ATLANTA - Gray Television, Inc. (NYSE: NYSE:GTN) has announced the renewal of its news magazine program, InvestigateTV+, for a second season following a successful first year marked by significant ratings growth. The show, which airs daily for 30 minutes, has experienced an average increase of 25% in viewership among Adults 18+ across all Gray markets since its inception in September 2023.
InvestigateTV+ combines the efforts of Gray's local newsrooms and a dedicated investigative team to provide in-depth reporting and real-life solutions. The show is hosted by Lee Zurik, Vice President of Investigations for InvestigateTV and Chief Investigative Reporter at WVUE in New Orleans, and Tisha Powell, an anchor at WAFB in Baton Rouge.
The program has seen particularly strong performance in the key Adults 25-54 demographic in several of Gray's largest markets, including St. Louis, Cleveland, Richmond, and Nashville. The show's content, which includes consumer, health, and original stories, is sourced from Gray's local markets and has been recognized for its award-winning investigative work.
Sandy Breland, Gray's Chief Operating Officer, expressed satisfaction with the show's quality and growing audience. Lee Zurik highlighted the positive viewer feedback and the impact of the stories featured on the show. Tisha Powell noted the team's enthusiasm for continuing to provide viewers with exclusive investigations and inspiring stories in the upcoming season.
Gray Television, headquartered in Atlanta, Georgia, is the largest owner of top-rated local television stations and digital assets in the nation. The company's television stations reach approximately 36 percent of U.S. television households, serving 114 television markets. In addition to television stations, Gray owns several video program companies, studio production facilities, and a majority interest in Swirl Films.
This news is based on a press release statement from Gray Television, Inc.
InvestingPro Insights
As Gray Television, Inc. (GTN) continues to expand its viewership with InvestigateTV+, the company's financial health and stock performance remain a focal point for investors. According to InvestingPro data, Gray Television currently holds a market capitalization of $573.7M and is trading near its 52-week low, which may present a potential entry point for investors considering the stock's valuation. The Price / Book ratio, sitting at a low 0.29 as of the last twelve months ending Q4 2023, supports this view and aligns with one of the InvestingPro Tips that points out the stock's low Price / Book multiple.
Despite challenges in revenue growth, which saw a decrease of 10.75% over the last twelve months as of Q4 2023, and a volatile stock price movement, analysts predict a turnaround with net income expected to grow this year. This optimism is reinforced by another InvestingPro Tip indicating that Gray Television's liquid assets exceed its short-term obligations, suggesting a solid liquidity position that could support its operations and growth initiatives.
For investors interested in further analysis and more InvestingPro Tips, including detailed earnings revisions and profitability forecasts, they can explore the eight additional tips available at https://www.investing.com/pro/GTN. Moreover, those looking to deepen their investment research can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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