ATLANTA, May 20, 2024 (GLOBE NEWSWIRE) -- Gray Television, Inc. ("Gray," the "Company," "we," or "our") (NYSE: GTN) announced today the commencement of an offer to purchase for cash (the "Tender Offer"), subject to certain terms and conditions, any and all of its outstanding 5.875% Senior Notes due 2026 (the "Notes"). The Tender Offer is being made pursuant to the Offer to Purchase dated May 20, 2024 (the "Offer to Purchase"), which sets forth a more detailed description of the Tender Offer, including the t ...

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 ...

Financial Data and Key Metrics Changes - In Q1 2024, net income attributable to common shareholders was $75 million, or $0.79 per diluted share, with adjusted EBITDA increasing by 21% to $197 million compared to Q1 2023 [8][50][67] - Core advertising revenues grew by 4% year-over-year, reflecting strong performance in local advertising [7][85] - The leverage ratio was reported at 5.63 times, with a first-lien leverage ratio of 2.34 times as of March 31, 2024 [67][70] Business Line Data and Key Metrics Changes - The core advertising business showed growth in categories such as Automobile and National, which had previously been challenging [8][39] - New local direct business revenue increased by 18% compared to Q1 2023, continuing a trend of strong performance in local advertising [57] - Digital revenue experienced double-digit growth, with connected TV and fast channel offerings contributing significantly [40][41] Market Data and Key Metrics Changes - Political advertising revenue in Q1 2024 was slightly lower than in Q1 2020, attributed to the absence of a competitive presidential primary [10][30] - The company expects political advertising revenue for Q2 2024 to be 55% to 72% higher than Q2 2020 on a pro forma basis, driven by competitive races in key states [30][32] Company Strategy and Development Direction - The company is focused on debt reduction, having prepaid $50 million of term loans, and aims to leverage political advertising revenues to further reduce total debt [8][67] - Gray Television is investing in local news operations and expanding digital offerings, with a strong emphasis on maintaining leadership in core advertising [39][42] - The company is exploring strategic opportunities to unlock value from investments, particularly in the Assembly Studios project [37][88] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about sustaining growth in core advertising revenues, citing a more diverse advertiser base compared to previous years [74][79] - The company remains confident in its ability to generate free cash flow and is not considering asset sales or dividend cuts [107][80] - Management highlighted the importance of local businesses performing well and continuing to advertise, despite macroeconomic uncertainties [96][97] Other Important Information - Gray Television has completed the construction of Assembly Studios, which is expected to contribute significantly to revenue in the coming years [36][88] - The company has successfully renewed retransmission consent agreements with major operators, covering over 70% of the Big 4 traditional MVPD subscriber base [46][63] Q&A Session Summary Question: What is the outlook for core advertising growth? - Management believes that the growth is sustainable due to a more diverse basket of advertisers and improved sales organization [74][75] Question: How does the company plan to address debt and leverage? - The company is considering a balanced approach to debt repurchase, focusing on both short-term maturities and discounted debt securities [101] Question: What are the expectations for political advertising revenue? - Political advertising revenue is expected to be strong, with significant contributions anticipated later in the year due to competitive races [30][32] Question: What is the status of the Assembly Atlanta project? - Management anticipates full revenue generation from the Assembly Atlanta project by 2024, contingent on the resolution of current production delays [108] Question: How does NEXTGEN TV impact monetization efforts? - NEXTGEN TV is expected to enable targeted advertising and digital data delivery, which could significantly enhance revenue opportunities [112]

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]