GRAY AMENDS MERGER AGREEMENT WITH MEREDITH CORPORATION
Atlanta, Georgia - Gray Television, Inc. ( Gray ) (NYSE: GTN) today confirmed that Meredith Corporation ( Meredith ) recently informed Gray that, after announcing the definitive agreement with Gray, it had received an unsolicited proposal to acquire its Local Media Group ( LMG ) division, including all of Meredith s broadcast television stations, from another party. Gray subsequently offered to amend the parties Merger Agreement to increase the total consideration payable by Gray from approximately $14.50 per share in cash, or $2.7 billion in total enterprise value (after the spin off of Meredith s National Media Group to the current Meredith shareholders), to $16.99 per share in cash, or $2.825 billion in total enterprise value; to increase certain fees due to the other party under certain termination events under the Merger Agreement; and to make certain other revisions. On June 2, 2021, Gray and Meredith entered into an amen
Operator
Ladies and gentlemen, thank you for standing by. Welcome to the Gray Television First Quarter 2021 Earnings Call. [Operator Instructions] I will now turn the call over to Hilton Howell. Mr. Howell, you may begin your call.
Hilton Hatchett Howell
Executive Chairman & Chief Executive Officer
Thank you. Thank you, operator. Good morning. I am Hilton Howell, the Chairman and CEO of Gray Television. I thank all of you for joining us for our second call this week, and our first quarter 2021 earnings call. Happily with me in-person for the first time in 14 months are Gray s fully vaccinated, non-masked executive officers; our President and Co-CEO, Pat LaPlatney; our Chief Legal and Development Officer, Kevin Latek; our Chief Financial Officer, Jim Ryan; and our Chief Operating Officer, Bob Smith. We begin this morning with a disclaimer that Kevin will provide.
Gray Reports First Quarter Operating Results
ATLANTA, May 03, 2021 (GLOBE NEWSWIRE)
Gray Television, Inc. (“Gray,” the “Company,” “we,” “us” or “our”) (NYSE: GTN) today announced financial results for the first quarter ended March 31, 2021. Along with the decreasing impact of the novel coronavirus and its disease (collectively, “COVID-19”) on economic activity, our prudent cost management, strategic sales initiatives and training, and focused management at every level resulted in strong operating results for the first quarter. Key financial results were as follows:
Revenue of $544 million, an increase of $10 million, or 2%, from the first quarter of 2020. The primary components of revenue were: combined local and national broadcast advertising revenue of $260 million, political advertising revenue of $9 million, and retransmission consent revenue of $247 million.
Gray Sells Divestiture Stations From Quincy Media Transaction to Allen Media for $380 Million streetinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from streetinsider.com Daily Mail and Mail on Sunday newspapers.
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Atlanta, Ga, Dec. 16, 2020 (GLOBE NEWSWIRE) Gray Television, Inc. ( Gray ) (NYSE:GTN) today announced that its local television stations and digital platforms have now run more than $400 million in political advertisements since January 1, 2020, net of commissions and agency fees.
Since Election Day, November 3rd, Gray s local television stations and digital platforms serving communities in the State of Georgia have run approximately $20 million (net) in political campaign and political issue advertisements related to the two run-off election races for U.S. Senate seats in Georgia. Gray expects political advertisements for these two races will continue running through January 5, 2021, the date of the special elections. As a result, Gray s total net political revenue for the calendar year 2020 will exceed the $400 million level that was crossed yesterday.