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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) 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.
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.
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