Core Viewpoint - Gray Media, Inc. has appointed Kristy Santiago as the General Manager for KFVS (CBS and CW) in Cape Girardeau, Missouri, and WQWQ-LD (Telemundo) in Paducah, Kentucky, highlighting the company's commitment to strong leadership in its television stations [1][3]. Company Overview - 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 percent of US television households [5]. - The company operates 78 markets with the top-rated television station and 99 markets with the first and/or second highest-rated television station as of 2024 [5]. - Gray Media also has the largest Telemundo Affiliate group, comprising 44 markets, and owns Gray Digital Media, which provides advanced digital marketing strategies [5]. Leadership Experience - Kristy Santiago brings decades of experience in television station management and sales operations, having overseen operations for multiple networks across various markets [3]. - She has played a key role in launching several Telemundo, CW, and FOX affiliations, demonstrating her expertise in the industry [3]. Community Involvement - In addition to her professional achievements, Kristy has been active in industry and community organizations, serving on boards such as the California Broadcasters Association, Girls Inc., and Goodwill Central Coast [4].

Company Performance - Gray Media (GTN) closed at $4.91, reflecting a +2.29% increase from the previous day, outperforming the S&P 500's gain of 0.64% [1] - The stock has risen by 4.58% over the past month, contrasting with the Consumer Discretionary sector's slight loss of 0.05% and the S&P 500's gain of 0.55% [1] Earnings Expectations - The upcoming earnings report is anticipated to show an EPS of -$0.05, representing a decline of 103.14% compared to the same quarter last year [2] - For the full year, analysts expect earnings of -$1.4 per share and revenue of $0 million, indicating changes of -141.67% and 0% respectively from the previous year [2] Analyst Estimates - Recent changes to analyst estimates for Gray Media are crucial as they reflect the evolving business trends, with positive adjustments indicating analyst optimism [3] - The Zacks Consensus EPS estimate has remained unchanged over the past month, and Gray Media currently holds a Zacks Rank of 3 (Hold) [5] Valuation Metrics - Gray Media has a Forward P/E ratio of 1.95, which is significantly lower than the industry average Forward P/E of 11.87 [5] Industry Context - The Broadcast Radio and Television industry, part of the Consumer Discretionary sector, has a Zacks Industry Rank of 182, placing it in the bottom 26% of over 250 industries [6] - Research indicates that the top 50% rated industries outperform the bottom half by a factor of 2 to 1 [6]

Group 1 - Gray Media, Inc. and NBC have announced a multi-year deal to extend and renew station affiliation agreements for all 54 markets where Gray operates NBC affiliated television stations, reaching over 14 million households, which is nearly 11% of U.S. TV households [1] - The new agreement includes full carriage of NBC's broadcast network, featuring major programs such as "TODAY," "NBC Nightly News," "Sunday Night Football," and the Olympics, with NBC being the 1 network in all programming for the current 2025-26 television season [2] - Gray Media, Inc. is the largest owner of top-rated local television stations and digital assets in the U.S., serving 113 television markets that collectively reach approximately 37% of U.S. television households, with a significant presence in both local and digital media [3]

Core Insights - Alan Gould has joined Gray Media, Inc. as Vice President of Investor Relations, aiming to enhance relationships with the investment community through quarterly earnings and ongoing engagement with investors [1][4]. Group 1: Alan Gould's Background - Alan Gould is an experienced media and entertainment equity analyst with a strong track record covering major media conglomerates, cable companies, broadcasters, streaming platforms, and mid-cap content companies [2]. - He has served as Managing Director and Senior Media & Internet Analyst at Loop Capital for the past seven years, building a solid reputation with institutional and corporate clients in the media sector [3]. - Gould's previous roles include positions at Brean Capital, Rosenblatt Securities, Evercore Partners, JP Morgan Investment Management, and CIBC Oppenheimer [3]. Group 2: Gray Media Overview - Gray Media, Inc. is the largest owner of top-rated local television stations and digital assets in the U.S., serving 113 television markets and reaching approximately 37% of U.S. television households [5]. - The company operates 78 markets with the top-rated television station and 99 markets with the first and/or second highest-rated television station as of 2024, along with the largest Telemundo Affiliate group [5]. - Gray Media also owns Gray Digital Media, which provides advanced digital marketing strategies, and has additional media properties including video production companies and studio facilities [5].

Core Viewpoint - Bahakel Communications has agreed to sell its ABC affiliate WBBJ-TV in Jackson, Tennessee, to Gray Media, marking a strategic move for both companies [1][3]. Company Overview - Bahakel Communications, founded in 1947, is a family-owned media company based in Charlotte, North Carolina, operating television and radio stations, and known for its local broadcasting and digital marketing services [5]. - Gray Media, headquartered in Atlanta, Georgia, 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 [6]. Transaction Details - WBBJ 7 has been the most-watched local news station in its market for 70 years and will enhance Gray's portfolio of local news stations in the region [2]. - The acquisition is expected to be immediately free cash flow accretive for Gray, which plans to fund the purchase with cash on hand [3]. - The transaction is anticipated to close in the first quarter of 2026, pending regulatory approvals [3].

Core Viewpoint - Gray Media, Inc. has successfully completed an offering of $250 million in additional senior secured second lien notes, which will be used to redeem existing debt and for general corporate purposes [1][2]. Group 1: Offering Details - The offering consists of $250 million of 9.625% senior secured second lien notes due 2032, issued at 102% of par plus accrued interest from July 18, 2025 [1]. - These additional notes rank equally with the existing $900 million of the same type of notes issued on July 18, 2025 [1]. - The net proceeds will be allocated to redeem a portion of Gray's 10.500% senior secured first lien notes due 2029, cover offering fees, and for general corporate purposes [1]. Group 2: Notes Characteristics - The notes are guaranteed on a senior secured second lien basis by existing and future restricted subsidiaries of Gray [2]. - Interest on the notes will accrue from July 18, 2025, and will be payable semiannually starting January 15, 2026, with maturity on July 15, 2032 [2]. Group 3: Regulatory Information - The notes and related guarantees have not been registered under the Securities Act of 1933 and are offered in a private transaction under an exemption from registration [3].

Core Perspective - Gray Media, Inc. is launching a storytelling initiative called "We the People" to commemorate the 250th anniversary of the United States, focusing on local narratives that connect to national history [1][2]. Group 1: Project Overview - The "We the People" initiative will produce hundreds of original stories from Gray stations nationwide, highlighting themes of courage, sacrifice, resilience, and innovation [4]. - The project aims to reflect the American experience through various community stories, including military history, civil rights, and local landmarks [5][6][10]. Group 2: Story Highlights - Recent stories include the restoration of Revolutionary War soldiers' gravestones in Vermont, coverage of pivotal battles in the Carolinas, and profiles of veterans from various wars [7]. - Additional features include the impact of the Americans with Disabilities Act, local civil rights activism, and community tributes to fallen soldiers [7][8]. Group 3: Multi-Platform Coverage - Gray's America 250 coverage will extend through July 4, 2026, across multiple platforms, providing a growing library of local storytelling tied to the nation's history [11]. - The initiative will include diverse content such as human-interest stories, cultural highlights, and examinations of community resilience [13]. Group 4: Company Background - Gray Media, Inc. is the largest owner of local television stations in the U.S., reaching approximately 37% of U.S. television households, with a strong digital media presence [12].

Core Viewpoint - Gray Media, Inc. announced a private placement transaction to sell $250 million of 9.625% senior secured second lien notes due 2032 to accredited investors, which will rank equally with existing notes issued in July 2025 [1][2]. Group 1: Transaction Details - The Additional Notes will be issued at 102.000% of par plus accrued interest from July 18, 2025, and the offering is expected to close on December 12, 2025, subject to customary closing conditions [3]. - The proceeds from the Additional Notes will be used to redeem a portion of the Company's outstanding 10.500% Senior Secured First Lien Notes due 2029, pay fees and expenses related to the offering, and for general corporate purposes [3]. Group 2: Regulatory Information - The Additional Notes are being offered in a private transaction under an exemption from the registration requirements of the Securities Act of 1933 and will not be registered under the Securities Act [4]. - This press release does not constitute a notice of redemption for the 2029 Notes or an offer to sell the Additional Notes in jurisdictions where such offers would be unlawful [5].

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]