Tag: Gray Television

Gray Television (GTN) – Leading The Industry

Posted on by cpereira@noblefcm.com


Tuesday, August 08, 2023

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. 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 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q2 results. The company reported Q2 revenue of $813 million, better than our estimate of $802 million; adj. EBITDA in the quarter was $225 million, beating our estimate of $187 million by 20%. Notably, Local and National core advertising revenues performed strongly, increasing in the low single-digits from the prior year period. 

Positive momentum. In our view, the company’s Local and National core advertising growth was impressive, with many industry peers reporting declines. Notably, management highlighted that National and Local advertising are pacing up in Q3 as well. We believe the company has favorable operating momentum, given its resilient advertising revenues and expected influx of political revenue later this year and in 2024.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Gray Television (GTN) – Core Advertising Outshines The Industry

Posted on by cpereira@noblefcm.com


Monday, August 07, 2023

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. 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 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q2 results. The company reported Q2 revenue of $813 million, a tad better than our estimate of $802 million; adj. EBITDA in the quarter was $225 million, beating our estimate of $187 million by 20%. Q2 results are Illustrated in Figure #1 Results. Notably, Local and National core advertising revenues performed strongly, increasing in the low single-digits from the prior year period. Additionally, Political revenue in the quarter was a strong $12 million, beating our estimate of $6 million by 100%.

Positive momentum.  In our view, the company’s Local and National advertising growth was impressive, with many industry peers reporting declines. Notably, management highlighted that National and Local advertising are pacing up in Q3 as well. We believe the company has favorable operating momentum, given its resilient advertising revenues and expected influx of political revenue later this year and in 2024.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Sandy Breland Named Gray’s Chief Operating Officer

Posted on by aweinsoff@channelchek.com

Research News and Market Data on GTN

Sandy Breland Named Gray’s Chief Operating Officer

May 22, 2023 07:00 ET|

ATLANTA, May 22, 2023 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) promoted Sandy Breland from Senior Managing Vice President to the role of Executive Vice President and Chief Operating Officer, effective today. Sandy succeeded Bob Smith, who recently retired after a long career with Gray in various capacities.

“Sandy has vast talents and experience in leading local news-focused operations that have earned her enormous respect within Gray and throughout our industry,” explained Gray’s Executive Chairman Hilton H. Howell. “She is the natural choice to lead Gray’s unique portfolio of leading television stations, and we are thrilled to announce her promotion as our new Chief Operating Officer.”

In early 2019, Sandy joined Gray as a Senior Vice President of Local Media upon Gray’s acquisition of Raycom Media, where she served as a Group Vice President. In her current role, she has overseen a portfolio of television stations and local digital platforms in 16 markets as well as Gray’s Washington DC News Bureau, its National Investigative Unit, and news support services for all markets. Last year, she assumed oversight of Recruiting and Gray’s new in-house News Research and Consulting operation. Sandy also has oversight of InvestigateTV, a weekly program airing across Gray’s stations.

Sandy has over 30 years of experience in local broadcasting and has received some of the industry’s highest honors. Her career has included General Manager of WVUE-TV (Fox) in New Orleans, Louisiana, and WAFB/WBXH in (CBS/MyNetwork) Baton Rouge, Executive News Director of KTVK-TV (Arizona’s Family TV3) in Phoenix, Arizona, and Executive News Director of WWL-TV (CBS) in New Orleans.

Sandy was honored with a Peabody and an Edward R. Murrow award for her planning and execution of Hurricane Katrina coverage during her time at WWL-TV. She proudly serves on the Board of Directors for the Carole Kneeland Project for Responsible Journalism. Sandy is a recipient of the RTNDF’s First Amendment Award and the Society of Professional Journalists’ Sigma Delta Chi Award for public service. In addition to a Bachelor’s in Journalism from Loyola University-New Orleans, she has attended continuing education sessions at Columbia University’s Sulzberger Leadership Program, Missouri University’s Management Program for Broadcast Professionals, and the Poynter Institute.

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 Contact

Hilton H. Howell, Jr., Executive Chairman and Chief Executive Officer, 404-266-5513

Pat LaPlatney, President and Co-Chief Executive Officer, 334-206-1400

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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Gray Television (GTN) – Compelling Total Return Potential

Posted on by cpereira@noblefcm.com


Tuesday, May 09, 2023

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. 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 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q1 results. The company reported quarterly revenue of $801 million, 2.9% better than our estimate of $778.5 million, and adj. EBITDA of $162 million, which was in line with our estimate. Results are illustrated in Figure #1 Q1 Results. While all business segments reported stronger than expected revenues, political revenues of $8 million was the biggest surprise versus our estimate of $2 million. 

Favorable advertising momentum. In spite of the macroeconomic headwinds core advertising is pacing ahead of last year. We believe that a good portion of its positive advertising momentum is coming from revenue synergies. In addition, Auto advertising appears to be rebounding, pacing up double-digits. Looking ahead, the company is also likely to benefit from annual Net Retransmission revenue growth, when it renews 58% of its MVPD contracts later this year. Moreover, management expects Net Retransmission revenue growth to accelerate in 2024. 


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Gray Television (GTN) – Core Advertising Is Outpacing Its Peers

Posted on by cpereira@noblefcm.com


Monday, May 08, 2023

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. 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 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q1 results. The company reported quarterly revenue of  $801 million, 2.9% better than our estimate of $778.5 million, and adj. EBITDA of $162 million, which was in line with our estimate. Results are illustrated in Figure #1 Q1 Results. While all business segments reported stronger than expected revenues, political revenues of $8 million was the biggest surprise versus our estimate of $2 million. 

Favorable momentum. In spite of the macroeconomic headwinds, Q2 core advertising pacing is up a surprising 4%. We believe that a good portion of its positive advertising momentum is coming from revenue synergies. In addition, Auto advertising appears to be rebounding, pacing up double-digits. Looking ahead, the company is also likely to benefit from annual Net Retransmission revenue growth, when it renews the majority of its MVPD contracts later this year. Moreover, management expects Net Retransmission revenue growth to accelerate in 2024.  


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Gray Television (GTN) – Not Anticipating The R Word

Posted on by cpereira@noblefcm.com


Monday, February 27, 2023

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. 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 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4. The company capped off a record Political revenue year with solid Q4 results. Revenue of $1.072 billion and Adj. EBITDA of $465 million compared favorably to our revenue forecast of $1.017 billion and our adj. EBITDA forecast of $397 million.

What recession? Management appears sanquine about the economic outlook for 2023 and its fundamentals. The company should benefit from favorable Retrans revenue growth from rate step-ups and contract renewals. Notably, 22% of the company’s MVPD contracts are up for renewal in Q1. Moreover, the company’s presence in small to medium sized markets means its advertising revenue is predominantly local, which has been less affected by the macroeconomic headwinds so far.


Get the Full Report

Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

Release – Gray Renews All ABC Affiliation Agreements

Posted on by aweinsoff@channelchek.com

Research, News, and Market Data on GTN

November 29, 2022 10:00 ET | Source: Gray Television, Inc.

ATLANTA, Nov. 29, 2022 (GLOBE NEWSWIRE) — Gray Television, Inc. (NYSE: GTN) announced today that it has entered into agreements with The Walt Disney Company that extend and renew the network affiliations for all of Gray’s ABC affiliated television stations across 25 markets through December 31, 2024.

“We are pleased to announce the further extension of our decades-long relationship with Disney for ABC station affiliations,” said Gray’s President and Co-CEO, Pat LaPlatney. “These agreements recognize our ABC affiliates’ commitment to public service and will help them continue to serve their communities.”

“We are excited to continue our strong and well-established collaboration with Gray Television,” said John Rouse, EVP, Affiliate Relations, The Walt Disney Company. “These stations are leaders in their communities, and we are proud to have ABC’s unrivaled network programming paired with Gray’s local programming and community commitment.” 

The ABC affiliated television stations covered by the new agreements are as follows:

StationDMA Name
WWSBTampa-St. Pete (Sarasota)
WBAY-TVGreen Bay-Appleton
WTVGToledo
KSPR-LDSpringfield, MO
KCRG-TVCedar Rapids
KOLO-TVReno
KTRE & KLTVTyler-Longview
WPTAFt. Wayne
KSFY & KPRYSioux Falls
WGGB-TVSpringfield-Holyoke, MA
WEEK-TVPeoria
WTVMColumbus, GA-Opelika, AL
KNOEMonroe – El Dorado
KSWOWichita Falls & Lawton
WALB-D2Albany, GA
WLOXBiloxi-Gulfport
WCJB-TVGainesville
WDAM-D2Hattiesburg-Laurel
KOTA-TV, KHSD-TV and KSGW-TVRapid City
WHSV-TVHarrisonburg
KAITJonesboro
WBKOBowling Green
KGNS-TVLaredo
KJCT-LDGrand Junction-Montrose
WTOK-TVMeridian

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 100 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. For more information, please visit www.gray.tv.

Gray Contact:

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

Gray Television (GTN) – Learns A Hard Lesson On Forecasting Political

Posted on by cpereira@noblefcm.com


Monday, November 07, 2022

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. 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 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Q3 below expectations. The company reported Q3 revenue of $909 million, 4% below our estimate of $948 million. The revenue variance was due to lower than expected Political advertising. Adj. EBITDA of $336 million was 11% below our estimate of $377 million, surprisingly good given the absence of $50 million in high margin revenue.



Political below forecast. The quarterly miss was due primarily to lower-than-expected Political revenue, $144 million compared with our estimate of $194 million. Political advertising shifted toward some of the tight races in larger markets. Nonetheless, for the first nine months of the year, Political revenue was just 3.5% below the cyclical high Presidential election of 2020, on a combined historic basis. 


Get the Full Report

This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.