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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 (NYSE: GTN) announced three key promotions in its human resources department to enhance company growth. Maurice Gibson is now Vice President of Employee Relations, bringing 25 years of experience, including significant roles at AT&T. Keith Hildibrand has been promoted to Vice President of Benefits and will manage employee benefits programs and transitions from acquisitions. Sylatha Taylor steps up as Assistant Vice President of Benefits, overseeing worker's compensation and wellness initiatives. These appointments, effective July 1, 2021, aim to strengthen leadership across Gray's extensive local television station network.
Gray Television, Inc. (NYSE: GTN) has finalized the acquisition of Quincy Media, Inc., adding 12 local television stations across eight markets, while divesting 10 QMI stations to Allen Media Broadcasting. Following the acquisition of Meredith Corporation later this year, Gray will operate 113 local markets, reaching 36% of US households, making it the second largest broadcaster in the nation. This bolstered market position enhances Gray's access to top-rated local television, including the top station in 79 markets.
Gray Television, Inc. (NYSE: GTN) announced a change in the timing for its earnings results for the quarter ending June 30, 2021. The earnings call will now take place on August 5, 2021, at 10:00 a.m. Eastern Time. Investors can join the call via dial-in at 1-855-493-3489 using confirmation code 1176873, with a webcast also available on the company's website. Gray Television, the largest owner of local television stations in the U.S., is set to significantly expand its reach following the acquisitions of Quincy Media, Inc. and Meredith Corporation's television stations.
Gray Television (GTN) has agreed to sell WJRT-TV, its ABC affiliate in Flint-Saginaw, Michigan, to Allen Media for $70 million in cash. This divestiture facilitates regulatory approvals for Gray's acquisition of Meredith Corporation's Local Media Group by eliminating market overlap. The deal is expected to close in Q3 or Q4 2021. Gray will retain WJRT-TV's General Manager post-sale. Allen Media plans to invest approximately $10 billion over the next two years in acquiring more television stations, aiming to become the largest broadcast group in the U.S.
Gray Television has agreed to sell WJRT-TV, its ABC affiliate in Flint-Saginaw, Michigan, to Allen Media Broadcasting for $70 million. This divestiture facilitates Gray's acquisition of Meredith Corporation's Local Media Group, eliminating market overlap. The sale is expected to close in Q3 or Q4 2021. Gray aims to become the second-largest U.S. television broadcaster post-acquisitions, reaching 36% of U.S. households. Gray's CEO expressed regret over losing WJRT-TV's team but is optimistic about Allen Media's stewardship.
Gray Television (NYSE: GTN) will announce its earnings for the quarter ending June 30, 2021, on August 5, 2021. A conference call will follow at 11:30 a.m. ET to discuss the quarterly results. Investors can participate via a live dial-in or through a webcast available on www.gray.tv. Gray is set to become the second-largest television broadcaster in the U.S. after acquiring Quincy Media and Meredith Corporation stations, reaching approximately 36% of U.S. TV households across 113 markets.
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.
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