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    <testOrLive>LIVE</testOrLive>

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        <entityName>GRAY MEDIA, INC</entityName>
        <issuerAddress>
            <street1>4370 Peachtree Road, NE</street1>
            <city>Atlanta</city>
            <stateOrCountry>GA</stateOrCountry>
            <stateOrCountryDescription>GEORGIA</stateOrCountryDescription>
            <zipCode>30319</zipCode>
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        <issuerPhoneNumber>404-504-9828</issuerPhoneNumber>
        <jurisdictionOfInc>GEORGIA</jurisdictionOfInc>
        <issuerPreviousNameList>
            <previousName>Gray Television, Inc.</previousName>
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            <previousName>GRAY TELEVISION INC</previousName>
            <previousName>GRAY COMMUNICATIONS SYSTEMS INC /GA/</previousName>
            <previousName>GRAY COMMUNICATIONS CORP</previousName>
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                <middleName>H.</middleName>
                <lastName>Howell, Jr.</lastName>
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                <zipCode>30319</zipCode>
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            <relatedPersonName>
                <firstName>Sterling</firstName>
                <middleName>A.</middleName>
                <lastName>Spainhour, Jr.</lastName>
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    <offeringData>
        <industryGroup>
            <industryGroupType>Telecommunications</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Over $100,000,000</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06b</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>false</isAmendment>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2026-06-29</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
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        <typesOfSecuritiesOffered>
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        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
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        <minimumInvestmentAccepted>0</minimumInvestmentAccepted>
        <salesCompensationList></salesCompensationList>
        <offeringSalesAmounts>
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            <totalAmountSold>70000000</totalAmountSold>
            <totalRemaining>0</totalRemaining>
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        <investors>
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            <totalNumberAlreadyInvested>2</totalNumberAlreadyInvested>
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                <dollarAmount>0</dollarAmount>
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        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>GRAY MEDIA, INC</issuerName>
                <signatureName>/s/ Jeffrey R. Gignac</signatureName>
                <nameOfSigner>Jeffrey R. Gignac</nameOfSigner>
                <signatureTitle>Executive Vice President, Chief Financial Officer</signatureTitle>
                <signatureDate>2026-07-06</signatureDate>
            </signature>
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</edgarSubmission>