Movers and SHAKERS
Gray Television (GTN)
Steps Away From A Banner 2022
Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX). The company also operated 39 digital second channels comprising 1 affiliated with ABC, 4 affiliated with FOX, 7 affiliated with CW Network, LLC, 18 affiliated with Twentieth Television, Inc., 2 affiliated with Universal Sports Network, and 7 local news/weather channels. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
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In-line quarter. Total company revenue of $601 million was in line with our $600 million estimate. Political advertising of $9 million was a little stronger than expected and Local advertising, slightly weaker. Overall, it was a solid revenue performance against the backdrop of the year earlier Political influenced quarter. Adj. EBITDA was $186 million, better than our $178 million estimate.
Q4 revenue guidance a little softer than expected. Management indicated that Q4 total core revenue will increase by 8% to 10% to approximately $308 to $313 million, a little softer than our $326 million estimate. Retransmission consent revenue is expected to increase by 20% to 21% to approximately $261 to $263 million, a hair lighter than our $264 million estimate. The company guided total ...
This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.