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 Media (NYSE: GTN) announced significant expansion for its news magazine, InvestigateTV+, for the 2024-2025 season. The weekend edition is now cleared in 67% of the U.S., while the weekday edition reaches 46% of the U.S. New markets include major cities like New York, Chicago, and Philadelphia. Both editions launch their new seasons on September 9th.
The program has shown strong growth, with the weekday edition increasing Adults 18+ impressions by 9% from September 2023 to May 2024, and the weekend show growing by 8% in the same period. Gray's COO, Sandy Breland, attributes this success to the power of Gray's top-rated stations. The expansion allows for broader delivery of impactful information to viewers.
Gray Media (NYSE: GTN) has been awarded eight National Edward R. Murrow awards by the Radio Television Digital News Association (RTDNA) for excellence in journalism. The awards were given to five local stations and Gray's national investigative unit, InvestigateTV. Highlights include:
- WRDW in Augusta, Georgia won Overall Excellence in the small market category
- InvestigateTV received an award for their investigative series 'Railroaded'
- WANF in Atlanta, Georgia earned three awards, including Hard News reporting and Investigative Reporting
- Other winning stations include WSAZ in West Virginia, WAFB in Louisiana, and WSMV in Tennessee
Gray's Chairman and CEO, Hilton H. Howell Jr., expressed pride in the company's culture of excellence and commitment to viewers. The company's portfolio includes 77 markets with top-rated television stations, reaching approximately 36% of US television households.
Gray Media (NYSE: GTN) has announced comprehensive coverage plans for the 2024 Democratic National Convention. From August 19-22, Gray's Washington DC Bureau and news teams from 13 affiliates will report from Chicago on the local impact of the nomination process and party platform. Coverage will be available on Gray's local affiliates and Local News Live, their national news network streaming on over 500 Gray station websites and apps.
Gray's COO Sandy Breland emphasized the unique local perspective their combined reporting power will provide to 113 markets nationwide. News crews from various states including Wisconsin, Georgia, Arizona, Indiana, Hawaii, Vermont, Minnesota, and North Dakota will be on-site. Lisa Allen, GM of Gray's Washington Operation, highlighted their dedication to covering major stories through a local lens, leveraging journalists in over 100 markets for comprehensive election coverage.
The CW Network and Gray Media (NYSE: GTN) have renewed affiliation agreements for 38 local television stations across the United States. These stations collectively reach nearly 10% of the U.S. audience, serving over 12 million TV households. The renewed affiliations ensure these stations remain the exclusive local broadcasters for several major sports events, including Pac-12 and ACC college football, ACC basketball, NASCAR Xfinity Series Racing, WWE NXT wrestling, and LIV Golf in their respective markets. While the financial details of the agreement were not disclosed, this renewal signifies a continued partnership between The CW Network and Gray Media, maintaining a significant presence in local television markets across the country.
Gray Television (NYSE: GTN) has announced a quarterly cash dividend of $0.08 per share for both its common stock and Class A common stock. The dividend will be payable on September 30, 2024, to shareholders of record at the close of business on September 13, 2024. This announcement demonstrates Gray's commitment to returning value to its shareholders and may indicate the company's financial stability and confidence in its future performance.
Gray Television (NYSE: GTN) reported Q2 2024 financial results, noting total revenue of $826 million and operating expenses of $607 million. Core advertising revenue was slightly below expectations at $373 million, but political advertising surged to $47 million, marking a 292% increase from Q2 2023. Net income rose to $22 million from $4 million last year. Adjusted EBITDA remained stable at $225 million.
For Q3 2024, Gray anticipates flat to low single-digit growth in core advertising revenue. The company lowered its full-year core advertising revenue guidance to $1.525 billion, down from $1.6 billion. Political advertising revenue is expected to be strong at $180-$200 million in Q3.
Gray continues to manage costs and improve efficiency, reducing full-year broadcast operating expenses guidance by an additional $15 million. The company also undertook significant debt reduction efforts, extending maturities to 2027 and beyond. The weighted average cost of debt increased to 7.7% from 6.8%.
Gray Media is set to launch Palmetto Sports & Entertainment, a new sports broadcast channel, in October 2024 across South Carolina. The network will be available on multiple Gray Media stations, including WPAM 18.1 and WIS 10.4 in Columbia, WHNS 21.2 in Greenville-Asheville-Spartanburg, WZCH 35.3 in Charleston, and WMBF 32.3 in Myrtle Beach. Based out of WIS-TV in Columbia, it will focus on live, local sports and entertainment programming.
The channel will feature partnerships with professional teams like the Charleston Battery, Charleston RiverDogs, Columbia Fireflies, Greenville Triumph, and Greenville Liberty. It also includes an official media partnership with Clemson University through WHNS FOX Carolina. The network aims to provide free over-the-air access to live sports and connect communities through sports programming.
Rock Entertainment Group (REG) and Gray Media (NYSE: GTN) have partnered to launch the Rock Entertainment Sports Network, a 24/7 local Ohio sports channel. Set to debut in August 2024, the network will initially air on Gray's TV stations in Cleveland and Cincinnati, with plans for expansion to other markets, MVPDs, and streaming platforms.
The network will feature live coverage of the Cleveland Monsters (AHL), Cleveland Charge (NBA G League), St. Edward High School varsity sports, and Lake Erie Crushers (Frontier League). It aims to provide free, over-the-air access to millions of Ohio sports fans, broadcasting on channel 22.1 and potentially through major cable, satellite, and virtual pay-TV platforms statewide.
This joint venture marks a significant development in Ohio's sports broadcasting landscape, offering unprecedented access to local sports content across various levels of competition.
Gray Media (NYSE:GTN) has partnered with the Harlem Globetrotters to broadcast their first live game on television in over 40 years. The historic event will air on August 18, 2024, at 7pm ET across more than 90 markets on Gray-owned stations, including Peachtree TV in Atlanta. The game, part of the Globetrotters' sports residency at American Dream in New Jersey, will be produced by Gray's Raycom Sports, a national leader in sports production.
This partnership aims to revitalize the Harlem Globetrotters brand for a new generation. The broadcast marks a significant milestone for both Gray Media and the Globetrotters, showcasing the iconic basketball team's style and athleticism to a wide audience. This collaboration aligns with Gray Media's position as the largest owner of top-rated local television stations in the US, reaching approximately 36% of US television households.
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.
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