Group 1 - The FCC granted a waiver allowing Gray Media to acquire KXLT-TV in Rochester, Minnesota, marking the first approval of a new combination of two top-ranked television stations in over five years [1] - The approval process for this duopoly waiver was notably swift, taking only two months, which is the shortest processing time in FCC history for such a request [1] - Gray Media aims to enhance service for viewers in the Rochester market by leveraging the combined resources of KTTC-TV and KXLT-TV [2] Group 2 - Gray Media, Inc. is the largest owner of top-rated local television stations in the U.S., serving 113 television markets and reaching approximately 37% of U.S. television households [2] - The company operates in 78 markets with the top-rated television station and in 99 markets with the first or second highest-rated television station as of 2024 [2] - 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 [2]

Group 1 - The Federal Communications Commission (FCC) has granted a waiver to Gray Media, allowing the acquisition of KXLT-TV (FOX) in Rochester, Minnesota, where Gray already owns KTTC-TV (NBC) [1] - This approval marks the first FCC authorization for a new combination of two full-power, top-four ranked television stations in the same market in over five years [1] - The processing time for this duopoly waiver is noted to be the shortest in the history of the FCC [1] Group 2 - Gray Media, Inc. is the largest owner of top-rated local television stations and digital assets in the United States, serving 113 television markets that reach approximately 37% of US television households [2] - The company operates in 78 markets with the top-rated television station and in 99 markets with the first and/or second highest-rated television station during 2024 [2] - Gray Media also owns the largest Telemundo Affiliate group with 44 markets and has a full-service digital agency, Gray Digital Media, providing advanced digital marketing strategies [2]

ATLANTA, March 11, 2025 (GLOBE NEWSWIRE) -- For the first time, Atlanta Braves fans will be able to watch two Spring Training games in Spanish on Telemundo this March. As an extension of its broadcast deal to exclusively air ten Atlanta Braves Spring Training games in 2025, Gray Media will air two of these games simultaneously in Spanish across its 21 Telemundo Affiliate Stations across the Southeast: Sat., 3/15 vs Minnesota, 6:05pmSat., 3/22 vs Detroit, 1:05pm These games will air on the following Gray Med ...

ATLANTA, March 11, 2025 (GLOBE NEWSWIRE) -- For the first time, Atlanta Braves fans will be able to watch two Spring Training games in Spanish on Telemundo this March. As an extension of its broadcast deal to exclusively air ten Atlanta Braves Spring Training games in 2025, Gray Media will air two of these games simultaneously in Spanish across its 21 Telemundo Affiliate Stations across the Southeast: Sat., 3/15 vs Minnesota, 6:05pmSat., 3/22 vs Detroit, 1:05pm These games will air on the following Gray Med ...

Gray to Simulcast FanDuel Sports Network for Package of at Least Ten Games to Nearly Seven and a Half Million Television Households Across Eight StatesST. LOUiS, March 06, 2025 (GLOBE NEWSWIRE) -- The St. Louis Cardinals and Gray Media are thrilled to announce the broadcast of at least ten games, airing on KMOV (CBS) and Matrix Midwest in St. Louis, on Gray-owned or syndicated third-party television stations in Missouri, Illinois, Tennessee, Arkansas, Iowa, Indiana, Kentucky and Oklahoma serving nearly sev ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Of these, perhaps no stock market trend is more popular than value investing, which is a strategy that has proven to be successful in all sorts of market environments. Value investors rely on traditional forms of ...

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about Gray Media (GTN) .Gray Media currently has an average brokerage r ...

ATLANTA, March 04, 2025 (GLOBE NEWSWIRE) -- Gray Media has named Ellenann Yelverton as its General Counsel. Since the closing of the Gray/Raycom Media merger in 2019, Ellenann has overseen the company’s legal matters for its operating divisions as our Deputy General Counsel. Prior to the merger, she served as Raycom’s General Counsel and managed a host of legal matters for the company across a wide range of disciplines and through numerous acquisitions of television stations and related businesses. “Gray ...

Financial Data and Key Metrics Changes - Total revenue in Q4 2024 was $1 billion, an increase of 21% from Q4 2023 [12] - Net income attributable to common stockholders was $156 million in Q4 2024, compared to a net loss of $22 million in Q4 2023 [13] - Adjusted EBITDA was $402 million in Q4 2024, an increase of 86% from Q4 2023, primarily due to political advertising revenue [13] - Total principal debt was reduced by $520 million during 2024, exceeding the $500 million goal [14] Business Line Data and Key Metrics Changes - Political advertising revenue in Q4 2024 was $250 million, which displaced a significant amount of core advertising revenue [22] - Core advertising revenue guidance for Q1 2025 is expected to decline by 7% to 8% compared to Q1 2024, influenced by economic uncertainty and the Super Bowl airing on different networks [25][26] Market Data and Key Metrics Changes - The company noted hesitancy among automobile advertising customers due to economic factors, impacting core ad revenues [24] - The first quarter of 2025 is expected to show core advertising revenue down 3.3% to 4.6% when excluding Super Bowl and Leap Day impacts [27] Company Strategy and Development Direction - The company is focusing on enhancing local content offerings and has secured local sports rights, including the Atlanta Braves and Memphis Grizzlies [28] - The company is optimistic about future partnerships and developments at Assembly Studios, which are expected to contribute financially to the company [18][19] - Management is encouraged by potential regulatory reforms that could benefit local broadcasters and improve competitive positioning against tech giants [19][20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the recovery of the automobile advertising sector once economic uncertainties are resolved [46] - The company is focused on maintaining strong local reach and leveraging digital audiences for political advertising opportunities in 2026 [116] - Management believes that the company is well-positioned to navigate the evolving media landscape and capitalize on upcoming opportunities [136] Other Important Information - The company has a strong liquidity position with $135 million in cash and $680 million available in a revolving credit facility [34] - The Board declared a quarterly common dividend of $0.08 per share, indicating a cautious approach to cash management [36] Q&A Session Summary Question: Can core ads move to growth on a full-year basis? - Management is encouraged by second-quarter pacing and believes core ads can grow, particularly as certain challenged categories show improvement [44] Question: How will cost efficiencies impact expenses in Q1? - Approximately 2/3 to 75% of cost efficiencies are expected to flow through in Q1, with efforts to keep expense growth below inflation [48][49] Question: What is the total cost for the Assembly Atlanta project? - The total cost for the project is roughly $500 million [74] Question: How are you budgeting subscriber declines for this year? - The company expects the rate of subscriber declines to slow but is not projecting a material increase or decrease [91] Question: What deregulation opportunities exist beyond M&A? - Key opportunities include relaxing the one-to-a-market rule, addressing network-affiliate relationships, and advancing NEXTGEN TV [126] Question: How long until leverage reaches 4x? - It will take a few years to reach the 4x leverage goal, with political years providing significant cash flow [129]

Financial Data and Key Metrics Changes - Total revenue for Q4 2024 was $1 billion, an increase of 21% from Q4 2023 [12] - Net income attributable to common stockholders was $156 million in Q4 2024, compared to a net loss of $22 million in Q4 2023 [13] - Adjusted EBITDA was $402 million in Q4 2024, an increase of 86% from Q4 2023, primarily due to political advertising revenue [13] - Total principal debt was reduced by $520 million during 2024, exceeding the $500 million goal [14] Business Line Data and Key Metrics Changes - Political advertising revenue in Q4 2024 was $250 million, which displaced a significant amount of core advertising revenue [22] - Core advertising revenue showed hesitancy in Q4 2024, particularly among automobile advertising customers due to economic uncertainty [24] Market Data and Key Metrics Changes - Core advertising revenue for Q1 2025 is expected to decline by 7% to 8% compared to Q1 2024, influenced by political and economic uncertainty [25] - The company anticipates improvement in core advertising revenue pacing in Q2 2025 [44] Company Strategy and Development Direction - The company is focusing on enhancing local content offerings and expanding its sports broadcasting capabilities, including a deal to air Atlanta Braves games [15][16] - There is optimism regarding potential deregulation that could benefit local broadcasters and improve competitive positioning against tech giants [19][20] - The company is exploring partnerships for further development at Assembly Studios without significant capital expenditure [18][64] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the future, citing improvements in local sports broadcasting and potential regulatory changes that could benefit the company [19][20] - The company is preparing for the next political cycle in 2026, expecting significant cash flow from political advertising [34] Other Important Information - The company declared a quarterly common dividend of $0.08 per share, which is a small cash outflow [36] - The company is experiencing a decline in traditional MVPD subscribers but sees signs of improvement in subscriber retention rates [38] Q&A Session Summary Question: Can core ads move to growth on a full-year basis? - Management is encouraged by second-quarter pacing and believes core ads can grow, particularly as challenges in certain categories show improvement [44] Question: What factors are influencing expenses in Q1? - Approximately 2/3 to 75% of cost efficiencies are expected to flow through in Q1, with efforts to keep expense growth below inflation [48][49] Question: What is the total cost for the Assembly Atlanta project? - The total cost for the project is roughly $500 million [74] Question: How does the company view M&A opportunities with potential deregulation? - The company is open to smart deals and swaps, particularly if deregulation occurs, which could enhance local news content [86][120] Question: How is the company budgeting subscriber declines for this year? - The company expects the rate of subscriber declines to slow but is not projecting a material increase or decrease [91] Question: What are the expectations for network-affiliate relationships with deregulation? - The company is focused on relaxing market rules and improving network-affiliate relationships, particularly with virtual MVPDs [126]