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 (NYSE: GTN) has announced a quarterly cash dividend of $0.08 per share for both its common stock and Class A common stock. The dividend will be payable on September 30, 2024, to shareholders of record at the close of business on September 13, 2024. This announcement demonstrates Gray's commitment to returning value to its shareholders and may indicate the company's financial stability and confidence in its future performance.
Gray Television (NYSE: GTN) reported Q2 2024 financial results, noting total revenue of $826 million and operating expenses of $607 million. Core advertising revenue was slightly below expectations at $373 million, but political advertising surged to $47 million, marking a 292% increase from Q2 2023. Net income rose to $22 million from $4 million last year. Adjusted EBITDA remained stable at $225 million.
For Q3 2024, Gray anticipates flat to low single-digit growth in core advertising revenue. The company lowered its full-year core advertising revenue guidance to $1.525 billion, down from $1.6 billion. Political advertising revenue is expected to be strong at $180-$200 million in Q3.
Gray continues to manage costs and improve efficiency, reducing full-year broadcast operating expenses guidance by an additional $15 million. The company also undertook significant debt reduction efforts, extending maturities to 2027 and beyond. The weighted average cost of debt increased to 7.7% from 6.8%.
Gray Media is set to launch Palmetto Sports & Entertainment, a new sports broadcast channel, in October 2024 across South Carolina. The network will be available on multiple Gray Media stations, including WPAM 18.1 and WIS 10.4 in Columbia, WHNS 21.2 in Greenville-Asheville-Spartanburg, WZCH 35.3 in Charleston, and WMBF 32.3 in Myrtle Beach. Based out of WIS-TV in Columbia, it will focus on live, local sports and entertainment programming.
The channel will feature partnerships with professional teams like the Charleston Battery, Charleston RiverDogs, Columbia Fireflies, Greenville Triumph, and Greenville Liberty. It also includes an official media partnership with Clemson University through WHNS FOX Carolina. The network aims to provide free over-the-air access to live sports and connect communities through sports programming.
Rock Entertainment Group (REG) and Gray Media (NYSE: GTN) have partnered to launch the Rock Entertainment Sports Network, a 24/7 local Ohio sports channel. Set to debut in August 2024, the network will initially air on Gray's TV stations in Cleveland and Cincinnati, with plans for expansion to other markets, MVPDs, and streaming platforms.
The network will feature live coverage of the Cleveland Monsters (AHL), Cleveland Charge (NBA G League), St. Edward High School varsity sports, and Lake Erie Crushers (Frontier League). It aims to provide free, over-the-air access to millions of Ohio sports fans, broadcasting on channel 22.1 and potentially through major cable, satellite, and virtual pay-TV platforms statewide.
This joint venture marks a significant development in Ohio's sports broadcasting landscape, offering unprecedented access to local sports content across various levels of competition.
Gray Media (NYSE:GTN) has partnered with the Harlem Globetrotters to broadcast their first live game on television in over 40 years. The historic event will air on August 18, 2024, at 7pm ET across more than 90 markets on Gray-owned stations, including Peachtree TV in Atlanta. The game, part of the Globetrotters' sports residency at American Dream in New Jersey, will be produced by Gray's Raycom Sports, a national leader in sports production.
This partnership aims to revitalize the Harlem Globetrotters brand for a new generation. The broadcast marks a significant milestone for both Gray Media and the Globetrotters, showcasing the iconic basketball team's style and athleticism to a wide audience. This collaboration aligns with Gray Media's position as the largest owner of top-rated local television stations in the US, reaching approximately 36% of US television households.
Gray Media's InvestigateTV and WVUE have been honored with three prestigious 2023 Sigma Delta Chi Awards for Excellence in Journalism by the Society of Professional Journalists. InvestigateTV won the Public Service in Television Journalism award for their series "Railroaded," exposing dangers of idling trains at railroad crossings. WVUE received two awards: one for Breaking News Coverage of a massive fire at Marathon Petroleum Refinery, and another for Investigative Reporting on "Outside the Office," uncovering potential payout fraud and policy violations.
These awards highlight Gray Media's commitment to investigative journalism and its impact on communities. Gray Media, traded as GTN on NYSE, is the largest owner of top-rated local television stations in the US, reaching approximately 36% of US television households across 113 markets.
TEGNA, the Seattle Kraken, and Gray Media have announced an expansion of the Kraken's broadcast network into Alaska. Starting with the 2024-2025 season, Gray Media's KAUU in Anchorage and KYEX in Juneau will air all locally available Kraken games free over-the-air. This follows TEGNA's recent decision to broadcast approximately 70 regular season Kraken games per year on KING 5 and KONG in Seattle, KGW in Portland, and KREM and KSKN in Spokane. Additional broadcast partners in Washington and Oregon are expected soon. The expansion aims to broaden the Kraken's fan base and increase accessibility for viewers. The Kraken's 2024-25 season will start on October 8 against the St. Louis Blues at Climate Pledge Arena, with new head coach Dan Bylsma and assistant coaches Bob Woods and Jessica Campbell.
Gray Media (NYSE: GTN) announced its comprehensive coverage plans for the 2024 Republican National Convention, which will take place from July 13 to July 19 in Milwaukee.
The coverage will be conducted by Gray's Washington DC Bureau and news teams from multiple affiliates, providing a distinctly local perspective on the event. The coverage will be available on Gray's local affiliates, Local News Live network, and various digital platforms.
Gray's COO, Sandy Breland, emphasized the commitment to keeping viewers connected to local delegates and candidates. News teams from various Gray-owned stations across Wisconsin and other states will be deployed to the convention. Gray will also cover the Democratic National Convention in Chicago next month.
Gray Television (NYSE: GTN) has announced it will release its second-quarter earnings for the period ending June 30, 2024, on August 8, 2024. The company will hold an earnings conference call on the same day at 11:00 a.m. Eastern Time, accessible via 1-800-285-6670 or webcast on their website. The replay will be available until September 6, 2024, with the passcode 898476#.
Gray Television is the largest owner of top-rated local TV stations and digital assets in the U.S., covering 113 markets and reaching approximately 36% of U.S. TV households. Their portfolio includes the top-rated station in 77 markets and the first or second highest-rated stations in 100 markets. They also have a significant presence in Hispanic TV households through their Telemundo affiliates. Additional properties include Raycom Sports, Tupelo Media Group, PowerNation Studios, Assembly Atlanta, Third Rail Studios, and Swirl Films.
On June 24, 2024, Gray Television (NYSE: GTN) was honored by the Investigative Reporters and Editors (IRE) for outstanding investigative journalism. Three of Gray's stations received accolades at the IRE annual ceremony on June 22. WSMV in Nashville won Video Division III for exposing unlicensed civilians posing as police officers, leading to six state investigations. WLBT in Jackson won Video Division IV for uncovering time sheet fraud by local officials, prompting resignations and a state audit. WANF in Atlanta was a finalist in Video Division II for revealing controversial DEA practices, resulting in congressional action. Gray's dedication to impactful journalism is evident in these recognitions.
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