Gray Television, Inc. (GTN) - NYSE
  • Fri, Jun. 3, 10:04 AM
    • Nexstar Broadcasting (NXST -2%) has agreed to divest two stations in two different markets in a $270M sale to Gray Television (GTN -3.1%), part of the shuffles in Nexstar's planned acquisition of Media General (MEG -0.7%).
    • Nexstar is selling WBAY, the ABC affiliate serving Green Bay, Wis., and KWQC, an NBC affiliate serving the Quad Cities area in Iowa (Davenport-Moline-Rock Island) to Gray for $270M in cash.
    • The divestitures are part of Nexstar's efforts to comply with FCC local/national ownership rules in conjunction with its acquisition.
    • The sale of the stations is subject to the completion of the Nexstar/Media General offer as well as FCC approval, expected to come later this year.
    | Fri, Jun. 3, 10:04 AM | 1 Comment
  • Fri, May 13, 7:25 PM
    • Gray Television (GTN -2.2%) is acquiring a pair of stations in Clarksburg, W.Va., for $26.5M.
    • The broadcaster is taking over WDTV, a CBS affiliate, and WVFX, a Fox affiliate, in a cash transaction with Withers Broadcasting.
    • Withers has been able to operate the two in the market as a legal duopoly, under the FCC's Failing Station Waiver. Gray says it will continue that arrangement.
    • WDTV is the No. 2 station in Clarksburg's DMA. The purchase price is about 5.9 times a blended average of the stations' expected broadcast cash flow for 2015-2016, adjusted for synergies.
    • Now read Gray Television - Benefits Of Recent Acquisition Overlooked »
    | Fri, May 13, 7:25 PM
  • Mon, May 9, 6:03 AM
    • Gray Television (NYSE:GTN): Q1 EPS of $0.18 beats by $0.08.
    • Revenue of $173.72M (+30.3% Y/Y) misses by $4.27M.
    • Press Release
    | Mon, May 9, 6:03 AM
  • Sun, May 8, 5:30 PM
    | Sun, May 8, 5:30 PM | 15 Comments
  • Thu, Apr. 14, 6:24 PM
    • Gray Television (GTN -2.8%) has made a strategic investment in Syncbak, a company that takes regular old over-the-air broadcasts and replicates them for over-the-top delivery.
    • Gray's chief digital and technology officer, Jason Effinger, joins Syncbak's board, and Gray is investing $3M in the company.
    • Syncbak technology powers OTT solutions including CBS All Access, and is deployed in more than 180 TV stations across 150 markets, including representatives of all major networks and 51 broadcast groups.
    • The move drew praise from the National Association of Broadcasters: "We are delighted to see a major broadcaster like Gray invest in Syncbak. It speaks volumes as to how far Syncbak has come since the NAB provided early stage funding for the concept in 2010 via our FASTROAD program."
    • Now read Gray Television - Benefits Of Recent Acquisition Overlooked »
    | Thu, Apr. 14, 6:24 PM
  • Wed, Apr. 6, 1:29 PM
    • Media General (MEG +0.6%) has amended a lawsuit it filed in a Georgia station dispute that may prove key to its planned merger with Nexstar Broadcasting (NXST +1.2%).
    • Last month Media General had decided to "go hard" against Gray Television (GTN +1.5%) and Schurz Communications over WAGT-TV in Augusta, Ga.
    • Media General had secured a lower-court injunction (since stayed) blocking Gray from taking over the station and putting its spectrum into the broadcast incentive auction, as WAGT had applied to do. WAGT's opening bid price in the auction is among the highest, at $210.4M.
    • But Media General has dropped opposition to Gray's takeover in one court while telling another that it should get all of any auction proceeds. Media General was tied up in a joint sales agreement at the station with Schurz -- the station's former owner that got bought out by Gray.
    • The FCC had made unwinding the JSA between Media General and Schurz a condition for approving Media General's merger with Nexstar.
    • Now read Past Peak Trump? »
    | Wed, Apr. 6, 1:29 PM
  • Tue, Mar. 22, 3:52 PM
    • Media General (NYSE:MEG) has taken an afternoon dip, now down 2.3% on heavy volume, as dealReporter says a Georgia station dispute with Gray Television (NYSE:GTN) could hurt its chances for FCC clearance of a merger with Nexstar Broadcasting.
    • Volume in Nexstar (NXST -2.6%) has ticked up this afternoon as well.
    • Media General has decided to "go hard" against Gray and Schurz Communications over WAGT-TV in Augusta, Ga., dealReporter says -- an odd stance since Media General is seeking an OK for a broad station merger with Nexstar.
    • More on the Media General/Nexstar deal
    | Tue, Mar. 22, 3:52 PM
  • Fri, Feb. 26, 8:16 PM
    • Gray Television (NYSE:GTN) finished up 4.8% after beating on top and bottom lines in its Q4 results.
    • Revenues fell nearly 5% but included record retransmission consent revenue of $39.5M. In an off-election year, political revenue had a tough comp ($9.2M in revenues, down 81% from the prior $48.5M).
    • EBITDA of $59M also beat an expected $55.6M.
    • For the full year, revenue was a record $597.4M, and broadcast cash flow hit a record $224.5M.
    • The end of the quarter also brought the termination of the company's national advertising sales representation deals, and it expects savings of about $8M-$9M in 2016 with net savings continuing after that.
    • Free cash flow was $29M, down 46% Y/Y.
    • Press Release
    • Related: Gray Television's (GTN) CEO Hilton Howell on Q4 2015 Results - Earnings Call Transcript (Feb. 26 2016)
    | Fri, Feb. 26, 8:16 PM
  • Fri, Feb. 26, 6:04 AM
    • Gray Television (NYSE:GTN): Q4 EPS of $0.21 beats by $0.01.
    • Revenue of $169.48M (-4.7% Y/Y) beats by $6.15M.
    • Press Release
    | Fri, Feb. 26, 6:04 AM
  • Thu, Feb. 25, 5:30 PM
  • Tue, Feb. 16, 5:10 PM
    | Tue, Feb. 16, 5:10 PM | 1 Comment
  • Fri, Feb. 12, 5:41 PM
    • The FCC today approved Gray Television's (GTN +3.1%) plan to purchase 15 Schurz Communications TV stations, the last hurdle in Gray's $442.5M purchase of Schurz.
    • The agency issued a complicated decision that will call for the unwinding of some joint sales agreements, and for a Georgia NBC affiliate to remain on the air during the broadcast incentive auction despite duopoly rule concerns.
    • The approval follows an even more complicated set of transactions Gray has been undertaking to pull its megadeal off. It's swapped some stations with Sinclair Broadcast Group and decided to divest all the radio stations in the deal.
    • In addition, the Justice Department gave the deal a conditional antitrust approval so long as Gray sold off WSBT in South Bend, Ind., and KAKE in Wichita, Kan.
    • In Augusta, Ga., Gray owns CBS affiliate WRDW and Schurz owns NBC affiliate WAGT. Gray wants to offer WAGT's spectrum in the incentive auction and take it off the air after the deal's approval. The FCC approved a temporary waiver of its duopoly rule but decided that the public interest called for WAGT to stay on the air.
    • Gray will have to terminate a JSA with Media General as a condition to the deal.
    • Previously: Gray Television paying $442.5M for Schurz TV, radio stations (Sep. 14 2015)
    | Fri, Feb. 12, 5:41 PM
  • Fri, Feb. 5, 1:10 PM
    • Gray Television (GTN -4.8%) has wrapped (quietly, relative to recent dramas) new retransmission consent deals that had expired at 2015's end with four cable operators, including Time Warner Cable and Buckeye Cable.
    • The deals cover more than 900,000 subscribers tied to affiliates of the Big Four broadcast networks, in 16 markets.
    • "While retransmission negotiations are never easy, these operators shared our commitment to find common ground quickly and quietly to ensure that our mutual customers continue to enjoy uninterrupted delivery of our local television stations," says Gray's deputy general counsel, Robert J. Folliard III.
    • There's one more expired agreement Gray needs to settle, the company says, and it covers a "relatively small" number of customers.
    • It doesn't have any material retransmission deals expiring before the end of 2016.
    | Fri, Feb. 5, 1:10 PM
  • Mon, Feb. 1, 9:40 AM
    • Gray Television (GTN -1%) reports that Chairman William Mayher III has passed away at the age of 77.
    • He had been chairman since August 1993, and had served on or chaired nearly every board committee during his tenure, the company says.
    | Mon, Feb. 1, 9:40 AM
  • Wed, Jan. 27, 5:02 PM
    • Gray Television (NYSE:GTN) has made a series of promotions among its five senior VPs, to deal with "growing scale, diversification and profile," it says.
    • CFO Jim Ryan will become an executive VP, and Bob Smith and Nick Waller have been named co-chief operating officers.
    • Ryan has been with Gray since 1998. Waller had been serving as senior VP of Mid-Atlantic and South regions, while Smith had served as senior VP of Midwest and West.
    • Jason Effinger, formerly senior VP for Media and Technology, is now chief digital and technology officer and executive VP. And Kevin Latek is now chief legal and development officer.
    | Wed, Jan. 27, 5:02 PM
  • Tue, Jan. 12, 11:26 AM
    • Gray Television (NYSE:GTN) is up 1.2% as Moody's raises its rating outlook to Positive, from Stable, and affirms its corporate family rating.
    • The firm reiterated its B2 CFR as well as other ratings on existing loans. Moody's assigned a Ba2 rating to a proposed $60M senior secured priority revolver, and Ba3 to a new $400M incremental term loan.
    • The corporate family rating "reflects high leverage with pro forma debt-to-2 yr avg EBITDA of roughly 5.7x at closing ... with high single digit percentage free cash flow-to-debt over the next 12 months."
    • The new term loan is being used to fund Gray's acquisition of stations from Schurz Communications, a deal it hopes to complete this quarter.
    | Tue, Jan. 12, 11:26 AM
Company Description
Gray Television, Inc. is a television broadcasting company. It owns and operates television stations and leading digital assets in markets throughout the United States. The company owned and operated television stations in 44 television markets broadcasting a total of 140 programming streams,... More
Sector: Services
Industry: Broadcasting - TV
Country: United States