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 (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 Guidance for future quarters has been withdrawn due to uncertainty.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.