Welcome to our dedicated page for Gray Media news (Ticker: GTN), a resource for investors and traders seeking the latest updates and insights on Gray Media 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
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.
Gray Television announced key management changes effective September 7, 2021. Ronna Corrente, currently General Manager of WVUE Fox 8 in New Orleans, will take over as General Manager of WAVE 3 in Louisville. Mikel Schaefer, current News Director at WVUE, will assume Corrente's role, succeeded by Kristen Palestina, the station's Assistant News Director. Corrente has a successful track record, including significant awards for her leadership. Gray Television continues to expand its influence, soon becoming the second-largest broadcaster in the U.S.
Gray Television has been recognized with eight National Edward R. Murrow Awards, highlighting its commitment to quality journalism. Notable achievements include WVUE in New Orleans winning an Investigative Reporting award for its series on the Hard Rock Hotel collapse and WRDW-TV in Augusta earning two awards for its coverage of an EMT shortage. Other notable winners include WVLT in Knoxville, Hawaii News Now, and WDBJ in Roanoke, which received awards for reports on resilience, COVID-19 responses, and national park care. The awards will be celebrated at the RTDNA Gala on October 27, 2021.
Gray Television (NYSE: GTN) announced a quarterly cash dividend of $0.08 per share, payable on September 30, 2021, to shareholders on record by September 15, 2021. This dividend decision reflects the company's commitment to returning value to its investors. Additionally, Gray is poised to enhance its market position upon the anticipated acquisition of Meredith Corporation, which will elevate it to the nation’s second-largest television broadcaster, reaching approximately 36% of U.S. television households.
Gray Television (GTN) reported robust results for Q2 2021, with revenues of $547 million, a 21% increase from the previous year. Broadcast Cash Flow surged by 49%, reaching $183 million. Adjusted EBITDA rose 57% to $170 million. While retransmission consent revenue slightly missed expectations, it remains strong overall, with Total Core Revenue up 41%. The company completed the $925 million acquisition of Quincy Media and anticipates further growth from the planned acquisition of Meredith Corporation, which would enhance its market presence significantly.
FAQ
What is the current stock price of Gray Media (GTN)?
What is the market cap of Gray Media (GTN)?
What is Gray Television, Inc.?
What networks does Gray Television affiliate with?
How many television markets does Gray Television serve?
What are the main business segments of Gray Television?
What recent achievements has Gray Television accomplished?
What is Gray Television's financial strategy?
How many program streams does Gray Television operate?
What other media assets does Gray Television own?
What is the market influence of Gray Television?
How does Gray Television engage with local communities?
