Gray Media will acquire WLTZ in Columbus, GA, and KJTV in Lubbock, TX, pending regulatory approval.
Quiver AI Summary
Gray Media has announced an agreement to acquire SagamoreHill Broadcasting's WLTZ, an NBC affiliate in Columbus, Georgia, and KJTV, a FOX affiliate in Lubbock, Texas. Gray has previously provided back-office services to both stations through its existing local affiliates. The company expects to finalize the transactions in the fourth quarter of 2025, pending regulatory approval and typical closing conditions. To facilitate the acquisitions, Gray plans to request waivers from the FCC's local broadcast ownership rules, citing the "failing station" standard. Gray Media is a significant player in the television market, operating 113 local stations across the U.S. and providing various digital media services.
Potential Positives
- Gray Media's acquisition of two additional broadcast stations expands its footprint in key local markets, enhancing its overall market presence and regional influence.
- The company anticipates gaining operational efficiencies and synergies from these acquisitions, which could lead to increased revenue and profitability.
- Gray Media's strong track record of previous successful acquisitions may bolster confidence in their ability to integrate these new stations effectively, attracting attention from investors.
- The move strengthens Gray's position as the nation's largest owner of local television stations, further solidifying its dominance in the broadcasting industry.
Potential Negatives
- Gray Media is seeking waivers for the FCC’s local broadcast ownership rule, which may indicate potential concerns about regulatory compliance and could face resistance, impacting the timeline and success of the acquisition.
- The need to request "failing station" waivers could suggest that the stations being acquired may not be performing well, raising questions about the value and potential return on investment of these acquisitions.
- Gray Media's expansion strategy might bring increased scrutiny from regulators and the public, particularly regarding market consolidation and its effects on competition and diversity in local media ownership.
FAQ
What stations is Gray Media acquiring?
Gray Media is acquiring WLTZ, the NBC affiliate in Columbus, Georgia, and KJTV, the FOX affiliate in Lubbock, Texas.
When does Gray Media expect to close the acquisitions?
Gray Media anticipates closing the acquisitions in the fourth quarter of 2025, subject to regulatory approvals.
What regulatory approval is needed for the acquisitions?
Gray Media will seek waivers of the FCC's local broadcast ownership rule under the "failing station" standard for approval.
What is the significance of Gray Media's back-office services?
Gray has provided back-office services to both stations, strengthening its operational capabilities and market presence in Georgia and Texas.
How does Gray Media rank among local television stations?
Gray Media is the largest owner of top-rated local television stations, operating in 113 markets and reaching approximately 37% of U.S. households.
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 2 times in the past 6 months. Of those trades, 1 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $GTN stock by insiders over the last 6 months:
- RICHARD LEE BOGER sold 16,000 shares for an estimated $61,552
- JEFFREY R GIGNAC (Executive Vice President, CFO) purchased 12,500 shares for an estimated $46,000
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$GTN Hedge Fund Activity
We have seen 107 institutional investors add shares of $GTN stock to their portfolio, and 98 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- PACER ADVISORS, INC. added 1,053,023 shares (+inf%) to their portfolio in Q1 2025, for an estimated $4,549,059
- SCHONFELD STRATEGIC ADVISORS LLC added 734,945 shares (+205.5%) to their portfolio in Q1 2025, for an estimated $3,174,962
- CHARLES SCHWAB INVESTMENT MANAGEMENT INC added 734,085 shares (+60.0%) to their portfolio in Q1 2025, for an estimated $3,171,247
- MARSHALL WACE, LLP removed 632,292 shares (-54.4%) from their portfolio in Q1 2025, for an estimated $2,731,501
- CITADEL ADVISORS LLC added 597,013 shares (+469.8%) to their portfolio in Q1 2025, for an estimated $2,579,096
- BRIDGEWAY CAPITAL MANAGEMENT, LLC removed 468,827 shares (-39.2%) from their portfolio in Q1 2025, for an estimated $2,025,332
- INVST, LLC added 467,155 shares (+inf%) to their portfolio in Q1 2025, for an estimated $2,018,109
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
$GTN Analyst Ratings
Wall Street analysts have issued reports on $GTN in the last several months. We have seen 2 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 05/06/2025
- Guggenheim issued a "Buy" rating on 03/10/2025
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 3 analysts offer price targets for $GTN in the last 6 months, with a median target of $7.0.
Here are some recent targets:
- Steven Cahall from Wells Fargo set a target price of $4.5 on 05/12/2025
- Daniel Kurnos from Benchmark set a target price of $7.0 on 05/06/2025
- Curry Baker from Guggenheim set a target price of $7.0 on 03/10/2025
Full Release
ATLANTA, July 31, 2025 (GLOBE NEWSWIRE) -- Gray Media has reached an agreement to acquire SagamoreHill Broadcasting’s WLTZ, the NBC affiliate for the Columbus, Georgia, market (DMA 127), and KJTV, the FOX affiliate for the Lubbock, Texas, market (DMA 140). For the past several years, Gray has provided back-office services to both stations through its Columbus ABC affiliate WTVM and its Lubbock NBC affiliate KCBD, respectively.
Gray anticipates closing these transactions in the fourth quarter of this year following receipt of regulatory approval and other customary closing conditions. In that regard, Gray will request waivers of the FCC’s current local broadcast ownership rule under the same “failing station” waiver standard through which the FCC has authorized similar combinations over the past 25 years, including earlier this year in connection with Gray’s acquisition from SagamoreHill Broadcasting of KXLT, the FOX affiliated television station in the Rochester, Minnesota, 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
