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 has commenced an offering of $550 million in senior notes due 2030, which are senior unsecured obligations guaranteed by restricted subsidiaries. The intended use of proceeds includes redeeming existing 5.125% senior notes due 2024 worth $525 million, covering offering fees, and funding general corporate purposes. A conditional notice of redemption for the existing notes has been issued, set for October 19, 2020, pending the offering's completion.
Gray Television, Inc. (GTN) is set to release its earnings results for the quarter ending September 30, 2020, on November 5, 2020. A conference call will be held at 11:00 a.m. Eastern Time to discuss these results, accessible via a live dial-in or webcast. Gray operates in 94 markets, reaching about 24% of US television households. In 2019, its stations ranked first in 69 markets. For more details, visit www.gray.tv.
Gray Television has appointed Jay Webb as the General Manager of WHSV (ABC) and WSVF (CBS/Fox) in Harrisonburg, Virginia. Webb has previously served as News Director for five years and has a long history with WHSV since 2000. He succeeds Sacha Purciful, who has transitioned to General Manager of KSLA News12 in Louisiana. Gray operates TV stations in 94 markets, reaching about 24% of US households and ranked first in 69 markets.
Gray Television (GTN) reported its Q2 2020 financial results, revealing a revenue drop to $451 million, an 11% decline from Q2 2019. The company experienced a net loss of $2 million, or ($0.02) per share. Broadcast Cash Flow fell 34% to $123 million, while Adjusted EBITDA decreased 36% to $108 million. Political advertising revenue surged by 320% to $21 million. Gray increased cash reserves by $167 million and repurchased $49 million of stock, maintaining a total cash balance of $379 million. Despite challenges posed by COVID-19, there are signs of recovery, particularly in viewership and retransmission revenue.
Gray Television, Inc. (NYSE: GTN) will release its earnings results for the quarter ending June 30, 2020, on August 6, 2020. A conference call to discuss these results will also take place on the same day at 10:00 a.m. ET, with a live dial-in number available for participants. Gray Television operates in 93 television markets, reaching about 24% of U.S. television households. In 2019, their stations ranked first in 68 markets, demonstrating strong audience engagement.
Gray Television, Inc. (GTN) announced the promotions of Lori Bruffett to General Manager of KBTX in Texas, effective June 1, 2020, and Scott Sanders to General Manager of WMBF in South Carolina, effective June 29, 2020. Bruffett has a long tenure at KBTX since 1988, while Sanders brings 12 years of experience as Director of Sales at WIS. Gray operates in 93 markets, reaching about 24% of US households, ranking first in 68 markets as per Comscore.
Gray Television (NYSE: GTN) announced on May 13, 2020, that 21 of its local stations received a total of 49 regional Edward R. Murrow awards for excellence in journalism, including two prestigious awards for Overall Excellence. Notably, WVLT in Knoxville and KFVS in Paducah-Cape Girardeau were recognized with these honors. Additionally, WVUE in New Orleans secured top awards in eight categories. Gray's achievements reflect a strong commitment to quality local journalism, significantly impacting the communities served. The winners will proceed to the national competition with results to be announced in June.
Gray Television (NYSE: GTN) announced new General Managers for its stations in Huntsville, Colorado Springs, Hattiesburg, and Meridian during May 2020. This marks the ninth General Manager appointment in 2020, with all selected from within the company. Notable promotions include Jama Killingsworth at WAFF in Huntsville, Kerri Blanco at KKTV in Colorado Springs, Tim Walker at WDAM in Hattiesburg, and Jacque Harms at WTOK in Meridian. These appointments reflect Gray's focus on leadership development and strengthening community ties.
Gray Television reported Q1 2020 revenues of $534 million, a 3% increase from Q1 2019, despite a decline in advertising demand due to COVID-19. Local broadcast revenue was $250 million, and political advertising revenue surged to $36 million. The company achieved a net income of $40 million, or $0.40 per diluted share. Broadcast cash flow rose by 47% to $181 million. Challenges included reduced advertising demand and programming supply, but increased local newscast viewership was noted. Guidance for future quarters has been withdrawn due to uncertainty.
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