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
Origin Sports Network, powered by Gray Television's Raycom Sports, has launched its OTT platform on Roku Channel in Canada and UMO in the U.S., offering nostalgic sports content and original programming. The network, leveraging over 40 years of production expertise, features iconic sports moments and figures, including Michael Jordan and Patrick Mahomes. Its first original series, The Rise, highlights personal stories of sports stars. Origin Sports aims to adapt programming dynamically, responding to current sports trends while promising more distribution partners and original content in the near future.
Gray Television has established a new entity, Gray Sports + Entertainment Sales, to enhance its media revenue generation. This group will manage sponsorship and advertising for Gray's internal content production, highlighting the company's extensive portfolio, including Raycom Sports and Tupelo Honey. The team is led by Bill Lancaster and Joel Lewin, both seasoned professionals in sales and marketing. Following acquisitions of Quincy Media and Meredith Corporation, Gray will become the second-largest television broadcaster in the U.S., reaching 36% of U.S. TV households.
Gray Television (NYSE: GTN) has confirmed an amendment to its merger agreement with Meredith Corporation, increasing the acquisition price from $14.50 to $16.99 per share, totaling $2.825 billion in enterprise value. Meredith's Board has approved the proposal, citing better certainty of value and regulatory considerations. Gray anticipates $55 million in annual synergies and expects strong free cash flow generation. The transaction awaits shareholder approval and regulatory compliance, with an expected closing by year-end 2021.
Meredith Corporation (NYSE: MDP) has accepted a revised acquisition proposal from Gray Television, Inc. (NYSE: GTN) to purchase its Local Media Group for approximately $2.825 billion in cash. Shareholders will receive $16.99 per share in cash, an increase from the previous offer of $14.51. Meredith's Board unanimously recommends approval of this transaction, which is expected to close in Q4 2021. The acquisition follows an unsolicited proposal from another party, demonstrating competitive interest in Meredith's assets. The FCC has accepted their applications for the deal.
Gray Television (NYSE: GTN) has declared a quarterly cash dividend of $0.08 per share for its common and Class A common stock. This dividend is set to be paid on June 30, 2021, to shareholders on record by the close of business on June 15, 2021. Gray is the largest owner of local television stations in the U.S., with operations in 94 markets, reaching approximately 24% of U.S. television households. The company has a strong audience presence, ranking first in 70 markets as per Comscore's metrics.
Gray Television (NYSE: GTN) announced that 26 of its local stations received a total of 57 regional Edward R. Murrow awards for excellence in journalism, highlighting the achievements in investigative reporting and overall excellence. Notably, WVUE in New Orleans led with nine awards, including three for Overall Excellence. The RTDNA has recognized exceptional journalism since 1971, with Gray's winners now advancing to the national competition for further accolades. Gray operates in 94 markets, reaching approximately 24% of U.S. households.
Gray Television has announced its acquisition of Meredith Corporation for approximately $2.7 billion, paying $14.50 per share in cash. This deal will transform Gray into the second largest television broadcast group in the U.S., with a combined net revenue exceeding $3.1 billion. Gray will acquire Meredith's Local Media Group, which includes 17 TV stations in 12 markets. The acquisition is expected to close in Q4 2021, following the spin-off of Meredith's National Media Group. Gray anticipates $55 million in annual synergies from the deal.
Gray Television reported its Q1 2021 financial results, showing a revenue increase to $544 million, up 2% from Q1 2020. Local and national broadcast revenues contributed $260 million, with retransmission revenue at $247 million. Net income attributable to common stockholders was $26 million, or $0.27 per diluted share. However, Broadcast Cash Flow decreased 7% to $168 million. The company anticipates continued growth in Q2 2021, projecting local revenue to rise by 33% to 35%.
Gray Television, Inc. (NYSE: GTN) announced an agreement to divest certain Quincy Media television stations to Allen Media Broadcasting for $380 million in cash. This divestiture aligns with Gray's earlier acquisition of Quincy for $925 million, and both transactions are expected to close in Q3 2021 following regulatory approvals. The stations being sold include KVOA in Tucson, WKOW in Madison, and others across various markets. Gray's Executive Chairman expressed confidence in Allen Media's commitment to local journalism.
Gray Television, Inc. (GTN) will announce its earnings for Q1 2021 on May 6, 2021. The earnings conference call is scheduled for 11:00 a.m. ET on the same day. Interested parties can join via dial-in at 1-855-493-3489 using confirmation code 6866269. Additionally, the call will be available via webcast and replay. Gray Television is a major U.S. broadcast company, operating in 94 markets, reaching 24% of U.S. television households, and ranked first in 70 markets during 2020.
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