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 (NYSE: GTN) has confirmed an amendment to its merger agreement with Meredith Corporation, increasing the acquisition price from $14.50 to $16.99 per share, totaling $2.825 billion in enterprise value. Meredith's Board has approved the proposal, citing better certainty of value and regulatory considerations. Gray anticipates $55 million in annual synergies and expects strong free cash flow generation. The transaction awaits shareholder approval and regulatory compliance, with an expected closing by year-end 2021.
Gray Television (NYSE: GTN) has declared a quarterly cash dividend of $0.08 per share for its common and Class A common stock. This dividend is set to be paid on June 30, 2021, to shareholders on record by the close of business on June 15, 2021. Gray is the largest owner of local television stations in the U.S., with operations in 94 markets, reaching approximately 24% of U.S. television households. The company has a strong audience presence, ranking first in 70 markets as per Comscore's metrics.
Gray Television (NYSE: GTN) announced that 26 of its local stations received a total of 57 regional Edward R. Murrow awards for excellence in journalism, highlighting the achievements in investigative reporting and overall excellence. Notably, WVUE in New Orleans led with nine awards, including three for Overall Excellence. The RTDNA has recognized exceptional journalism since 1971, with Gray's winners now advancing to the national competition for further accolades. Gray operates in 94 markets, reaching approximately 24% of U.S. households.
Gray Television has announced its acquisition of Meredith Corporation for approximately $2.7 billion, paying $14.50 per share in cash. This deal will transform Gray into the second largest television broadcast group in the U.S., with a combined net revenue exceeding $3.1 billion. Gray will acquire Meredith's Local Media Group, which includes 17 TV stations in 12 markets. The acquisition is expected to close in Q4 2021, following the spin-off of Meredith's National Media Group. Gray anticipates $55 million in annual synergies from the deal.
Gray Television reported its Q1 2021 financial results, showing a revenue increase to $544 million, up 2% from Q1 2020. Local and national broadcast revenues contributed $260 million, with retransmission revenue at $247 million. Net income attributable to common stockholders was $26 million, or $0.27 per diluted share. However, Broadcast Cash Flow decreased 7% to $168 million. The company anticipates continued growth in Q2 2021, projecting local revenue to rise by 33% to 35%.
Gray Television, Inc. (NYSE: GTN) announced an agreement to divest certain Quincy Media television stations to Allen Media Broadcasting for $380 million in cash. This divestiture aligns with Gray's earlier acquisition of Quincy for $925 million, and both transactions are expected to close in Q3 2021 following regulatory approvals. The stations being sold include KVOA in Tucson, WKOW in Madison, and others across various markets. Gray's Executive Chairman expressed confidence in Allen Media's commitment to local journalism.
Gray Television, Inc. (GTN) will announce its earnings for Q1 2021 on May 6, 2021. The earnings conference call is scheduled for 11:00 a.m. ET on the same day. Interested parties can join via dial-in at 1-855-493-3489 using confirmation code 6866269. Additionally, the call will be available via webcast and replay. Gray Television is a major U.S. broadcast company, operating in 94 markets, reaching 24% of U.S. television households, and ranked first in 70 markets during 2020.
Gray Television is leading a $40 million investment round for Envy Gaming, an esports company based in Dallas, with an investment of $28.5 million. This investment will allow Gray to appoint two directors to Envy's board. Founded in 2007, Envy has gained significant traction, including winning the Call of Duty League World Championship in 2020 and diversifying its ownership group to include Post Malone. The partnership aims to enhance community engagement in the rapidly growing esports domain.
Gray Television, Inc. (NYSE: GTN) announced the election of Sterling A. Spainhour, Jr. as an independent Director, expanding its Board of Directors by one seat. This change is effective immediately. Spainhour serves as Senior Vice President and General Counsel for Georgia Power, with extensive experience in corporate governance and legal matters from his previous roles, including senior counsel for CNN. CEO Hilton H. Howell, Jr. expressed enthusiasm about Spainhour's appointment, highlighting his diverse experience and its alignment with Gray's mission.
Gray Television (GTN) has announced the initiation of a quarterly cash dividend of $0.08 per share for both common and Class A common stock. The first payment is due on March 31, 2021, to shareholders on record as of March 15, 2021. This marks the company's return to dividend payments after a hiatus since October 2008. Gray's Executive Chairman, Hilton H. Howell, Jr., stated that the decision reflects strong free cash flow and a positive business outlook, aiming to enhance shareholder value while maintaining liquidity for growth and acquisitions.
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