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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 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.
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.
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