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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 (GTN) has expanded its National Investigative Team, InvestigateTV, enhancing its commitment to investigative journalism. Lee Zurik has been promoted to Vice President of Investigations, while Jamie Grey and Greg Phillips have also received promotions within the team. New hire Daniela Molina joins as an Investigative Producer. The team plans to add more members in 2022, building on successful investigations that highlighted key issues such as government oversight and healthcare disparities. The InvestigateTV show, launched earlier this year, reached an average of 850,000 viewers per episode.
Gray Television has successfully completed the acquisition of Meredith Corporation's Local Media Group, totaling $2.8 billion, or $16.99 per share. This addition strengthens Gray's status as the second largest television broadcaster in the U.S., with anticipated annual revenues of over $3.2 billion. The deal is expected to boost free cash flow per share by 50% for 2021/22, while also leading to updated revenue guidance of $655-$665 million and operating expenses of $457-$466 million for Q4 2021. Gray aims to leverage this acquisition to enhance its market presence.
Origin Sports Network has expanded its distribution, now available on Samsung TV Plus and The Roku Channel, increasing its audience significantly. The channel features diverse sports content, including original programming like The Rise and Origin Sports Portraits, showcasing athletes from various eras. Upcoming themed programming includes Heisman Week and Bowl Week, featuring legendary performances. Chad Swofford from Raycom Sports expressed excitement about the network's growth and audience engagement.
Gray Television has appointed Jennifer Rieffer as the General Manager of WXIX (FOX) in Cincinnati, effective after the acquisition of Meredith Corporation’s Local Media Group on December 1, 2021. Rieffer brings 26 years of industry experience, having held various positions in sales and management at several television stations, including WDKY and WSMH. This strategic move comes as Gray prepares to enhance its market presence, becoming the second-largest television broadcaster in the U.S., serving 113 markets and reaching approximately 36% of U.S. television households.
Gray Television has appointed several new General Managers across its TV station portfolio as part of its acquisition of Meredith Corporation's stations, expected to finalize in December 2021. The new managers include Matt Moran in Cleveland, Pete Veto in Knoxville, Jim McKernan in Omaha, David Hughes in Charleston-Huntington, Peter Russell in Peoria, and Laura Serbon in Charlottesville. Gray will become the second largest TV broadcaster in the U.S., reaching 36% of U.S. households upon completing this acquisition.
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.
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