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.
Company Overview
Gray Media Inc (NYSE: GTN), formerly known as Gray Television Inc, is a leading multimedia company headquartered in Atlanta, Georgia. With a robust presence in the broadcast industry and a comprehensive suite of digital assets, Gray Media partners with communities nationwide by owning and operating top-rated local television stations and offering innovative digital marketing solutions. The company’s expansive portfolio spans numerous television markets, granting it significant influence in delivering local news, sports, and entertainment to millions of households.
Business Model & Operations
Gray Media operates through a multi-faceted business model that includes:
- Local Broadcasting: Owning and operating an impressive network of television stations in key markets with affiliations to major networks such as ABC, CBS, NBC, and FOX. This ensures a dominant market position in delivering local, reliable content.
- Digital Innovation: Gray Digital Media, the company’s full-service digital agency, crafts advanced digital marketing strategies, offering clients a range of digital products and services that leverage the evolving capabilities of the online ecosystem.
- Content Production: The company further diversifies its operations with subsidiaries in video production, including established groups that produce sports and entertainment content from studio production facilities, ensuring high-quality and innovative media offerings.
- Advertising & Revenue Streams: Revenue is generated not only through traditional broadcast advertising and retransmission fees but also via digital advertising, making it resilient against market fluctuations and attuned to changing audience consumption patterns.
Digital Transformation and Industry Expertise
With the convergence of traditional media and digital delivery, Gray Media has embraced technological insights to remain at the forefront of the rapidly changing broadcast landscape. Through strategic investments in ATSC 3.0 and other digital transmission innovations, the company ensures faster, more secure, and cost-effective data delivery, positioning itself uniquely against competitors. Its simultaneous commitment to both over-the-air broadcasts and enhanced digital services reinforces its reputation as a pioneer in adapting classic media platforms for the digital age.
Competitive Landscape & Market Significance
Occupying a critical space in the American media landscape, Gray Media’s extensive network reaches a significant portion of television households nationally. The company leverages its dual platforms—broadcast and digital—to create synergies that amplify its market presence. By collaborating on live sports, local news, and community-driven entertainment across diverse channels, Gray Media not only reinforces its competitive status but also showcases its capacity to innovate while maintaining high audience engagement.
Commitment to Quality & Local Impact
Gray Media places strong emphasis on producing high-quality, local content tailored to the unique tastes and needs of regional audiences. With a deep-rooted commitment to local journalism, sports broadcasting, and community storytelling, the company consistently demonstrates its expertise and experience. Whether through award-winning investigative journalism, comprehensive live-event coverage, or cutting-edge digital marketing campaigns, Gray Media delivers reliable and engaging content that builds trust among viewers and advertisers alike.
Summary
In summary, Gray Media Inc stands as a multifaceted multimedia powerhouse whose operations extend well beyond traditional television broadcasting. Its strategic integration of digital assets, content production capabilities, and strong local market presence positions the company as a foundational entity in media evolution. For investors and analysts, Gray Media’s diversified structure, emphasis on technological advancement, and solid operational practices offer a clear insight into its robust and dynamic business model within an ever-evolving industry.
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.
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.
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