Gray Television, Inc. Stock Price, News & Analysis

Gray Television (NYSE: GTN) has renewed its agreements with The Walt Disney Company to extend ABC network affiliations for Gray's stations across 25 markets until December 31, 2024. President Pat LaPlatney expressed satisfaction with the long-term relationship, highlighting the commitment of ABC affiliates to serve their communities. Disney's EVP John Rouse praised the collaboration, emphasizing the importance of local programming alongside ABC's network offerings.

Gray Television has appointed Jaime Sayre Kawaja as the General Manager/General Sales Manager of WFLX Fox 29 in West Palm Beach, effective December 12, 2022. With 25 years of experience in sales and marketing, she previously served as the General Sales Manager at WKYT in Lexington, where she started her career. Kawaja holds a Bachelor of Science in Marketing/Management from the University of Kentucky and is actively involved in media and advertising organizations.

Gray Television (NYSE: GTN) has announced a quarterly cash dividend of $0.08 per share for its common and Class A common stock. This dividend will be payable on December 30, 2022, to shareholders recorded by December 15, 2022. As the largest owner of local television stations in the U.S., Gray serves 113 television markets, reaching approximately 36% of U.S. households. This reflects confidence in sustaining shareholder returns amidst operational challenges.

Gray Television reported impressive financial results for Q3 2022, with a 417% increase in net income attributable to common stockholders, reaching $95 million. Total revenue soared to $909 million, a 51% increase year-over-year, driven by political advertising revenues of $144 million, which grew by 1500% compared to Q3 2021. Cash flow enabled $124 million in capital returns to shareholders. However, results fell short of prior expectations due to a pullback in key political races. The company anticipates $495 million to $505 million in full-year political advertising revenue.

Gray Television announced the launch of a new in-house division for news research and consulting services, effective January 1, 2023. This initiative aims to enhance access to strategic advice and local market research for all of its television stations, not just those in larger markets. Veteran journalist Chris Archer will lead this team as Vice President, while Tony Calfo will serve as Director of Research. This transition is expected to improve operational efficiencies and bolster Gray’s media strategy across its extensive station network.

Gray Television, Inc. has promoted James Finch to Vice President of News Services. Finch has extensive experience in journalism, previously serving as Director of News Services, where he managed news vendor partnerships. In his new role, he will enhance support for newsrooms and lead an in-house news training program. With over 30 years in the field and a background as a corporate news coach, Finch's promotion reflects Gray's commitment to excellence in journalism. Gray is the largest owner of local television stations in the U.S., reaching about 36% of U.S. households.

Gray Television has promoted Marsha B. Fogarty to General Manager of WTOC, its CBS affiliate in Savannah, Georgia, effective October 21, 2022. With nearly 30 years of experience, Fogarty joined WTOC in 1998 and has held various positions, including general sales manager since 2014. She holds a Bachelor of Arts in English and is involved in local organizations, showcasing her commitment to the community.

Gray Television is the largest owner of local TV stations in the U.S., reaching about 36% of TV households through its extensive network.

Gray Television, Inc. (NYSE: GTN) will release its earnings results for Q3 2022 on November 4, 2022. A conference call to discuss these results is scheduled for the same day at 11:00 a.m. ET. Interested parties can dial in at 1-800-285-6670 and listen to a live webcast at www.gray.tv. Gray Television operates the largest portfolio of local TV stations in the U.S., reaching approximately 36% of U.S. households across 113 markets.

Gray Television and NBCUniversal Local's Telemundo Station Group have formed a pioneering news alliance, expanding Noticias Telemundo Texas to Gray's seven Texas Telemundo stations, effective October 10, 2022. This collaboration aims to deliver live news and weather updates in Spanish to around 429,000 Hispanic homes across 13 Texas DMAs. The initiative will provide nearly three times the amount of Texas-focused news in Spanish. Additionally, Gray's stations will simulcast local news from Telemundo Dallas and San Antonio, enhancing Spanish-language news accessibility in the region.