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 reported impressive financial results for Q4 2020, with revenues soaring to $792 million, a 37% increase year-over-year. Political advertising revenue surged by 545% to $245 million. Net income attributable to common stockholders reached $211 million, or $2.22 per share, reflecting a 160% rise from Q4 2019. Despite a 8% decline in Total Core Revenue, the company anticipates positive trends moving forward. Gray also announced a $925 million acquisition of Quincy Media, expected to enhance free cash flow and market share.
Gray Television is collaborating with the Grand Ole Opry and Circle Network on February 27 to raise funds for food insecurity exacerbated by the pandemic and severe weather. Proceeds will benefit Feeding America, which supports over 200 food banks nationwide. The live broadcast will feature artists like Chris Janson and Travis Tritt, aiming to mobilize community support. Gray Television, the largest owner of local stations in the U.S., enhances its role in community assistance during these challenging times.
Gray Television, Inc. (NYSE: GTN) will release its earnings results for the quarter ending December 31, 2020, on February 25, 2021. A conference call to discuss the operating results will commence at 11:00 a.m. ET on the same day. Interested participants can join by dialing 1-855-493-3489 with the confirmation code 9756347. The call will also be available for live streaming and playback on www.gray.tv. Gray Television operates in 94 markets, covering approximately 24% of U.S. households and owns numerous programming streams and digital properties.
Gray Television has announced its acquisition of Quincy Media for $925 million in cash, significantly expanding its reach in the broadcasting sector. Upon completion, Gray will control television stations serving 102 markets, reaching 25.4% of U.S. households. The deal is expected to generate annualized synergies of $23 million, with an anticipated 6.9x multiple on Quincy's 2019/2020 EBITDA. The transaction is likely to close in the second or third quarter of 2021 and will be immediately accretive to Gray's free cash flow per share.
Gray Television (NYSE: GTN) announced the hiring of two veteran journalists, Jon Decker and Sandra Jones, to strengthen its Washington, DC news operations. Decker will serve as Senior National Editor and White House Correspondent, bringing over 25 years of experience in the White House Press Corps. Sandra Jones, an award-winning investigative reporter, will focus on consumer stories for InvestigateTV. Gray operates in 94 markets, reaching 24% of US households, and is committed to delivering national news with a local perspective.
Gray Television, Inc. (GTN) announced that its local television stations and digital platforms have run over $400 million in political advertisements since January 1, 2020, net of commissions and fees. Following the November 3rd Election Day, approximately $20 million in political ads have been aired for the Georgia Senate run-off elections, expected to continue through January 5, 2021. This uptick will contribute to exceeding $400 million in total net political revenue for 2020. Gray operates in 94 markets and has the highest rated stations in numerous regions.
Gray Television, Inc. (NYSE: GTN) has been awarded $200,000 from Google's GNI Innovation Challenge to support a journalism initiative titled "Bridging the Great Health Divide-Mississippi Delta and Appalachia." This year-long project, set to launch in early 2021, aims to investigate health disparities in these regions and propose sustainable solutions. Gray's team, including over 25 stations and its DC News Bureau, will be involved in this effort, which highlights the urgent health care needs of underrepresented populations.
On December 2, 2020, Gray Television (NYSE: GTN) launched its first NextGen TV station, WNXG, in Tallahassee, Florida. This low-power station simulcasts five programming services, providing significant technical improvements over the previous ATSC 1.0 standard, including four HD streams and one SD stream. The launch allows Gray to gain insights into NextGen TV technology through extensive testing. Looking ahead, Gray plans to transition more stations to this standard in 2021, enhancing service capabilities for local viewers and advertisers.
Gray Television (NYSE: GTN) has filed an amicus brief with the US Supreme Court, supporting the FCC’s efforts to modernize its broadcast ownership rules. The filing argues that the FCC’s 2017 regulations are vital for adapting to today’s competitive media landscape. Gray contends that the Third Circuit's ruling impedes necessary updates, negatively impacting local news quality in smaller communities. The court ruling is expected by June 2021. Gray operates in 94 markets, covering 24% of US TV households and offering over 400 programming streams.
Gray Television announced an expansion of its share repurchase program, allowing for an additional $150 million in stock buybacks through December 31, 2023. This increase brings the total repurchase capacity to $220 million. As of October 31, 2020, Gray has 89 million outstanding shares of common stock and 7 million Class A shares. The repurchased shares will be held as treasury shares and may be used for corporate purposes, including employee benefit obligations. The buyback will depend on market conditions and other factors.
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