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. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia and described as the nation’s largest owner of top-rated local television stations and digital assets. Its stations serve 113 television markets reaching a substantial share of U.S. television households, and many of these stations hold top audience rankings in their markets. This news page focuses on developments affecting Gray’s broadcasting, digital media, and financing activities.
News about Gray Media often includes earnings announcements and details about upcoming earnings conference calls, where the company discusses operating results for recent quarters. Investors and analysts follow these updates to understand trends in Gray’s television and digital operations. The company also issues news about dividend declarations, such as Board-authorized quarterly cash dividends on its common and Class A common stock.
Gray’s news flow also covers network affiliation agreements and content partnerships. For example, the company has announced a multi-year renewal of its NBC affiliation agreements in 54 markets, as well as arrangements to broadcast Ohio Valley Conference basketball and to simulcast Memphis Grizzlies games free over-the-air across multiple markets. These items highlight programming and sports content that run across Gray’s station group.
Additional news items may describe acquisitions of local stations, such as the agreement to acquire WBBJ 7 in Jackson, Tennessee, and capital markets transactions like offerings of senior secured notes and related redemptions of existing debt. Updates on leadership appointments, including roles such as investor relations and station general managers, also appear in Gray’s press releases. This page brings together these types of company-specific developments for readers tracking GTN-related news.
Gray Television (GTN) announced early tender results for its cash tender offer for 5.875% Senior Notes due 2026. As of June 3, 2024, $690.032 million worth of notes were tendered, close to the $700 million outstanding. Holders who tendered early will receive $1,000 per $1,000 principal amount, including a $30 premium. The early settlement date is expected to be June 4, 2024. The tender offer will expire on June 17, 2024. Gray's obligation to purchase the notes is contingent on raising sufficient funds. The offer may be amended or terminated at Gray's discretion.
Gray Television (NYSE: GTN) has been honored with 78 Regional Edward R. Murrow Awards for excellence in journalism by the Radio Television Digital News Association (RTDNA). This recognition spans 35 of Gray's local stations, with WVUE in New Orleans leading with nine awards and Hawaii News Now in Honolulu receiving six. Notably, Gray stations secured seven awards for Overall Excellence, eight for Investigative Reporting, six for Digital/Online Coverage, five for News Documentary, four for Breaking News Coverage, three for Best Newscast, and three for Excellence in Innovation. These accolades highlight the high standards and impactful work of Gray's journalists, who will proceed to the national competition, with winners announced in the summer.
Gray Television (NYSE: GTN) has closed its $1.25 billion offering of 10.500% senior secured first lien notes due 2029. These notes, issued at par, will help pre-pay Gray's $1.2 billion term loan due January 2026, repurchase outstanding 5.875% senior notes due 2026, and cover associated fees and expenses. The notes are guaranteed by Gray's existing and future restricted subsidiaries. Interest on the notes begins accruing from June 3, 2024, and is payable semiannually starting January 15, 2025. The notes mature on July 15, 2029, and were offered only to qualified institutional buyers and persons outside the U.S.
Gray Television announced the appointment of Greg Connor as the new General Manager of WRDW (CBS) and WAGT (NBC) in Augusta, Georgia, effective June 3, 2024. He succeeds Mike Oates, who is retiring after a 33-year tenure. Connor brings over 20 years of media industry experience, having previously served as General Manager at WACH in Columbia, South Carolina, and held various leadership roles at stations across the Southeast. Gray Television, headquartered in Atlanta, operates numerous top-rated local TV stations and digital assets, reaching 36% of US households. For more info, visit www.gray.tv.
Gray Television announced the pricing of its private offering of $1.25 billion 10.500% senior secured first lien notes due 2029, an increase of $250 million from its initial announcement. The notes were priced at par and are expected to close on June 3, 2024, alongside the refinancing of its senior credit facility. The proceeds, combined with other financial sources, will refinance Gray's $1.2 billion tranche E term loan due 2026, repurchase 5.875% senior notes due 2026, and cover related expenses. The notes will be guaranteed by Gray's subsidiaries and offered to qualified institutional buyers and non-U.S. persons under specific regulations.
Gray Television announced a cash tender offer to purchase its 5.875% Senior Notes due 2026. The offer seeks to buy back up to $700 million in notes. Those who tender their notes by June 3, 2024, are eligible for $1,000 per $1,000 in principal, including a $30 early tender premium. After June 3, but before June 17, tendered notes will receive $970 per $1,000 principal. Interest will be paid up to the settlement dates, expected on June 4 and June 18. The offer's completion hinges on Gray securing sufficient funds.
Gray Television (NYSE: GTN) revealed its intention to offer up to $1 billion in senior secured first lien notes due 2029, contingent on market conditions. This offering will bypass the registration requirements of the Securities Act of 1933. Concurrently, Gray plans to secure a $750 million tranche F term loan maturing in 2029, increase its existing $625 million revolving credit facility by $55 million to $680 million, and terminate commitments under a $72.5 million revolving credit facility maturing in 2026.
The success of this offering is tied to the Credit Agreement Refinancing. Proceeds from the notes, together with new term loans, availability under the revolving credit facility, and cash on hand, will be used to refinance Gray’s $1.2 billion tranche E term loan due 2026, repurchase outstanding 5.875% senior notes due 2026, and cover related fees and expenses. The notes will be guaranteed by Gray's existing and future restricted subsidiaries but will only be available to qualified institutional buyers and non-U.S. entities.
Gray Television (NYSE: GTN) has initiated a $1.6 billion refinancing process. The company aims to refinance its $1.15 billion term loan due 2026 and up to $450 million of 5.875% senior notes due 2026. The plan involves $750 million in new senior secured term loans and $750 million in additional senior secured debt, with the remainder funded by $100 million from its revolving credit facility due 2027 and existing cash.
Gray also secured commitments to raise its revolving credit facility from $552.5 million to $680 million, maturing on December 31, 2027. The company will terminate a separate $72.5 million facility maturing on December 1, 2026. The refinancing aims to extend debt maturities and improve liquidity. The terms will be disclosed upon completion. The refinancings depend on market conditions and customary closing obligations, with no guarantees on timing, terms, or interest rates.
Gray Television Inc. partners with American Association of Professional Baseball (AAPB) to bring summer baseball to viewers free over-the-air. The agreement includes airing select AAPB games on local TV stations in Midwestern markets and Gray's sports networks. The AAPB All Star Game will be broadcast over-the-air in multiple markets on July 23, 2024. Gray's commitment to live sports is highlighted, providing viewers with more access to live events.
Gray Television, Inc. (NYSE: GTN) has declared a quarterly cash dividend of $0.08 per share for its common stock and Class A common stock, payable on June 28, 2024. The dividend is authorized by the company's Board of Directors and will be distributed to shareholders of record as of June 14, 2024.
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