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Gray Media

From Alfawiki
Gray Media, Inc.
Company typePublic
IndustryBroadcasting
Founded1946
FounderJames Harrison Gray
Headquarters
Atlanta
,
United States
Area served
United States
Key people
Hilton Howell (Executive Chairman and CEO)
ProductsTelevision stations, broadcasting services

Gray Media, Inc., which does business under the name Gray Television, is a publicly listed American broadcaster based in Atlanta. Established in 1946 by businessman James Harrison Gray as Gray Communications Systems, it stands as the third-largest television station operator in the United States by station count, owning or managing 180 stations across 113 distinct markets. Its holdings include large metropolitan areas such as Atlanta as well as smaller markets like North Platte, Nebraska.

Gray Media commands the largest share of the NBC affiliate market with ownership of 64 stations, outpacing rivals such as Nexstar Media Group and Tegna Inc.. Additionally, it ranks second in ownership of ABC affiliates, following only Sinclair Broadcast Group.

History

The media enterprise was initiated by James H. Gray in Albany, Georgia when he purchased The Herald Publishing Company in 1946, which also included radio station WALB. Television operations began with WALB-TV launching in 1954. The company expanded its broadcast footprint through acquisitions including WJHG-TV in Panama City, Florida (1960), and later KTVE serving Monroe, Louisiana and southern Arkansas during the same decade.

After Gray passed away in 1986, his controlling 50.5% stake was placed into a trust for his children, stipulating that shares be managed jointly or sold collectively. This arrangement caused internal disputes when two siblings wished to sell their shares but the third opposed the sale. To settle this deadlock, the board repurchased 25% of the shares in 1991, restoring stability to corporate governance.

Gray Communication Systems

In the second quarter of 1992, the company went public on NASDAQ’s small-cap segment, with its stock price falling to $8. By year-end 1992, Bull Run Corporation—mainly owned by J. Mack Robinson—bought out the remaining shares from the Gray heirs, who subsequently resigned from the board. Under new leadership, Gray refocused as a Southeastern regional media company expanding beyond Georgia.[1] In 1994, Gray acquired TV stations WKYT-TV and WYMT-TV from the defunct Kentucky Central Insurance Company.[2]

Between 1994 and 1995, Gray diversified by purchasing two newspapers: Rockdale Citizen and Gwinnett Post-Tribune (later renamed Gwinnett Daily Post), along with seven advertising weekly publications. The company transitioned its stock listing to the New York Stock Exchange in 1995, with Robinson holding a 44% stake. As newspaper revenues declined, television stations became the primary business focus; this shift led to workforce reductions and executive departures in early 1996.[2]

Revenue and net income (loss) by fiscal year (in millions USD)
Fiscal year Revenue Net income (loss)
1994 $36.5 $2.8
1995 $58.6 $0.9
1996 $79.3 $2.5
1997 $103.5 ($1.4)
1998 $128.8 $41.6
1999 $143.9 ($6.3)
2000 $120.6 ($6.2)
2001 $106.4 ($13.3)
2002 $146.7 ($27.8)
2003 $243.0 $14.0
2004 $293.2 $44.2
2005 $261.5 $3.3
2006 $332.1 $11.7
2007 $307.2 ($23.1)
2008 $327.1 ($202.0)
2009 $270.3 ($23.0)
2010 $346.0 $23.1
2011 $307.1 $9.0
2012 $404.8 $28.1
2013 $346.2 $18.2
2014 $508.1 $48.0
2015 $597.3 $39.3
2016 $812.4 $62.2
2017 $882.7 $261.9
2018 $1,084.1 $210.8

In 1996, Gray broadened its television holdings and ventured into additional communications sectors by acquiring stations such as WRDW-TV, WCTV, and WVLT-TV, along with Satellite and Production Business Services (later renamed Lynqx Communications) and PortaPhone paging services.[2] To finance these expansions, Gray divested KTVE and raised capital through issuing Class B shares, senior subordinated notes, preferred stock, and securing a new credit line totaling over half a billion dollars.[2]

Following CEO Ralph Gabbard’s passing in September of that year, Robinson stepped in as interim CEO while Robert Prather assumed interim EVP of acquisitions.[2] The acquisition momentum continued in 1997 with purchases including Gulflink Communications and WITN-TV. The Gwinnett Daily Post also grew its readership through cable distribution agreements.[2]

Expanding beyond its Southeastern base in 1998, Gray acquired Busse Broadcasting’s stations (KOLN, KGIN-TV, WEAU) but was required to sell WALB due to Federal Communications Commission cross-ownership regulations.[2][3]

By the year 2002, Robinson held both chairman and CEO roles; Hilton Howell—his son-in-law—served as vice chairman; Robert Prather was president and COO; Jim Ryan acted as senior vice president.[4] That same year, Gray acquired fourteen stations from bankrupt Benedek Broadcasting.[4]

Gray Television

In 2006, Gray divested its five daily newspapers and wireless messaging operations, creating Triple Crown Media (which later became Southern Community Newspapers), as it shifted focus toward acquiring broadcast stations located in college towns or state capitals.

Entering the Great Recession with significant debt, the company’s stock plummeted to a mere 16 cents in 2008 due to falling advertising revenues and concerns over potential breaches of loan agreements. That same year, Robinson resigned and Howell was appointed as his successor.

On July 30, 2009, Gray secured a management agreement to oversee seven stations owned by Young Broadcasting through December 2012, with fees amounting to at least $2.2 million.

Prather departed in 2013, leading to Howell’s promotion to president. Between late 2013 and early 2014, Gray expanded its portfolio by acquiring Yellowstone Holdings for $23 million and Hoak Media/Parker Broadcasting for approximately $342 million, adding numerous local stations across the country. Some of these stations were either sold or discontinued following FCC rulings on joint sales agreements.

During the period from July to September 2014, Gray purchased WJRT-TV and WTVG for $128 million. In July 2015, the company consolidated its corporate accounting and human resources departments into its headquarters in Atlanta.

September 2015 marked Gray’s announcement to acquire Schurz Communications’ television and radio properties for $442.5 million, including KCRG-TV from The Gazette Company.

In January 2016, Gray established a national news bureau in Washington D.C., led by Jacqueline Policastro, aimed at enhancing political coverage for its local stations.

Gray continued its acquisitions with WDTV/WVFX in West Virginia for $26.5 million in May 2016; two Nexstar spin-offs—KWQC-TV and WBAY-TV—for $270 million in June; WABI-TV and WCJB-TV for $85 million in February 2017; and WCAX-TV for $29 million in May of that year.

In April 2017, Gray filed a lawsuit against the creators of the Found Footage Festival over a prank on a morning show; the matter was later resolved through settlement.

On May 21, 2018, Gray agreed to purchase KNHL for $475,000 to operate it as a satellite station.

A landmark deal was announced on June 25, 2018, when Gray agreed to acquire Raycom Media for roughly $3.65 billion pending regulatory approval. This acquisition positioned Gray as the third-largest television station owner in the United States with operations in 92 markets and a combined audience share near 24%. The transaction required divesting nine overlapping stations. The FCC granted approval on December 20, with the deal closing on January 2, 2019.

In April 2019, Gray partnered with Grand Ole Opry Entertainment Group to launch Circle TV network—a broadcast digital subchannel and OTT platform centered on country music—which debuted in January 2020.

Between February and August 2021, Gray acquired Quincy Media’s broadcasting assets for about $925 million while divesting select stations to Allen Media Group to meet regulatory requirements.

From March through September 2021, Gray revealed plans to redevelop a former GM manufacturing site near Atlanta into Assembly—a large-scale media production hub—and acquired Doraville-based Third Rail Studios for $27.5 million.

Between May and December 2021, Gray announced its purchase of Meredith Corporation’s television division for approximately $2.7 billion; as part of regulatory compliance measures, WJRT-TV was sold to Allen Media Group. The acquisition was finalized in December.

In September 2021, Gray launched InvestigateTV, a national investigative news program leveraging local newsrooms established during Raycom ownership.

From January to March 2022, Gray expanded its low-power television (LPTV) holdings by acquiring multiple stations from Lowcountry34 Media and L4 Media Group across various markets nationwide.

During May through November 2022, Gray broadened its Telemundo affiliations into additional markets and purchased WBQC-LD for $2.5 million—making it a sister station to WXIX-TV.

Between September and November 2023, Gray rolled out InvestigateTV+ with expanded weekday national programming; launched Peachtree Sports Network focusing on Georgia sports content; and formed Free TV Networks—a joint venture with Warner Bros., Discovery, and Lionsgate—aimed at broadcast and FAST streaming channels targeting diverse audiences. As part of this initiative, Circle network’s broadcast operations ceased in December but will continue streaming under Free TV Networks management.

In February 2024, Gray exchanged Wyoming and Nebraska stations with Marquee Broadcasting by acquiring Marquee’s Salt Lake City construction permit while divesting several Wyoming/Nebraska properties.

On February 14, 2024, the company introduced Zeam—a free ad-supported streaming service featuring local news, sports, and weather—developed in partnership with the National Association of Broadcasters and Syncbak.

Gray Media

On December 30, 2024, the company officially rebranded from Gray Television to "Gray Media," signifying its expanded media operations and updated internal branding approach.

Staff

Guided by executive chairman and CEO Hilton Howell, Gray Television took a proactive stance by instituting an early COVID-19 vaccination requirement, demonstrating a strong dedication to corporate culture that aligns with its ESG objectives. These goals emphasize diversity, ethical compliance, workforce training, energy sustainability, and community-focused programs such as health coverage initiatives in Appalachia and increased Spanish-language programming through partnerships with Telemundo. Howell is an advocate for media consolidation policies that oppose FCC ownership restrictions and is recognized as a donor to the Republican Party, reflecting his political involvement.

Current

  • Free TV Networks (broadcast networks and FAST streaming channels; a joint venture with Warner Bros., Discovery, and Starz)
    • 365BLK (broadcast and FAST channel)
    • Outlaw (broadcast and FAST channel)
    • Defy (broadcast network; joint venture with A&E Networks)
    • VCR Action (FAST channel)
    • VCR Haha (FAST channel)
  • Raycom Sports
  • PowerNation Studios
    • PowerNation (syndicated automotive hobby programming)
    • Circle Country (FAST channel; joint venture with Opry Entertainment Group)
  • Tupelo Honey (production company)
  • Zeam (FAST streaming channel; joint venture with NAB and Syncbak featuring approximately 300 local TV stations with a focus on local news, launched February 2024)

Gray also maintains an investment interest in broadcasting firm Sarkes Tarzian, Inc.

Management of Young Broadcasting stations

After Young Broadcasting completed its bankruptcy reorganization on July 22, 2009, Gray managed seven Young-owned stations in major markets through December 31, 2012 under advisory agreements. During this period, Young retained ownership rights including control over programming decisions:

Certain stations such as KRON-TV in San Francisco, WATE-TV in Knoxville, TN, and WLNS-TV in Lansing, MI remained outside this management arrangement due to market conflicts. Although Gray explored acquisition possibilities, it chose not to renew these agreements beyond December 2012 before Young merged with Media General in mid-2013. Subsequently, Gray acquired KWQC and WBAY outright following Nexstar’s purchase of Media General in 2017. The company later reentered the Richmond market by acquiring WWBT in 2019 and returned to Nashville with the purchase of WSMV-TV in 2021.

Washington News Bureau

Launched by January 20, 2016 under Jacqueline Policastro’s leadership at the NBC News Capitol Hill bureau site, Gray’s Washington bureau provides enhanced federal political coverage that supports collaboration with Lilly Broadcasting’s bureau for local station content. Political commentator Greta Van Susteren joined as Chief National Political Analyst in February 2019, hosting the syndicated program Full Court Press until her departure in late 2022.

Local News Live

Produced by this bureau, Local News Live delivers real-time breaking news coverage throughout all 113 Gray markets, featuring multiple live newscasts daily enhanced by correspondent interviews and exclusive video content. Accessible via station websites during intervals between local broadcasts, this platform is comparable to services such as Fox’s LiveNOW and Sinclair’s The National Desk.

Sports programming

Beginning in 2023, Gray introduced several regional sports networks broadcast over-the-air, including Arizona's Family Sports, Gulf Coast Sports & Entertainment Network, MATRIX Midwest, Palmetto Sports & Entertainment, Peachtree Sports Network, Rock Entertainment Sports Network (a collaborative venture), Tennessee Valley Sports Entertainment Network, and Silver State Sports & Entertainment Network. These networks have secured national broadcasting rights for leagues like the American Association of Professional Baseball, National Collegiate Hockey Conference, and Fight Sports, thereby broadening Gray’s presence in the sports media sector.

External links

  1. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named gray_history_abh
  2. ↑ 2.0 2.1 2.2 2.3 2.4 2.5 2.6 Cite error: Invalid <ref> tag; no text was provided for refs named idch
  3. ↑ Company Briefs
  4. ↑ 4.0 4.1 Cite error: Invalid <ref> tag; no text was provided for refs named tnc0
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