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.
Company Overview
Gray Media Inc (NYSE: GTN), formerly known as Gray Television Inc, is a leading multimedia company headquartered in Atlanta, Georgia. With a robust presence in the broadcast industry and a comprehensive suite of digital assets, Gray Media partners with communities nationwide by owning and operating top-rated local television stations and offering innovative digital marketing solutions. The company’s expansive portfolio spans numerous television markets, granting it significant influence in delivering local news, sports, and entertainment to millions of households.
Business Model & Operations
Gray Media operates through a multi-faceted business model that includes:
- Local Broadcasting: Owning and operating an impressive network of television stations in key markets with affiliations to major networks such as ABC, CBS, NBC, and FOX. This ensures a dominant market position in delivering local, reliable content.
- Digital Innovation: Gray Digital Media, the company’s full-service digital agency, crafts advanced digital marketing strategies, offering clients a range of digital products and services that leverage the evolving capabilities of the online ecosystem.
- Content Production: The company further diversifies its operations with subsidiaries in video production, including established groups that produce sports and entertainment content from studio production facilities, ensuring high-quality and innovative media offerings.
- Advertising & Revenue Streams: Revenue is generated not only through traditional broadcast advertising and retransmission fees but also via digital advertising, making it resilient against market fluctuations and attuned to changing audience consumption patterns.
Digital Transformation and Industry Expertise
With the convergence of traditional media and digital delivery, Gray Media has embraced technological insights to remain at the forefront of the rapidly changing broadcast landscape. Through strategic investments in ATSC 3.0 and other digital transmission innovations, the company ensures faster, more secure, and cost-effective data delivery, positioning itself uniquely against competitors. Its simultaneous commitment to both over-the-air broadcasts and enhanced digital services reinforces its reputation as a pioneer in adapting classic media platforms for the digital age.
Competitive Landscape & Market Significance
Occupying a critical space in the American media landscape, Gray Media’s extensive network reaches a significant portion of television households nationally. The company leverages its dual platforms—broadcast and digital—to create synergies that amplify its market presence. By collaborating on live sports, local news, and community-driven entertainment across diverse channels, Gray Media not only reinforces its competitive status but also showcases its capacity to innovate while maintaining high audience engagement.
Commitment to Quality & Local Impact
Gray Media places strong emphasis on producing high-quality, local content tailored to the unique tastes and needs of regional audiences. With a deep-rooted commitment to local journalism, sports broadcasting, and community storytelling, the company consistently demonstrates its expertise and experience. Whether through award-winning investigative journalism, comprehensive live-event coverage, or cutting-edge digital marketing campaigns, Gray Media delivers reliable and engaging content that builds trust among viewers and advertisers alike.
Summary
In summary, Gray Media Inc stands as a multifaceted multimedia powerhouse whose operations extend well beyond traditional television broadcasting. Its strategic integration of digital assets, content production capabilities, and strong local market presence positions the company as a foundational entity in media evolution. For investors and analysts, Gray Media’s diversified structure, emphasis on technological advancement, and solid operational practices offer a clear insight into its robust and dynamic business model within an ever-evolving industry.
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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