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, Inc. (NYSE: GTN) announced the election of Sterling A. Spainhour, Jr. as an independent Director, expanding its Board of Directors by one seat. This change is effective immediately. Spainhour serves as Senior Vice President and General Counsel for Georgia Power, with extensive experience in corporate governance and legal matters from his previous roles, including senior counsel for CNN. CEO Hilton H. Howell, Jr. expressed enthusiasm about Spainhour's appointment, highlighting his diverse experience and its alignment with Gray's mission.
Gray Television (GTN) has announced the initiation of a quarterly cash dividend of $0.08 per share for both common and Class A common stock. The first payment is due on March 31, 2021, to shareholders on record as of March 15, 2021. This marks the company's return to dividend payments after a hiatus since October 2008. Gray's Executive Chairman, Hilton H. Howell, Jr., stated that the decision reflects strong free cash flow and a positive business outlook, aiming to enhance shareholder value while maintaining liquidity for growth and acquisitions.
Gray Television reported impressive financial results for Q4 2020, with revenues soaring to $792 million, a 37% increase year-over-year. Political advertising revenue surged by 545% to $245 million. Net income attributable to common stockholders reached $211 million, or $2.22 per share, reflecting a 160% rise from Q4 2019. Despite a 8% decline in Total Core Revenue, the company anticipates positive trends moving forward. Gray also announced a $925 million acquisition of Quincy Media, expected to enhance free cash flow and market share.
Gray Television is collaborating with the Grand Ole Opry and Circle Network on February 27 to raise funds for food insecurity exacerbated by the pandemic and severe weather. Proceeds will benefit Feeding America, which supports over 200 food banks nationwide. The live broadcast will feature artists like Chris Janson and Travis Tritt, aiming to mobilize community support. Gray Television, the largest owner of local stations in the U.S., enhances its role in community assistance during these challenging times.
Gray Television, Inc. (NYSE: GTN) will release its earnings results for the quarter ending December 31, 2020, on February 25, 2021. A conference call to discuss the operating results will commence at 11:00 a.m. ET on the same day. Interested participants can join by dialing 1-855-493-3489 with the confirmation code 9756347. The call will also be available for live streaming and playback on www.gray.tv. Gray Television operates in 94 markets, covering approximately 24% of U.S. households and owns numerous programming streams and digital properties.
Gray Television has announced its acquisition of Quincy Media for $925 million in cash, significantly expanding its reach in the broadcasting sector. Upon completion, Gray will control television stations serving 102 markets, reaching 25.4% of U.S. households. The deal is expected to generate annualized synergies of $23 million, with an anticipated 6.9x multiple on Quincy's 2019/2020 EBITDA. The transaction is likely to close in the second or third quarter of 2021 and will be immediately accretive to Gray's free cash flow per share.
Gray Television (NYSE: GTN) announced the hiring of two veteran journalists, Jon Decker and Sandra Jones, to strengthen its Washington, DC news operations. Decker will serve as Senior National Editor and White House Correspondent, bringing over 25 years of experience in the White House Press Corps. Sandra Jones, an award-winning investigative reporter, will focus on consumer stories for InvestigateTV. Gray operates in 94 markets, reaching 24% of US households, and is committed to delivering national news with a local perspective.
Gray Television, Inc. (GTN) announced that its local television stations and digital platforms have run over $400 million in political advertisements since January 1, 2020, net of commissions and fees. Following the November 3rd Election Day, approximately $20 million in political ads have been aired for the Georgia Senate run-off elections, expected to continue through January 5, 2021. This uptick will contribute to exceeding $400 million in total net political revenue for 2020. Gray operates in 94 markets and has the highest rated stations in numerous regions.
Gray Television, Inc. (NYSE: GTN) has been awarded $200,000 from Google's GNI Innovation Challenge to support a journalism initiative titled "Bridging the Great Health Divide-Mississippi Delta and Appalachia." This year-long project, set to launch in early 2021, aims to investigate health disparities in these regions and propose sustainable solutions. Gray's team, including over 25 stations and its DC News Bureau, will be involved in this effort, which highlights the urgent health care needs of underrepresented populations.
On December 2, 2020, Gray Television (NYSE: GTN) launched its first NextGen TV station, WNXG, in Tallahassee, Florida. This low-power station simulcasts five programming services, providing significant technical improvements over the previous ATSC 1.0 standard, including four HD streams and one SD stream. The launch allows Gray to gain insights into NextGen TV technology through extensive testing. Looking ahead, Gray plans to transition more stations to this standard in 2021, enhancing service capabilities for local viewers and advertisers.
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