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Gray Television, inc (GTN) Q2 2021 Earnings Call Transcript
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Gray Television Inc (GTN) Q4 2020 Earnings Call Transcript Motley Fool Transcribers © The Motley Fool Logo of jester cap with thought bubble.
Gray Television Inc (NYSE: GTN)
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Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Gray Television Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions]
I will now turn the call over to Hilton Howell, Executive Chairman and CEO, to begin.
This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company s SEC filings. Please see our
Nearly $1 billion TV industry deal means new ownership for Duluth, Rochester stations
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PEORIA An Atlanta-based media company is purchasing two Peoria-area television stations as part of a larger deal.
Gray Television Inc. is to spend $925 million in cash to acquire TV and radio properties Quincy Media Inc. owns. Among them are WEEK-TV (25) and Heart of Illinois ABC, both based in the same East Peoria facility.
The deal was announced Monday morning. It s subject to federal approval and is to close later this year.
Quincy Media is based in Quincy. Earlier this year, company officials announced their family-owned, 95-year-old business was for sale.
“Many of our shareholders, board members and employees are descendants of two families who have been in the company for 95 years and in the media business for over 100 years,” Ralph Oakley, the Quincy Media president/CEO, stated in a news release.
| 01 February 2021
In a deal that if completed will see it own television stations serving 102 television markets that collectively reach 25.4% of US television households, Gray Television has entered into an agreement to acquire Quincy Media (QMI) for $925 million in cash.
Headquartered in Quincy, Illinois, QMI is a family-owned media company that owns and operates both television stations and local digital platforms in 16 markets primarily in the Midwest. Its portfolio includes the number-one ranked television station in 77 markets and the first and/or second highest ranked television station in 93 markets according to Comscore’s average all-day ratings for calendar year 2020.
Gray believes that the deep similarities between Gray and Quincy in terms of company cultures, award-winning journalistic commitments, and exceptional community service will help ensure a smooth integration of the acquired stations. At present Gray’s television stations broadcast over 40
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