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
On December 2, 2020, Gray Television (NYSE: GTN) launched its first NextGen TV station, WNXG, in Tallahassee, Florida. This low-power station simulcasts five programming services, providing significant technical improvements over the previous ATSC 1.0 standard, including four HD streams and one SD stream. The launch allows Gray to gain insights into NextGen TV technology through extensive testing. Looking ahead, Gray plans to transition more stations to this standard in 2021, enhancing service capabilities for local viewers and advertisers.
Gray Television (NYSE: GTN) has filed an amicus brief with the US Supreme Court, supporting the FCC’s efforts to modernize its broadcast ownership rules. The filing argues that the FCC’s 2017 regulations are vital for adapting to today’s competitive media landscape. Gray contends that the Third Circuit's ruling impedes necessary updates, negatively impacting local news quality in smaller communities. The court ruling is expected by June 2021. Gray operates in 94 markets, covering 24% of US TV households and offering over 400 programming streams.
Gray Television announced an expansion of its share repurchase program, allowing for an additional $150 million in stock buybacks through December 31, 2023. This increase brings the total repurchase capacity to $220 million. As of October 31, 2020, Gray has 89 million outstanding shares of common stock and 7 million Class A shares. The repurchased shares will be held as treasury shares and may be used for corporate purposes, including employee benefit obligations. The buyback will depend on market conditions and other factors.
Gray Television announced its financial results for Q3 2020, highlighting a revenue of $604 million, a 17% increase year-over-year. Political advertising significantly boosted revenue, rising 482% to $128 million. Net income surged 137% to $109 million, with Broadcast Cash Flow increasing by 41% to $271 million. As of September 30, 2020, total cash reached $467 million, with a leverage ratio of 4.24. Despite ongoing COVID-19 impacts, the company repurchased $10 million of stock and anticipates $380-$385 million in political ad revenue for the year.
Gray Television (NYSE: GTN) has successfully completed an offering of $800 million in 4.750% senior notes due 2030. The proceeds will be utilized to redeem $525 million of existing 5.125% senior notes due 2024, cover offering fees, and for general corporate purposes, including debt repayment. The new notes are guaranteed by Gray's existing and future subsidiaries and will accrue interest starting October 19, 2020, payable semiannually. Notably, these notes are not registered under the Securities Act.
Gray Television (NYSE: GTN) announced that four of its local stations won National Edward R. Murrow Awards from the Radio Television Digital News Association (RTDNA) for outstanding journalism in the Small Market Television Station category. Stations recognized include WDBJ-TV for Investigative Reporting, WCAX-TV for Continuing Coverage, WAFB-TV for Best Newscast, and KWTX-TV for Hard News. In May 2020, Gray received 49 regional Murrow awards, with WVLT and KFVS honored for Overall Excellence. These accolades highlight Gray's commitment to quality journalism across its 94 TV markets.
Gray Television has announced the pricing of its private offering of $800 million in 4.750% senior notes due 2030, an increase of $250 million from the previous offering size. The notes will close on October 19, 2020. The proceeds will be used to redeem all outstanding $525 million of existing 5.125% senior notes due 2024, pay offering fees, and for general corporate purposes, including debt repayment. The offering is limited to qualified institutional buyers and non-U.S. persons under Securities Act regulations.
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.
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