Tue, May 5, 8:55 PM
- Local-TV affiliate holder Gray Television (NYSE:GTN) gained 4.1% today and touched a 52-week high early after posting a Q1 beat on earnings and revenue and record operating results.
- Revenues grew 46% to a Q1 record of $133.3M. Excluding the Olympics, revenue gains would be 50.1%. EBITDA of $39.6M also beat expectations of $32.65M.
- A decline in political advertising (down 67%, to $1.16M) didn't present a problem. Retransmission revenue increased to a Q1-record $36.3M.
- At quarter's end, cash was $224.6M. Total leverage ratio dropped to 5.9x (trailing-eight-quarter basis).
- The company expects to wrap acquisitions of two stations in Twin Falls, Idaho (CBS and Fox affiliates) and WAGM in Maine -- a CBS/Fox affiliate and one of the most-watched locals in the country -- in Q3.
- Press Release
Tue, May 5, 6:01 AM
Mon, May 4, 5:30 PM
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Thu, Apr. 23, 10:16 AM
- Gray Television (NYSE:GTN) is up 1.3% as it's agreed to buy Maine television station WAGM-TV -- one of the most-watched local stations in the country -- for $10.25M in cash.
- The station's digital channels are affiliates of CBS and Fox.
- The deal will be immediately cash flow accretive, as the price comes to less than six times anticipated pro forma broadcast cash flow of the station (blended average).
- It's expected to close in Q3 after regulatory and other approvals.
Wed, Apr. 22, 1:20 PM
- Gray Television (GTN +0.7%) says it's put five of its affiliates onto CBS All Access (NYSE:CBS), the broadcaster's $5.99/month over-the-top service, adding some midsize markets to the major owned-and-operated stations that CBS rolled out last fall.
- Today brings additions in Colorado Springs, Colo.; Waco-Bryan-College Station, Texas; Charlottesville, Va.; Dothan, Ala.; and Sherman, Texas -- mainly college towns that should be receptive to streaming service.
- Gray expects to add more CBS affiliates to the service as soon as next week. The company owns and operates 76 affiliates of the "Big Four" broadcast networks.
- Nexstar Broadcasting's (NASDAQ:NXST) KLAS-TV became the first non-owned CBS affiliate to add its stream to the service last week, in conjunction with the NAB Show in Las Vegas.
Thu, Apr. 9, 12:19 PM
- A new set of carriage agreements with affiliates means that the CBS streaming service CBS All Access will reach 55% of U.S. households.
- CBS announced deals with a number of local station groups, including Gray (NYSE:GTN), Meredith (NYSE:MDP), Nexstar (NASDAQ:NXST), Raycom, Graham Media and others, and the broadcaster says more deals are on the way.
- Markets added include Atlanta, Phoenix, St. Louis, Kansas City and Las Vegas.
- Last month CEO Les Moonves said the $5.99/month service had 100K subscribers, largely on the back of the company's owned-and-operated stations in major markets.
- Previously: CBS affiliates reportedly can earn $1/subscriber on streaming (Mar. 16 2015)
- Previously: CBS, affiliates agree on terms around streaming service (Mar. 13 2015)
Tue, Mar. 31, 11:47 AM
- Gray Television (NYSE:GTN) wraps an underwritten stock offering at $175.6M, with 13.5M shares issued at $13/share.
- The offering to the public was for 12M shares with a 1.5M-share overallotment, a partial exercise of what was a 1.8M-share option.
- The company will use the proceeds for general purposes. Shares are down 0.4%.
Mon, Mar. 23, 8:32 AM
Tue, Mar. 17, 11:40 AM
- Gray Television (NYSE:GTN) names its programming director Greg Conklin VP of Corporate Programming, adding music licensing, ratings analysis and program coordination to his duties.
- Conklin has overseen all 140 program streams for Gray, which owns and operates local stations in 44 markets, including 76 major broadcast affiliates.
Fri, Mar. 6, 5:42 PM
Thu, Mar. 5, 10:45 AM
- Gray Television (NYSE:GTN) is up 7% after posting record revenues in Q4 that grew 86%, in large part due to a spate of station acquisitions throughout the year.
- As with most TV peers in Q4, political ad revenue around the midterm elections played its part: For Gray, $45.5M of its $177.9M revenues was political.
- In the prior 15 months, Gray completed 10 acquisitions that added 23 stations to the company; in Q4, the acquired stations added $47.5M to total revenue of $177.9M.
- Retransmission revenue was a record $74.9M in 2014 and they company expects it to nearly double again (94%-98% increase) in 2015.
- The company also repaid $69.9M in debt in Q4. Free cash flow was $53.6M, or about $0.92/share.
- In addition, Gray entered a deal to include simulcasts of its 24 affiliates in NBC's TV Everywhere platforms. It's the first move for TV Everywhere outside NBC's owned-and-operated stations, and will allow viewers of Gray stations to see the broadcasts on more devices.
- Earnings press release
Thu, Mar. 5, 6:06 AM
Wed, Mar. 4, 5:30 PM
Nov. 5, 2014, 10:53 AM
Nov. 5, 2014, 6:06 AM
Nov. 4, 2014, 5:30 PM
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Gray Television Inc is a broadcast company that owns and operates television stations in 44 television markets broadcasting 139 program streams including 76 affiliates of the Big Four networks. It also owns and operates digital assets in markets.
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