Welcome to our dedicated page for Gray Television news (Ticker: GTN-A), a resource for investors and traders seeking the latest updates and insights on Gray Television stock.
Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. Gray is the nation’s largest owner of top-rated local television stations and digital assets. Its television stations serve 114 television markets that collectively reach approximately 36 percent of US television households. Gray also owns video program companies like Raycom Sports, Tupelo Media Group, and PowerNation Studios. They have recently expanded their sports broadcasting to include American Association of Professional Baseball games, enhancing their local sports network offerings.
Furthermore, Gray Television has announced an agreement to increase its revolving credit facility, reflecting strong support from banking partners. The company's commitment to growth and financial stability positions them as a key player in the multimedia industry.
Gray Television has appointed Jennifer Rieffer as the General Manager of WXIX (FOX) in Cincinnati, effective after the acquisition of Meredith Corporation’s Local Media Group on December 1, 2021. Rieffer brings 26 years of industry experience, having held various positions in sales and management at several television stations, including WDKY and WSMH. This strategic move comes as Gray prepares to enhance its market presence, becoming the second-largest television broadcaster in the U.S., serving 113 markets and reaching approximately 36% of U.S. television households.
Gray Television has appointed several new General Managers across its TV station portfolio as part of its acquisition of Meredith Corporation's stations, expected to finalize in December 2021. The new managers include Matt Moran in Cleveland, Pete Veto in Knoxville, Jim McKernan in Omaha, David Hughes in Charleston-Huntington, Peter Russell in Peoria, and Laura Serbon in Charlottesville. Gray will become the second largest TV broadcaster in the U.S., reaching 36% of U.S. households upon completing this acquisition.
Gray Television (NYSE: GTN) announced the transition of several General Managers to lead television stations being acquired from Meredith Corporation. This strategic move, expected to finalize in December 2021, aims to facilitate the swift integration of these stations into Gray’s existing operations. Key appointments include Erik Schrader in Atlanta, Debbie Bush in Phoenix, Jasmine Hatcher Hardin in Nashville, Andrew Stewart in Kansas City, Bryce Caldwell in Greenville-Spartanburg, and Eric Duncan in Mobile. Upon completion, Gray will become the second-largest U.S. television broadcaster, serving 113 markets.
Gray Television (NYSE: GTN) has completed a $1,300 million offering of 5.375% senior notes due 2031. The proceeds will fund the acquisition of Meredith Corporation's local media group, contingent on the successful spin-off of its national media group. The notes, sold at par, will be held in escrow until the acquisition closes, expected before the end of Gray's 2021 fiscal year. Interest on the notes will be payable semiannually, starting May 15, 2022, and they will mature on November 15, 2031. The notes are offered only to qualified institutional buyers.
Gray Television has announced a multi-year agreement with ViacomCBS to renew its CBS network affiliations across 47 markets. This deal includes major affiliates like WOIO in Cleveland and WBTV in Charlotte, ensuring ongoing access to CBS programming on Paramount+ and vMVPD platforms. Gray's CBS affiliates cover 11% of the U.S. audience, serving approximately 13 million households. With its upcoming acquisition of Meredith Corporation's stations, Gray will expand to 55 markets, reaching 18% of U.S. households, solidifying its position as a leading CBS affiliate operator.
Gray Television has appointed Greg McAlister as the new General Manager of KCBD (NBC) and KLCW (CW)
Gray Television (NYSE: GTN) has declared a quarterly cash dividend of $0.08 per share for both common and Class A common stock. This dividend will be distributed on December 31, 2021, to shareholders recorded at the close of business on December 15, 2021. Gray, the largest owner of local television stations in the U.S., is set to acquire Meredith Corporation's television stations, propelling it to the position of the second largest broadcaster nationally, reaching around 36% of U.S. television households.
Gray Television reported third-quarter 2021 results with total revenue of $601 million, unchanged from Q3 2020. Local and national advertising revenue was $292 million, while retransmission consent revenue reached $266 million, both exceeding expectations. However, the net loss attributable to common stockholders was $30 million, primarily due to $53 million in non-cash losses from divesting overlapping television stations. Adjusted EBITDA dropped 29% to $186 million, and Broadcast Cash Flow fell 25% to $204 million.
Gray Television, Inc. announced the pricing of a private offering for $1.3 billion in 5.375% senior notes due 2031, an increase of $175 million from prior announcements. The offering is set to close on November 9, 2021, pending customary conditions. Proceeds will fund Gray's merger with Meredith Corporation's local media group, expected to finalize in December 2021. The notes will be guaranteed by existing and future restricted subsidiaries. This offering will be available only to qualified institutional buyers and is not registered under the Securities Act.
Gray Television, Inc. (NYSE: GTN) announced plans to offer up to $1.125 billion in senior notes due 2031, subject to market conditions. The proceeds will finance the company's merger with Meredith Corporation, aiming to acquire its local media group. This offering is exempt from registration requirements under the Securities Act of 1933 and will be available only to qualified institutional buyers and non-U.S. persons. The notes will be guaranteed by future subsidiaries of Gray following the merger completion.
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