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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, Inc. (NYSE: GTN) has exhibited strong cash flow for the second consecutive quarter, returning substantial capital to shareholders through dividends and debt repayments. During the quarter ending September 30, 2022, Gray made a voluntary principal payment of $100 million under its 2017 Term Loan B and a required payment of $3.75 million under the 2021 Term Loan D. Additionally, the company distributed $20 million in dividends. Gray anticipates continued robust cash flow, supporting further de-leveraging and dividend payments, with Q3 financial results expected in about four weeks.
Gray Television announced the launch of BEAT THE ODDS, a 30-minute weekly sports betting series debuting on over 100 stations on September 2, 2022. The show will combine news, data, and analysis with sports stories, targeting bettors and fans alike. Produced in collaboration with Tupelo Media, the show features experienced analysts and storytelling that engages the betting community. FOX5 KVVU-TV is also involved, and the production aims to offer educational and entertaining content on sports betting.
Gray Television (NYSE: GTN) has announced a new minimum wage of $18 per hour, effective from October 1, 2022. This increase will benefit approximately 2,000 employees across the company and its subsidiaries. Executive Chairman Hilton Howell emphasized the importance of recognizing employee efforts during a year projected to be historic for the company. Gray Television continues to be a leader in the media industry, operating the largest network of local television stations in the U.S., reaching 36 percent of U.S. households.
Gray Television (NYSE: GTN) announced the launch of the Gray Media Training Center internship program in collaboration with WLBT in Jackson, Mississippi. The inaugural class features 10 students from Mississippi colleges, focusing on enhancing diversity in media. The 14-week program, commencing in late August, will provide training in broadcast and digital journalism, production, sales, and IT. Gray has committed over $1 million towards this initiative, aiming to equip students with essential skills for the evolving media landscape.
Gray Television announced the appointment of Michelle Robinson Harper as General Manager of WBTV (CBS) in Charlotte, effective September 6, 2022. Harper brings over 37 years of experience in broadcast media, previously serving as General Manager of WHBQ-TV in Memphis. Additionally, Shelly Hill Crawford has been promoted to the newly created position of WBTV Station Manager, effective July 20, 2022. Crawford has a 22-year history with WBTV, holding various roles.
Gray Television operates the largest number of local TV stations in the U.S., reaching approximately 36% of U.S. households.
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.
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