GRAY ANNOUNCES NEW SHARE REPURCHASE AUTHORIZATION
November 07 2019 - 6:15AM
Gray Television, Inc. (“Gray,” the “Company,” “we,” “us” or “our”)
(NYSE: GTN and GTN.A) announced today that its Board of Directors
has authorized the Company to repurchase up to $150 million of
outstanding common stock (GTN) and/or Class A common stock (GTN.A)
through December 31, 2022.
Gray’s Executive Chairman and CEO Hilton H. Howell, Jr.,
explained, “Reducing our debt level remains a high priority for
Gray, as demonstrated by our recent voluntary pre-payment of $100
million of the 2019 term loan outstanding under our senior credit
facility. At the same time, we believe that recent trading
prices do not fully value the scale, quality, leadership and
opportunities created through our merger with Raycom, which nearly
doubled our size while increasing the depth and breadth of our
business. From time to time, these market dislocations may
provide an opportunity for stock repurchases, all while keeping a
close eye on steadily decreasing our leverage.”
Share repurchases would be implemented through purchases made
from time to time in either the open market or private
transactions. The extent that the Company repurchases its
shares, the number of shares and the timing of any repurchases will
depend on general market conditions, regulatory requirements,
alternative investment opportunities and other
considerations. Gray’s repurchase program does not
require the Company to repurchase a minimum number of shares, and
it may be modified, suspended or terminated at any time without
prior notice. The new authorization prohibits the Company
from purchasing shares directly from the Company’s officers,
directors, or the Gray Television, Inc. Capital Accumulation Plan
(401K plan).
The new stock repurchase authorization supersedes all prior
authorizations, including the plan adopted in November 2016
permitting the Company to repurchase up to $75 million of its
outstanding common stock prior to December 31,
2019.
As of October 31, 2019, Gray has 96,633,773 shares of common
stock outstanding and 6,881,192 shares of Class A common stock
outstanding. Shares repurchased will be held as treasury
shares and may be used for general corporate purposes including,
but not limited to, satisfying obligations under our employee
benefit plans and long-term incentive plan.
About Gray Television:
Gray currently owns and/or operates television stations and
leading digital properties in 93 television markets, including the
number-one rated television station in 68 markets and the first or
second highest rated television station in 87 markets. Gray’s
television stations cover approximately 24 percent of US television
households and broadcast over 400 separate programming streams,
including approximately 150 affiliates of the CBS/NBC/ABC/FOX
networks. Gray also owns video program production, marketing,
and digital businesses including Raycom Sports, Tupelo-Raycom, and
RTM Studios, the producer of PowerNation programs and content. For
further information, please visit www.gray.tv.
Cautionary Statements Regarding Forward-Looking
Statements
This press release contains statements that constitute
“forward-looking statements” within the meaning of the federal
securities laws. These “forward-looking statements” are
statements other than statements of historical fact and may relate
to, among other things, the timing and amount of any stock
repurchases, and our liquidity position. Actual results are
subject to a number of risks and uncertainties and may differ
materially from the current expectations and beliefs discussed in
this press release. All information set forth in this release
is as of the date hereof except as otherwise noted. We do not
intend, and undertake no duty, to update this information to
reflect future events or circumstances. Information about
certain potential factors that could affect our business and
financial results and cause actual results to differ materially
from those expressed or implied in any forward-looking statements
are included under the captions “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations,” in our Annual Report on Form 10-K for the year ended
December 31, 2018 and our Quarterly Reports on Form 10-Q for the
quarters ended March 31, 2019 and June 30, 2019, each of which is
on file with the Securities and Exchange Commission (“SEC”) and
available at the SEC’s website at www.sec.gov.
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Gray Contacts
Web site: www.gray.tv
Hilton H. Howell, Jr., Executive Chairman and Chief Executive Officer, 404-266-5512
Pat LaPlatney, President and Co-Chief Executive Officer, 334-206-1400
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
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