Seeking Alpha
We cover over 5K calls/quarter
Profile| Send Message|
( followers)  

Gray Television, Inc. (NYSE:GTN)

Deutsche Bank's DbAccess 21st Annual Media and Telecom Conference

March 04, 2013 4:20 pm ET

Executives

James C. Ryan - Chief Financial Officer and Senior Vice President

Analysts

Aaron Watts - Deutsche Bank AG, Research Division

Aaron Watts - Deutsche Bank AG, Research Division

Okay, we'll get started with Gray Television. Happy to have Jim Ryan with us, Chief Financial Officer. I'll turn it over to him, and he's going to give you a quick run-through of the high points, current events. And then, we'll jump into Q&A and go from there. Jim?

James C. Ryan

Thank you, and good afternoon. As far as the format of the presentation, it's really very, very similar to a lot of what you've seen before. So I'm going to go through it quickly.

Again, we're 30 markets, 85 channels of programming, 40 Big 4 affiliations, good geographic footprint and good distribution on our stations as well. We like state capitals and big university towns for their stability. We're very proud of being able to say that we've got [indiscernible] of our 30 markets, where we have the #1 station or #2 station. And the only one we're out on is Albany, Georgia, where we were very late entrant to 2 established incumbents.

Just again, a snapshot of the university towns we're in and state capitals. 21 of our markets overall are #1, in 23 markets overall #1 in news. We're very, very proud of that and, really, no one else in the business can say the same thing on a per-capita basis, so an extremely high-quality portfolio that we're very proud of. And that, as we've talked about many times before, helps us drive revenue, takes -- let's us have disproportionate shares of the business. So we like the size markets we're in and being the #1 station in most of those markets.

Long history with the networks. We can be #1 regardless of what NBC is. And as this chart shows, it proves that. CBS has been in the same place, so has ABC. So as they all come around and go around, strong local news franchise is what really drives our business.

We've renewed our NBC affiliations for 9 out of our 10 markets through end of '15, so everything will recycle with NBC at the beginning of '16. Our -- ABCs, they're up for renewal at the end of this year. And our CBSs, for the most part, 17 of our CBSs will be up for renewal at the end of '14. So we've got a little bit more time before a full reverse compensation filters in. And within that time, we've got several opportunities to reprice on the retrans revenue front.

We -- with strong #1 stations in our local markets, we continually outdeliver the networks, and we do believe that the networks actually appreciate that and understand that out delivery.

The strong market in the ad -- we had good growth in '12, along with '11. We feel good about '13. Low costs of operation. As I've said before, very diversified in our channel lineups, in our secondary channels, in our market placement. Our largest market doesn't account for more than 10% of our revenue and cash flow, so a very diversified footprint, which we feel very good about.

We have consistently done exceedingly well in political years. As you know, '12 we had $86 million, which was an absolute all-time record. I'm anxious as everybody files their Ks over the next few weeks to get the actual numbers on everybody in the peer group, to be able to update on a percentage basis. But I have no doubt that we probably again, on a per-capita percentage basis, led the industry in political revenue, which is a testament to the strong news stations we run and makes us feel good about '14 when we hit another political cycle.

Our retrans revenue is growing well. It was just shy of $34 million at the end of '12. We said that we expect about $38 million or more, $38 to $39 million. In 2013, we have 1 million subscribers that we will reprice at the end of this October and another 1 million that we'll reprice at the end of the year, so we will get a good pop on 2 million worth of our subscribers going into '14, which we feel very, very good about. And then the contracts we did at the beginning of '12, as well as an additional million, which will be approximately 2/3 of our total subscript -- subbase, we'll be able to reprice at the end of '14 going into '15, just as our CBS stations come up for affiliation renewal. So we think in the -- over the next several years, we can advance the ball on the retrans revenue at -- while at the same time, the reverse comp is coming into play with the networks.

We said on our Q4 call that the aggregate amount we paid in reverse comps to the networks in '12 was $5.6 million. We're looking for about $7.2 million in '13

[Audio Gap]

escalator in the agreements, some of it is a full year effect in '13 of the 3 small CBS stations we picked up to form the equivalent of duopolies in 3 of our smaller markets last fall. So we've got a full year effect in '13 under a reverse comp.

And we've had good growth, especially in '12, on our digital media. We expect continuing good growth there over the next few years. I view '13 as a little bit of repositioning there for us. And we're doubling down on some of our efforts to grow that revenue stream. It probably doesn't grow at the same rate as it did in '12. But as you see, we've -- a couple of years, we've kind of slowed -- the growth has slowed a little. We've redoubled our efforts and a year or so down the road, it pays off well for us. So we see a lot of growth here for the foreseeable future.

Our digital second channels. Again, there's 45 of them. It's contributing about $8.2 million of cash flow, 55% margin in 2012. While it's not huge to our business, it's certainly appreciated and contributes. And we think this is a great rebuttal to anybody saying that there's a need for broadcasters to sell spectrum. We think we're making good use of ours and would continue to look for opportunities on second channels, low power or other types of channels in our existing markets, where we can fill in and broaden out our programming base just as we did with our acquisition of a small, in-market station in our Lincoln market a couple of weeks ago.

The industry overview. Obviously, the fundamentals are strong. Viewing is holding to some extent. We've all survived the recession better than anybody expected a few years ago, so we feel good about the basics of the industry. Transaction multiples and the transactions that have happened have been good. Obviously, there's been 2 more deals announced last week that looked great from the buy side. So we think there's probably some more of that in the relatively near term in the industry.

As you can see here, 2012 was an extremely strong record-shattering year for us. Obviously, '13 will be an off year. But we are very, very pleased with what we did in '12 and would look forward, again, to a strong year of performance in '14 as well.

Cash flow at the end of the year was about $174 million as defined in our credit agreement, which translated into a trailing 2-year average leverage ratio of 6.08, first lien leverage of 3.9. We are pleased with the progress we've made there. We are very pleased with the capital structure we were able to put in place last fall. We think our leverage still needs to come down some. And as we have said consistently for a while now, that's going to be job #1 over the immediate short term of the company to use free cash flow to pay down debt and be in a better position a little further down the road for whether it's M&A or -- and/or shareholder-friendly transactions, as we bring the debt down a little bit farther over the next 12 to 18 months basically to the end -- somewhere into late 2014.

With that, I'm happy to take questions.

Question-and-Answer Session

Aaron Watts - Deutsche Bank AG, Research Division

Okay, I'll kick it off. As we're now a couple of days into March, maybe you can just give us the latest and greatest since even your earnings call on, maybe qualitatively how the market feels out there if the uncertainty out of D.C. is hot [ph], rising fuel prices impacting any of your advertisers kind of spending budgets.

James C. Ryan

Right now, the general tone feels relatively good. We've thought that the year would probably build as it went. Clearly, our first quarter guidance suggested that as to just up a little bit in core business and a stronger year, as we went farther on, especially in the core business as we get into -- farther in the year where the political displaced a lot of our inventory last year. Auto has been healthy so far this year. It was very strong last year. It continues to be very healthy. As we said on our call, the current pace is still up double digit, which is good. Generally, we feel that the tone is good. We haven't seen any influence yet on the issues from Washington. In our size markets, it may take a while, I think. In our size markets, people -- Main Street is taking the attitude of -- they're going to take a wait and see, rather than

[Audio Gap]

can come to some degree of resolution on some issues sometime over next few months. We won't feel that very much at all, I think, if it drags on. But the longer it drags on, there is a possibility that everybody in a lot of businesses, including ours, are going to face some of those issues. But even then, I think it's going to be somewhat market-centric. I would think, if sequester continues for an extended period of time without a -- maybe a more rational resolution, towns with high exposure to the federal government and/or defense contractors, those markets may feel it proportionately more than other markets.

Aaron Watts - Deutsche Bank AG, Research Division

Any big variances between regions for you or areas, bigger markets versus your smaller markets in how performance is right now?

James C. Ryan

No. I think generally across the platform, things feel pretty good. On a relative scale, we're seeing a little bit more signs of life in Reno and Colorado Springs, which actually is good. Because those were 2 of our hardest-hit markets in the recession. So it's good to see things beginning to -- seem a little bit more positive there. Not that -- I wouldn't say they've been negative for a while, but they've been more kind of stable. And now they're showing a little bit more signs of life, which is good to see. But generally, we've been very happy with, across the board, how things have been going so far.

Aaron Watts - Deutsche Bank AG, Research Division

As you look at performance for your news operations, depending on your affiliation with any given station, how much of an impact do you feel when NBC, for instance, is underperforming in prime time lately versus CBS doing better. How quickly does that impact how you're getting paid for your content?

James C. Ryan

It takes a while to have an impact. And again, if you've got a very strong dominant local news station, which we do in many of our cases, it is, on a relative scale, less of an impact. But the longer a Big 4 network is in the #3 or #4 spot, you are eventually going to feel that a little bit in your late news pricing relative to the rest of the competition in the market. And so, over time, yes, we have felt NBC a little bit in -- at the late news but not to a -- I mean, you notice it. But it's not a crippling type of effect, because the local station still is very dominant. It's still over-indexing NBC in that market anyway, so it's still insulating us from as severe of an impact as if it had been, for instance, a poor #3 station to begin with.

Aaron Watts - Deutsche Bank AG, Research Division

And okay, with news audiences in general -- just kind of taking a step back -- how are viewers trending with your news? Obviously, the availability of news online even at your own websites, are you seeing that erode from your live viewership, whether it's leaning into prime time, out of prime time, morning?

James C. Ryan

We're not seeing dramatic erosion. I don't think we're seeing -- I mean, there's probably across the industry a little erosion but nothing dramatic. Our morning product continues to grow. I think that's just the fundamental shift in people's habits. The late-night product -- the late news is -- the viewership there has been slowly declining for an extended period of time. And the morning has been picking up. So that, to some extent, they are offsetting. As the morning comes up, we'll continue to increase our pricing for the morning product. Generally, I'd say our news viewership has been reasonably stable and no dramatic shifts in our markets as far as losing its ultimate sources.

Aaron Watts - Deutsche Bank AG, Research Division

And just one follow-up and then we can go to John [ph], percentage of your core revenue that comes from news?

James C. Ryan

About 50% of our revenue comes from news.

Aaron Watts - Deutsche Bank AG, Research Division

And how about prime time now, do you know offhand, or...?

James C. Ryan

I'd still say roughly 20%.

Unknown Analyst

First question, when your political goes up by 80 and it's going to go down by 80 this year, probably 86 to 6, something like that. I think you said this year, political is going to be very [indiscernible].

James C. Ryan

Yes. I mean, other than the Virginia governor's race, which involves 2 very small -- 2 of our markets but they're very small markets. So it's -- '13 will be the first off political year we've had in several cycles that's truly an off year, because there nothing dramatic like in '11 with the Wisconsin governor's race. So it will be an off year.

Unknown Analyst

And the 86 was a net number, right?

James C. Ryan

Yes, that's correct.

Unknown Analyst

So it goes down -- let's just say it goes down 80, I mean is it this -- that simple to say the incremental -- the decremental margin is 85%?

James C. Ryan

Not quite that bad because the core local is probably going to grow middle -- up middle single digit. National will grow lower middle single digit to help offset a little bit.

Unknown Analyst

I know, but just looking at that piece, 85%.

James C. Ryan

,

At that piece, yes, it's -- 80, if using your numbers, 86 to 6 is basically an 80 million hit to cash flow year-to-year.

Unknown Analyst

Less the sales, of course.

James C. Ryan

Actually just -- the only delta [ph] there will be the national sales rep commission, because the local sales staff usually isn't compensated on political.

Unknown Analyst

Decremental margin could be even 90%.

James C. Ryan

I wouldn't argue with that.

Unknown Analyst

In terms of financing, what do the silos look like? I may have missed the slide, I don't know. What's the next big refinancing year? I know you pushed it out, but still when is the next big one?

James C. Ryan

'19 and '20. The senior comes due in -- at the end of '19 and the bonds are due in '20.

Unknown Analyst

The size of the bond offering was what again?

James C. Ryan

Pardon?

Aaron Watts - Deutsche Bank AG, Research Division

Size of the -- 25...

James C. Ryan

It was at $300 million at a price of 7 1/2.

Unknown Analyst

Due in '20.

James C. Ryan

Yes.

Unknown Analyst

Okay. And that's traded up since.

James C. Ryan

Yes.

Aaron Watts - Deutsche Bank AG, Research Division

Maybe just a question on -- you are one of the first ones to really take advantage of doing digital second stations. You told us what that's kind of adding to the bottom line now. Do you see any other kind of real profitable uses for your spectrum that you have? Is there -- and is there diminishing marginal returns with kind of adding more and more stations in the market if we see more of that happening even from your competitors?

James C. Ryan

It's -- take the back half of that question first. I think it depends on the market itself. But I think there is still the possibility of adding additional channels in some of our markets, as we did with those CBSs last fall, where we understand -- in one case, we were the only station in the market. We understand in part we're competing purely against ourselves. But we look at that as slightly longer term the ability -- CBS was spilling in from out of the market from [indiscernible]. So over time, we'll be able to push that out, and there should be a buy for us in there. So those digitals that we've been adding selectively and, again, those 3 CBSs are a very good example. The one that we just picked up a couple of weeks ago in Nebraska is another good example. We expect those to be profitable basically -- profitable the first 12 months. Because of the size of the markets and because they are digital or in one way, shape or form a second or third channel in the market, it's not -- it is certainly incremental to us. But the dollars are not going to be huge. But certainly, it's -- it was a cost-effective way of broadening out our channel capacity. As far as uses of the spectrum, certainly the digital multi-channels, where you can do it -- can make sense. Longer term, there's still the issues facing the entire industry on mobile digital television and whether the industry can ultimately solve that and come together and/or doing a -- you can go inti streaming services instead. But I think there's still potential there in the spectrum. It is clearly a very efficient delivery mechanism. And as the need for spectrum can -- over an extended period of time, I think as the need and demand for spectrum continues, that ability to deliver very efficiently is going to be valuable. And it may be valuable in ways that we -- none of us here in this room today would even imagine. But in 5 or 7 years, there's something there that makes a lot of sense to everybody.

Aaron Watts - Deutsche Bank AG, Research Division

Right. And one question, you gave us some helpful details on the retrans side and the reverse comp side. As you think out a few years, we've watched retrans go from nothing to being 100% margin -- or close to it -- income for you to now it's resetting over time to some new level. Where do you think as you look at where your retrans is growing and what you're going to pay the networks, where does the dust settle? What kind of margin retrans ends up being for, not just Gray, but generally speaking, the local television broadcaster?

James C. Ryan

I -- we -- I'll answer that in 2 ways. First of all, obviously, the marketplace is going decide that over time. I think there's a lot of room for the industry and ourselves, in particular. But in general, the industry has been able to continue over the last couple of cycles, and it appears to be continuing to [indiscernible] up every cycle that's able to reprice. So I think there's a lot of upside room in the retrans revenue line over the next several cycles. There's maybe -- and there may be some more contentious negotiations as time goes on. But I; think the reset -- the ability to reset higher is there for a while and -- meaning, several cycles. I think as we've said on a couple of calls now, before, looking at the landscape today, it would be our belief that the split with the networks on that ultimately is going to settle out somewhere around 50-50. I think the networks understand that it's in their best interest to have the local affiliate healthy. And I think they all understand if they push it too far, they're going to have local affiliates that are unhealthy. And therefore, they're going to jeopardize the long-term revenue stream that they can otherwise have. So our best guess right now would be basically a 50-50. So the key for us and the rest of us on our side of the table in the industry is continuing to push the revenue higher. So that even if we're splitting at 50, we're still splitting a bigger pie each time we go.

Unknown Analyst

I know you haven't been inquisitive, but what I wanted to ask is when a TV station company buys some new TV stations, you get the immediate boost from retrans, right? I don't understand how that works. I mean, you aggregate [ph] the contract?

James C. Ryan

I think a lot would depend on how the individual contract is written. And obviously, those could be written lots of different ways. So it's -- and some companies may or may not have been better than others. And certainly, some appear to have been better than others in setting the terms so they get the best end of the bargain if they bought a television station. But it could be, I get the better of the bargain. It could be the MSO gets the better of the bargain. But those types of terms would have been subject to negotiation every time the agreement came up. And of course, the more times the agreement comes up with however that boilerplate was left, it probably gets a little harder to switch the boilerplate. In which case, a lot of people just say, "Hey, I'm just going to go for the dollars." And if I'm buying today and I got to live with whoever this seller's deal is, I can figure out what that deal is, and I'll figure out my bid and decide whether that could -- how I want to bid accordingly. And I know that in x number of years, I get to recut it anyway. So it's -- however, the deal with the MSO -- however your contractor [ph] with the MSO was written? Whether it was the last time around or 2 or 3x around, you may get the benefit of the bargain or you may not.

Unknown Analyst

2 questions. How do you think 2014 political will compare to either '12 or '10? And also, can you talk about your program and total expense outlook?

James C. Ryan

I think '14's political compared to '10 is probably favorable. I mean, we had a very strong year in '10. So I think '14 -- I think you're going to have another strong year in '14. Whether '14 allows the industry and ourselves, in particular, to break the 2012 records that most of us set, that's harder to tell right now. But I think, clearly, the House is going to be contentious. The Senate is going to be very contentious. So we'll have a reasonable number of Senate seats up in '14. I know we already have an open seat in Nebraska, which will be very good. So it will be a little bit -- the key in '14, and I have to apologize, I can't tell you exactly how many Senate seats are up in '14 compared to '10. But I think that's really going to be one of the big drivers in the math [ph]. If I got approximately the same number, it should be -- it is going to be a strong year in '14 anyways. But that may be the thing that fluctuates a little bit. '14, as the Wisconsin governorship comes back around again on its ordinary 4-year cycle, and given the contentious race on the special election, I mean, I would expect that to be a very strong race in '14 as well.

Unknown Analyst

And on the expenses?

James C. Ryan

Pardon?

Unknown Analyst

The outlook for your ...

James C. Ryan

Oh, our program expenses as far as our syndicated product would be, I don't see much increase there over the next few years. Really, what's going to drive the programming line in '14 and then again in '15 is wherever we come out with our reverse comp negotiations with ABC, when we go into those renewal discussions for -- at the end of this year with them, and then the CBS discussion at the end of '14 going into '15.

Aaron Watts - Deutsche Bank AG, Research Division

Just thinking about the acquisitions -- M&A opportunities, I think, right now, you're at around 6.1x leverage on a trailing 2-year basis. Where do you want to have that leverage before Gray really starts to think about adding?

James C. Ryan

What we said in our last couple of calls is if we think about it on a 2-year basis, we're probably looking something in at least in the lower 5s, if not into something that's beginning to approach in the upper 4s. So that suggests we've got another, call it, this year and into next year to kind to get where our target. Now, obviously, as you get closer and closer to that target, and we see no reason why we won't be over the next couple of years -- and actually, when I say couple of years, it's more like -- it's already March, so it's less than 2 years. I think our ability to consider things gets broader and broader and easier and easier. I think right now, still first quarter of '13, we'd say we want to be -- we want to pay down debt with free cash flow. We want to make sure the core business continues to go the way we think it will go. When you get through '13 and you're into '14 and the year is going well and you know it's a big political year and things open up, then it gives you more flexibility, not only from a potential M&A as we get down the road a little farther, but also as we think of uses of free cash flow. As we get to leverage down a little bit more, we're in a better position to look at shareholder-friendly transactions, whether it's reinstating the dividend that we had suspended after 30-some years and felt very bad about that, but it was necessary -- or stock buybacks or whatever. But as we get a little farther down the road, we have a lot more flexibility. We want to make sure we're in a good position from a leverage standpoint. And one of the things that the recession has taught us is that we need to be a little more conservative on that before we start opening up to some other things. And by doing so and having that discipline, I think it will serve us well in the long run. And with -- we took out all the preferred last year. So really, in the immediate short term, the way we look at it is dollar of debt reduction -- absolute dollar of debt reduction is immediately beneficial to the shareholders at this point in time.

Unknown Analyst

What do your baskets look like right now? Do you have any and -- for both buybacks and dividends?

James C. Ryan

Yes, the senior basket is much more restrictive right now. But that will open up as we move through the end of '13, because the basic mechanism is really not dissimilar to a bond basket, in that it was seeded with basically $10 million of seed money. Any excess cash flow that isn't picked up in the cash flow sweeps towards the basket. So that allows us -- and that sweep mechanics kicks in at the end of '13. So '13 and '14, we're able to build a senior basket very quickly. The bond basket has got a lot in it because we carried forward the basket from the earlier deal. So that -- from a -- from the bond standpoint, there's a lot of basket room end of '13 and '14, though the way we expect it to go we'll have ample capacity in the senior side of the deal as well. And we have some limited capacity today.

Aaron Watts - Deutsche Bank AG, Research Division

Just -- so it sounds like you're going to move through this next 18 months, be in a better place to have flexibility to do some of the things you want to do by the end of that period. What do you think the environment is going to be like for -- from a -- and I guess I'm asking from the perspective of, we just saw Sinclair kind of move from being mainly middle-market sized station to looking at -- to making an acquisition with smaller markets. Has it gotten a lot more competitive, do you think, now for the remaining assets that are out there? And do you think it will be when you reach that point? I guess it's a double-edged sword, but...

James C. Ryan

I don't think it's necessarily more competitive. I think right -- and first of all, I think the M&A is good to see. I think the interesting thing right now is that it's really strategic operators that are involved in the M&A. Private equity seems to be on the sidelines at the present point in time. But as anybody that's followed the industry a long time, they jump in and jump out and that kind of repeats itself over time. I think for us, right now, there hasn't been anything -- what I would describe as super compelling, and admittedly if we want to get the leverage down a little bit more. We've also been, as Bob has told people often, we tend to be buyers when other people aren't buying, and then we tend to sit on the sidelines -- often just sit on the sidelines when other people are. So just because there's some consolidation now and some M&A activity, I think that doesn't mean that there won't M&A activity 6 months, 12 months, 18 months, 2 years from now. Now some of that will come -- ebb and flow a little bit with the credit cycles and availability of credit and the rates. But I think there will be opportunities down the road, whether it's for us or

[Audio Gap]

business that wants to find good assets. And there's still some smaller operators out there that are very closely held that, from time to time, will ultimately, for their own plan -- their own purposes, will decide they want to exit. And those create great -- especially for a company like us, create great buying opportunities. And the larger chunks that tend to go in a broad-range, broad-spectrum bidding process, we've never intended to be the ones chasing those deals anyway. So the guys that can get good deals now at what appear to be favorable buy side prices, great for them. And I think there will be opportunities for other people down the road as well.

Aaron Watts - Deutsche Bank AG, Research Division

Okay. Anybody have anything else? Let me ask you one last one, and we'll finish off on that. As we think about what the networks are doing and making their prime time content available in a lot of different ways, not just sort of live on the first day of showing, but also whether it's through Hulu or Netflix or online sites otherwise, how does that impact your viewership and, I guess, mainly from a lead in, lead out perspective?

James C. Ryan

I don't think right now it's got a huge impact on our viewership. I mean our basic overall viewership has been doing as good or better than the industry as a whole. I think that ability to put things online -- it's there, it's not going to go away. It's just something you've got to deal with and live with. Right now, I think in looking at it, it's -- the content providers, whether it's the networks or others, are putting it out there because the traditional models has already paid for that. And they can gain some level of incremental revenue from it and its allowed the -- whether it's the Hulus or the Netflix or whomever, to pick up some

[Audio Gap]

to access it. But I'm not terribly worried that somebody's going to flip a switch and suddenly everything is just going to be purely on the net, end of story. Because from an end-user perspective, when somebody goes to Hulu, Netflix or whatever and is watching that episode that they probably missed and didn't DVR or had a conflict or they just never watched it and they decided they were going to do a marathon to just try to experiment, that content has been paid for by the traditional model already. And the end user, if it all suddenly just -- somebody flipped a switch and it got delivered bypassing the traditional model, I'm not sure that end user is going to be happy at all with the fee they're going to have to pay to access that content. So I don't see that as -- it draws -- it can draw some viewing. I think it's mostly catch-up viewing or alternate viewing that wouldn't have happened otherwise. So while it's there and is part of the ecosystem, I don't -- I -- I'm not -- it's -- I don't see it as a looming threat any time in the near term and in the intermediate -- in the relatively foreseeable future as being the end to the traditional model. Because people aren't going to want to pay it the hard way.

Aaron Watts - Deutsche Bank AG, Research Division

All right. Well, we're out of time. Jim, thank you.

James C. Ryan

Thank you.

Aaron Watts - Deutsche Bank AG, Research Division

Thank you, all.

Copyright policy: All transcripts on this site are the copyright of Seeking Alpha. However, we view them as an important resource for bloggers and journalists, and are excited to contribute to the democratization of financial information on the Internet. (Until now investors have had to pay thousands of dollars in subscription fees for transcripts.) So our reproduction policy is as follows: You may quote up to 400 words of any transcript on the condition that you attribute the transcript to Seeking Alpha and either link to the original transcript or to www.SeekingAlpha.com. All other use is prohibited.

THE INFORMATION CONTAINED HERE IS A TEXTUAL REPRESENTATION OF THE APPLICABLE COMPANY'S CONFERENCE CALL, CONFERENCE PRESENTATION OR OTHER AUDIO PRESENTATION, AND WHILE EFFORTS ARE MADE TO PROVIDE AN ACCURATE TRANSCRIPTION, THERE MAY BE MATERIAL ERRORS, OMISSIONS, OR INACCURACIES IN THE REPORTING OF THE SUBSTANCE OF THE AUDIO PRESENTATIONS. IN NO WAY DOES SEEKING ALPHA ASSUME ANY RESPONSIBILITY FOR ANY INVESTMENT OR OTHER DECISIONS MADE BASED UPON THE INFORMATION PROVIDED ON THIS WEB SITE OR IN ANY TRANSCRIPT. USERS ARE ADVISED TO REVIEW THE APPLICABLE COMPANY'S AUDIO PRESENTATION ITSELF AND THE APPLICABLE COMPANY'S SEC FILINGS BEFORE MAKING ANY INVESTMENT OR OTHER DECISIONS.

If you have any additional questions about our online transcripts, please contact us at: transcripts@seekingalpha.com. Thank you!

Source: Gray Television's Management Presents at Deutsche Bank's DbAccess 21st Annual Media and Telecom Conference (Transcript)
This Transcript
All Transcripts