Gray Television Surpasses Major Retrans Renewal Milestone with No Consumer Disruptions
05 March 2024 - 12:45AM
Gray Television Inc. (“Gray”) (NYSE: GTN) announced today that it
has successfully completed renewals of retransmission consent
agreements representing more than 70 percent of its total
subscriber footprint among cable, satellite, and telco multichannel
video programming distributors (“traditional MVPDs”) in its current
three-year retransmission renewal cycle that began with the
successful renewal of agreements with three of the largest
traditional MVPDs in the first quarter of 2023.
“Consistent with Gray’s history of retransmission renewal
negotiations since the early 1990s, these negotiations, while often
difficult and always complex, were all conducted without any
disruption to consumers,” said Gray’s Senior Vice President Rob
Folliard. “We sincerely appreciate the cooperative, constructive
efforts of our MVPD partners in this renewal cycle.”
Gray’s Executive Vice President, Kevin Latek, added, “As a
testament to the value of the live, local news and sports content
that Gray’s stations provide, we have reached this retrans renewal
milestone on rates and other terms that met our budgets and that
will allow our stations to continue making considerable investments
to expand local news and sports for the benefit of the local
communities where our employees and these MVPDs’ employees live and
work.”
Based on the successful negotiations with traditional MVPDs to
date, Gray currently anticipates that it will complete its current
renewal cycle by reaching new deals with a small number of cable
operators serving less than thirty percent of our remaining
traditional MVPD subscriber base, primarily during the second half
of this year. Thereafter, Gray’s next renewal cycle will begin in
the first quarter of 2026.
Gray Television, Inc. is a multimedia company headquartered in
Atlanta, Georgia. Gray is the nation’s largest owner of top-rated
local television stations and digital assets in the United States.
Its television stations serve 114 television markets that
collectively reach approximately 36 percent of US television
households. This portfolio includes 79 markets with the top-rated
television station and 102 markets with the first and/or second
highest rated television station.
Forward-Looking Statements:
This press release contains certain forward-looking statements
that are based largely on Gray’s current expectations and reflect
various estimates and assumptions by Gray. These statements are
statements other than those of historical fact and may be
identified by words such as “estimates”, “expect,” “anticipate,”
“will,” “implied,” “assume” and similar expressions.
Forward-looking statements are subject to certain risks, trends and
uncertainties that could cause actual results and achievements to
differ materially from those expressed in such forward-looking
statements. Such risks, trends and uncertainties, which in some
instances are beyond Gray’s control include Gray’s inability to
renew retransmission consent agreements on satisfactory terms or
otherwise, and other future events. Gray is subject to additional
risks and uncertainties described in Gray’s quarterly and annual
reports filed with the Securities and Exchange Commission from time
to time, including in the “Risk Factors,” and management’s
discussion and analysis of financial condition and results of
operations sections contained therein, which reports are made
publicly available via its website, www.gray.tv. Any
forward-looking statements in this communication should be
evaluated in light of these important risk factors. This press
release reflects management’s views as of the date hereof. Except
to the extent required by applicable law, Gray undertakes no
obligation to update or revise any information contained in this
communication beyond the date hereof, whether as a result of new
information, future events or otherwise.
Gray Contact:
www.gray.tvKevin Latek, Executive Vice
President, Chief Legal and Development Officer, 404-266-8333
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