Gray Television Inc Stock Price, News & Analysis

Gray Television (NYSE: GTN) announced that four of its local stations won National Edward R. Murrow Awards from the Radio Television Digital News Association (RTDNA) for outstanding journalism in the Small Market Television Station category. Stations recognized include WDBJ-TV for Investigative Reporting, WCAX-TV for Continuing Coverage, WAFB-TV for Best Newscast, and KWTX-TV for Hard News. In May 2020, Gray received 49 regional Murrow awards, with WVLT and KFVS honored for Overall Excellence. These accolades highlight Gray's commitment to quality journalism across its 94 TV markets.

Gray Television has announced the pricing of its private offering of $800 million in 4.750% senior notes due 2030, an increase of $250 million from the previous offering size. The notes will close on October 19, 2020. The proceeds will be used to redeem all outstanding $525 million of existing 5.125% senior notes due 2024, pay offering fees, and for general corporate purposes, including debt repayment. The offering is limited to qualified institutional buyers and non-U.S. persons under Securities Act regulations.

Gray Television has commenced an offering of $550 million in senior notes due 2030, which are senior unsecured obligations guaranteed by restricted subsidiaries. The intended use of proceeds includes redeeming existing 5.125% senior notes due 2024 worth $525 million, covering offering fees, and funding general corporate purposes. A conditional notice of redemption for the existing notes has been issued, set for October 19, 2020, pending the offering's completion.

Gray Television, Inc. (GTN) is set to release its earnings results for the quarter ending September 30, 2020, on November 5, 2020. A conference call will be held at 11:00 a.m. Eastern Time to discuss these results, accessible via a live dial-in or webcast. Gray operates in 94 markets, reaching about 24% of US television households. In 2019, its stations ranked first in 69 markets. For more details, visit www.gray.tv.

Gray Television has appointed Jay Webb as the General Manager of WHSV (ABC) and WSVF (CBS/Fox) in Harrisonburg, Virginia. Webb has previously served as News Director for five years and has a long history with WHSV since 2000. He succeeds Sacha Purciful, who has transitioned to General Manager of KSLA News12 in Louisiana. Gray operates TV stations in 94 markets, reaching about 24% of US households and ranked first in 69 markets.

Gray Television (GTN) reported its Q2 2020 financial results, revealing a revenue drop to $451 million, an 11% decline from Q2 2019. The company experienced a net loss of $2 million, or ($0.02) per share. Broadcast Cash Flow fell 34% to $123 million, while Adjusted EBITDA decreased 36% to $108 million. Political advertising revenue surged by 320% to $21 million. Gray increased cash reserves by $167 million and repurchased $49 million of stock, maintaining a total cash balance of $379 million. Despite challenges posed by COVID-19, there are signs of recovery, particularly in viewership and retransmission revenue.

Gray Television, Inc. (NYSE: GTN) will release its earnings results for the quarter ending June 30, 2020, on August 6, 2020. A conference call to discuss these results will also take place on the same day at 10:00 a.m. ET, with a live dial-in number available for participants. Gray Television operates in 93 television markets, reaching about 24% of U.S. television households. In 2019, their stations ranked first in 68 markets, demonstrating strong audience engagement.

Gray Television, Inc. (GTN) announced the promotions of Lori Bruffett to General Manager of KBTX in Texas, effective June 1, 2020, and Scott Sanders to General Manager of WMBF in South Carolina, effective June 29, 2020. Bruffett has a long tenure at KBTX since 1988, while Sanders brings 12 years of experience as Director of Sales at WIS. Gray operates in 93 markets, reaching about 24% of US households, ranking first in 68 markets as per Comscore.