Gray Renews CBS Network Affiliations Covering All 54 Existing Markets
22 Juni 2023 - 8:00PM
Gray Television, Inc. (“Gray
”) (NYSE:
GTN) has entered into a new agreement with Paramount
Global that renews all of Gray’s existing CBS network affiliations,
encompassing seven markets acquired from Meredith Corporation and
47 legacy markets. As part of the agreement, Gray’s CBS affiliates
will continue to be available locally to subscribers on Paramount+
and widely distributed across all traditional and virtual MVPD
platforms.
“At a time when local news is more valued than ever – and under
greater pressure than ever - Gray is very pleased to have reached
an agreement that builds upon the decades-long relationship with
CBS in dozens of markets, large and small,” said Pat LaPlatney,
Co-CEO of Gray Television. “With this renewal, we intend to
continue to invest in local news, weather and sports reporting,
while bringing CBS’ premium programming to our local
communities.”
Gray is the largest independent owner of CBS affiliates in the
country, covering nearly 18% of the U.S. television households and
nearly 22 million households. In 2022, according to Comscore,
Gray’s CBS affiliated stations had the highest all-day ratings
among all local stations in 29 markets and the first or second
highest all-day ratings in 45 markets, comprising 83 percent of
Gray’s CBS portfolio. Nearly all of Gray’s CBS affiliates have been
broadcasting CBS network programming from their very first days on
the air.
The strength of Gray’s CBS affiliates (and entire portfolio of
television stations) flows from its commitment to providing the
highest quality local news and exemplary community services. In
less than two years since Gray acquired Meredith and Quincy Media
in the second half of 2021, the company has approved capital
investments exceeding $74 million for those stations, including
more than $40 million between WANF, the CBS affiliate in Atlanta,
and KMOV, the CBS affiliate in St. Louis. Across just the seven
former Meredith CBS markets, Gray has launched local news bureaus,
added state of the art equipment, created more than 100 hours of
additional locally produced news programming each week, and added
154 full-time local journalists and other station employees. In
fact, Gray is now recruiting to fill an additional 74 open
positions in those seven CBS markets.
These investments in local news come at a time when hundreds of
local news outlets nationwide have shut down or been forced to
sharply reduce their newsroom staffs. Gray’s commitment to local
news helps ensure that numerous communities that are in danger of
becoming “local news deserts” with no meaningful local news
continue to receive the locally focused coverage they need. This
includes weather coverage, impactful investigative journalism,
reporting on local government and politics, and coverage of local
sports and cultural events.
Overall, Nielsen’s data confirms that local audiences continue
to rely on Gray’s television stations for news and entertainment.
In particular, Gray’s network affiliated and independent television
stations were viewed by an average of 1.7 million households (over
2 million adults) during prime time hours and by an average of more
than 2.2 million households (over 2.5 million adults) during late
news time periods according to Nielsen’s data for April and May
2023. Gray’s television stations serve 113 television
markets that collectively reach approximately 36 percent of US
television households. The television station portfolio includes 80
markets with the top-rated television station and 102 markets with
the first and/or second highest rated television station.
About Gray:
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.
It also owns video program companies Raycom Sports, Tupelo Media
Group, and PowerNation Studios, as well as the studio production
facilities Assembly Atlanta and Third Rail Studios. Gray owns a
majority interest in Swirl Films. For more information, please
visit www.gray.tv.
Cautionary Statements for Purposes of the “Safe Harbor”
Provisions of the Private Securities Litigation Reform
Act:
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,” “intend,”
“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
continue to invest in local news, weather and sports reporting, 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:
Kevin P. Latek, Executive Vice President, Chief
Legal and Development Officer, 404-266-8333
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