.7K shares
C CAXTON ASSOCIATES LLP Institution	$1.6M 283.7K shares
COMMONWEALTH EQUITY SERVICES, LLC. RIA/Wealth	$478.8K 82.8K shares
Advyzon Investment Management, LLC RIA/Wealth	$218.4K 37.8K shares
P PEAK6 LLC Institution	$200.1K 34.6K shares
C Colony Group, LLC Institution	$159.1K 12.7K shares
MERCER GLOBAL ADVISORS INC /ADV RIA/Wealth	$99.2K 17.2K shares
W Wealth Alliance Institution	$63.2K 10.9K shares
Merit Financial Group, LLC RIA/Wealth	$58.8K 10.2K shares
O Optiver Holding B.V. Institution	$4.1K 706.0 shares

Exited Positions

Institution	Previous Position
R READYSTATE ASSET MANAGEMENT LP Hedge Fund•Multi-Strategy	$1.8M 405.1K shares
ARROWSTREET CAPITAL LIMITED PARTNERSHIP Hedge Fund•Quant	$1.8M 402.3K shares
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$1.8M 394.4K shares
Engineers Gate Manager LP Hedge Fund•Quant	$1.1M 248.8K shares
ARISTEIA CAPITAL LLC Hedge Fund•Multi-Strategy	$809.8K 178.8K shares
J Jump Financial, LLC Institution	$566.8K 125.1K shares
H HSBC HOLDINGS PLC Institution	$432.3K 96.1K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$363.6K 80.3K shares
SUSQUEHANNA FUNDAMENTAL INVESTMENTS, LLC Hedge Fund•Distressed	$340.0K 75.1K shares
CORSAIR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$275.8K 60.9K shares

Options Activity

Institutions with the largest Call and Put options positions in GTN and GTN.A as of Q3 2025

Call Positions: 9
Call Value: $9.0M
Put Positions: 8
Put Value: $3.0M

Call Positions

Institution	Position Value
BANK OF AMERICA CORP /DE/ Institution	$2.9M 5.0K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$2.9M 5.0K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$2.1M 3.7K contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$789.0K 1.4K contracts
J JANE STREET GROUP, LLC Institution	$97.7K 169.0 contracts
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$94.8K 164.0 contracts
W WOLVERINE TRADING, LLC Institution	$74.8K 132.0 contracts
Walleye Trading LLC RIA/Wealth	$2.3K 4.0 contracts
Muzinich & Co., Inc. Long Only Manager	- - contracts

Put Positions

Institution	Position Value
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.5M 2.7K contracts
BANK OF MONTREAL /CAN/ Institution	$867.0K 1.5K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$243.3K 421.0 contracts
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$148.5K 257.0 contracts
W WOLVERINE TRADING, LLC Institution	$103.2K 182.0 contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$89.6K 155.0 contracts
Walleye Trading LLC RIA/Wealth	$2.3K 4.0 contracts
J JANE STREET GROUP, LLC Institution	- - contracts

Most Committed Institutions

Institutions with GTN and GTN.A as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
LMM LLC Long Only Manager	William Herbert Miller Chairman	7.56% $20.6M	3.49% 3.6M shares	Q2 2023 Held for 2y 5m	$272.2M
CAPITAL MANAGEMENT CORP /VA RIA/Wealth	Pamela Catherine Simms President	5.37% $34.1M	5.79% 5.9M shares	Q2 2023 Held for 2y 5m	$636.3M
DSC Meridian Capital LP Hedge Fund•Distressed	Sheru Nmn Chowdhry CEO	2.72% $5.4M	0.92% 939.7K shares	Q3 2025 Held for 2 months	$200.0M
PENN CAPITAL MANAGEMENT CO INC Long Only Manager	Pamela Marie Lawrence President	1.44% $18.8M	3.17% 3.2M shares	≤ Q2 2013 Held for 12y 5m+	$1.3B
AMERICAN FINANCIAL GROUP INC Institution	S. Craig Lindner CEO	1.23% $3.1M	0.53% 540.2K shares	Q4 2018 Held for 6y 11m	$253.5M
K Keebeck Alpha, LP Hedge Fund	Thong Huy Nguyen CIO	0.28% $202.9K	0.03% 35.1K shares	Q3 2025 Held for 2 months	$71.9M
QVT Financial LP Hedge Fund•Multi-Strategy	Daniel Allen Gold CEO	0.19% $1.7M	0.29% 291.5K shares	Q2 2018 Held for 7y 5m	$873.7M
Diametric Capital, LP Hedge Fund•Long/Short	David Richard Salvietti COO	0.13% $335.1K	0.06% 58.0K shares	Q3 2025 Held for 2 months	$264.8M
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	Christopher Lazarus Gust CEO	0.12% $1.8M	0.31% 313.1K shares	Q2 2024 Held for 1y 5m	$1.5B
B BRIDGEWAY CAPITAL MANAGEMENT INC Long Only Manager	John Noland Ryan Montgomery CEO	0.09% $4.4M	0.74% 758.0K shares	Q2 2017 Held for 8y 5m	$4.7B

Hedge Fund Spotlight

Discover hedge funds investing in GTN and GTN.A

AQR CAPITAL MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDavid Gary Kabiller

Portfolio Value: $156.17B
Positions: 3,453
Last Reported: Q3 2025

Sector Allocation

Position in Gray Television

GTN and GTN.A

Market Value: $147.4M
Shares Held: 16.7M
Portfolio Weight: 0.30%
Owned Since: 2013-Q2

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