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.
Overview of Gray Media Inc. (NYSE: GTN)
Gray Media Inc., previously known as Gray Television Inc., is a leading multimedia company headquartered in Atlanta, Georgia. As the largest owner of top-rated local television stations in the United States, Gray operates an extensive portfolio of 113 television markets, reaching approximately 36% of U.S. television households. The company’s network includes 77 markets with the top-rated television station and 100 markets with the first and/or second-highest-rated station. Additionally, Gray is the largest Telemundo Affiliate group, serving nearly 1.5 million Hispanic TV households across 43 markets.
Core Business and Revenue Streams
Gray Media’s primary business revolves around owning and operating local television stations affiliated with major networks such as ABC, CBS, NBC, and FOX. The company generates revenue through a combination of core advertising, political advertising, retransmission consent agreements, and digital marketing services. Its local stations are complemented by Gray Digital Media, a full-service digital agency offering advanced marketing solutions to national and local clients. This diversification enables Gray to maintain a robust presence in both traditional and digital media landscapes.
Market Position and Competitive Strengths
Gray Media distinguishes itself within the broadcasting industry through its dominance in local markets. It owns and operates the number-one-ranked television station in 77 markets and holds either the number-one or number-two position in 100 markets. This strong local presence enhances its ability to attract advertisers and maintain viewer loyalty. Furthermore, Gray has strategically invested in sports broadcasting, partnering with teams and leagues such as the Atlanta Braves, New Orleans Pelicans, and Cleveland Cavaliers. These partnerships expand its audience reach and diversify its content offerings.
Digital Expansion and Technological Innovation
In addition to its traditional broadcasting operations, Gray Media is at the forefront of digital transformation in the industry. The company’s investments in ATSC 3.0 technology, through initiatives like EdgeBeam Wireless, highlight its commitment to innovation. This next-generation broadcasting standard enables faster, more secure, and cost-effective data delivery, positioning Gray as a key player in the evolving media landscape.
Additional Media Properties
Gray Media owns several complementary media properties, including video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios. It also operates studio production facilities such as Assembly Atlanta and Third Rail Studios, further diversifying its revenue streams and enhancing its content production capabilities. The company holds a majority interest in Swirl Films, a leader in urban content production.
Challenges and Industry Context
Operating in a competitive and rapidly changing industry, Gray Media faces challenges such as the rise of streaming services and shifts in advertising spending. However, its strong local market presence, investments in digital and sports media, and technological advancements like ATSC 3.0 provide a solid foundation for sustained relevance and growth.
Gray Media’s commitment to delivering high-quality local content, innovative digital solutions, and engaging sports programming underscores its role as a significant player in the U.S. multimedia landscape.
Gray Media and the St. Louis Cardinals have announced a significant broadcasting partnership to air at least ten baseball games on free, over-the-air television across eight states. The games will be simulcast with FanDuel Sports Network through KMOV and Matrix Midwest in St. Louis, reaching approximately 7.5 million television households.
The partnership marks the first time since 2010 that Cardinals games will be televised locally on free, over-the-air channels as part of a non-national broadcast. The coverage begins April 11, 2025, with the Cardinals hosting the Philadelphia Phillies at Busch Stadium. The broadcast schedule includes games against the Milwaukee Brewers, Kansas City Royals, Texas Rangers, Los Angeles Dodgers, and Cincinnati Reds.
The coverage will extend across multiple Gray-owned stations in markets including Cape Girardeau, Springfield, Memphis, Jonesboro, Rockford, Peoria, Quincy, Evansville, Sioux City, Cedar Rapids, Ottumwa, Davenport, and Rochester/Mason City.
Gray Media (NYSE: GTN) has appointed Ellenann Yelverton as its General Counsel. Yelverton, who previously served as Deputy General Counsel since the Gray/Raycom Media merger in 2019, brings extensive experience in managing legal matters across various disciplines and acquisitions of television stations.
Gray Media stands as the nation's largest owner of top-rated local television stations, operating in 113 television markets reaching approximately 37% of US television households. The company's portfolio includes 78 markets with top-rated stations and 99 markets with first or second-highest rated stations in 2024. Additionally, Gray owns the largest Telemundo Affiliate group spanning 44 markets, along with Gray Digital Media, Raycom Sports, Tupelo Media Group, PowerNation Studios, and production facilities Assembly Atlanta and Third Rail Studios.
Gray Media (NYSE: GTN) has partnered with the Memphis Grizzlies and FanDuel Sports Network to simulcast five upcoming Grizzlies games across Tennessee's three largest markets. The games will be broadcast free, over-the-air in Memphis, Nashville, and Knoxville from March 12th to April 13th, 2025.
The broadcasts will be available on WMC-TV in Memphis, WSMV-TV in Nashville, and WBXX/MyVLT in Knoxville. The coverage includes the FanDuel Sports Network broadcast team and Grizzlies LIVE pre and post-game shows. The Grizzlies, currently second in the NBA's Western Conference and fourth overall, will feature stars Ja Morant, Jaren Jackson Jr., and Desmond Bane.
Gray Media (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 March 31, 2025, to shareholders who are on record as of the close of business on March 14, 2025. This dividend announcement follows the Board of Directors' authorization.
Gray Media (NYSE: GTN) reported strong Q4 2024 financial results, with total revenue reaching $1.0 billion, up 21% year-over-year. The company achieved $497 million in political advertising revenue for full-year 2024, leading among peers. Q4 highlights include:
- Net income of $156 million, compared to a $22 million loss in Q4 2023
- Political advertising revenue increased 658% to $250 million
- Core advertising revenue decreased 8% to $380 million
- Retransmission consent revenue slightly declined 1% to $361 million
The company reduced its debt by $520 million in 2024 and maintained strong financial metrics with First Lien Leverage Ratio at 2.97x and total Leverage Ratio at 5.49x. For Q1 2025, Gray expects core advertising revenue to decline 7-8%, partly due to Super Bowl broadcasting changes and one less selling day.
Gray Media (NYSE: GTN) has appointed Blake Sebo as the new General Manager of KTUU and KYES, their NBC and CBS affiliates in Anchorage, Alaska. Sebo brings nearly twenty years of broadcast television experience, most recently serving as Sales Manager at KHBS/KHOG-TV in Fort Smith-Fayetteville, Arkansas, where he led the team to their first #1 audited finish.
Previously, Sebo spent thirteen years as Marketing and Research Director at KFSM-TV in Fort Smith, helping achieve #1 position in ratings and revenue. He is a University of Arkansas at Fort Smith graduate with board experience at March of Dimes and Northwest Arkansas Food Bank.
Gray Media operates as the nation's largest owner of top-rated local television stations, reaching approximately 37% of US television households across 113 markets. The company holds the top-rated station in 78 markets and first/second highest-rated stations in 99 markets during 2024.
Gray Media and the Atlanta Dream have renewed their broadcast partnership for the 2025 WNBA season. Through this partnership, all Dream non-national exclusive games will be available on Peachtree TV through free over-the-air broadcasts and major cable providers. The Dream has seen significant growth, with a full-season 20 game sell-out last season and broadcast numbers increasing 10x from previous seasons.
Peachtree Sports Network will simulcast games and additional Dream-related programming across multiple Georgia cities. Gray Media, based in Atlanta, has extensive sports broadcasting partnerships, including agreements with various professional teams across different leagues. The company reaches approximately 36% of US television households through its 113 television markets.
Gray Media announced it will broadcast Super Bowl LIX using High Dynamic Range (HDR) technology across its NEXTGEN TV FOX affiliates in eight markets. The company has implemented both Dolby Vision and HDR10+ formats at WVUE (New Orleans), WHNS (Greenville-Spartanburg), WBRC (Birmingham), KPTV (Portland), and WALA (Mobile). HDR enhancements were previously launched at KVVU (Las Vegas), WXIX (Cincinnati), and WFLX (West Palm Beach).
Additionally, Gray introduced GameLoop, a free NEXTGEN TV gaming channel featuring classic games like Pac-Man, Tetris, and Doodle Jump, currently available in Atlanta (WANF) and New Orleans (WVUE). The company plans to expand GameLoop to more markets soon.
Gray Media operates as the largest owner of top-rated local television stations in the US, reaching approximately 36% of US television households across 113 markets.
Gray Media (NYSE: GTN) has partnered with the Kansas City Royals to simulcast 10 regular season games on KCTV5 (CBS) and KSMO (MyNetwork). This partnership will provide free access to Royals games for nearly 7 million households across Missouri, Kansas, Nebraska, Iowa, and Arkansas.
All 10 games will be broadcast on KSMO, with at least 6 also airing on KCTV5. The games will be shown on Sundays throughout the season, with specific dates to be announced before Opening Day on March 27. The partnership includes plans for additional programming featuring Royals players, coaches, leadership, and alumni to enhance fan engagement.
This collaboration with FanDuel Sports Network, the Royals' rightsholder partner, aims to expand viewing options for fans across cable, streaming, and local TV platforms.
Gray Media has renewed its daily news magazine InvestigateTV+ for a third season and its weekend edition for a fifth season in 2025-2026. The renewal follows strong performance metrics, with weekly cumulative reach among Adults 18+ increasing 5.7% in the first 18 weeks of the 2024-2025 season compared to the previous year.
The program has achieved significant impact through its investigative reporting, including an exclusive investigation that led to nationwide changes in DEA's airport cash seizure practices. InvestigateTV+ currently airs in all 113 Gray markets and has expanded to non-Gray markets, reaching 46% of U.S. households daily, while the weekend edition reaches 67% of U.S. households.
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