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 announced the promotion of three key executives effective July 1, 2024. Mike Braun advances to Senior Managing Vice President, overseeing the company's digital media expansion and local market operations. Claire Magee Ferguson steps up as Vice President, Assistant General Counsel, and Senior Technology Counsel, focusing on legal and policy aspects of Generative AI and NextGenTV. Lee Zurik becomes Senior Vice President, News Strategy and Innovation, tasked with expanding Gray's content strategies across various platforms. These promotions aim to capitalize on digital technology opportunities and enhance Gray's media operations.
Gray Television (NYSE: GTN) announced the expiration and final results of its cash tender offer for its 5.875% Senior Notes due 2026. As of the expiration date on June 17, 2024, no additional notes were tendered after the early tender date of June 3, 2024.
Consequently, Gray will not purchase any more notes, leaving $9,968,000 principal amount of the notes outstanding. Truist Securities, BofA Securities, and Wells Fargo Securities were the Dealer Managers for the offer.
This announcement is strictly informational and does not constitute any solicitation to buy or sell securities.
Gray Television (NYSE: GTN) announced the completion of its refinancing efforts, including a $1.15 billion term loan due in 2026 and the upsizing of its revolving credit facility. The refinancing deal introduces a new $500 million tranche F term loan with a maturity date of June 4, 2029. Aggregate commitments under the existing $552.5 million tranche of the revolving credit facility, maturing December 31, 2027, have been increased by $127.5 million, resulting in total commitments of $680 million. The separate commitments under a $72.5 million tranche of the revolving credit facility maturing on December 1, 2026, have been terminated. Gray's next significant debt maturity is now set for May 2027. The company has also increased and extended its revolver capacity to $680 million, with a new maturity date of December 31, 2027.
Gray Television (GTN) announced early tender results for its cash tender offer for 5.875% Senior Notes due 2026. As of June 3, 2024, $690.032 million worth of notes were tendered, close to the $700 million outstanding. Holders who tendered early will receive $1,000 per $1,000 principal amount, including a $30 premium. The early settlement date is expected to be June 4, 2024. The tender offer will expire on June 17, 2024. Gray's obligation to purchase the notes is contingent on raising sufficient funds. The offer may be amended or terminated at Gray's discretion.
Gray Television (NYSE: GTN) has been honored with 78 Regional Edward R. Murrow Awards for excellence in journalism by the Radio Television Digital News Association (RTDNA). This recognition spans 35 of Gray's local stations, with WVUE in New Orleans leading with nine awards and Hawaii News Now in Honolulu receiving six. Notably, Gray stations secured seven awards for Overall Excellence, eight for Investigative Reporting, six for Digital/Online Coverage, five for News Documentary, four for Breaking News Coverage, three for Best Newscast, and three for Excellence in Innovation. These accolades highlight the high standards and impactful work of Gray's journalists, who will proceed to the national competition, with winners announced in the summer.
Gray Television (NYSE: GTN) has closed its $1.25 billion offering of 10.500% senior secured first lien notes due 2029. These notes, issued at par, will help pre-pay Gray's $1.2 billion term loan due January 2026, repurchase outstanding 5.875% senior notes due 2026, and cover associated fees and expenses. The notes are guaranteed by Gray's existing and future restricted subsidiaries. Interest on the notes begins accruing from June 3, 2024, and is payable semiannually starting January 15, 2025. The notes mature on July 15, 2029, and were offered only to qualified institutional buyers and persons outside the U.S.
Gray Television announced the appointment of Greg Connor as the new General Manager of WRDW (CBS) and WAGT (NBC) in Augusta, Georgia, effective June 3, 2024. He succeeds Mike Oates, who is retiring after a 33-year tenure. Connor brings over 20 years of media industry experience, having previously served as General Manager at WACH in Columbia, South Carolina, and held various leadership roles at stations across the Southeast. Gray Television, headquartered in Atlanta, operates numerous top-rated local TV stations and digital assets, reaching 36% of US households. For more info, visit www.gray.tv.
Gray Television announced the pricing of its private offering of $1.25 billion 10.500% senior secured first lien notes due 2029, an increase of $250 million from its initial announcement. The notes were priced at par and are expected to close on June 3, 2024, alongside the refinancing of its senior credit facility. The proceeds, combined with other financial sources, will refinance Gray's $1.2 billion tranche E term loan due 2026, repurchase 5.875% senior notes due 2026, and cover related expenses. The notes will be guaranteed by Gray's subsidiaries and offered to qualified institutional buyers and non-U.S. persons under specific regulations.
Gray Television announced a cash tender offer to purchase its 5.875% Senior Notes due 2026. The offer seeks to buy back up to $700 million in notes. Those who tender their notes by June 3, 2024, are eligible for $1,000 per $1,000 in principal, including a $30 early tender premium. After June 3, but before June 17, tendered notes will receive $970 per $1,000 principal. Interest will be paid up to the settlement dates, expected on June 4 and June 18. The offer's completion hinges on Gray securing sufficient funds.
Gray Television (NYSE: GTN) revealed its intention to offer up to $1 billion in senior secured first lien notes due 2029, contingent on market conditions. This offering will bypass the registration requirements of the Securities Act of 1933. Concurrently, Gray plans to secure a $750 million tranche F term loan maturing in 2029, increase its existing $625 million revolving credit facility by $55 million to $680 million, and terminate commitments under a $72.5 million revolving credit facility maturing in 2026.
The success of this offering is tied to the Credit Agreement Refinancing. Proceeds from the notes, together with new term loans, availability under the revolving credit facility, and cash on hand, will be used to refinance Gray’s $1.2 billion tranche E term loan due 2026, repurchase outstanding 5.875% senior notes due 2026, and cover related fees and expenses. The notes will be guaranteed by Gray's existing and future restricted subsidiaries but will only be available to qualified institutional buyers and non-U.S. entities.
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