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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 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.
Gray Television (NYSE: GTN) announced that its local stations received a record 69 regional Edward R. Murrow awards from the Radio Television Digital News Association. Notable winners included WVUE in New Orleans, securing 11 awards, and WMTV in Madison, with 7 awards. Four stations achieved Overall Excellence, and WVUE dominated with five Investigative awards. Gray’s chairman expressed pride in the recognition for excellence across diverse markets. The winners will advance to the national competition, with results to be announced later this year.
On May 26, 2022, InvestigateTV, owned by Gray Television (NYSE: GTN), announced the addition of two esteemed investigative reporters: Joce Sterman and Caresse Jackman. Sterman, an Emmy and Murrow award winner with over 20 years of experience, previously served as the lead National Investigative Correspondent for Spotlight on America. Jackman has been recognized for her reporting excellence at WSMV4, covering significant events such as Hurricane Katrina and the Flint Water Crisis. This expansion aims to enhance community-focused investigative journalism.
Gray Television has appointed Ron Bartholomew as the new General Manager of WNDU, the NBC affiliate in South Bend, Indiana, effective June 6. Bartholomew brings over 20 years of experience in media and sales, including leadership roles at CBS stations in New Orleans and Tampa Bay, and has been the director of sales at WMC Television in Memphis for the past three years. He succeeds John O’Brien, who moved to manage WAVE3 in Louisville. Gray Television is the largest owner of local TV stations in the U.S., reaching approximately 36% of U.S. households.
Gray Television (NYSE: GTN) has announced a quarterly cash dividend of $0.08 per share for its common and Class A common stock. This dividend will be payable on June 30, 2022, to shareholders on record as of June 15, 2022. As the largest owner of local television stations in the U.S., Gray reaches approximately 36% of television households through its extensive portfolio of over 113 stations across 80 markets with top-rated programming.
Gray Television, Inc. (GTN) reported strong Q1 2022 results with total revenues of $827 million, a 52% increase from Q1 2021. Core advertising revenue rose 40%, retransmission consent revenue increased 59%, and political advertising surged 189%. Net income rose 88% to $49 million or $0.52 per share. Broadcast Cash Flow increased 61% to $271 million. Despite Transaction Related Expenses of $8 million, adjusted EBITDA also climbed 64% to $251 million. The company anticipates continued revenue growth in Q2 2022, projecting total revenue between $846 million to $864 million.
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