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Gray Television (GTN) – Not Anticipating The R Word

Media and Entertainment
0 min read


Monday, February 27, 2023

Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

Solid Q4. The company capped off a record Political revenue year with solid Q4 results. Revenue of $1.072 billion and Adj. EBITDA of $465 million compared favorably to our revenue forecast of $1.017 billion and our adj. EBITDA forecast of $397 million.

What recession? Management appears sanquine about the economic outlook for 2023 and its fundamentals. The company should benefit from favorable Retrans revenue growth from rate step-ups and contract renewals. Notably, 22% of the company’s MVPD contracts are up for renewal in Q1. Moreover, the company’s presence in small to medium sized markets means its advertising revenue is predominantly local, which has been less affected by the macroeconomic headwinds so far.


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*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. 

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