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 (NYSE: GTN) announced the transition of several General Managers to lead television stations being acquired from Meredith Corporation. This strategic move, expected to finalize in December 2021, aims to facilitate the swift integration of these stations into Gray’s existing operations. Key appointments include Erik Schrader in Atlanta, Debbie Bush in Phoenix, Jasmine Hatcher Hardin in Nashville, Andrew Stewart in Kansas City, Bryce Caldwell in Greenville-Spartanburg, and Eric Duncan in Mobile. Upon completion, Gray will become the second-largest U.S. television broadcaster, serving 113 markets.
Gray Television (NYSE: GTN) has completed a $1,300 million offering of 5.375% senior notes due 2031. The proceeds will fund the acquisition of Meredith Corporation's local media group, contingent on the successful spin-off of its national media group. The notes, sold at par, will be held in escrow until the acquisition closes, expected before the end of Gray's 2021 fiscal year. Interest on the notes will be payable semiannually, starting May 15, 2022, and they will mature on November 15, 2031. The notes are offered only to qualified institutional buyers.
A group of investors led by Seaport Capital and including Gray Television (NYSE: GTN) has announced the formation of Family Entertainment Holdings, LLC (FEH), which will focus on developing family-oriented live event formats. The investment aims to support the growth of existing shows such as Magic of Lights and Hot Wheels Monster Trucks Live. These events have significant growth potential and are already engaging audiences across North America. Ken Hudgens will serve as CEO of FEH, leveraging his experience in live events.
Gray Television has announced a multi-year agreement with ViacomCBS to renew its CBS network affiliations across 47 markets. This deal includes major affiliates like WOIO in Cleveland and WBTV in Charlotte, ensuring ongoing access to CBS programming on Paramount+ and vMVPD platforms. Gray's CBS affiliates cover 11% of the U.S. audience, serving approximately 13 million households. With its upcoming acquisition of Meredith Corporation's stations, Gray will expand to 55 markets, reaching 18% of U.S. households, solidifying its position as a leading CBS affiliate operator.
ViacomCBS (NASDAQ: VIAC, VIACA) and Gray Television (NYSE: GTN) announced a multi-year agreement to renew CBS network affiliations for all 47 Gray TV stations, including major markets like Cleveland and Charlotte. This renewal ensures CBS programming remains available on Paramount+ and various vMVPD platforms. With this agreement, Gray will cover approximately 11% of the U.S. audience, expanding to 18% upon the acquisition of Meredith Corporation's Local Media Group. Both companies commit to enhancing local content combined with CBS' premium programming.
Gray Television has appointed Greg McAlister as the new General Manager of KCBD (NBC) and KLCW (CW)
Gray Television (NYSE: GTN) has declared a quarterly cash dividend of $0.08 per share for both common and Class A common stock. This dividend will be distributed on December 31, 2021, to shareholders recorded at the close of business on December 15, 2021. Gray, the largest owner of local television stations in the U.S., is set to acquire Meredith Corporation's television stations, propelling it to the position of the second largest broadcaster nationally, reaching around 36% of U.S. television households.
Gray Television reported third-quarter 2021 results with total revenue of $601 million, unchanged from Q3 2020. Local and national advertising revenue was $292 million, while retransmission consent revenue reached $266 million, both exceeding expectations. However, the net loss attributable to common stockholders was $30 million, primarily due to $53 million in non-cash losses from divesting overlapping television stations. Adjusted EBITDA dropped 29% to $186 million, and Broadcast Cash Flow fell 25% to $204 million.
Gray Television, Inc. announced the pricing of a private offering for $1.3 billion in 5.375% senior notes due 2031, an increase of $175 million from prior announcements. The offering is set to close on November 9, 2021, pending customary conditions. Proceeds will fund Gray's merger with Meredith Corporation's local media group, expected to finalize in December 2021. The notes will be guaranteed by existing and future restricted subsidiaries. This offering will be available only to qualified institutional buyers and is not registered under the Securities Act.
Gray Television, Inc. (NYSE: GTN) announced plans to offer up to $1.125 billion in senior notes due 2031, subject to market conditions. The proceeds will finance the company's merger with Meredith Corporation, aiming to acquire its local media group. This offering is exempt from registration requirements under the Securities Act of 1933 and will be available only to qualified institutional buyers and non-U.S. persons. The notes will be guaranteed by future subsidiaries of Gray following the merger completion.
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