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 plans to amend its Senior Credit Facility, proposing a $1.5 billion seven-year incremental term loan to finance its acquisition of Meredith Corporation's Local Media Group. Additionally, Gray aims to increase borrowing capacity from $300 million to up to $500 million. The third-quarter 2021 guidance has also been updated, with projected broadcasting revenue between $570 million and $593 million, representing a 2-4% decrease compared to Q3 2020. As of September 30, 2021, Gray expects $322 million in cash and $4.035 billion in total debt.
Gray Television has promoted Michele Gors to General Manager of KEYC News Now in Mankato, Minnesota, effective November 15, 2021. Gors, an Emmy Award-winning broadcast professional with over 30 years of experience, succeeds Ed Woloszyn, who recently passed away due to cancer. Previously, Gors served as News Director at KTTC in Rochester, Minnesota. Gray Television, headquartered in Atlanta, is the largest owner of local television stations in the U.S., and upon acquiring Meredith Corporation's television stations, will become the second-largest broadcaster in the nation.
Gray Television has announced the promotion of Herb Bruce to General Manager/General Sales Manager of KALB, their NBC affiliate in Alexandria, Louisiana. Bruce has a 19-year tenure at the station, previously serving as a Senior Account Executive and General Sales Manager. He succeeds Michele Godard, who is retiring after 28 years, with a smooth transition planned as she remains as a consultant until year-end. With the upcoming acquisition of Meredith Corporation's television stations, Gray is set to become the second-largest television broadcaster in the U.S., reaching 36% of U.S. TV households.
Gray Television has appointed John Fiorelli as the new General Manager/General Sales Manager of KOLO-TV in Reno, Nevada, effective immediately. Fiorelli brings over 20 years of media experience in the Reno market, having held various positions at KOLO-TV since 2006. He succeeds Matt Eldridge, who recently retired. Senior Vice President Nick Matesi praised Fiorelli's commitment to the station and the community. Gray Television, based in Atlanta, is the largest owner of local television stations in the U.S. and is set to become the second largest broadcaster after acquiring Meredith Corporation's stations.
IAC's Dotdash has announced an agreement to acquire Meredith Corporation's National Media Group for $42.18 per share in an all-cash transaction. This deal aims to combine Dotdash's digital publishing expertise with Meredith's iconic brand portfolio, creating one of the largest publishers in the U.S. The combined entity, named Dotdash Meredith, is expected to reach 175 million online consumers monthly. The transaction is anticipated to close by the end of the year, funded by a mix of cash and new debt, with both companies' boards approving the agreement.
Gray Television, Inc. (NYSE: GTN) will report its earnings for the quarter ending September 30, 2021, on November 4, 2021. The earnings conference call is scheduled for 11:00 a.m. ET on the same day, with a live dial-in at 1-855-493-3489 and a confirmation code of 8366927. Gray Television, based in Atlanta, is the largest owner of local television stations and digital assets in the U.S. Following the acquisitions of Quincy Media and Meredith Corporation's stations, Gray will become the second largest television broadcaster, reaching approximately 36% of U.S. TV households.
Gray Television (NYSE: GTN) announced the acquisition of Third Rail Studios in Doraville, Georgia, for $27.5 million. This facility, notable for producing popular shows like Ozark and films starring A-list actors, will enhance Gray's Assembly development, located at a former GM plant, aimed at establishing a major studio hub. The project, expected to further stimulate Georgia's media industry, is set to open its first phase by fall 2022. Additionally, Gray anticipates significant growth, preparing to become the second-largest local broadcaster in the U.S.
Gray Television announced the passing of Ed Woloszyn, General Manager of KEYC News Now, after a brief battle with cancer. Ed joined KEYC in 2016 and became GM in 2019, previously working at stations in Wisconsin, Illinois, and Michigan. His community involvement included roles in local organizations. Gray's Senior Vice President Mike King expressed deep sadness over Ed's loss, praising his dedication to colleagues and community. Gray Television, based in Atlanta, is set to become the second largest US broadcaster post-acquisition of Meredith Corporation's stations, reaching 36% of US households.
Gray Television (GTN) has partnered with the Salvation Army to raise funds for Hurricane Ida relief efforts. Following the storm's landfall on August 29, which devastated Louisiana, Gray's local news stations across 103 markets will support the 'Lift Up Louisiana' campaign. CEO Hilton H. Howell emphasized the importance of aiding affected communities and announced a $50,000 contribution from Gray. The campaign ensures that 100% of donations go directly to disaster relief, highlighting Gray's commitment to community support during crises.
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