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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 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.
Gray Television (NYSE: GTN) has initiated a $1.6 billion refinancing process. The company aims to refinance its $1.15 billion term loan due 2026 and up to $450 million of 5.875% senior notes due 2026. The plan involves $750 million in new senior secured term loans and $750 million in additional senior secured debt, with the remainder funded by $100 million from its revolving credit facility due 2027 and existing cash.
Gray also secured commitments to raise its revolving credit facility from $552.5 million to $680 million, maturing on December 31, 2027. The company will terminate a separate $72.5 million facility maturing on December 1, 2026. The refinancing aims to extend debt maturities and improve liquidity. The terms will be disclosed upon completion. The refinancings depend on market conditions and customary closing obligations, with no guarantees on timing, terms, or interest rates.
Gray Television Inc. partners with American Association of Professional Baseball (AAPB) to bring summer baseball to viewers free over-the-air. The agreement includes airing select AAPB games on local TV stations in Midwestern markets and Gray's sports networks. The AAPB All Star Game will be broadcast over-the-air in multiple markets on July 23, 2024. Gray's commitment to live sports is highlighted, providing viewers with more access to live events.
Gray Television, Inc. (NYSE: GTN) has declared a quarterly cash dividend of $0.08 per share for its common stock and Class A common stock, payable on June 28, 2024. The dividend is authorized by the company's Board of Directors and will be distributed to shareholders of record as of June 14, 2024.
Gray Television, Inc. reported strong financial results for Q1 2024 with total revenue of $823 million and core advertising revenue up by 4% to $372 million. The company anticipates a strong political advertising revenue later in the year, with an extension of its revolving credit facility. Additionally, Gray's Board authorized a $250 million debt repurchase program.
Gray Television, Inc. (NYSE: GTN) is rolling out advanced features with NEXTGEN TV, offering superior picture quality and immersive sound to viewers in Louisville and Las Vegas. Gray's NBC affiliate WAVE(TV) in Louisville is the first major network affiliate to broadcast in HDR with Dolby Vision and Dolby Atmos, while Gray's FOX affiliate KVVU(TV) in Las Vegas is the first to launch as a NEXTGEN Virtual Broadband IP Channel. Gray aims to bring innovative features to more of its stations in the upcoming months, including interactive services like Local News Live. The company is focused on enhancing viewer experiences and delivering on the promises of NEXTGEN TV.
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