Gray Media Completes Asset Swap with E.W. Scripps
Gray Media (GTN) closed on its cash-free, even exchange of comparable assets with the E.W. Scripps Company (SSP) involving the swap of television stations across five mid-sized and small markets that the parties announced in July 2025. Under the terms of the agreement, Gray has acquired: WSYM in Lansing, Michigan, where Gray owns WILX; and KATC in Lafayette, Louisiana, where Gray owns KADN and KLAF-LP as well as leading television stations in each of the other Louisiana markets. In exchange, Scripps has acquired: KKTV in Colorado Springs, Colorado, where Scripps owns KOAA; KKCO and low power station KJCT-LP in Grand Junction, Colorado; and KMVT and low power station KSVT-LD in Twin Falls, Idaho, where Scripps owns low power station KSAW-LD. Gray has now consummated all previously announced television station transactions.
Trade with 70% Backtested Accuracy
Analyst Views on GTN
About GTN
About the author

- Target Price Cut: Guggenheim analyst Curry Baker lowered Gray Media's (GTN) price target from $8 to $7 while maintaining a Buy rating, reflecting a cautious outlook following the company's Q1 results and guidance.
- Acquisition Expansion: Gray Media has recently completed the acquisition of television stations in 10 markets from Allen Media Group and expects to finalize remaining transactions with E.W. Scripps and Sagamore Hill in the coming weeks, indicating a proactive approach to market consolidation.
- Soft Advertising Trends: Co-CEO Patrick LaPlatney noted a softness in core advertising trends as the company enters Q2, primarily influenced by tensions in the Middle East and fluctuations in oil prices, leading clients to delay spending commitments and reducing visibility into near-term advertising demand.
- Revenue Decline: CFO Jeff Gignac reported a $4 million decline in net retransmission revenue in Q1 2026 compared to the same period last year; however, the company still expects full-year net retransmission revenue growth to remain in the low single-digit range, indicating confidence in future revenue stability.
- New General Manager: Gray Media has appointed Jamie Bremer as the General Manager of WFIE, the NBC affiliate in Evansville, Indiana, effective immediately, leveraging her 13 years of experience across various roles to enhance leadership at the station.
- Sales Leadership Achievements: As the Director of Sales at WFIE, Jamie has been instrumental in driving local direct and digital revenue, significantly improving the station's business performance through strategic partnerships and market development initiatives.
- Community Engagement: Jamie is recognized for her commitment to building authentic relationships within the business community and actively participates in community service, serving as President of the board for Tristate Senior Wishes and coaching several local soccer teams, showcasing her passion and responsibility.
- Educational Background: A graduate of Oakland City University, Jamie's solid educational foundation combined with her extensive industry experience positions her appointment as a significant step for Gray Media in enhancing the competitiveness of local television stations.
- Miller's Investment Strategy: Bill Miller is renowned for his unique deep value investment strategy, having outperformed the S&P 500 for 15 consecutive years, showcasing his exceptional ability to identify overlooked investment opportunities; although his son, Bill Miller IV, now manages the fund, Miller still retains a stake, ensuring the continuity of his investment philosophy.
- Lincoln National: Lincoln National is the second-largest holding in Miller Value Partners, comprising nearly 8% of total assets; despite trimming its position by about 3% in Q4 2025, the stock has become attractive due to a more than 20% decline year-to-date, currently offering a dividend yield of 5.24% with a payout ratio below 20%, indicating relatively safe dividend potential.
- Gray Media: As the third-largest holding in Miller Value Partners, Gray Media saw a 12% increase in its stake in Q4 2025; despite its stock price plummeting over 80% from its 2021 peak, its 7.71% high dividend yield continues to attract investors, although its 74% payout ratio raises concerns about sustainability.
- Quad/Graphics Performance: Quad/Graphics ranks as the fifth-largest holding in Miller Value Partners, with a 4.4% increase in position in Q4 2025; the stock has more than doubled over the past three years, currently offering a 5.5% dividend yield, and after cutting dividends from 2019 to 2024, it has recently begun to increase payouts, indicating improved financial health.
- Completion of Asset Swap: Gray Media has finalized a cash-free asset exchange with E.W. Scripps Company, involving television stations across five mid-sized and small markets, marking the execution of their agreement announced in July 2025.
- Market Expansion: Gray Media acquired WSYM (Fox) in Lansing, Michigan, and KATC (ABC) in Lafayette, Louisiana, further solidifying its influence in these markets while enhancing its market share in Louisiana.
- Counterparty Analysis: Scripps acquired KKTV (CBS) in Colorado Springs and several other stations, indicating its strategic intent to strengthen its presence in Colorado and Idaho, thereby enhancing its competitive positioning.
- Increased Market Coverage: As of May 15, 2026, Gray Media serves 117 full-power television markets, reaching approximately 37% of U.S. television households, further solidifying its status as the largest owner of local television stations and digital assets in the nation.

- Executive Appointment: Gray Media announced that Joanie Vasiliadis will join as Senior Vice President for Transformation on June 1, 2026, aiming to accelerate the company's digital transformation and enhance efficiency in content gathering, creation, workflow, and distribution.
- Extensive Experience: Joanie brings over a decade of experience in driving growth across digital, streaming, and broadcast platforms, having served as Vice President of Content at TEGNA, overseeing content strategy and operations for 64 brands, focusing on newsroom modernization and platform growth.
- Strategic Leadership: Known for bridging editorial, technology, and business strategy, she has led enterprise-wide operational transformation efforts and developed AI and digital training programs for thousands of journalists, ensuring the company's competitiveness in the digital age.
- Industry Recognition: Joanie has been named to Forbes 30 Under 30 and Broadcasting & Cable's Digital Dynamos list, showcasing her influence and leadership capabilities within the media industry.
- Oversold Signal: Gray Media Inc (Ticker: GTN) saw its RSI drop to 29.9 during Friday's trading, indicating the stock has entered oversold territory, suggesting that the recent heavy selling may be exhausting, prompting investors to look for buying opportunities.
- Price Fluctuation: GTN's stock price hit a low of $4.34 per share, significantly below its 52-week low of $3.50 and high of $6.435, reflecting market sentiment volatility and potential investment opportunities.
- Market Comparison: Compared to the S&P 500 ETF (SPY) with a current RSI of 76.7, GTN's 29.9 RSI indicates a clear oversold condition, which may attract investors looking for a rebound.
- Investor Sentiment: Despite the current price slump, GTN's oversold status could present potential buying opportunities for investors, especially as market sentiment begins to recover.








