Welcome to our dedicated page for Gray Television news (Ticker: GTN), a resource for investors and traders seeking the latest updates and insights on Gray Television stock.
Gray Television, Inc. (GTN) is a leading television broadcast company headquartered in Atlanta, Georgia. The company owns and operates television stations and leading digital assets across the United States. Gray's portfolio includes stations in 114 television markets, collectively reaching approximately 36 percent of U.S. television households, with top-rated stations in 79 markets and the first or second highest-rated stations in 102 markets.
Gray Television operates 139 program streams, including 76 affiliates of the country's four major networks—ABC, CBS, NBC, and FOX. Specifically, Gray owns and operates 26 CBS-affiliated channels, 24 NBC-affiliated channels, 16 ABC-affiliated channels, and 10 FOX-affiliated channels. Notably, the company owns and operates the number-one ranked television station in 29 of its 44 markets and the number-one or number-two ranked television station operations in 40 of these markets. This widespread reach allows Gray to influence approximately 8.1 percent of total U.S. television households.
The company operates primarily in two segments: Broadcasting and Production. The Broadcasting segment generates the majority of Gray's revenue by operating local television stations across the U.S. The Production segment includes video program production, marketing, and digital business. Gray Television also owns video program companies such as Raycom Sports, Tupelo Media Group, and PowerNation Studios, as well as studio production facilities like Assembly Atlanta and Third Rail Studios. Additionally, Gray owns a majority interest in Swirl Films.
Recent achievements highlight Gray's commitment to quality journalism and community service. WANF (CBS) in Atlanta won the Large Market category for its investigative series
Gray Television (GTN) has declared a quarterly cash dividend of $0.08 per share for its common and Class A common stock. The dividend will be payable on September 30, 2022, to shareholders on record by September 15, 2022. Gray Television is the largest owner of local television stations in the U.S., serving 113 television markets and reaching approximately 36% of U.S. households. The company also owns video program companies and several studio facilities across the nation.
Gray Television, Inc. (GTN) reported strong financial results for Q2 2022, with total revenue of $868 million, up 59% from Q2 2021. Net income soared by 231% to $86 million, or $0.91 per share. Fueled by recent acquisitions and political advertising, cash flow was robust, allowing the company to return $125 million to shareholders through debt repayment, stock repurchase, and dividends. Political revenue is projected to match $652 million for the year. As of June 30, 2022, total leverage ratio was 5.16 times, and Gray ended the quarter with $162 million in cash.
Gray Television has announced management streamlining as of August 1, 2022, promoting General Managers to Regional Vice Presidents overseeing additional stations. Key promotions include Ted Fortenberry overseeing WLBT and nearby stations, Corey Hanson managing multiple Oregon and Alaska outlets, and Jasmine Hatcher Hardin adding Kentucky and Indiana stations to her responsibilities. This reorganization follows the resignation of Tim Ingram, Senior Vice President, Local Media, who left to pursue other opportunities. Gray operates the largest network of local television stations in the U.S., covering 36% of TV households.
Gray Television has announced the promotion of David Herrmann to General Manager of KWCH (CBS) and KSCW (CW) in Wichita, Kansas, effective August 2, 2022. Herrmann, a 32-year industry veteran, was previously the Director of Sales at KWCH and KSCW since 2017. Additionally, Patience Hettrick has been promoted from Station Manager/News Director to General Manager of WGGB-TV ABC 40 and WSHM-LD CBS 3 in Springfield, Massachusetts. This marks a strategic leadership enhancement for Gray as it continues to operate and dominate local markets, reaching approximately 36% of US television households.
Gray Television, Inc. (NYSE: GTN) will release its earnings results for Q2 2022 on August 5, 2022. The company will also host a conference call at 11:00 a.m. ET on the same day to discuss operating results. Interested parties can join the call using the dial-in number 1-800-289-0720, with a confirmation code of 7144937. A replay will be available until September 4, 2022. Gray Television is the largest owner of local television stations in the U.S., serving 113 markets and reaching approximately 36% of U.S. households.
Gray Television, Inc. (NYSE: GTN) has appointed Brad Moses as the new General Manager of WTVG-TV (ABC) in Toledo, effective July 25th. Brad, a Toledo native, brings over 30 years of television experience, having previously worked at WTVG from 1994 to 2000. His most recent role was as General Manager of KWCH (CBS) and KSCW (CW) in Wichita, where he significantly expanded local news programming and won several prestigious awards. He succeeds Chris Fedele, who is now the GM of Gray's WPTA-TV and WISE-TV in Ft. Wayne, Indiana.
PowerNation Studios and Nashville Superspeedway are collaborating to host the inaugural POWER NATIONALS on September 3-4, 2022. This two-day event, aimed at car enthusiasts, will feature vehicle shows and competitions, including auto cross and drifting exhibitions. The event will culminate in a television special airing on September 17. PowerNation Studios, part of Gray Television (NYSE:GTN), produces popular automotive programs, while Nashville Superspeedway serves as a venue for various motorsports and entertainment events.
Hall of Fame Resort & Entertainment Company (NASDAQ: HOFV) announces the premiere of its new series INSPIRED: Heroes of Change, airing June 4-5, 2022, on 100+ Gray Television stations. This pilot, hosted by Deuce McAllister and Kelsey Davis, features pro athletes like Warrick Dunn and Victor Cruz, highlighting their charitable initiatives aimed at assisting underserved youth. Olivia Steier from Hall of Fame Village Media states this collaboration with Tupelo Honey aims to deliver innovative, engaging content that conveys impactful stories.
Gray Television, Inc. (NYSE: GTN) appointed Chris Fedele as the new General Manager of WPTA-TV and WISE-TV in Ft. Wayne, Indiana, effective June 1, 2022. Fedele, a Northeast Indiana native, returns to WPTA-TV after a notable career, including previous roles as General Sales Manager and a decade as Director of Sales and Marketing for WLEX-TV in Kentucky. Gray Television is the largest owner of local television stations in the U.S., operating in 113 markets and covering approximately 36% of U.S. households.
Gray Television has announced a long-term agreement with NBCUniversal to lease and operate new production facilities at the Assembly Atlanta development in Georgia. The state-of-the-art studios are expected to create over 4,000 jobs in the local area, supporting both construction and production activities. The facility will feature multiple soundstages and production spaces, with construction projected to be completed by late 2023. The capital expenditure for this project is estimated between $130 million and $140 million for 2022.
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