ATLANTA, Dec. 16, 2025 (GLOBE NEWSWIRE) -- Bahakel Communications, Limited has reached an agreement to sell its Jackson, Tennessee, ABC affiliate WBBJ-TV, known locally as WBBJ 7, to Gray Media, Inc. Since its launch 70 years ago, WBBJ 7 has been the most-watched local news television station in its market. Upon closing, the station will join Gray’s portfolio of leading local news television stations across the country and throughout the region, including in the adjacent markets of Nashville, Memphis, Hunt ...

ATLANTA, Dec. 12, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray”) (NYSE: GTN) announced today that it has completed its previously announced offering of $250,000,000 aggregate principal amount of additional 9.625% senior secured second lien notes due 2032 (the “Additional Notes”) pursuant to Purchase Agreements, dated December 5, 2025 (the “Purchase Agreements”), by and among Gray, the guarantors party thereto and the purchasers named therein. The Additional Notes were issued at 102.000% of par plus acc ...

ATLANTA, Dec. 11, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. is marking the 250th anniversary of the United States of America with a company-wide storytelling project that showcases how local people, places, and moments have shaped the American story. Through its “We the People” initiative, Gray stations across the country are producing hundreds of original stories that connect national history to hometown experiences. “America 250 is not just about a date on the calendar; it’s about who we are as a country ...

ATLANTA, Dec. 08, 2025 (GLOBE NEWSWIRE) -- Gray Media, Inc. (“Gray”) (NYSE: GTN) announced today it entered into purchase agreements (the “Purchase Agreements”) with certain accredited investors (collectively, the “Investors”), pursuant to which Gray agreed to sell to the investors, in a private placement transaction (the “Offering”), $250 million aggregate principal amount of 9.625% senior secured second lien notes due 2032 (the “Additional Notes”). The Additional Notes will be part of the same issuance of ...

Core Viewpoint - The broadcast television industry is facing pressure to consolidate due to declining pay-TV subscriptions and the rise of streaming services, with companies like Sinclair and Nexstar actively pursuing mergers to enhance profitability and negotiating power [1][5][6]. Group 1: Industry Dynamics - Nexstar Media Group announced a proposed $6.2 billion acquisition of Tegna, which would combine over 260 broadcast stations across the U.S. [1] - Sinclair Broadcast Group made a hostile offer to acquire E.W. Scripps after acquiring nearly 10% of the company [2][11]. - Broadcast station owners are experiencing profitability challenges as the number of traditional pay-TV subscribers decreases, with retransmission fees accounting for 33% to 50% of their annual revenue [4][5]. Group 2: Consolidation Efforts - The need for consolidation among broadcast station owners is driven by the desire to cut duplicate costs and increase scale, especially as major media companies plan their own mergers [6][21]. - Sinclair has been seeking acquisition targets for nearly a year and has engaged in discussions with potential partners, including Gray Media and Scripps [8][9][11]. - Sinclair's acquisition discussions with Scripps faced complications due to governance and cultural issues, particularly regarding the conservative politics of Sinclair's controlling family [14][15]. Group 3: Regulatory Environment - The FCC currently restricts any one company from owning broadcast stations that reach more than 39% of U.S. TV households, which poses a challenge for Nexstar's acquisition of Tegna [21][22]. - Sinclair believes its proposed merger with Scripps would easily gain regulatory approval, while Nexstar's deal may require lifting or waivers of existing FCC rules [22][23]. - The Department of Justice has been slow in approving deals in the industry, adding another layer of complexity to potential mergers [25]. Group 4: Market Reactions - Scripps adopted a shareholder rights plan, or "poison pill," in response to Sinclair's acquisition proposal, aiming to protect shareholder value [16][17]. - Concerns have been raised about potential insider trading related to Sinclair's stock purchases of Scripps, given the nondisclosure agreement signed during early deal discussions [18][20]. - Industry advocates argue that lifting ownership caps would allow local broadcasters to invest in journalism and compete effectively in the evolving media landscape [30].

Core Points - Gray Media has entered into an agreement with the Ohio Valley Conference (OVC) to broadcast OVC basketball across 20 markets in five states [1] - The broadcast will be part of a multi-year contract with ESPN, allowing for national simulcasting on ESPN+ and availability through the ESPN app without digital blackouts [1] - Gray Media's Tennessee Valley Sports & Entertainment Network will specifically feature three Tennessee institutions, enhancing local engagement [2] Company Overview - Gray Media, Inc. is the largest owner of top-rated local television stations in the U.S., reaching approximately 37% of U.S. television households [9] - The company operates in 113 television markets, with 78 markets having the top-rated television station and 99 markets with the first or second highest-rated station [9] - Gray Media also owns Gray Digital Media, which provides advanced digital marketing strategies, and has various media properties including video production companies and studio facilities [9] Ohio Valley Conference Details - The OVC was founded in 1948 and is the eighth-oldest Division I athletic conference, known for its national championships in various sports [6] - The conference sponsors 19 championship sports and consists of 11 member institutions across six states [7] - OVC has a history of promoting sportsmanship and ethical conduct, having implemented a Sportsmanship Statement in 1995 [6]

Core Points - The Memphis Grizzlies, Gray Media, and FanDuel Sports Network are partnering to simulcast seven Grizzlies games this season, expanding access for fans across multiple states [1][4] - Gray Media will broadcast these games free over-the-air in Tennessee's largest media markets, including Memphis, Nashville, and Knoxville, with plans to extend to additional markets [1][3] - The broadcast schedule includes specific dates and times for each game, with local over-the-air simulcast distribution as part of the NBA's agreement with Main Street Sports Group [6] Company Overview - Gray Media, Inc. is the largest owner of top-rated local television stations in the U.S., reaching approximately 37% of U.S. television households [5] - The company operates in 113 television markets and includes a significant number of top-rated stations, as well as a full-service digital agency [5]

Core Insights - Gray Media, Inc. reported better-than-expected results for Q3, with losses of 24 cents per share, surpassing the analyst consensus estimate of 34 cents per share [1] - The company achieved quarterly sales of $749 million, exceeding the analyst consensus estimate of $745.047 million [1] - For FY2025, Gray Media projects sales between $3.070 billion and $3.085 billion, which is below market estimates of $3.109 billion [1] Stock Performance - Following the earnings announcement, Gray Media shares increased by 1.6%, trading at $4.8950 [2] Analyst Ratings and Price Targets - Wells Fargo analyst Steven Cahall maintained an Equal-Weight rating on Gray Media and raised the price target from $5 to $5.5 [4] - Benchmark analyst Daniel L. Kurnos maintained a Buy rating and increased the price target from $9 to $10 [4]

Core Insights - Gray Television met Wall Street's revenue expectations for Q3 CY2025, reporting sales of $749 million, a 21.2% year-on-year decline [1][6] - The company's Q4 CY2025 revenue guidance of $774.5 million fell 4.8% short of analysts' estimates [1][6] - GAAP loss per share was $0.24, exceeding analysts' consensus estimates by 50% [1][6] Financial Performance - Revenue: $749 million vs analyst estimates of $746.1 million, reflecting a 21.2% year-on-year decline [6] - EPS (GAAP): -$0.24 vs analyst estimates of -$0.48, a 50% beat [6] - Adjusted EBITDA: $157 million vs analyst estimates of $138.8 million, representing a 21% margin and a 13.1% beat [6] - Revenue Guidance for Q4 CY2025: $774.5 million at the midpoint, below analyst estimates of $813.3 million [6] - Operating Margin: 13.6%, down from 26.3% in the same quarter last year [6] - Market Capitalization: $496.3 million [6] Management Insights - Management credited disciplined expense management and operational efficiency for outperforming consensus expectations, with operating expenses $17 million below guidance [3][5] - The company experienced higher-than-expected political ad revenue and early signs of improvement in core advertising categories [3] - Investments in local content, new sports partnerships, and digital initiatives are expected to support future growth [4][5] Strategic Initiatives - Gray Television is accelerating M&A efforts to acquire top-ranked local news stations in six new markets, aiming to create 11 new Big Four network duopolies [7] - Continued double-digit growth in legal advertising and high single-digit growth in financial services were noted, helping to counteract weakness in automotive advertising [7] - The Assembly Atlanta studio investment, totaling around $650 million, is expected to become a significant cash flow contributor over the next 12 to 24 months [8]

Core Insights - Gray Television's shares increased by 6.8% after reporting third-quarter financial results that exceeded profitability expectations despite a decline in sales [1][2] - The company reported revenue of $749 million, aligning with Wall Street expectations, but experienced a GAAP loss of $0.24 per share, which was better than the anticipated loss of $0.48 per share [2] - Adjusted EBITDA was 16.7% higher than estimates, indicating strong cash flow performance [2] - Sales fell by 21.2% year-over-year, and the revenue guidance for the next quarter was nearly 5% below analysts' estimates, raising concerns [2] Market Reaction - Shares closed at $4.82, reflecting a 4.2% increase from the previous close, indicating investor focus on profitability despite sales decline [3] - The stock has shown extreme volatility, with 46 moves greater than 5% in the past year, suggesting that the market views the recent news as significant but not fundamentally altering its perception of the business [4] Broader Market Context - The tech-heavy Nasdaq index fell approximately 1.4%, indicating a wave of caution in the market, particularly affecting high-growth technology companies [5] - Leadership at Goldman Sachs and Morgan Stanley suggested a potential correction in equity markets over the next couple of years, viewing this cooling-off period as a healthy aspect of a long-term bull market [6]