Gray Television Statement on Newly Announced Streaming Service
February 07 2024 - 5:18PM
Gray Television,
Inc. (“Gray”) (NYSE: GTN) issued
the following statement today in response to numerous inquiries
from stakeholders regarding the proposed new streaming service that
The Walt Disney Company (“Disney”), Fox Corporation (“Fox”) and
Warner Bros. Discovery, Inc. (“WBD”) announced yesterday:
The potential launch of
a new live streaming service from Disney, Fox, and WBD that would
include the live signals of the local affiliates of the ABC and Fox
broadcast networks owned by local broadcasters such as Gray as well
as those companies’ sports-focused cable channels could be a
significant opportunity to expand the pay-TV ecosystem.
Local affiliated
stations not only carry nationally televised sports but also
provide local sports coverage, local news and weather, local jobs
and extensive community service. We believe that including ABC and
Fox stations in a new virtual multichannel video programming
service could offer benefits to viewers, their local communities,
and local broadcasters. Local affiliates and their audiences could
also benefit if the venture provides additional resources and scale
that enables the venture to compete successfully and expand the
sports programming available on the ABC and Fox broadcast networks
and the affiliates of those networks.
Finally, we understand
that the proposed new streaming service is expected to target
sports fans who do not currently subscribe to a pay-TV package,
complementing the wider programming offerings available from
existing pay-TV providers. Gray welcomes any venture that expands
the reach of local broadcasting stations, which in turn supports
the ability of local stations to maintain trusted local news
operations that benefit everyone.
About Gray:
Gray Television, Inc. is a multimedia company headquartered in
Atlanta, Georgia. Gray is the nation’s largest owner of top-rated
local television stations and digital assets in the United States.
Its television stations serve 113 television markets that
collectively reach approximately 36 percent of US television
households. This portfolio includes 80 markets with the top-rated
television station and 102 markets with the first and/or second
highest rated television station. Gray also owns video program
companies Raycom Sports, Tupelo Media Group, and PowerNation
Studios, as well as the studio production facilities Assembly
Atlanta and Third Rail Studios. Gray owns a majority interest in
Swirl Films. For more information, please visit www.gray.tv.
Cautionary Statements for Purposes of the “Safe Harbor”
Provisions of the Private Securities Litigation Reform
Act
This press release contains certain forward-looking statements
that are based largely on Gray’s current expectations and reflect
various estimates and assumptions by Gray. These statements are
statements other than those of historical fact, and may be
identified by words such as “estimates,” “expect,” “anticipate,”
“will,” “implied,” “assume” and similar expressions.
Forward-looking statements are subject to certain risks, trends and
uncertainties that could cause actual results and achievements to
differ materially from those expressed in such forward-looking
statements. Such risks, trends and uncertainties, which in some
instances are beyond Gray’s control, include Gray’s current
expectations and beliefs regarding the recently announced streaming
service, including the benefits of such service, and other future
events. Gray is subject to additional risks and uncertainties
described in Gray’s quarterly and annual reports filed with the
Securities and Exchange Commission from time to time, including in
the “Risk Factors,” and management’s discussion and analysis of
financial condition and results of operations sections contained
therein, which reports are made publicly available via its website,
www.gray.tv. Any forward-looking statements in this communication
should be evaluated in light of these important risk factors. This
press release reflects management’s views as of the date hereof.
Except to the extent required by applicable law, Gray undertakes no
obligation to update or revise any information contained in this
communication beyond the date hereof, whether as a result of new
information, future events or otherwise.
Gray Contact:
Kevin P. Latek, Executive Vice President, Chief
Legal and Development Officer, 404-266-8333
Gray Television (NYSE:GTN)
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