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.
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Gray Television (NYSE: GTN) announced the acquisition of Third Rail Studios in Doraville, Georgia, for $27.5 million. This facility, notable for producing popular shows like Ozark and films starring A-list actors, will enhance Gray's Assembly development, located at a former GM plant, aimed at establishing a major studio hub. The project, expected to further stimulate Georgia's media industry, is set to open its first phase by fall 2022. Additionally, Gray anticipates significant growth, preparing to become the second-largest local broadcaster in the U.S.
Gray Television announced the passing of Ed Woloszyn, General Manager of KEYC News Now, after a brief battle with cancer. Ed joined KEYC in 2016 and became GM in 2019, previously working at stations in Wisconsin, Illinois, and Michigan. His community involvement included roles in local organizations. Gray's Senior Vice President Mike King expressed deep sadness over Ed's loss, praising his dedication to colleagues and community. Gray Television, based in Atlanta, is set to become the second largest US broadcaster post-acquisition of Meredith Corporation's stations, reaching 36% of US households.
Gray Television (GTN) has partnered with the Salvation Army to raise funds for Hurricane Ida relief efforts. Following the storm's landfall on August 29, which devastated Louisiana, Gray's local news stations across 103 markets will support the 'Lift Up Louisiana' campaign. CEO Hilton H. Howell emphasized the importance of aiding affected communities and announced a $50,000 contribution from Gray. The campaign ensures that 100% of donations go directly to disaster relief, highlighting Gray's commitment to community support during crises.
Gray Television announced key management changes effective September 7, 2021. Ronna Corrente, currently General Manager of WVUE Fox 8 in New Orleans, will take over as General Manager of WAVE 3 in Louisville. Mikel Schaefer, current News Director at WVUE, will assume Corrente's role, succeeded by Kristen Palestina, the station's Assistant News Director. Corrente has a successful track record, including significant awards for her leadership. Gray Television continues to expand its influence, soon becoming the second-largest broadcaster in the U.S.
Gray Television has been recognized with eight National Edward R. Murrow Awards, highlighting its commitment to quality journalism. Notable achievements include WVUE in New Orleans winning an Investigative Reporting award for its series on the Hard Rock Hotel collapse and WRDW-TV in Augusta earning two awards for its coverage of an EMT shortage. Other notable winners include WVLT in Knoxville, Hawaii News Now, and WDBJ in Roanoke, which received awards for reports on resilience, COVID-19 responses, and national park care. The awards will be celebrated at the RTDNA Gala on October 27, 2021.
Gray Television (NYSE: GTN) announced a quarterly cash dividend of $0.08 per share, payable on September 30, 2021, to shareholders on record by September 15, 2021. This dividend decision reflects the company's commitment to returning value to its investors. Additionally, Gray is poised to enhance its market position upon the anticipated acquisition of Meredith Corporation, which will elevate it to the nation’s second-largest television broadcaster, reaching approximately 36% of U.S. television households.
Gray Television (GTN) reported robust results for Q2 2021, with revenues of $547 million, a 21% increase from the previous year. Broadcast Cash Flow surged by 49%, reaching $183 million. Adjusted EBITDA rose 57% to $170 million. While retransmission consent revenue slightly missed expectations, it remains strong overall, with Total Core Revenue up 41%. The company completed the $925 million acquisition of Quincy Media and anticipates further growth from the planned acquisition of Meredith Corporation, which would enhance its market presence significantly.
Gray Television (NYSE: GTN) announced three key promotions in its human resources department to enhance company growth. Maurice Gibson is now Vice President of Employee Relations, bringing 25 years of experience, including significant roles at AT&T. Keith Hildibrand has been promoted to Vice President of Benefits and will manage employee benefits programs and transitions from acquisitions. Sylatha Taylor steps up as Assistant Vice President of Benefits, overseeing worker's compensation and wellness initiatives. These appointments, effective July 1, 2021, aim to strengthen leadership across Gray's extensive local television station network.
Gray Television, Inc. (NYSE: GTN) has finalized the acquisition of Quincy Media, Inc., adding 12 local television stations across eight markets, while divesting 10 QMI stations to Allen Media Broadcasting. Following the acquisition of Meredith Corporation later this year, Gray will operate 113 local markets, reaching 36% of US households, making it the second largest broadcaster in the nation. This bolstered market position enhances Gray's access to top-rated local television, including the top station in 79 markets.