Gray Media Closes Station Swap Transaction with EW Scripps

Gray Media (NYSE:GTN) closed a cash-free, even exchange of television stations with E.W.

(Moderate)

(Neutral)

Rhea-AI Summary

Gray Media (NYSE:GTN) closed a cash-free, even exchange of television stations with E.W. Scripps across five mid-sized and small markets.

Gray acquired WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana, and has now completed all previously announced station transactions.

Positive

Closed cash-free, even exchange of television stations with E.W. Scripps
Acquired WSYM (Fox) in Lansing, Michigan, complementing existing WILX (NBC)
Acquired KATC (ABC) in Lafayette, Louisiana, adding to existing KADN (FOX) and KLAF-LP (NBC)
Management states all previously announced television station transactions are now consummated

Negative

None.

Argus May 15 session

-0.48% close to close Open Argus

Details

News Market Reaction – GTN

In the May 15 session, GTN declined 0.48%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement finalized a cash‑free swap of television stations across five markets with E.W. Sc...

Analysis

This announcement finalized a cash‑free swap of television stations across five markets with E.W. Scripps, expanding Gray’s presence in Lansing and Lafayette while exiting several Western markets. It reinforces Gray’s scale, serving 117 full‑power markets and about 37% of US TV households, with strong station rankings. In context of recent earnings, dividends, and management changes, investors may watch how the reshaped market mix affects revenue composition and future strategic updates.

Key Figures

Station swap markets: 5 markets Full-power markets served: 117 markets US TV household reach: 37% +5 more

Station swap markets: 5 markets; Television station exchanges across mid-sized and small markets
Full-power markets served: 117 markets; Gray footprint as of May 15, 2026
US TV household reach: 37%; Share of US television households reached
Top-rated station markets: 78 markets; Markets where Gray has the top-rated TV station
Top 1st/2nd rated markets: 101 markets; Markets with first and/or second highest rated station (Nielsen 2025)
Telemundo affiliate markets: 46 markets; Largest Telemundo affiliate group owned by Gray
52-week high: $6.435; Pre-news 52-week high for GTN
52-week low: $3.5; Pre-news 52-week low for GTN

Historical Context

5 past events · Latest: May 13

5 events

May 13
Leadership appointment

24h Move

-2.8%

Appointed SVP for Transformation to accelerate digital journalism initiatives.
May 11
Conference participation

24h Move

+1.1%

Announced participation in three upcoming investor conferences.
May 11
Executive promotion

24h Move

+1.1%

Promoted James Finch to Senior Vice President of News Services.
May 07
Dividend declaration

24h Move

-20.1%

Declared quarterly cash dividend of $0.08 per share.
May 07
Quarterly earnings

24h Move

-20.1%

Reported Q1 2026 revenue at high end of guidance with updated leverage metrics.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

dma

1 terms

dma technical

"WSYM (Fox) in Lansing, Michigan (DMA 113), where Gray owns WILX (NBC)"

Direct market access (DMA) is a trading method that lets investors send buy or sell orders straight into an exchange’s order book through a broker’s technology, instead of routing orders through a dealer who makes the trade for them. Like using a highway exit to reach your destination faster, DMA matters because it can give faster execution, tighter prices and more control over order timing, which can affect trade costs and outcomes.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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05/15/2026 - 11:30 AM

ATLANTA, May 15, 2026 (GLOBE NEWSWIRE) -- Gray Media, Inc. today closed on its cash-free, even exchange of comparable assets with the E.W. Scripps Company involving the swap of television stations across five mid-sized and small markets that the parties announced in July 2025.

Under the terms of the agreement, Gray has acquired:

WSYM (Fox) in Lansing, Michigan (DMA 113), where Gray owns WILX (NBC); and
KATC (ABC) in Lafayette, Louisiana (DMA 124), where Gray owns KADN (FOX) and KLAF-LP (NBC) as well as leading television stations in each of the other Louisiana markets.

In exchange, Scripps has acquired:

KKTV (CBS) in Colorado Springs, Colorado (DMA 89), where Scripps owns KOAA (NBC);
KKCO (NBC) and low power station KJCT-LP (ABC) in Grand Junction, Colorado (DMA 186); and
KMVT (CBS) and low power station KSVT-LD (Fox) in Twin Falls, Idaho (DMA 188), where Scripps owns low power station KSAW-LD (ABC).

With today’s closing, Gray has now consummated all previously announced television station transactions.

Gray Media, Inc. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets. As of May 15, 2026, we serve 117 full-power television markets that collectively reach approximately 37% of US television households. The portfolio includes 78 markets with the top-rated television station and 101 markets with the first and/or second highest rated television station in average all-day ratings across the 116 of such markets that were measured by Nielsen in 2025. We also own the largest Telemundo Affiliate group with 46 markets and Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Our additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. For more information, please visit www.graymedia.com.

Gray Contact:

Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

# # #

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What station swap did Gray Media (GTN) complete with E.W. Scripps on May 15, 2026?

Gray Media completed a cash-free, even exchange of television stations with E.W. Scripps. According to Gray, the swap covered stations in five mid-sized and small markets across Michigan, Louisiana, Colorado, and Idaho.

Which television stations did Gray Media (GTN) acquire in the swap with E.W. Scripps?

Gray Media acquired WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana. According to Gray, both are in markets where it already owns other network-affiliated stations, strengthening its local portfolios.

Which television stations did E.W. Scripps receive from Gray Media in the 2026 station swap?

E.W. Scripps received KKTV (CBS) in Colorado Springs, KKCO (NBC) and KJCT-LP (ABC) in Grand Junction, and KMVT (CBS) and KSVT-LD (Fox) in Twin Falls. According to Gray, these markets complement Scripps’ existing stations.

How many markets does Gray Media (GTN) serve after the E.W. Scripps station exchange?

After the exchange, Gray serves 117 full-power television markets. According to Gray, these markets collectively reach approximately 37% of U.S. television households, reflecting the company’s broad local broadcasting footprint nationwide.

What does Gray Media’s completed station transactions mean for GTN’s portfolio strength?

Gray reports that all previously announced television station transactions are now consummated. According to Gray, the company now has top-rated stations in 78 markets and first and/or second highest rated stations in 101 measured markets.

What other media assets does Gray Media (GTN) own besides local television stations?

Gray Media owns the largest Telemundo affiliate group with 46 markets and Gray Digital Media. According to Gray, it also owns Raycom Sports, Tupelo Media Group, PowerNation Studios, and studio facilities Assembly Atlanta and Third Rail Studios.

Gray Media Closes Station Swap Transaction with EW Scripps