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 Media, Inc. reports developments across a multimedia business built around local television stations, digital assets, and production properties. Its recurring news includes advertising demand, political revenue, retransmission consent economics, station acquisitions, and quarterly financial results for a broadcasting portfolio serving 120 full-power television markets.
Company updates also cover Gray Digital Media, digital and streaming distribution, Telemundo affiliates, sports and video production properties such as Raycom Sports, Tupelo Media Group, PowerNation Studios, Assembly Atlanta, and Third Rail Studios, as well as dividends, investor events, leadership appointments, and governance matters.
Gray Media (NYSE: GTN) announced that KTUU and KYES General Manager Nancy Johnson will retire on January 3, 2025, after joining KTUU, Gray's NBC affiliate in Anchorage, Alaska, in 1981. During her tenure, Johnson served in various leadership roles and expanded local news to over 22 hours weekly content. Under her leadership, the stations won numerous awards including RTDNA Edward R. Murrow awards and NATAS Emmy Awards.
Gray Media is the nation's largest owner of top-rated local television stations, serving 113 television markets reaching approximately 36% of US television households. The company's portfolio includes 77 markets with top-rated stations and 100 markets with first/second highest-rated stations, plus the largest Telemundo Affiliate group covering 43 markets with nearly 1.5 million Hispanic TV Households.
Gray Television (NYSE: GTN) announced its Board of Directors has unanimously approved changing the company's name to Gray Media, Inc., effective January 1, 2025. The change aligns with the company's recent practice of being referred to as 'Gray Media' or 'Gray'. Executive Chairman Hilton H. Howell noted this reflects the company's expansion into new geographic and business markets, diversified reach beyond local media, and increased investment in new business models and technologies. The name change won't affect trading symbols, CUSIPs, or security holders' rights, with common stock and Class A common stock expected to trade under the new name starting January 10, 2025.
Gray Television (NYSE: GTN) has renewed its ABC network affiliation agreements with The Walt Disney Company across 25 markets through December 31, 2028. The renewal extends the company's long-standing partnership with Disney/ABC, combining ABC's network shows, news, and sports content with Gray's local programming.
The agreement covers major markets including Tampa-St. Pete, Green Bay-Appleton, Toledo, and Springfield, among others. Gray Television is currently the largest owner of top-rated local television stations in the US, reaching approximately 36 percent of US television households across 113 television markets.
The Atlanta Braves (Nasdaq: BATRA, BATRK) and Gray Media (NYSE: GTN) have announced a multi-year partnership starting in 2025. Gray will simulcast 15 regular season games alongside FanDuel Sports Network and exclusively produce 10 spring training games. The partnership will expand the Braves' reach to more than 15 million households across 24 markets in six states through Gray's network of broadcast stations.
Games will be broadcast on Peachtree TV Atlanta's CW and various Gray-owned ABC, CBS, FOX, NBC, and CW affiliates. The partnership aims to develop additional content featuring Braves players, coaches, and alumni throughout the year. This collaboration makes Braves baseball more accessible through multiple viewing options including cable, local TV, and streaming.
Gray Media (NYSE: GTN) announced the retirement of two veteran General Managers at year-end: Holly Steuart from WTVM (ABC affiliate) in Columbus, Georgia, and Scott Sanders from WMBF (NBC affiliate) in Myrtle Beach, South Carolina. Steuart, who has led WTVM since 2013, oversaw the installation of state-of-the-art technology enabling 50 hours of weekly live local newscasts. Under her leadership, WTVM was named 'Station of the Year' by the Georgia Association of Broadcasters. Sanders, retiring after 45 years in media, has led WMBF since 2020, during which time the station earned several Regional Emmy Awards, a Murrow Award, and numerous STAR Awards.
Gray Media (NYSE: GTN) has partnered with the National Collegiate Hockey Conference (NCHC) to broadcast select college hockey games free over-the-air across multiple markets. The first game features No. 2-ranked Denver versus No. 8-ranked Colorado College, airing December 13, 2024, at 7 p.m. Mountain Time in over 20 Gray markets.
The broadcasts will be available through Gray's television stations and sports networks, including Matrix Midwest Sports, Gulf Coast Sports & Entertainment Network, and Palmetto Sports & Entertainment Network. Gray currently broadcasts various hockey content, including NHL, AHL, ECHL games, and produces Professional Women's Hockey League content through Raycom Sports.
The partnership expands NCHC's television presence while maintaining availability on NCHC.tv streaming platform. Most games will air on Saturday nights starting January, with some Friday night games on CBS Sports Network.
Gray Television (NYSE: GTN) has announced that Derek Rogers will become the new General Manager and Director of Sales for KXII (CBS) and FXII (FOX) in Sherman, Texas, effective January 6, 2025. Rogers, who brings over 25 years of media experience, will succeed Rick Dean, who is retiring after 39 years at the stations. Rogers joins from WCBI in Columbus-Tupelo, Mississippi, where he served as General Manager.
Rogers is an Emmy-nominated producer with multiple AP and MAB awards, including Documentary and Achievement in Broadcasting. He is a graduate of Mississippi State University's School of Business and has served as the Board President of the Mississippi Association of Broadcasters.
Gray Television has successfully reduced its outstanding debt by $278 million since October 1, 2024, bringing total debt reduction to $519 million for 2024. The company used approximately $204 million of cash to repurchase and retire about $239 million of principal debt through various transactions since November 8, 2024. The Board has authorized a replenishment of the debt repurchase program to $250 million. The debt reduction is expected to significantly lower cash interest expenses. The transactions included repurchases across Term Loan D, 2027 Notes, 2030 Notes, and 2031 Notes.
Gray Media (NYSE: GTN) announced the retirement of three veteran General Managers: Kelly Landeen from WAGM in Presque Isle, Maine; Neil Middleton from WYMT in Hazard, Kentucky; and Roger Brokke from WIBW in Topeka, Kansas. Each leader has made significant contributions to their respective stations and communities. Landeen led WAGM to achieve the highest-rated 6pm newscast nationally, Middleton helped establish the Mountain Classic scholarship program raising nearly $5 million for local students, and Brokke guided WIBW to win Kansas Association of Broadcasters' Station of the Year for 11 consecutive years.
Gray Television (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 December 31, 2024, to shareholders recorded as of December 13, 2024. This announcement follows the Board of Directors' authorization of the quarterly payment.