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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 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.
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.
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