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 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.
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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.
Gray Television (NYSE: GTN) announced on May 13, 2020, that 21 of its local stations received a total of 49 regional Edward R. Murrow awards for excellence in journalism, including two prestigious awards for Overall Excellence. Notably, WVLT in Knoxville and KFVS in Paducah-Cape Girardeau were recognized with these honors. Additionally, WVUE in New Orleans secured top awards in eight categories. Gray's achievements reflect a strong commitment to quality local journalism, significantly impacting the communities served. The winners will proceed to the national competition with results to be announced in June.
Gray Television (NYSE: GTN) announced new General Managers for its stations in Huntsville, Colorado Springs, Hattiesburg, and Meridian during May 2020. This marks the ninth General Manager appointment in 2020, with all selected from within the company. Notable promotions include Jama Killingsworth at WAFF in Huntsville, Kerri Blanco at KKTV in Colorado Springs, Tim Walker at WDAM in Hattiesburg, and Jacque Harms at WTOK in Meridian. These appointments reflect Gray's focus on leadership development and strengthening community ties.
Gray Television reported Q1 2020 revenues of $534 million, a 3% increase from Q1 2019, despite a decline in advertising demand due to COVID-19. Local broadcast revenue was $250 million, and political advertising revenue surged to $36 million. The company achieved a net income of $40 million, or $0.40 per diluted share. Broadcast cash flow rose by 47% to $181 million. Challenges included reduced advertising demand and programming supply, but increased local newscast viewership was noted. Guidance for future quarters has been withdrawn due to uncertainty.
Gray Television announced that their stations raised over $12.6 million in March and April 2020 for local organizations and residents in need, through various fundraising efforts. These included telethons and online campaigns aimed at supporting local charities impacted by public health concerns. Additionally, Gray launched online directories for over 14,500 local businesses to facilitate community support during the pandemic.
With a focus on community service, Gray showcased their commitment to local support through these initiatives.