U.S. stocks lower as investors rotate out of tech ahead of Jackson Hole
ATLANTA - Gray Media, Inc. (NYSE:GTN), a broadcast company with a market capitalization of approximately $600 million, announced Monday it has reached an agreement with the Fox Television Network to extend and renew network affiliations for all of its Fox-affiliated television stations across 27 markets. According to InvestingPro data, the company’s stock has shown remarkable momentum, gaining over 94% year-to-date.
The renewal agreement covers key markets including Portland, Oregon; Cincinnati, Ohio; Las Vegas, Nevada; and Birmingham, Alabama, according to a company press release.
Gray Media, headquartered in Atlanta, operates as the nation’s largest owner of top-rated local television stations and digital assets. The company serves 113 television markets that collectively reach approximately 37 percent of U.S. television households.
The company’s portfolio includes television stations that rank first in 78 markets and first or second in 99 markets during 2024. Gray Media also owns the largest Telemundo Affiliate group with presence in 44 markets.
Beyond television stations, Gray Media’s operations include Gray Digital Media, a digital marketing agency, along with video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios. The company also owns studio production facilities Assembly Atlanta and Third Rail Studios.
The financial terms of the Fox network affiliation renewal were not disclosed in the announcement.
In other recent news, Gray Media has promoted Bob Kroeger to Chief Technology Officer, effective immediately. Kroeger, who previously served as Chief Information Officer for both Gray and Raycom Media, takes over from David Burke, who retired on July 31 but will continue advising the company until the end of 2025. In financial updates, Guggenheim has raised its price target for Gray Television to $7.00, maintaining a Buy rating. This adjustment follows the company’s second-quarter results and future guidance, although Guggenheim has lowered its revenue and EBITDA forecasts for 2025 due to industry challenges.
Benchmark has also increased its price target for Gray Television, now set at $9.00, citing a positive outlook after the company’s recent refinancing efforts. This process has reportedly revitalized Gray Television’s balance sheet, though the company still carries some leverage. Meanwhile, Wells Fargo has raised its price target to $5.00, highlighting benefits from mergers and acquisitions as key factors. The firm noted improvements in deleveraging and free cash flow as reasons for the target increase. These developments reflect the company’s ongoing strategic adjustments and market performance.
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