Gray Media, Inc. · NYSE:GTN
Gray Media — Gray Television — Investor Presentation (October 2023)
14 slides from Gray Media's investor presentation, October 2023
Slide 1: Gray Television in the Current Network and Retransmission Landscape
Gray Television in the Current Network and Retransmission Landscape October 2023
Slide 2: Notes and Disclaimer
Notes and Disclaimer Gray Television, Inc. (“Gray”) owns local network-affiliated television stations in 113 markets. Station rankings (i.e., number 1, number 2) reflect all-day ratings in 2022 according to Comscore. DMA population estimates and ranks according to Nielsen. This presentation contains
Slide 3: Gray Is Well Positioned to Continue Growing Revenue in the Current Network and Retrans Landscape
Gray Is Well Positioned to Continue Growing Revenue in the Current Network and Retrans Landscape ü Gray Owns Local Stations Providing Premium Content Across the U.S. ü We Believe That Broadcast Retrans Remains Significantly Undervalued ü We Believe That the Current Environment Favors Continued Growt
Slide 4: Gray Is the Nation's Second Largest Broadcaster
Gray Is the Nation’s Second Largest Markets with #1 and/or 90% #2 ranked local stations Broadcaster $3.7B Total Net Revenue in 2022 Gray Owns the Most #1 Ranked Local News 629M Video plays on Gray digital platforms ’23 Q1-Q3 (+36%) Television Stations of Any Broadcaster (80) 4
Slide 5: Gray Has a Significant Presence in Large, Medium, and Small Markets
Gray Has a Significant Presence in Large, Medium, and Small Markets Owned and/or Operated Big Four Affiliates Large Midsize Small Market Market Market Category Category Category 26 55 57 33 DMA Range 1-50 51-150 151-210 channels channels channels channels % TVHHs in Category 68% 28% 4% Gray Markets
Slide 6: Broadcast Industry's Retrans Revenues Remain Significantly Undervalued
Broadcast Industry’s Retrans Revenues Remain Significantly Undervalued While broadcast retrans revenues have grown significantly from roughly zero in 2008, retrans revenues today still only accounts for 22% of all linear channel programming fees paid by MVPDs. Estimated 2023 Programming Fees for Lin
Slide 7: The Current Environment Favors Continued Growth for Broadcast Retrans
The Current Environment Favors Continued Growth for Broadcast Retrans We anticipate that broadcasters’ retrans fees will continue to increase its share of distributors’ total programming spending: 1. To attract and retain subscribers, distributors need to carry the most valuable content, and that co
Slide 8: Network / Affiliate Model Built On An Enduring and Profitable Symbiotic Relationship
Network / Affiliate Model Built On An Enduring and Profitable Symbiotic Relationship Programming for Retrans Sales Independ- Most Programming for Local Ad Sales ently Owned Watched Local Association with National Brand Linear Television Networks Stations Across With the All Strongest Platforms: Loca
Slide 9: Network Revenues Are Driven by Local Affiliates
Network Revenues Are Driven by Local Affiliates Estimated 2023 Big Four Networks Revenue $6,000 $5,392 $5,227 $5,000 Affiliate $1,170 Affiliate $1,112 Contribution Contribution Revenues in Millions $4,000 $3,997 $3,699 $877 $985 $2,110 $3,000 $2,153 $1,468 $2,000 $283 $1,739 $251 $524 $222 $358 $475
Slide 10: Affiliates Contribute the Majority of Each Big Four Network's Revenues
Affiliates Contribute the Majority of Each Big Four Network’s Revenues Estimated Big Four Networks 2023 Revenue Est. Net Ad Revenue Attributable to O&O Reach Est. O&O Retrans from MVPDs 27% vMVPD Revenue 22% Other Network Revenue Affiliate Contribution: Est. Net Ad Revenue Attributable 47% to Broadc
Slide 11: Gray Local Newscasts Deliver More Household Viewership Than All Competing Premium Content
Gray Local Newscasts Deliver More Household Viewership in Their Markets than All Competing Premium Content Household Viewership in Gray’s 113 Markets 101,383,761 (September 5-11, 2023) 99,877,664 More than Total All Day 99,877,664 Viewership of FOX News, 70,424,405 MSNBC and CNN Combined More than T
Slide 12: Gray's All-Day Broadcast Television Viewership Dominates Top Cable Sports Networks Combined
Gray’s All-Day Broadcast Television Viewership Dominates Top Cable Sports Networks Combined Total All-Day Household Viewership in Gray’s Markets (September 5-11, 2023) 293,901,530 ACC Network Bally’s (all) Big Ten Network CBS Sports Network ESPN (all ESPN networks) Fox Sports 1 and 2 Golf Channel Mi
Slide 13: Conclusion
Conclusion We believe that the Broadcast Industry – and Gray in Particular – Are Positioned Well for Continued Growth in Retrans Revenues Ø Broadcasters continue to deliver Premium Content that is the most watched and valued by consumers. Gray in particular provides the most valued content across it
Slide 14: Gray Television, Inc.
Gray Television, Inc. 4370 Peachtree Rd., NE Atlanta, Georgia 30319 www.gray.tv
Gray Television — Investor Presentation (October 2023) on 6ix