Bill Miller Portfolio: Top 5 Stock Picks

3. Gray Media, Inc. (NYSE:GTN)

Miller Value Partners’ Q1 2026 Stake: $23.3 million 

Gray Media, Inc. (NYSE:GTN) is one of the largest television operators in America, known for running NBC and ABC affiliates. The shares are down by 29.5% over the past year and by 21% year-to-date. The firm is currently busy expanding its operational portfolio across America. On July 1st, Gray Media, Inc. (NYSE:GTN) announced that it would purchase six television stations from American Spirit Media for a $50 million price tag. The six stations that are part of the deal are DMA 81, DMA 100, DMA 125, DMA 126, DMA 149 and DMA 176. They are spread across Ohio, Mississippi, North Carolina, Georgia, Texas and Louisiana. As part of the deal, Gray Media, Inc. (NYSE:GTN) has already paid $40 million to American Spirit and funded a portion of the deal through a debt offering.

Earlier in the year, Guggenheim cut Gray Media, Inc. (NYSE:GTN)’s share price target to $6 from $7 and kept a Buy rating on the stock. The coverage came after the television network operator’s first quarter earnings, which saw it post $768 million in revenue and a $33 million net loss.