Gray Television Inc Stock Price, News & Analysis

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.

TEGNA, the Seattle Kraken, and Gray Media have announced an expansion of the Kraken's broadcast network into Alaska. Starting with the 2024-2025 season, Gray Media's KAUU in Anchorage and KYEX in Juneau will air all locally available Kraken games free over-the-air. This follows TEGNA's recent decision to broadcast approximately 70 regular season Kraken games per year on KING 5 and KONG in Seattle, KGW in Portland, and KREM and KSKN in Spokane. Additional broadcast partners in Washington and Oregon are expected soon. The expansion aims to broaden the Kraken's fan base and increase accessibility for viewers. The Kraken's 2024-25 season will start on October 8 against the St. Louis Blues at Climate Pledge Arena, with new head coach Dan Bylsma and assistant coaches Bob Woods and Jessica Campbell.

Gray Media (NYSE: GTN) announced its comprehensive coverage plans for the 2024 Republican National Convention, which will take place from July 13 to July 19 in Milwaukee.

The coverage will be conducted by Gray's Washington DC Bureau and news teams from multiple affiliates, providing a distinctly local perspective on the event. The coverage will be available on Gray's local affiliates, Local News Live network, and various digital platforms.

Gray's COO, Sandy Breland, emphasized the commitment to keeping viewers connected to local delegates and candidates. News teams from various Gray-owned stations across Wisconsin and other states will be deployed to the convention. Gray will also cover the Democratic National Convention in Chicago next month.

Gray Television (NYSE: GTN) has announced it will release its second-quarter earnings for the period ending June 30, 2024, on August 8, 2024. The company will hold an earnings conference call on the same day at 11:00 a.m. Eastern Time, accessible via 1-800-285-6670 or webcast on their website. The replay will be available until September 6, 2024, with the passcode 898476#.

Gray Television is the largest owner of top-rated local TV stations and digital assets in the U.S., covering 113 markets and reaching approximately 36% of U.S. TV households. Their portfolio includes the top-rated station in 77 markets and the first or second highest-rated stations in 100 markets. They also have a significant presence in Hispanic TV households through their Telemundo affiliates. Additional properties include Raycom Sports, Tupelo Media Group, PowerNation Studios, Assembly Atlanta, Third Rail Studios, and Swirl Films.

On June 24, 2024, Gray Television (NYSE: GTN) was honored by the Investigative Reporters and Editors (IRE) for outstanding investigative journalism. Three of Gray's stations received accolades at the IRE annual ceremony on June 22. WSMV in Nashville won Video Division III for exposing unlicensed civilians posing as police officers, leading to six state investigations. WLBT in Jackson won Video Division IV for uncovering time sheet fraud by local officials, prompting resignations and a state audit. WANF in Atlanta was a finalist in Video Division II for revealing controversial DEA practices, resulting in congressional action. Gray's dedication to impactful journalism is evident in these recognitions.

Gray Television announced the promotion of three key executives effective July 1, 2024. Mike Braun advances to Senior Managing Vice President, overseeing the company's digital media expansion and local market operations. Claire Magee Ferguson steps up as Vice President, Assistant General Counsel, and Senior Technology Counsel, focusing on legal and policy aspects of Generative AI and NextGenTV. Lee Zurik becomes Senior Vice President, News Strategy and Innovation, tasked with expanding Gray's content strategies across various platforms. These promotions aim to capitalize on digital technology opportunities and enhance Gray's media operations.

Gray Television (NYSE: GTN) announced the expiration and final results of its cash tender offer for its 5.875% Senior Notes due 2026. As of the expiration date on June 17, 2024, no additional notes were tendered after the early tender date of June 3, 2024.

Consequently, Gray will not purchase any more notes, leaving $9,968,000 principal amount of the notes outstanding. Truist Securities, BofA Securities, and Wells Fargo Securities were the Dealer Managers for the offer.

This announcement is strictly informational and does not constitute any solicitation to buy or sell securities.

Gray Television (NYSE: GTN) announced the completion of its refinancing efforts, including a $1.15 billion term loan due in 2026 and the upsizing of its revolving credit facility. The refinancing deal introduces a new $500 million tranche F term loan with a maturity date of June 4, 2029. Aggregate commitments under the existing $552.5 million tranche of the revolving credit facility, maturing December 31, 2027, have been increased by $127.5 million, resulting in total commitments of $680 million. The separate commitments under a $72.5 million tranche of the revolving credit facility maturing on December 1, 2026, have been terminated. Gray's next significant debt maturity is now set for May 2027. The company has also increased and extended its revolver capacity to $680 million, with a new maturity date of December 31, 2027.