Gray Television Unveils Strategic Financial and Operational Initiatives’
By ’
May 20, 2024 ’ ATLANTA’ - In a series of strategic financial and operational moves, Gray Television, Inc. (NYSE: GTN) has made significant announcements, reflecting its proactive stance in the competitive broadcast industry.
$1 Billion Offering of Senior Secured Notes
Gray Television has revealed its intention to privately offer up to $1 billion in senior secured first lien notes maturing in 2029. This decision, pivotal for the company’s long-term capital strategy, is subject to prevailing market conditions. Notably, this offering will be exempt from the registration requirements of the Securities Act of 1933. Positioned to bolster its financial foundation, this influx of capital is anticipated to support various corporate initiatives, including potential acquisitions and expansions, working capital, and general corporate purposes.
Partnership with American Association of Professional Baseball
Further cementing its commitment to local and regional broadcasting, Gray Television has inked a landmark agreement with the American Association of Professional Baseball (AAPB). This deal will broadcast select AAPB games on local television stations across multiple Midwestern markets and three of Gray’s dedicated sports networks: Arizona Family Sports in Arizona, Peachtree Sports Network in Georgia, and Silver State Sports and Entertainment Network in Nevada. This strategic partnership offers baseball fans free over-the-air access to summer games, enriching the viewing experience and widening Gray’s content offerings. The AAPB is a Professional Partner League of Major League Baseball, underscoring the high caliber of games that will be broadcasted.
Quarterly Cash Dividend Announcement
Reaffirming its commitment to returning value to shareholders, Gray Television’s Board of Directors has authorized a quarterly cash dividend of $0.08 per share for both its common stock and Class A common stock. This dividend will be paid out on June 28, 2024, to shareholders of record as of June 14, 2024. This move underscores the company’s robust financial health and its focus on shareholder returns amidst a competitive market landscape.
Gray Television’s latest moves reflect a multifaceted strategy aimed at strengthening financial stability, enhancing content offerings, and driving shareholder value. As the company navigates through 2024, these initiatives serve as a testament to its dynamic approach in the broadcasting industry.
Comments