Gray Television Inc Stock Price, News & Analysis

Gray Television (NYSE: GTN) has announced that Derek Rogers will become the new General Manager and Director of Sales for KXII (CBS) and FXII (FOX) in Sherman, Texas, effective January 6, 2025. Rogers, who brings over 25 years of media experience, will succeed Rick Dean, who is retiring after 39 years at the stations. Rogers joins from WCBI in Columbus-Tupelo, Mississippi, where he served as General Manager.

Rogers is an Emmy-nominated producer with multiple AP and MAB awards, including Documentary and Achievement in Broadcasting. He is a graduate of Mississippi State University's School of Business and has served as the Board President of the Mississippi Association of Broadcasters.

Gray Television has successfully reduced its outstanding debt by $278 million since October 1, 2024, bringing total debt reduction to $519 million for 2024. The company used approximately $204 million of cash to repurchase and retire about $239 million of principal debt through various transactions since November 8, 2024. The Board has authorized a replenishment of the debt repurchase program to $250 million. The debt reduction is expected to significantly lower cash interest expenses. The transactions included repurchases across Term Loan D, 2027 Notes, 2030 Notes, and 2031 Notes.

Gray Media (NYSE: GTN) announced the retirement of three veteran General Managers: Kelly Landeen from WAGM in Presque Isle, Maine; Neil Middleton from WYMT in Hazard, Kentucky; and Roger Brokke from WIBW in Topeka, Kansas. Each leader has made significant contributions to their respective stations and communities. Landeen led WAGM to achieve the highest-rated 6pm newscast nationally, Middleton helped establish the Mountain Classic scholarship program raising nearly $5 million for local students, and Brokke guided WIBW to win Kansas Association of Broadcasters' Station of the Year for 11 consecutive years.

Gray Television (NYSE: GTN) has declared a quarterly cash dividend of $0.08 per share for both its common stock and Class A common stock. The dividend will be paid on December 31, 2024, to shareholders recorded as of December 13, 2024. This announcement follows the Board of Directors' authorization of the quarterly payment.

Gray Television (GTN) reported strong Q3 2024 financial results with total revenue of $950 million, up 18% year-over-year. Key highlights include political advertising revenue of $173 million (565% increase), core advertising revenue of $365 million (1% increase), and retransmission consent revenue of $369 million (2% decrease). The company projects full-year 2024 political advertising revenue of $500 million and Net Debt reduction of $500 million. Gray implemented cost containment initiatives expected to reduce operating expenses by $60 million annually. Through September 2024, the company reduced debt principal by $241 million and maintains $674 million in borrowing availability.

Gray Media (NYSE: GTN) has announced its comprehensive election night coverage plans through Local News Live, its 24/7 news network. The coverage will begin at 7 p.m. EST on November 5th, streaming across multiple platforms including Roku, Amazon Fire, Apple TV, iOS, and Android devices. The coverage will feature anchors broadcasting from Washington, D.C., with live reporters across 113 markets and special correspondents at campaign headquarters. Local News Live will have reporters stationed in all seven battleground states and will provide real-time updates on the presidential race and other major races. The coverage will be available through the new Local News Live apps, which are free to download.

Gray Media (NYSE: GTN) has announced the release of a new National Anthem rendition, set to air across all Gray television stations starting October 15, 2024. The video features a youth orchestra and a soloist who is a Gray Media employee, recorded at the company's Assembly Studios in Atlanta. This initiative aims to honor the tradition of broadcasting the National Anthem daily while showcasing young talent.

The project involves several Gray Media companies, including Swirl Films as co-producer. The performance includes vocalist Sydney Jack, Operations Coordinator at Assembly Studios, and a youth orchestra from Metro Atlanta. Gray Media, which revived the daily National Anthem broadcast tradition in 2019, sees this new rendition as a way to celebrate both national unity and local communities.

Gray Media, formerly Gray Television, Inc., is the largest owner of top-rated local television stations and digital assets in the US, reaching approximately 36% of US television households across 113 markets.

Gray Media (NYSE: GTN) has announced the release date for its third quarter 2024 earnings results. The company will disclose its financial performance for the quarter ended September 30, 2024, on Friday, November 8, 2024. Gray Media will host an earnings conference call on the same day at 11:00 a.m. Eastern Time to discuss the operating results.

Interested parties can access the call via the live dial-in number 1-800-285-6670 or watch the webcast live at www.graymedia.com. A taped replay will be available until December 8, 2024, at 1-888-556-3470 with passcode 898476#.

Gray Media, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations and digital assets in the United States, reaching approximately 36 percent of US television households across 113 markets.

Gray Media (NYSE: GTN) announced the retirements of two veteran broadcasters. Laura Long, General Manager of KNOE in Monroe, Louisiana, will retire on October 4, 2024. Rick Dean, General Manager of KXII in Sherman, Texas, will retire on December 31, 2024.

Long's 35-year career included roles at CBS and KNOE, where she led the station to numerous awards and maintained its #1 position in the Monroe/El Dorado market. Dean's 45-year career began in radio before joining KXII-TV in 1985, where he rose to General Manager in 2002. Under his leadership, KXII won multiple broadcasting awards.

Gray's COO, Sandy Breland, praised both executives for their leadership and commitment to excellence. The company will search for well-qualified successors to lead these legacy television stations.