Gray Media, Inc. acquired Block Communications' stations for $80 million, enhancing its local news operations.
Quiver AI Summary
Gray Media, Inc. has officially completed its acquisition of television stations from Block Communications, Inc. for $80 million, enhancing its portfolio with stations in Louisville, Kentucky; Springfield-Decatur, Illinois; and Lima, Ohio. Headquartered in Atlanta, Georgia, Gray Media is the largest owner of local television stations in the U.S., reaching around 37% of television households. The company boasts numerous top-rated stations in key markets and operates the largest Telemundo Affiliate group. Additionally, Gray Media provides digital marketing services through Gray Digital Media and owns various media production entities. For further details, visit their website.
Potential Positives
- Gray Media, Inc. expanded its portfolio by acquiring additional television stations, enhancing its presence in key markets such as Louisville, Kentucky; Springfield-Decatur, Illinois; and Lima, Ohio.
- The acquisition for $80 million signifies Gray Media's commitment to growth and strengthening its position as the nation's largest owner of top-rated local television stations.
- With the addition of these stations, Gray Media bolsters its reach in the television market, serving approximately 37% of US television households.
- The transaction aligns with Gray Media's strategy to maintain and promote high-quality local news coverage, reinforcing its reputation as a leader in the industry.
Potential Negatives
- Acquisition of Block Communications, Inc. for $80 million may strain financial resources, raising concerns about long-term financial stability.
- Expansion into additional markets could lead to increased operational complexities and integration challenges, potentially affecting performance.
- Large-scale acquisitions can attract scrutiny from regulatory bodies, creating potential legal and compliance risks for the company.
FAQ
What was the total purchase price for Gray Media's transaction with Block Communications?
The total purchase price for the transaction was $80 million.
Which states are included in Gray Media's expanded portfolio?
The expanded portfolio includes television stations in Kentucky, Illinois, and Ohio.
How many television markets does Gray Media serve?
Gray Media serves 120 full-power television markets across the United States.
What is Gray Media's position in the local television industry?
Gray Media is the nation's largest owner of top-rated local television stations.
What digital services does Gray Digital Media offer?
Gray Digital Media offers advanced digital marketing strategies and services for national and local clients.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$GTN Revenue
$GTN had revenues of $792M in Q4 2025. This is a decrease of -24.21% from the same period in the prior year.
You can track GTN financials on Quiver Quantitative's GTN stock page.
$GTN Hedge Fund Activity
We have seen 95 institutional investors add shares of $GTN stock to their portfolio, and 100 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- CHARLES SCHWAB INVESTMENT MANAGEMENT INC added 994,474 shares (+23.7%) to their portfolio in Q4 2025, for an estimated $4,813,254
- PACER ADVISORS, INC. removed 825,308 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $3,994,490
- CITADEL ADVISORS LLC removed 638,663 shares (-100.0%) from their portfolio in Q4 2025, for an estimated $3,091,128
- MORGAN STANLEY added 633,532 shares (+37.2%) to their portfolio in Q4 2025, for an estimated $3,066,294
- MILLENNIUM MANAGEMENT LLC removed 469,940 shares (-94.3%) from their portfolio in Q4 2025, for an estimated $2,274,509
- MILLER VALUE PARTNERS, LLC added 430,280 shares (+12.1%) to their portfolio in Q4 2025, for an estimated $2,082,555
- PRUDENTIAL FINANCIAL INC added 395,210 shares (+75.4%) to their portfolio in Q4 2025, for an estimated $1,912,816
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard. You can access data on hedge funds moves and 13F filings through the Quiver Quantitative API.
$GTN Analyst Ratings
Wall Street analysts have issued reports on $GTN in the last several months. We have seen 1 firms issue buy ratings on the stock, and 0 firms issue sell ratings.
Here are some recent analyst ratings:
- Benchmark issued a "Buy" rating on 11/10/2025
To track analyst ratings and price targets for $GTN, check out Quiver Quantitative's $GTN forecast page.
$GTN Price Targets
Multiple analysts have issued price targets for $GTN recently. We have seen 5 analysts offer price targets for $GTN in the last 6 months, with a median target of $8.0.
Here are some recent targets:
- Patrick Sholl from Barrington Research set a target price of $6.5 on 04/28/2026
- Curry Baker from Guggenheim set a target price of $8.0 on 03/04/2026
- Steven Cahall from Wells Fargo set a target price of $6.0 on 03/02/2026
- Daniel Kurnos from Benchmark set a target price of $12.0 on 02/27/2026
Full Release
ATLANTA, May 06, 2026 (GLOBE NEWSWIRE) -- Gray Media, Inc. today closed on its previously announced transaction with Block Communications, Inc. for a total purchase price of $80 million. This transaction expanded Gray’s portfolio of strong local news stations with additional television stations located in Louisville, Kentucky; Springfield-Decatur, Illinois; and Lima, Ohio.
Gray Media, Inc. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets serving 120 full-power television markets that collectively reach approximately 37% of US television households. The portfolio includes 81 markets with the top-rated television station and 103 markets with the first and/or second highest rated television station in average all-day ratings across the 119 of such markets that were measured by Nielsen in 2025. We also own the largest Telemundo Affiliate group with 47 markets and Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Our additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. For more information, please visit www.graymedia.com .
Gray Contact:
Kevin P. Latek , Executive Vice President, Chief Legal and Development Officer, 404-266-8333
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