Tag: Gray Television

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October 09, 2024

ATLANTA, Oct. 09, 2024 (GLOBE NEWSWIRE) —  Gray Media (NYSE: GTN) today announced that it will release its earnings results for the quarter ended September 30, 2024 on Friday, November 8, 2024.

Earnings Conference Call Information

Gray Media will host a conference call to discuss its operating results for the quarter ended September 30, 2024 on Friday, November 8, 2024. The call will begin at 11:00 a.m. Eastern Time. The live dial-in number is 1-800-285-6670. The call will be webcast live and available for replay at www.graymedia.com. The taped replay of the conference call will be available at 1-888-556-3470 Passcode: 898476# until December 8, 2024.

About Gray Media:

Gray Media, or Gray, is a multimedia company headquartered in Atlanta, Georgia, formally known as Gray Television, Inc.  The company is the nation’s largest owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach approximately 36 percent of US television households. The portfolio includes 77 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station, as well as the largest Telemundo Affiliate group with 43 markets totaling nearly 1.5 million Hispanic TV Households.  The company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services.  Gray’s additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. Gray owns a majority interest in Swirl Films. For more information, please visit www.graymedia.com.

Gray Contacts:

Jeff Gignac, Executive Vice President, Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

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Atlanta, Georgia – June 20, 2024… Gray Television, Inc. (“Gray”) (NYSE: GTN) today
announced that it will promote three individuals to new leadership positions effective July 1, 2024, to
facilitate the Company’s expanding opportunities with new digital technologies including NextGenTV
and Generative Artificial Intelligence.

Mike Braun, our Chief Digital Officer, will be promoted from Senior Vice President to Senior
Managing Vice President. Over the past few years, Mike has led the tremendous expansion of Gray
Digital Media to encompass the local media operations acquired from Raycom Media, Quincy Media,
Meredith Local Media, among others, as well as the rapid deployment of Gray local news, sports, and
weather content and related sales products across hundreds of owned and non-owned streaming and
ConnectedTV (CTV) platforms. In addition to leading the Company’s digital initiatives, Mike has
served as the senior executive overseeing Rockford and Peoria markets and as a member of the boards
of directors of Syncbak and Optic Gaming.

Claire Magee Ferguson will become Vice President, Assistant General Counsel and Senior
Technology Counsel. Throughout her career, Claire has provided critical legal counsel to the managers
of television stations owned by Allbritton Communications, Raycom Media, and, for the past five years,
Gray. More recently, Claire has taken the lead on the Company’s privacy initiatives and its AI Policy
Committee. Her leadership positioned Gray to be the first broadcaster to publish Guidelines for Use of
Generative AI, which ensure that Gray-originated news content is created by our journalists rather than
AI. In her new role, Claire will oversee legal and policy matters related to various technology
initiatives across the Company, primarily associated with Generative AI and NextGenTV.

Lee Zurik will become Senior Vice President, News Strategy and Innovation. For the past
several years, Lee has become one of the nation’s most well-known and awarded investigative
journalists through his roles as the Company’s Vice President of Investigations and as the co-host of
Gray’s weekday magazine program InvestigateTV+. In this newly created role, Lee will report to Chief
Operating Officer Sandy Breland and lead the development and implementation of strategies to expand
and leverage Gray-produced content across all linear, digital, CTV, and NextGenTV platforms and
manage the responsible use of Generative AI in Gray-produced content. Along with these expanded
duties, Lee will continue to oversee Gray’s National Investigative Unit and serve as an anchor and
Chief Investigative Reporter at WVUE in New Orleans.

About Gray:
Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. Gray is the
nation’s largest owner of top-rated local television stations and digital assets. Its television stations
serve 114 television markets that collectively reach approximately 36 percent of US television
households. This portfolio includes 79 markets with the top-rated television station and 102 markets
with the first and/or second highest rated television station. Gray also owns video program companies
Raycom Sports, Tupelo Media Group, and PowerNation Studios, as well as the studio production
facilities Assembly Atlanta and Third Rail Studios. Gray owns a majority interest in Swirl Films. For
more information, please visit www.gray.tv.

Gray Television Contacts:
Kevin Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
Sandy Breland, Chief Operating Officer, 404-266-8333

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Atlanta, Georgia – June 18, 2024. . . Gray Television, Inc. (“Gray”) (NYSE: GTN)

announced today the expiration and final results of its previously announced offer to purchase for

cash (the “Tender Offer”) any and all of its outstanding 5.875% Senior Notes due 2026 (the

“Notes”), subject to certain terms and conditions set forth in the Offer to Purchase dated May 20,

2024 (the “Offer to Purchase”).

According to information provided by D.F. King & Co., Inc., the Information Agent and

Tender Agent for the Tender Offer, as of 11:59 p.m., New York City time, on June 17, 2024

(such date and time, the “Expiration Date”), no additional Notes have been validly tendered and

not withdrawn after the early tender date, which was at 11:59 p.m., New York City time, on June

3, 2024, and prior to the Expiration Date. As a result, Gray is not purchasing any additional

Notes, and $9,968,000 principal amount of the Notes remain outstanding following the

Expiration Date.

Gray retained Truist Securities, Inc., BofA Securities, Inc. and Wells Fargo Securities,

LLC to serve as Dealer Managers for the Tender Offer. D.F. King & Co. was retained to serve

as the Information Agent and Tender Agent for the Tender Offer. Questions regarding the

Tender Offer may be directed to Truist Securities, Inc. at 3333 Peachtree Road, Atlanta, Georgia

30326, telephone (404) 926-5262 (collect) Attn: Jim Gibbs. Requests for the Offer to Purchase

may be directed to D.F. King & Co. at (888) 887-0082 (toll-free) or (212) 269-5550 (collect for

banks and brokers), and at GTN@dfking.com.

This press release is for informational purposes only and does not constitute an offer to

purchase, or a solicitation of an offer to purchase, any securities or an offer to sell, or the

solicitation of an offer to sell, any securities, nor does it constitute an offer or solicitation in any

jurisdiction in which such offer or solicitation is unlawful.

Forward-Looking Statements:

This press release contains certain forward-looking statements that are based largely on

Gray’s current expectations and reflect various estimates and assumptions by Gray. These

statements are statements other than those of historical fact and may be identified by words such

as “estimates,” “expect,” “anticipate,” “will,” “implied,” “intend,” “assume” and similar

expressions. Forward-looking statements are subject to certain risks, trends and uncertainties

that could cause actual results and achievements to differ materially from those expressed in such

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forward-looking statements. Such risks, trends and uncertainties, in some instances, are beyond

Gray’s control. Gray is subject to additional risks and uncertainties described in Gray’s quarterly

and annual reports filed with the Securities and Exchange Commission from time to time,

including in the “Risk Factors,” and management’s discussion and analysis of financial condition

and results of operations sections contained therein, which reports are made publicly available

via its website, www.gray.tv. Any forward-looking statements in this communication should be

evaluated in light of these important risk factors. This press release reflects management’s views

as of the date hereof. Except to the extent required by applicable law, Gray undertakes no

obligation to update or revise any information contained in this communication beyond the date

hereof, whether as a result of new information, future events or otherwise.

About Gray:

Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. Gray

is the nation’s largest owner of top-rated local television stations and digital assets. Its television

stations serve 114 television markets that collectively reach approximately 36 percent of US

television households. This portfolio includes 79 markets with the top-rated television station

and 102 markets with the first and/or second highest rated television station. Gray also owns

video program companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, as

well as the studio production facilities Assembly Atlanta and Third Rail Studios. Gray owns a

majority interest in Swirl Films. For more information, please visit www.gray.tv.

Gray Contacts:

Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828

Jeff Gignac, Executive Vice President, Finance, 404-504-9828

Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

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April 16, 2024 07:00 ET| Source: Gray Television, Inc.

ATLANTA, April 16, 2024 (GLOBE NEWSWIRE) — The National Association of Broadcasters Leadership Foundation (“NABLF”) selected two television stations owned by Gray Television, Inc. (NYSE: GTN) for this year’s coveted Service to America Awards. The NABLF’s Service to America Awards recognize outstanding community service by local broadcasters each year for their exemplary service to their communities. The NABLF recognizes the winners in each category at an in-person gala in Washington, DC, on June 4, 2024.

WANF (CBS) in Atlanta, Georgia, won the Large Market category for its investigative series “In Plane Sight: an investigation into racial profiling at airports by TSA and DEA.” Atlanta News First Investigates exposed plainclothes drug agents seizing money from innocent passengers at Hartsfield-Jackson Airport, the busiest airport in the world. By employing special investigative techniques to uncover the drug agents and their methods — and using a 360-degree camera, WANF Chief Investigator Brendan Keefe was able to hold local police and the federal government accountable for taking millions in cash from people who were never arrested or charged with crimes, most of whom were people of color. Congress is now poised to pass The FAIR Act, a proposed new law that would no longer force airline passengers to prove themselves innocent just to keep their own money.

WJHG (NBC) in Panama City, Florida, won the Small Market category for its community service program “Chapter Chat,” a campaign to close the reading gap among children that was further widened after Hurricane Michael and the pandemic. This effort began after the WJHG news team reported less than half of third graders in Bay County, Florida could read on grade level, and over 900 children were considered homeless. While the news team asked tough questions to school officials, they also sought solutions. They created the Chapter Chat book club to promote reading and encourage using the public library, they held a book drive that collected over 1000 books for F.L.O.W., a free library on wheels that distributes books to children, and they read to children at local schools. Library officials credit the Chapter Chat campaign with helping improve visitation by almost 20 percent, and they report a 14 percent increase in library card holders since the campaign started. The station’s campaign also helped them secure a grant to get more books in circulation.  WJHG-TV previously won the Service to Community Award for Small Market Television in 2020 for its enterprise series “Remembering the Forgotten” about the lack of federal aid following Hurricane Michael in 2018.

“We are very proud of the great journalism across our company and industry that leads to actual results that improve local communities,” said Gray Executive Chairman and CEO Hilton H. Howell Jr. “We salute all of our honorees and especially Gray television stations WANF and WJHG for their continued commitment to quality journalism.”

About Gray:

Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. Gray is the nation’s largest owner of top-rated local television stations and digital assets. Its television stations serve 114 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 79 markets with the top-rated television station and 102 markets with the first and/or second highest rated television station. Gray also owns video program companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios.   Gray owns a majority interest in Swirl Films. For more information, please visit www.gray.tv.

Gray Contact:

Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

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January 30, 2024 06:45 ET

ATLANTA, Jan. 30, 2024 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray,” “we,” “us” or “our”) (NYSE: GTN) announced today that it is proposing, subject to market and other conditions, to refinance certain of its existing senior credit facilities (the “Senior Credit Facilities”). Gray also announced updates to certain of its previously announced guidance for the fourth quarter of 2023, based on preliminary information available to date.

Refinancing. Today, Gray commenced a process through which it expects to amend certain terms of its $1.19 billion term loan and $500 million revolving credit facility due 2026, including extending the maturity of its $1.19 billion term loan from January 2026 to July 2029 and its $500 million revolving credit facility from January 2026 to December 2027. We cannot provide any assurance about the timing, terms, or interest rate associated with the planned financing, or that the financing transactions will be completed.

Updated Guidance. Gray initially issued guidance for fourth quarter 2023 on November 8, 2023. While Gray is continuing the process of finalizing its financial results for the fourth quarter of 2023, Gray provides the following updates to its guidance on its estimated results of operations representing the most current information and estimates available to Gray as of the date of this release.

As of December 31, 2023, we currently expect to report approximately:

• $21 million of cash on hand
• $2,660 million principal amount of secured debt; and
• $6,210 million principal amount of total debt (excluding unamortized deferred financing costs and premium). 

We currently anticipate that we will record a pre-tax, non-cash impairment of $21 million for certain investments made prior to calendar year 2023. In addition, we anticipate that our total leverage ratio, as defined under our Senior Credit Facility, measured on a trailing eight quarter basis, netting all cash on hand, and giving pro forma effect for all acquisitions completed through the date of this release, will be between 5.60 times and 5.65 times as of December 31, 2023.

We have not yet completed our normal financial closing and review process; therefore, these estimates are subject to change upon finalization. As a result, our actual results may be different and such differences could be material. Investors should exercise caution in relying on the information contained herein and should not draw any inferences from this information regarding financial or operating data that is not presented below.

Anticipated BMI Proceeds. We expect to receive approximately $110 million in pre-tax cash proceeds upon the closing of the previously announced sale of Broadcast Music, Inc. (“BMI”) to a shareholder group led by New Mountain Capital, LLC. Gray’s equity ownership in BMI began decades ago and has increased through various acquisitions of other broadcast stations and companies over the years. We understand that BMI’s sale remains subject to customary regulatory and other approvals and is currently expected to close by the end of the first quarter 2024. We intend to use the proceeds for general corporate purposes, which may include the repayment of debt. 

About Gray:

Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. Gray is the nation’s largest owner of top-rated local television stations and digital assets in the United States. Its television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 102 markets with the first and/or second highest rated television station. Gray also owns video program companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios. Gray owns a majority interest in Swirl Films. For more information, please visit www.gray.tv.

Cautionary Statements for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act

This press release contains certain forward-looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact, and may be identified by words such as “estimates,” “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control, include Gray’s current expectations and beliefs of operating results for the fourth quarter of 2023 or other periods, Gray’s ability to complete its proposed refinancing of its Credit Facilities and receive the anticipated proceeds from the sale of BMI, on the terms and within the timeframe currently contemplated, and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.gray.tv. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.

Gray Contacts:

Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333

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ATLANTA, November 8, 2023 — Gray Television, Inc. (“Gray”) (NYSE: GTN) announced today that its Board of Directors has authorized a quarterly cash dividend of $0.08 per share of its common stock and Class A common stock. The dividend is payable on December 29, 2023, to shareholders of record at the close of business on December 15, 2023.

About Gray Television:

We are a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 102 markets with the first and/or second highest rated television station in 2022. We also own video program companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios. We own a majority interest in Swirl Films. For more information, please visit www.gray.tv.

Forward-Looking Statements:

This press release contains certain forward-looking statements that are based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are statements other than those of historical fact and may be identified by words such as “estimates”, “expect,” “anticipate,” “will,” “implied,” “assume” and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. Such risks, trends and uncertainties, which in some instances are beyond Gray’s control include Gray’s inability to provide expected future payment of dividends, and other future events. Gray is subject to additional risks and uncertainties described in Gray’s quarterly and annual reports filed with the Securities and Exchange Commission from time to time, including in the “Risk Factors,” and management’s discussion and analysis of financial condition and results of operations sections contained therein, which reports are made publicly available via its website, www.gray.tv. Any forward-looking statements in this communication should be evaluated in light of these important risk factors. This press release reflects management’s views as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.

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Gray Contacts:

www.gray.tv.

Jim Ryan, Executive Vice President and Chief Financial Officer, (404) 504-9828

Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, (404) 266-8333

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Atlanta, Georgia – October 17, 2023 . . . Gray Television, Inc. (NYSE: GTN) today

announced that it will release its earnings results for the quarter ended, September 30, 2023 on

Wednesday, November 8, 2023.

Earnings Conference Call Information

Gray Television, Inc. will host a conference call to discuss its operating results for the

quarter ended September 30, 2023, on Wednesday, November 8, 2023. The call will begin at

11:00 a.m. Eastern Time. The live dial-in number is 1-800-285-6670. The call will be webcast

live and available for replay at www.gray.tv. The taped replay of the conference call will be

available at 1-888-556-3470 Passcode: 898476# until December 8, 2023.

About Gray:

Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. Gray

is the nation’s largest owner of top-rated local television stations and digital assets in the United

States. Its television stations serve 113 television markets that collectively reach approximately

36 percent of US television households. This portfolio includes 80 markets with the top-rated

television station and 102 markets with the first and/or second highest rated television station. It

also owns video program companies Raycom Sports, Tupelo Media Group, and PowerNation

Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios.

Gray owns a majority interest in Swirl Films. For more information, please visit www.gray.tv.

Gray Contacts:

Jim Ryan, Executive Vice President, and Chief Financial Officer, 404-504-9828

Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333