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.
Gray Television has announced its acquisition of Meredith Corporation for approximately $2.7 billion, paying $14.50 per share in cash. This deal will transform Gray into the second largest television broadcast group in the U.S., with a combined net revenue exceeding $3.1 billion. Gray will acquire Meredith's Local Media Group, which includes 17 TV stations in 12 markets. The acquisition is expected to close in Q4 2021, following the spin-off of Meredith's National Media Group. Gray anticipates $55 million in annual synergies from the deal.
Gray Television reported its Q1 2021 financial results, showing a revenue increase to $544 million, up 2% from Q1 2020. Local and national broadcast revenues contributed $260 million, with retransmission revenue at $247 million. Net income attributable to common stockholders was $26 million, or $0.27 per diluted share. However, Broadcast Cash Flow decreased 7% to $168 million. The company anticipates continued growth in Q2 2021, projecting local revenue to rise by 33% to 35%.
Gray Television, Inc. (NYSE: GTN) announced an agreement to divest certain Quincy Media television stations to Allen Media Broadcasting for $380 million in cash. This divestiture aligns with Gray's earlier acquisition of Quincy for $925 million, and both transactions are expected to close in Q3 2021 following regulatory approvals. The stations being sold include KVOA in Tucson, WKOW in Madison, and others across various markets. Gray's Executive Chairman expressed confidence in Allen Media's commitment to local journalism.
Gray Television, Inc. (GTN) will announce its earnings for Q1 2021 on May 6, 2021. The earnings conference call is scheduled for 11:00 a.m. ET on the same day. Interested parties can join via dial-in at 1-855-493-3489 using confirmation code 6866269. Additionally, the call will be available via webcast and replay. Gray Television is a major U.S. broadcast company, operating in 94 markets, reaching 24% of U.S. television households, and ranked first in 70 markets during 2020.
Gray Television is leading a $40 million investment round for Envy Gaming, an esports company based in Dallas, with an investment of $28.5 million. This investment will allow Gray to appoint two directors to Envy's board. Founded in 2007, Envy has gained significant traction, including winning the Call of Duty League World Championship in 2020 and diversifying its ownership group to include Post Malone. The partnership aims to enhance community engagement in the rapidly growing esports domain.
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.