In connection with the offering of notes, Gray expects to (i) incur up to $750 million of a new tranche F term loan with a maturity date in 2029, (ii) increase the aggregate commitments under its existing $625 million revolving credit facility by $55 million, resulting in aggregate commitments under the revolving credit facility of $680 million and (iii) terminate commitments under a $72.5 million tranche of the revolving credit facility maturing in 2026 (collectively, the "Credit Agreement Refinancing"). T ...

ATLANTA, May 20, 2024 (GLOBE NEWSWIRE) -- Gray Television, Inc. ("Gray," "we," "us" or "our") (NYSE: GTN) announced today that it intends to offer up to $1 billion aggregate principal amount of senior secured first lien notes due 2029, subject to market conditions. The offering will be exempt from the registration requirements of the Securities Act of 1933 (the "Securities Act"). In connection with the offering of notes, Gray expects to (i) incur up to $750 million of a new tranche F term loan with a maturi ...

Investors interested in Broadcast Radio and Television stocks are likely familiar with Gray Television (GTN) and Netflix (NFLX) . But which of these two stocks presents investors with the better value opportunity right now? Let's take a closer look. We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank emphasizes companies with positive estimate revision trends, and our S ...

ATLANTA, May 15, 2024 (GLOBE NEWSWIRE) -- Gray Television, Inc. ("Gray," the "Company," "we," or "our") (NYSE:GTN) announced today the commencement of a refinancing process for its existing $1.15 billion term loan due 2026 and up to $450 million of its 5.875% senior notes due 2026, with the goal of extending a significant portion of its near-term debt maturities. Overall, the Company is targeting refinancing that outstanding debt with approximately $750 million of new senior secured term loans maturing in 2 ...

ATLANTA, May 13, 2024 (GLOBE NEWSWIRE) -- Gray Television Inc. ("Gray") (NYSE:GTN) is pleased to announce an agreement to bring select American Association of Professional Baseball (AAPB) games to free, over-the-air local television stations in multiple Midwestern markets and across three of Gray's local sports networks: Arizona Family Sports in Arizona, Peachtree Sports Network in Georgia, and Silver State Sports and Entertainment Network in Nevada. The AAPB is a Professional Partner League of Major League ...

ATLANTA, May 08, 2024 (GLOBE NEWSWIRE) -- 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 June 28, 2024, to shareholders of record at the close of business on June 14, 2024. About Gray Television: We are a multimedia company headquartered in Atlanta, Georgia and the nation's largest owner of top- rated local television stations and digital ...

Gray Television, Inc. (NYSE:GTN) Q1 2024 Earnings Conference Call May 7, 2024 10:00 AM ET Company Participants Hilton Howell - Chairman and CEO Kevin Latek - Chief Legal and Development Officer Jim Ryan - CFO Pat LaPlatney - President and Co-CEO Sandy Breland - Chief Operating Officer Jeff Gignac - EVP, Finance Conference Call Participants Daniel Kurnos - Benchmark Aaron Watts - Deutsche Bank Steven Cahall - Wells Fargo Craig Huber - Huber Research Jim Goss - Barrington Research John Kornreich - JK Media Da ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q (Mark one) ☒ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from _________ to _________ . Commission file number: 1-13796 | Gray Television, Inc. | | | --- | --- | | (Exact name of registrant as specified in its charter) | ...

Financial Performance - Total revenue for Q1 2024 was $823 million, a 3% increase from Q1 2023[9] - Core advertising revenue reached $372 million, up $15 million or 4% compared to Q1 2023[3] - Net income attributable to common stockholders was $75 million, or $0.79 per fully diluted share, compared to a loss of $44 million, or $0.48 per share in Q1 2023[9] - Adjusted EBITDA increased by 21% to $197 million in Q1 2024[9] - Total revenue for the three months ended March 31, 2024, was $823 million, a 3% increase from $801 million in the same period of 2023[20] - Core advertising revenue increased by 4% to $372 million compared to $357 million in Q1 2023[20] - Political advertising revenue surged by 238% to $27 million from $8 million in the prior year[20] - Net income for Q1 2024 was $88 million, a significant recovery from a net loss of $31 million in Q1 2023, representing a 384% increase[20] - Adjusted EBITDA rose by 21% to $197 million, up from $163 million in the same quarter last year[20] - Net income for the three months ended March 31, 2024, was $88 million, compared to a loss of $31 million in the same period of 2023[37] - Adjusted EBITDA for the same period was $197 million, up from $163 million in Q1 2023, representing a 20.9% increase[37] Revenue Projections - Political advertising revenue is expected to be 55% to 72% higher in Q2 2024 compared to Q2 2020[4] - The company anticipates total revenue for Q2 2024 to range between $828 million and $846 million[13] Debt and Leverage - As of March 31, 2024, the leverage ratio was 5.63 to 1.00[14] - The company authorized a $250 million debt repurchase program through December 31, 2025[7] - The revolving credit facility was increased to $625 million, with a new $552.5 million facility maturing on December 31, 2027[6] - Long-term debt remained stable at $6.154 billion, slightly down from $6.160 billion at the end of 2023[22] - The total outstanding principal, including the current portion, was $6,206 million as of March 31, 2024[39] - The Leverage Ratio as of March 31, 2024, was 5.63, which is below the maximum permitted incurrence of 7.00 to 1.00[39] - The First Lien Leverage Ratio was 2.34, well within the maximum permitted incurrence of 4.00 to 1.00[39] - Total Adjusted Total Indebtedness was $6,078 million as of March 31, 2024[39] Operating Expenses and Cash Flow - Broadcasting operating expenses increased by 5% to $583 million, compared to $555 million in Q1 2023[20] - The company reported a net cash provided by operating activities of $68 million, down from $412 million in the same period last year[22] - As of March 31, 2024, cash on hand was $134 million, a significant increase from $21 million at the end of 2023[22] - Interest expense increased to $115 million in Q1 2024 from $104 million in Q1 2023, reflecting a 10.6% rise[37] - Depreciation for Q1 2024 was $36 million, slightly up from $35 million in Q1 2023[37] - The company paid $8 million in common stock dividends, an increase from $7 million in the same quarter of 2023[37] - The company reported a miscellaneous expense of $110 million in Q1 2024, compared to an income of $2 million in Q1 2023[37] Upcoming Events - The company plans to host a conference call on May 7, 2024, to discuss first-quarter operating results[27]

ATLANTA, May 07, 2024 (GLOBE NEWSWIRE) -- Gray Television, Inc. ("Gray," "we," "us" or "our") (NYSE:GTN) today announced financial results for the first quarter ended March 31, 2024, reflecting our total revenue of $823 million and total operating expenses (before depreciation, amortization and loss on disposal of assets) of $632 million. Overall, we believe that our businesses have started 2024 in a strong position. The first quarter of 2024 produced strong core advertising results, including $372 million ...