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Gray Television: Stretching Its Geographical Footprint

May 05, 2021 5:58 PM ETGray Television, Inc. (GTN)
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  • GTN has secured two deals this year that will propel it to becoming the second-largest television broadcaster in the US.
  • Q1 revenue increased by 2% quarter over quarter and printed a positive net income of $39 million, down 36% from the same quarter last year.
  • The company anticipates consolidated revenue of $3.1 billion on a blended 2019/2020 basis, following the completion of two significant acquisitions.
  • When the EV/EBITDA multiple is used to compare GTN to its peers, it is discovered to be undervalued at 6.125x; however, the FWD EV/EBITDA multiple indicates the opposite.

Young Man in Glasses is Sitting on a Sofa and Watching TV with Live News. It"s Evening and Room at Home Has Working Lamps.
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Investment Thesis

Following a 17 percent increase from the lows of May 3, 2021, Gray Television, Inc. (NYSE:GTN) attracted significant investor interest. GTN agreed to buy Quincy Media Inc. and Meredith Corporation (

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