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ATLANTA - Gray Media, Inc. (NYSE:GTN), whose stock has surged over 60% in the past six months according to InvestingPro data, announced Friday it will broadcast tomorrow’s New Orleans Saints preseason football game using end-to-end native High Dynamic Range (HDR), marking the first over-the-air broadcast in the United States produced entirely in native HDR.
The broadcast will be produced by Gray’s sports production company Tupelo Media Group and aired on its New Orleans station WVUE FOX8 using ATSC 3.0 (NEXTGEN TV) technology. Viewers with compatible television sets will experience improved contrast between bright and dark colors on screen.
Additionally, Gray Media has become the first broadcast group to implement HDR upconversion across all of its Big Four Network affiliated NEXTGEN TV stations ahead of the upcoming football seasons.
"We are thrilled to build on our launch of HDR across our NEXTGEN stations by bringing our hometown New Orleans Saints to viewers in native HDR," said Sandy Breland, Gray’s Chief Operating Officer, in a press release statement.
Rob Folliard, Gray’s Senior Vice President and current chairperson of NEXTGEN TV consortium PearlTV, noted that "bringing football filmed, transmitted, and broadcast in native HDR free to viewers over-the-air is a great example of the benefits to viewers of NEXTGEN TV."
Gray Media owns television stations and digital assets serving 113 television markets reaching approximately 37 percent of US television households. The company’s portfolio includes stations in 78 markets with top ratings and 99 markets with first or second highest-rated television stations during 2024. Trading at just 0.28 times book value and currently near its 52-week high of $6.16, the company shows mixed signals that warrant deeper analysis. InvestingPro subscribers have access to over 10 additional key insights and a comprehensive Pro Research Report that provides detailed analysis of Gray Media’s financial health and market position.
In other recent news, Gray Media announced a new partnership with Google Cloud and Quickplay to enhance its video streaming services. This collaboration aims to deliver personalized viewing experiences by utilizing cloud-native technology to analyze viewer behavior and adapt content delivery in real-time. Additionally, Gray Media has renewed its network affiliations with the Fox Television Network across 27 markets, including key areas like Portland, Cincinnati, Las Vegas, and Birmingham. In executive news, Bob Kroeger has been appointed as the new Chief Technology Officer, succeeding David Burke, who retired on July 31 but will continue advising the company until the end of 2025. Furthermore, Guggenheim has raised its price target for Gray Television to $7.00, maintaining a Buy rating on the stock. The research firm adjusted its model based on Gray Television’s second-quarter results and future guidance, forecasting 2025 revenue of $3.10 billion and adjusted EBITDA of $660 million. These projections are lower than previous estimates due to industry challenges in advertising and distribution.
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