Gray Media, Inc. (GTN) is a U.S.-based television broadcasting company operating in the Communication Services sector. While its core business activities in broadcasting local news and affiliated networks are generally permissible under Shariah principles, the company fails financial screening criteria due to excessively high debt-to-market cap ratio (1306.66%), liquidity ratio (48.01%), and interest income ratio (16.32%). No significant non-permissible business activities were identified. Based on index inclusion research, GTN is not included in any major Shariah-compliant indices, leading to a NON_COMPLIANT overall status. Investors should consider purification of 16.32% for any dividends received and monitor debt reduction efforts.