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 been recognized with eight National Edward R. Murrow Awards, highlighting its commitment to quality journalism. Notable achievements include WVUE in New Orleans winning an Investigative Reporting award for its series on the Hard Rock Hotel collapse and WRDW-TV in Augusta earning two awards for its coverage of an EMT shortage. Other notable winners include WVLT in Knoxville, Hawaii News Now, and WDBJ in Roanoke, which received awards for reports on resilience, COVID-19 responses, and national park care. The awards will be celebrated at the RTDNA Gala on October 27, 2021.
Gray Television (NYSE: GTN) announced a quarterly cash dividend of $0.08 per share, payable on September 30, 2021, to shareholders on record by September 15, 2021. This dividend decision reflects the company's commitment to returning value to its investors. Additionally, Gray is poised to enhance its market position upon the anticipated acquisition of Meredith Corporation, which will elevate it to the nation’s second-largest television broadcaster, reaching approximately 36% of U.S. television households.
Gray Television (GTN) reported robust results for Q2 2021, with revenues of $547 million, a 21% increase from the previous year. Broadcast Cash Flow surged by 49%, reaching $183 million. Adjusted EBITDA rose 57% to $170 million. While retransmission consent revenue slightly missed expectations, it remains strong overall, with Total Core Revenue up 41%. The company completed the $925 million acquisition of Quincy Media and anticipates further growth from the planned acquisition of Meredith Corporation, which would enhance its market presence significantly.
Gray Television (NYSE: GTN) announced three key promotions in its human resources department to enhance company growth. Maurice Gibson is now Vice President of Employee Relations, bringing 25 years of experience, including significant roles at AT&T. Keith Hildibrand has been promoted to Vice President of Benefits and will manage employee benefits programs and transitions from acquisitions. Sylatha Taylor steps up as Assistant Vice President of Benefits, overseeing worker's compensation and wellness initiatives. These appointments, effective July 1, 2021, aim to strengthen leadership across Gray's extensive local television station network.
Gray Television, Inc. (NYSE: GTN) has finalized the acquisition of Quincy Media, Inc., adding 12 local television stations across eight markets, while divesting 10 QMI stations to Allen Media Broadcasting. Following the acquisition of Meredith Corporation later this year, Gray will operate 113 local markets, reaching 36% of US households, making it the second largest broadcaster in the nation. This bolstered market position enhances Gray's access to top-rated local television, including the top station in 79 markets.
Gray Television, Inc. (NYSE: GTN) announced a change in the timing for its earnings results for the quarter ending June 30, 2021. The earnings call will now take place on August 5, 2021, at 10:00 a.m. Eastern Time. Investors can join the call via dial-in at 1-855-493-3489 using confirmation code 1176873, with a webcast also available on the company's website. Gray Television, the largest owner of local television stations in the U.S., is set to significantly expand its reach following the acquisitions of Quincy Media, Inc. and Meredith Corporation's television stations.
Gray Television has agreed to sell WJRT-TV, its ABC affiliate in Flint-Saginaw, Michigan, to Allen Media Broadcasting for $70 million. This divestiture facilitates Gray's acquisition of Meredith Corporation's Local Media Group, eliminating market overlap. The sale is expected to close in Q3 or Q4 2021. Gray aims to become the second-largest U.S. television broadcaster post-acquisitions, reaching 36% of U.S. households. Gray's CEO expressed regret over losing WJRT-TV's team but is optimistic about Allen Media's stewardship.
Gray Television (NYSE: GTN) will announce its earnings for the quarter ending June 30, 2021, on August 5, 2021. A conference call will follow at 11:30 a.m. ET to discuss the quarterly results. Investors can participate via a live dial-in or through a webcast available on www.gray.tv. Gray is set to become the second-largest television broadcaster in the U.S. after acquiring Quincy Media and Meredith Corporation stations, reaching approximately 36% of U.S. TV households across 113 markets.
Origin Sports Network, powered by Gray Television's Raycom Sports, has launched its OTT platform on Roku Channel in Canada and UMO in the U.S., offering nostalgic sports content and original programming. The network, leveraging over 40 years of production expertise, features iconic sports moments and figures, including Michael Jordan and Patrick Mahomes. Its first original series, The Rise, highlights personal stories of sports stars. Origin Sports aims to adapt programming dynamically, responding to current sports trends while promising more distribution partners and original content in the near future.
Gray Television has established a new entity, Gray Sports + Entertainment Sales, to enhance its media revenue generation. This group will manage sponsorship and advertising for Gray's internal content production, highlighting the company's extensive portfolio, including Raycom Sports and Tupelo Honey. The team is led by Bill Lancaster and Joel Lewin, both seasoned professionals in sales and marketing. Following acquisitions of Quincy Media and Meredith Corporation, Gray will become the second-largest television broadcaster in the U.S., reaching 36% of U.S. TV households.
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