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
Gray Television is leading a $40 million investment round for Envy Gaming, an esports company based in Dallas, with an investment of $28.5 million. This investment will allow Gray to appoint two directors to Envy's board. Founded in 2007, Envy has gained significant traction, including winning the Call of Duty League World Championship in 2020 and diversifying its ownership group to include Post Malone. The partnership aims to enhance community engagement in the rapidly growing esports domain.
Gray Television, Inc. (NYSE: GTN) announced the election of Sterling A. Spainhour, Jr. as an independent Director, expanding its Board of Directors by one seat. This change is effective immediately. Spainhour serves as Senior Vice President and General Counsel for Georgia Power, with extensive experience in corporate governance and legal matters from his previous roles, including senior counsel for CNN. CEO Hilton H. Howell, Jr. expressed enthusiasm about Spainhour's appointment, highlighting his diverse experience and its alignment with Gray's mission.
Gray Television (GTN) has announced the initiation of a quarterly cash dividend of $0.08 per share for both common and Class A common stock. The first payment is due on March 31, 2021, to shareholders on record as of March 15, 2021. This marks the company's return to dividend payments after a hiatus since October 2008. Gray's Executive Chairman, Hilton H. Howell, Jr., stated that the decision reflects strong free cash flow and a positive business outlook, aiming to enhance shareholder value while maintaining liquidity for growth and acquisitions.
Gray Television reported impressive financial results for Q4 2020, with revenues soaring to $792 million, a 37% increase year-over-year. Political advertising revenue surged by 545% to $245 million. Net income attributable to common stockholders reached $211 million, or $2.22 per share, reflecting a 160% rise from Q4 2019. Despite a 8% decline in Total Core Revenue, the company anticipates positive trends moving forward. Gray also announced a $925 million acquisition of Quincy Media, expected to enhance free cash flow and market share.
Gray Television is collaborating with the Grand Ole Opry and Circle Network on February 27 to raise funds for food insecurity exacerbated by the pandemic and severe weather. Proceeds will benefit Feeding America, which supports over 200 food banks nationwide. The live broadcast will feature artists like Chris Janson and Travis Tritt, aiming to mobilize community support. Gray Television, the largest owner of local stations in the U.S., enhances its role in community assistance during these challenging times.
Gray Television, Inc. (NYSE: GTN) will release its earnings results for the quarter ending December 31, 2020, on February 25, 2021. A conference call to discuss the operating results will commence at 11:00 a.m. ET on the same day. Interested participants can join by dialing 1-855-493-3489 with the confirmation code 9756347. The call will also be available for live streaming and playback on www.gray.tv. Gray Television operates in 94 markets, covering approximately 24% of U.S. households and owns numerous programming streams and digital properties.
Gray Television has announced its acquisition of Quincy Media for $925 million in cash, significantly expanding its reach in the broadcasting sector. Upon completion, Gray will control television stations serving 102 markets, reaching 25.4% of U.S. households. The deal is expected to generate annualized synergies of $23 million, with an anticipated 6.9x multiple on Quincy's 2019/2020 EBITDA. The transaction is likely to close in the second or third quarter of 2021 and will be immediately accretive to Gray's free cash flow per share.
Gray Television (NYSE: GTN) announced the hiring of two veteran journalists, Jon Decker and Sandra Jones, to strengthen its Washington, DC news operations. Decker will serve as Senior National Editor and White House Correspondent, bringing over 25 years of experience in the White House Press Corps. Sandra Jones, an award-winning investigative reporter, will focus on consumer stories for InvestigateTV. Gray operates in 94 markets, reaching 24% of US households, and is committed to delivering national news with a local perspective.
Gray Television, Inc. (GTN) announced that its local television stations and digital platforms have run over $400 million in political advertisements since January 1, 2020, net of commissions and fees. Following the November 3rd Election Day, approximately $20 million in political ads have been aired for the Georgia Senate run-off elections, expected to continue through January 5, 2021. This uptick will contribute to exceeding $400 million in total net political revenue for 2020. Gray operates in 94 markets and has the highest rated stations in numerous regions.
Gray Television, Inc. (NYSE: GTN) has been awarded $200,000 from Google's GNI Innovation Challenge to support a journalism initiative titled "Bridging the Great Health Divide-Mississippi Delta and Appalachia." This year-long project, set to launch in early 2021, aims to investigate health disparities in these regions and propose sustainable solutions. Gray's team, including over 25 stations and its DC News Bureau, will be involved in this effort, which highlights the urgent health care needs of underrepresented populations.
FAQ
What is the current stock price of Gray Television (GTN)?
What is the market cap of Gray Television (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?
