FCC grants Gray Media a waiver to acquire KXLT-TV in Rochester, allowing duopoly with existing KTTC-TV.
Quiver AI Summary
The Federal Communications Commission (FCC) has granted Gray Media a waiver allowing the company to acquire KXLT-TV (FOX) in the Rochester, Minnesota television market, where it already owns KTTC-TV (NBC). This marks the first approval by the FCC for a combination of two top-ranked television stations in the same market in over five years and represents a quick turnaround, as the approval came just two months after Gray requested it. Gray's Chief Legal and Development Officer, Kevin Latek, expressed gratitude for the FCC's consideration and emphasized their commitment to enhancing viewer service through the combined resources of the two stations. Gray Media is the largest owner of top-rated local television stations in the U.S., reaching about 37 percent of television households.
Potential Positives
- The FCC granted a waiver allowing Gray Media to acquire KXLT-TV, enabling the company to strengthen its market presence in Rochester, Minnesota.
- This marks the first FCC approval for a new combination of two full-power, top-four ranked TV stations in over five years, indicating a significant regulatory endorsement for Gray Media's expansion strategy.
- The expedited approval process represents the shortest processing time for a duopoly waiver in FCC history, highlighting the efficiency of Gray Media's application and the growing momentum of its operational strategies.
- Gray Media's acquisition will allow for the leveraging of combined resources between KTTC-TV and KXLT-TV to enhance viewer service and attract more advertisers in the Rochester market.
Potential Negatives
- Granting of a waiver for local ownership rules may raise concerns regarding media monopolization and reduced competition in the Rochester television market.
- The acquisition could face backlash from community members or local stakeholders who are opposed to concentration of media ownership.
- As this is the first FCC approval of such a duopoly in over five years, it may indicate a shift in regulatory climate that could affect future acquisitions for the company.
FAQ
What did the FCC approve for Gray Media?
The FCC granted a waiver allowing Gray Media to acquire KXLT-TV in Rochester, Minnesota, where it already owns KTTC-TV.
How long did the FCC take to approve the waiver?
The FCC approved the waiver just two months after Gray Media applied, marking the shortest processing time for a duopoly waiver in history.
What is the significance of this FCC decision?
This is the first FCC approval of a combination of two top-four ranked same-market television stations in over five years.
Who is Gray Media?
Gray Media, Inc. is the largest owner of top-rated local television stations in the U.S., serving 113 television markets.
What are Gray Media's other digital assets?
Gray Media owns Gray Digital Media and various properties including Raycom Sports and PowerNation Studios, providing advanced digital marketing services.
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 Insider Trading Activity
$GTN insiders have traded $GTN stock on the open market 4 times in the past 6 months. Of those trades, 0 have been purchases and 4 have been sales.
Here’s a breakdown of recent trading of $GTN stock by insiders over the last 6 months:
- KEVIN PAUL LATEK (EVP Chief L & D Officer) has made 0 purchases and 2 sales selling 155,124 shares for an estimated $677,891.
- PAUL MCTEAR sold 17,780 shares for an estimated $67,019
- RICHARD LEE BOGER sold 16,000 shares for an estimated $61,552
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$GTN Hedge Fund Activity
We have seen 102 institutional investors add shares of $GTN stock to their portfolio, and 136 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- DARSANA CAPITAL PARTNERS LP removed 4,092,063 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $21,933,457
- MORGAN STANLEY removed 2,556,582 shares (-72.0%) from their portfolio in Q4 2024, for an estimated $8,053,233
- MILLER VALUE PARTNERS, LLC added 1,926,330 shares (+132.1%) to their portfolio in Q4 2024, for an estimated $6,067,939
- TRIBUTARY CAPITAL MANAGEMENT, LLC removed 1,334,714 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $7,154,067
- CLEARBRIDGE INVESTMENTS, LLC removed 1,274,334 shares (-100.0%) from their portfolio in Q4 2024, for an estimated $4,014,152
- HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND removed 730,400 shares (-100.0%) from their portfolio in Q3 2024, for an estimated $3,914,944
- MILLENNIUM MANAGEMENT LLC added 708,764 shares (+6790.9%) to their portfolio in Q4 2024, for an estimated $2,232,606
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
ATLANTA, March 11, 2025 (GLOBE NEWSWIRE) -- The Federal Communications Commission (FCC) today granted a waiver of its local ownership rules to permit Gray Media to acquire KXLT-TV (FOX) in the Rochester, Minnesota, television market, where Gray already owns KTTC-TV (NBC). Today’s action represents the first FCC approval of a new combination of two full-power, top-four ranked, same-market television stations in over five years. Importantly, the FCC’s Media Bureau’s grant and written decision come just two months after the parties applied for approval of the transaction, which appears to represent the shortest processing time for a duopoly waiver in Commission history.
“Gray appreciates the FCC Media Bureau’s careful consideration of our waiver request and its recognition of the marketplace in which today’s local television stations compete for viewers and advertisers,” said Kevin Latek, Gray’s Chief Legal and Development Officer. “We look forward to leveraging the combined resources of KTTC-TV and KXLT-TV to improve service for viewers in the Rochester market.”
About Gray Media:
Gray Media, Inc. (NYSE: GTN) is a multimedia company headquartered in Atlanta, Georgia. The company is the nation’s largest owner of top-rated local television stations and digital assets serving 113 television markets that collectively reach approximately 37 percent of US television households. The portfolio includes 78 markets with the top-rated television station and 99 markets with the first and/or second highest rated television station during 2024, as well as the largest Telemundo Affiliate group with 44 markets. The company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Gray’s 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
