Broadcasters have 15 days to explain why action should not be taken under the Ad Cap Regulations of 2012. The matter remains sub judice, with the Delhi High Court having granted interim relief in 2013.Industry executives said TRAI has also sought vacation of the interim stay granted to broadcasters by the Delhi High Court. The next hearing is scheduled for January 27, 2026.Notices have been sent to leading entertainment networks JioStar, The move comes amid a 10% year-on-year drop in Live EventsBroadcaster ...

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 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]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $749 million, at the high end of guidance, while total operating expenses were $592 million, $17 million below the low end of guidance [5][6] - Adjusted EBITDA was $162 million for the quarter, with a net loss attributable to common stockholders of $23 million [5][6] - Political advertising revenue reached $8 million, exceeding expectations for an off-cycle year [6] Business Line Data and Key Metrics Changes - Core advertising was up about 1% over 2024, with automotive down high single digits, while legal services grew at double-digit percentages [10][11] - Financial services also showed growth, up high single digits, and digital continued its healthy growth [11] - The new local direct business was up low single digits compared to the same period in 2024 [11] Market Data and Key Metrics Changes - October 2025 finished up low double digits, with November and December pacing slightly up [12] - The fourth quarter guidance for core ad revenue is expected to be up low single digits due to less challenging comparisons from the previous year [11][12] Company Strategy and Development Direction - The company plans to enter six new markets by acquiring top-ranked local news stations and create 11 new Big Four full duopolies [6][8] - A partnership with Google Cloud is set to revolutionize viewer content connection, with a rollout planned for January next year [8] - The company is focused on enhancing local content offerings and has renewed partnerships with sports teams [7][8] Management's Comments on Operating Environment and Future Outlook - Management noted that advertisers remain cautious due to the macro environment but core activity strengthened more than projected [10] - There is optimism for 2026, with early Q1 numbers showing encouraging trends and expectations for robust political spending [24][51] - The company is committed to maintaining a strong balance sheet and reducing debt while exploring strategic M&A opportunities [40][45] Other Important Information - The Board of Directors declared a quarterly common dividend of $0.08 per share, consistent with recent quarters [7] - The company has made significant progress in strengthening its balance sheet, with over $900 million in liquidity [13][15] Q&A Session Summary Question: What is the expected run rate for net retransmission revenue heading into 2026? - Management indicated that net retransmission revenue has flattened out, and while it's too early to provide guidance for the full year, there is hope for a positive turn [20][21] Question: How does the company view core advertising trends for next year? - Management expressed optimism for 2026, citing encouraging early Q1 numbers and the expected political spending cycle [24] Question: What has been the advertiser reception to the increased news content in Atlanta? - The company reported strong reception to the increased local news and sports content, with gains in viewership and quality recognized through awards [26][28] Question: What is the total investment in Assembly Atlanta and expected ROI? - The net investment in Assembly Atlanta is around $650 million, with expectations for significant cash flow generation within 12 to 24 months [32][34] Question: What is the company's strategy regarding M&A? - The company remains focused on announced transactions and sees opportunities for smaller acquisitions that improve the portfolio without risking the balance sheet [40][41][45] Question: What is the impact of the YouTube TV carriage dispute? - Management expressed frustration over the situation but hopes for a resolution that benefits both companies and consumers [56][58]

Core Viewpoint - Disney is urging YouTube TV to restore ABC to its pay-TV bundle for Election Day, emphasizing the importance of public interest amid ongoing carriage renewal negotiations [1][2]. Group 1: Current Situation - Disney's networks, including ABC and ESPN, went dark after failed distribution talks, impacting major events like college football and Monday Night Football [1][3]. - YouTube TV has grown to 10 million subscribers since its launch in 2017, becoming a significant player in the pay-TV market [3]. Group 2: Strategic Implications - Disney has previously accepted blackouts to pursue strategic goals, balancing declining linear viewership with its direct-to-consumer streaming services [4]. - The company has experienced notable blackouts in recent years, including disputes with Charter Communications and DirecTV, which coincided with significant political events [4]. Group 3: Availability of Content - Broadcast network news programming, unlike sports, is more accessible outside traditional pay-TV bundles, with Disney distributing news content like ABC World News Tonight on Hulu [5].

Core Insights - Graham Media Group has appointed Michael Storm as Vice President & General Counsel, bringing extensive experience in media law and labor relations from his previous role at The Walt Disney Company [1][3]. Company Overview - Graham Media Group is a prominent television broadcasting company with a focus on local news and community engagement, operating seven local media outlets and various digital platforms [7]. Leadership and Expertise - Michael Storm will oversee all legal matters, providing strategic counsel on corporate operations, employment and labor relations, regulatory compliance, and business development initiatives [2][3]. - Storm's background includes critical legal guidance on emerging technologies and initiatives for ABC News and ESPN during his tenure at Disney [3]. Educational Background - Storm holds a Bachelor of Science from Cornell University and a Juris Doctor from the University of Notre Dame Law School, and is an active member of The Florida Bar [4]. Personal Commitment - Storm expresses excitement about joining Graham Media Group, emphasizing the organization's commitment to quality journalism and community service [5].

Core Points - Gray Media has been awarded the 2025 Catalyst Award for its significant contributions to the Ad Council's Project Roadblock initiative, which focuses on preventing buzzed driving during the holiday season [1][2] - In 2024, Gray Media was the top contributor to Project Roadblock, accounting for 17% of all PSA airings nationwide [2] - The 2024 Project Roadblock campaign achieved over 65.9 thousand detections of donated local broadcast TV airtime, generating an estimated media value of $6.5 million, reflecting a year-over-year increase of 9% in detections and 68% in value [3] Company Contributions - Gray Media's support for Project Roadblock demonstrates its commitment to social responsibility and public safety, as highlighted by the Ad Council and TVB executives [5] - The company has been actively involved in the initiative since its inception in 2004, which aims to raise awareness about the dangers of buzzed driving [5][10] - Gray Media operates the largest portfolio of top-rated local television stations in the U.S., reaching approximately 37% of U.S. television households [10] Industry Impact - The Project Roadblock initiative, a collaboration between the Ad Council, TVB, and NHTSA, emphasizes the effectiveness of local TV in disseminating life-saving messages [3][5] - The campaign reached 208 of 210 Designated Market Areas (DMAs) nationwide, covering 99.96% of all U.S. households, showcasing the extensive reach of local broadcast television [3] - The annual Catalyst Award recognizes the impact of media donations in promoting social causes, highlighting the role of communications companies in driving change [2][4]

Core Viewpoint - Indian television broadcasters are launching new channels despite stagnating revenues and a shift of advertisers to digital media, betting on targeted categories that cater to large audience segments [1] Group 1: New Channel Launches - Zee Entertainment Enterprises Ltd has launched Kannada and Bengali language channels, Zee Power and Zee BanglaSonar, while Sony Pictures Networks India added Sony MAX 1 to its movie portfolio [2] - The new channels utilize both ad-supported and subscription models [2] Group 2: Market Trends and Audience Engagement - Broadcasters are focusing on categories with mass appeal or underserved niches, where consumption is habitual and differentiation is possible [3] - Movie channels, music, regional language entertainment, and devotional programming are highlighted as areas with steady audiences and predictable advertiser interest [4] - The TV segment revenues fell by 4.5% in 2024, marking a second consecutive year of decline, while TV advertising revenue dropped by 6% due to a 12% reduction in brands using television [5] Group 3: Digital Media vs. Traditional TV - Digital media grew by 17% in 2024, becoming the fastest-growing segment of the Indian media and entertainment sector at ₹802 billion [5] - Despite the rise of digital media, traditional television still reaches a massive viewer base, with total TV subscriptions at 160 million in 2024 compared to 92 million video OTT users [6] Group 4: Regional Market Opportunities - There is untapped potential in television viewership in regions like Bengal, where TV penetration is at 66%, below the national average of 71% [10] - Regional markets have seen a rise in channels launched in languages like Marathi, Bangla, and Bhojpuri, indicating a promising area for broadcasters [11] Group 5: Niche Channels and Monetization - Launching niche or themed channels allows broadcasters to capture specific audience segments at relatively low incremental content creation costs, especially in regional languages [9] - The Hindi movie genre, despite being crowded, still has room for new entrants due to its high repeat value [12] Group 6: Challenges and Strategic Responses - New channels risk fragmenting audiences and advertising revenue, as brands are shifting budgets to digital channels with sharper targeting [13] - Evolving consumer behavior demands faster innovation and integration of new technologies, which can strain traditional broadcasters [14] - Broadcasters expect new channels to drive more viewers towards television, but face immediate challenges in monetization via advertising [15]

Core Points - Citytv is set to deliver a holiday lineup featuring live events, including the Original Santa Claus Parade on November 23 and a new edition of The Price is Right in December 2025 [1][6][4] Group 1: Holiday Programming - Citytv will broadcast the Original Santa Claus Parade live from downtown Toronto on November 23, hosted by Breakfast Television's team [4] - A new one-hour special titled "Bryan Adams and Friends: A Great Big Holiday Jam" will feature performances from various Canadian artists, including Alessia Cara and Barenaked Ladies [2][3] - The Price is Right Tonight, hosted by Howie Mandel, will allow Canadians to participate as contestants, airing in Spring 2026 [6][7] Group 2: Company Overview - Rogers Sports & Media, a subsidiary of Rogers Communications Inc., engages over 30 million Canadians monthly through a diverse portfolio of media assets, including Citytv and Citytv+ [8][10] - Citytv offers a range of programming, including dramas, reality TV, and local news, positioning itself as a distinctive alternative to conventional programming [9]