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 ...

Gray Media, Inc. (NYSE:GTN) Q4 2024 Earnings Conference Call February 27, 2025 11:00 AM ET Company Participants Hilton Howell - Chairman and Chief Executive Officer Pat LaPlatney - President & Co-Chief Executive Officer Sandy Breland - Chief Operating Officer Kevin Latek - Chief Legal & Development Officer Jeff Gignac - Chief Financial Officer Conference Call Participants Aaron Watts - Deutsche Bank Daniel Kurnos - The Benchmark Company Craig Huber - Huber Research Avi Steiner - JPMorgan Chase & Company Ste ...

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]

Revenue and Income - Total revenue for 2024 increased by $363 million, or 11%, to $3.6 billion compared to 2023[208] - Core advertising revenue decreased by $24 million, while political advertising revenue increased by $418 million in 2024[210] - The company generated $1.49 billion from core advertising, contributing 41% to total revenue in 2024[207] - Miscellaneous income increased significantly to $117 million in 2024, primarily due to a $110 million gain from the sale of an investment[216] - Net cash provided by operating activities increased by $103 million to $751 million in 2024 compared to $648 million in 2023, primarily due to a $451 million increase in net income[224] Expenses and Costs - Broadcasting expenses increased by $49 million, or 2%, to $2.3 billion for 2024 compared to 2023[209] - Interest expense increased by $45 million, or 10%, to $485 million for 2024, primarily due to higher average interest rates[217] - The effective income tax rate increased to 24% for 2024 from 7% for 2023[220] - The company experienced moderate inflation in operating expenses and increased interest rates during 2024, which may adversely affect future operating results[250] Debt and Financing - The company completed several refinancing activities, resulting in a $520 million reduction in outstanding debt compared to December 31, 2023[206] - The company repurchased and retired $373 million of outstanding debt, utilizing $327 million in cash[205] - As of December 31, 2024, the principal outstanding of the company's long-term debt was $5.7 billion, down from $6.2 billion in 2023[279] - The fair value of the company's long-term debt as of December 31, 2024, was $4.6 billion, compared to $5.6 billion in 2023[279] - The company entered into a three-year $300 million revolving accounts receivable securitization facility to provide additional liquidity for debt repayment[247] Cash Flow and Investments - Net cash used in investing activities decreased by $263 million to $28 million in 2024 from $291 million in 2023, mainly due to reduced cash used for property and equipment purchases[225] - Net cash used in financing activities increased by $212 million to $609 million in 2024 compared to $397 million in 2023, with $474 million used for principal payments on long-term debt[226] - As of December 31, 2024, cash on hand was $135 million, a significant increase from $21 million in 2023[223] - The company anticipates that future cash flows from operations and borrowing availability will be sufficient to fund capital expenditures and debt service obligations for the foreseeable future[227] Capital Expenditures and Future Projections - Capital expenditures are expected to range between $85 million to $90 million during 2025, including reimbursements of approximately $25 million from the Doraville Community Improvement District[244] - The company estimates approximately $450 million in debt interest payments over the next twelve months following December 31, 2024[227] Asset Valuation and Impairment - As of December 31, 2024, the recorded value of broadcast licenses was $5.3 billion and goodwill was $2.6 billion[264] - For the annual impairment test in 2024, the company concluded that all evaluated broadcast licenses were not impaired based on qualitative assessments[260] - The company recorded a non-cash charge of $43 million for impairment of goodwill and other intangible assets due to the bankruptcy of Diamond Sports Group, LLC in 2023[265] - The company performed qualitative assessments for 56 broadcast licenses and three reporting units in 2024, compared to 59 licenses and one reporting unit in 2023[257] - The company utilizes a discounted cash flow model supported by a market multiple approach for estimating the fair value of its reporting units[261] Pension and Contributions - The Gray Pension Plan had a discount rate of 5.48% as of December 31, 2024, up from 4.79% in 2023[238] - Matching contributions to the Gray 401(k) Plan were approximately $28 million in 2024, compared to $26 million in 2023[240] Economic Risks and Management - The company manages economic risks, including interest rate and liquidity risks, through debt funding management and interest rate swap agreements[274] - The company entered into interest rate caps with a combined fixed notional value of approximately $1.9 billion, effective through December 31, 2025[277] - The interest rate caps limit the annual interest on variable rate debt to a maximum one-month SOFR rate of 5 percent, plus the Applicable Margin[277] - A 100 basis point increase in market interest rates would have increased the company's interest expense and decreased income before income taxes by $6 million for the year ended December 31, 2024[277] - A 100 basis point decrease in market interest rates would have decreased interest expense and increased income before income taxes by $6 million for the year ended December 31, 2024[277] - The company pays fixed interest rates on its 2031, 2030, 2029, 2027, and 2026 Notes, reducing the risk of potential interest rate increases[278]

Core Points - The Memphis Grizzlies, Gray Media, and FanDuel Sports Network will simulcast five upcoming Grizzlies games in Tennessee's largest media markets [1][4] - The partnership aims to enhance fan engagement by providing free, over-the-air broadcast options for the games [2][4] - The Grizzlies are currently performing well, ranking second in the NBA's Western Conference and fourth overall [2] Broadcast Details - In Memphis, games will be aired on WMC-TV, Action News Five channel 5.1, and simulcast on WMC-TV Plus, channel 5.3 [2] - In Nashville, broadcasts will occur on WSMV-TV, channel 4.1, and simulcast on the Tennessee Valley Sports and Entertainment Network, channel 4.2 [2] - In Knoxville, games will be shown on WBXX, Knoxville's CW, channel 20.1, and MyVLT, MyNetworkTV, channel 8.2 [2] Game Schedule - March 12 at 7:00 p.m. CT: Grizzlies vs Utah Jazz [7] - March 15 at 7:00 p.m. CT: Grizzlies vs Miami Heat [7] - March 27 at 7:00 p.m. CT: Grizzlies at Oklahoma City Thunder [7] - April 1 at 7:00 p.m. CT: Grizzlies vs Golden State Warriors [7] - April 13 at 2:30 p.m. CT: Grizzlies vs Dallas Mavericks [7] Company Background - 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 diverse portfolio of media properties [5]

Core Points - The Memphis Grizzlies, Gray Media, and FanDuel Sports Network will simulcast five upcoming Grizzlies games in Tennessee's largest media markets [1][2] - This partnership aims to enhance fan access to the Memphis Grizzlies through free over-the-air broadcasts [4] - The Grizzlies are currently performing well, ranking second in the NBA's Western Conference and fourth overall [2] Broadcast Details - In Memphis, games will be broadcast on WMC-TV, Action News Five channel 5.1, and simulcast on WMC-TV Plus, channel 5.3 [1] - In Nashville, broadcasts will occur on WSMV-TV, channel 4.1, and simulcast on the Tennessee Valley Sports and Entertainment Network, channel 4.2 [2] - In Knoxville, broadcasts will be available on WBXX, Knoxville's CW, channel 20.1, and MyVLT, MyNetworkTV, channel 8.2 [2] Game Schedule - The five-game schedule includes matchups against the Utah Jazz, Miami Heat, Oklahoma City Thunder, Golden State Warriors, and Dallas Mavericks, with specific dates and times provided [6] Broadcast Team - The FanDuel Sports Network Grizzlies broadcast team will include Pete Pranica, Brevin Knight, and sideline reporter Rob Fisher, featuring pregame and postgame shows [3]