Gray Television, Inc.NYSE
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  • Fri, Sep. 30, 5:36 PM
    • Top gainers, as of 5.25 p.m.: AUPH +4.0%. TA +3.5%. DEPO +3.2%. HGT +3.0%. CONN +2.4%.
    • Top losers, as of 5.25p.m.: TASR -5.5%. GBT -2.0%. SQM -1.8%. CNO -1.7%. GTN -1.5%.
    | Fri, Sep. 30, 5:36 PM
  • Tue, Sep. 27, 4:19 PM
    • Final ratings are still coming together, but last night's presidential debate between Hillary Clinton and Donald Trump will be the most-watched ever.
    • With several networks in, the first presidential debate this season has hit 83.7M viewers, which would surpass the previous most-watched presidential debate, the sole debate between 1980 candidates Jimmy Carter and Ronald Reagan (80M viewers).
    • Of course, that viewer bounty isn't visited on just one network -- more than a dozen televised the event live and (at least during the debate) commercial-free -- but the overall result means a flood of ad dollars going to a variety of networks for pre- and post-debate ads, some of which looked more like the Super Bowl in terms of level of interest.
    • According to Nielsen's current numbers, the Big Four broadcast networks drew 49.1M viewers, up about 25% from 2012; NBC (CMCSA +0.6%) with 18.2M, ABC (DIS -0.3%) with 13.5M, CBS (CBS +1.8%) with 12.1M and Fox (FOX +2%, FOXA +1.7%) with 5.3M. PBS drew 2.9M viewers, while Univision (Pending:UVN) added 2.5M and Telemundo 1.8M.
    • On cable, Fox News saw 11.4M viewers, with CNN (TWX +2.3%) slightly behind at 9.8M and MSNBC at 4.9M.
    • Local broadcast chains including Gray Television (GTN -0.1%) and Sinclair Broadcast Group (SBGI +1.5%) have recently cut guidance for political revenues, with advertising spending disappointing.
    | Tue, Sep. 27, 4:19 PM | 104 Comments
  • Tue, Sep. 20, 5:57 PM
    • Gray Television (GTN -9.4%) has now withdrawn its guidance for political advertising revenue for Q3 and for Q4 -- the newest sign that spending oddities in the national races will have outsize effects on local broadcasters.
    • Overall Q3 net revenue, ex-political spending, should meet its previously issued guidance, however.
    • Political ad orders -- which have always been on shorter notice -- are arriving later than usual, Gray notes, and current orders are coming with just a few days' notice.
    • "The Trump campaign and/or allied PACs have purchased advertising time in some Gray markets, and it has expressed interest in placing advertising in up to nine states involving up to 17 Gray markets," the company says. "At this time, however, the campaign's future spending is currently impossible to predict."
    • The Clinton campaign and allied PACs are looking at ads in up to six states involving up to seven Gray markets.
    • While statewide races are tighter in Missouri, Indiana and North Carolina, Senate racesin Ohio and Colorado haven't led to "robust" spending as anticipated. And some big advertisers have indicated that they'll direct funds instead to organizing voters and other activities.
    • Sinclair Broadcast Group (NASDAQ:SBGI) also tumbled 9.4% today as it cut its own forecast for political revenues.
    | Tue, Sep. 20, 5:57 PM | 2 Comments
  • Tue, Sep. 20, 12:43 PM
    | Tue, Sep. 20, 12:43 PM
  • Wed, Sep. 7, 12:57 PM
    • Gray Television (GTN +0.3%) has launched a cash tender offer for $675M in 2020 notes, and is launching $725M in private placements to fund it.
    • The company is tendering for its 7.5% senior notes due 2020, with consideration of $1,042.20 for each $1,000 in principal. The offer expires on Tuesday and payment is expected next Wednesday.
    • It's launched a private offering for $525M in senior notes due 2024, and $200M of additional 5.875% senior notes due 2026, and will use the proceeds and cash on hand to complete the tender offer for the 2020 notes, and to redeem any outstanding 2020 notes after that offer is complete.
    • At last report the company had $1.71B in total debt, and cash of $176.4M.
    | Wed, Sep. 7, 12:57 PM | 2 Comments
  • Thu, Aug. 4, 8:30 AM
    • Gray Television (NYSE:GTN): Q2 EPS of $0.24 misses by $0.01.
    • Revenue of $196.63M (+37.1% Y/Y) beats by $0.38M.
    • Press Release
    | Thu, Aug. 4, 8:30 AM | 1 Comment
  • Wed, Aug. 3, 5:30 PM
  • 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.
    • 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.
    | Fri, Feb. 26, 6:04 AM