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 (NYSE: GTN) has renewed its ABC network affiliation agreements with The Walt Disney Company across 25 markets through December 31, 2028. The renewal extends the company's long-standing partnership with Disney/ABC, combining ABC's network shows, news, and sports content with Gray's local programming.
The agreement covers major markets including Tampa-St. Pete, Green Bay-Appleton, Toledo, and Springfield, among others. Gray Television is currently the largest owner of top-rated local television stations in the US, reaching approximately 36 percent of US television households across 113 television markets.
The Atlanta Braves (Nasdaq: BATRA, BATRK) and Gray Media (NYSE: GTN) have announced a multi-year partnership starting in 2025. Gray will simulcast 15 regular season games alongside FanDuel Sports Network and exclusively produce 10 spring training games. The partnership will expand the Braves' reach to more than 15 million households across 24 markets in six states through Gray's network of broadcast stations.
Games will be broadcast on Peachtree TV Atlanta's CW and various Gray-owned ABC, CBS, FOX, NBC, and CW affiliates. The partnership aims to develop additional content featuring Braves players, coaches, and alumni throughout the year. This collaboration makes Braves baseball more accessible through multiple viewing options including cable, local TV, and streaming.
Gray Media (NYSE: GTN) announced the retirement of two veteran General Managers at year-end: Holly Steuart from WTVM (ABC affiliate) in Columbus, Georgia, and Scott Sanders from WMBF (NBC affiliate) in Myrtle Beach, South Carolina. Steuart, who has led WTVM since 2013, oversaw the installation of state-of-the-art technology enabling 50 hours of weekly live local newscasts. Under her leadership, WTVM was named 'Station of the Year' by the Georgia Association of Broadcasters. Sanders, retiring after 45 years in media, has led WMBF since 2020, during which time the station earned several Regional Emmy Awards, a Murrow Award, and numerous STAR Awards.
Gray Media (NYSE: GTN) has partnered with the National Collegiate Hockey Conference (NCHC) to broadcast select college hockey games free over-the-air across multiple markets. The first game features No. 2-ranked Denver versus No. 8-ranked Colorado College, airing December 13, 2024, at 7 p.m. Mountain Time in over 20 Gray markets.
The broadcasts will be available through Gray's television stations and sports networks, including Matrix Midwest Sports, Gulf Coast Sports & Entertainment Network, and Palmetto Sports & Entertainment Network. Gray currently broadcasts various hockey content, including NHL, AHL, ECHL games, and produces Professional Women's Hockey League content through Raycom Sports.
The partnership expands NCHC's television presence while maintaining availability on NCHC.tv streaming platform. Most games will air on Saturday nights starting January, with some Friday night games on CBS Sports Network.
Gray Television (NYSE: GTN) has announced that Derek Rogers will become the new General Manager and Director of Sales for KXII (CBS) and FXII (FOX) in Sherman, Texas, effective January 6, 2025. Rogers, who brings over 25 years of media experience, will succeed Rick Dean, who is retiring after 39 years at the stations. Rogers joins from WCBI in Columbus-Tupelo, Mississippi, where he served as General Manager.
Rogers is an Emmy-nominated producer with multiple AP and MAB awards, including Documentary and Achievement in Broadcasting. He is a graduate of Mississippi State University's School of Business and has served as the Board President of the Mississippi Association of Broadcasters.
Gray Television has successfully reduced its outstanding debt by $278 million since October 1, 2024, bringing total debt reduction to $519 million for 2024. The company used approximately $204 million of cash to repurchase and retire about $239 million of principal debt through various transactions since November 8, 2024. The Board has authorized a replenishment of the debt repurchase program to $250 million. The debt reduction is expected to significantly lower cash interest expenses. The transactions included repurchases across Term Loan D, 2027 Notes, 2030 Notes, and 2031 Notes.
Gray Media (NYSE: GTN) announced the retirement of three veteran General Managers: Kelly Landeen from WAGM in Presque Isle, Maine; Neil Middleton from WYMT in Hazard, Kentucky; and Roger Brokke from WIBW in Topeka, Kansas. Each leader has made significant contributions to their respective stations and communities. Landeen led WAGM to achieve the highest-rated 6pm newscast nationally, Middleton helped establish the Mountain Classic scholarship program raising nearly $5 million for local students, and Brokke guided WIBW to win Kansas Association of Broadcasters' Station of the Year for 11 consecutive years.
Gray Television (NYSE: GTN) has declared a quarterly cash dividend of $0.08 per share for both its common stock and Class A common stock. The dividend will be paid on December 31, 2024, to shareholders recorded as of December 13, 2024. This announcement follows the Board of Directors' authorization of the quarterly payment.
Gray Television (GTN) reported strong Q3 2024 financial results with total revenue of $950 million, up 18% year-over-year. Key highlights include political advertising revenue of $173 million (565% increase), core advertising revenue of $365 million (1% increase), and retransmission consent revenue of $369 million (2% decrease). The company projects full-year 2024 political advertising revenue of $500 million and Net Debt reduction of $500 million. Gray implemented cost containment initiatives expected to reduce operating expenses by $60 million annually. Through September 2024, the company reduced debt principal by $241 million and maintains $674 million in borrowing availability.
Gray Media (NYSE: GTN) has announced its comprehensive election night coverage plans through Local News Live, its 24/7 news network. The coverage will begin at 7 p.m. EST on November 5th, streaming across multiple platforms including Roku, Amazon Fire, Apple TV, iOS, and Android devices. The coverage will feature anchors broadcasting from Washington, D.C., with live reporters across 113 markets and special correspondents at campaign headquarters. Local News Live will have reporters stationed in all seven battleground states and will provide real-time updates on the presidential race and other major races. The coverage will be available through the new Local News Live apps, which are free to download.
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