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Gray Media
Gray Media, Inc., doing business as Gray Television, is an American publicly traded television broadcasting company based in Atlanta. Founded in 1946 by James Harrison Gray as Gray Communications Systems, the company is the third-largest television station operator in the United States by number of stations, owning or operating 180 stations across the United States in 113 markets. Its station base consists of media markets ranging from as large as Atlanta to one of the smallest markets, North Platte, Nebraska.
In terms of quantity and numerical total, Gray Media is the largest group owner and operator of NBC-affiliated stations (with a total of 28 affiliates), ahead of Nexstar Media Group and Tegna Inc., and the second-largest group owner and operator of ABC affiliates, behind Sinclair Broadcast Group.
James H. Gray started his communication business in Albany, Georgia with the purchase of The Herald Publishing Company (a company founded in 1897 to promote The Albany Herald, a newspaper that started publication in 1891), in 1946 after he returned from World War II. The purchase included WALB radio. Gray launched WALB-TV in 1954. In 1960, Gray purchased WJHG-TV in Panama City, Florida, and followed it later in the decade with KTVE serving Monroe, Louisiana and southern Arkansas.
In 1986 Gray died, leaving his 50.5% share of the stock in a trust for his children with stipulation that they run the business together, sell their stock with each other or sell out together. It caused difficulties as two of the three wanted to sell, but the third was against the purchase. In 1991, to break the stalemate, the board of directors had the company purchase 25% of their shares.
The company was then taken public on NASDAQ's small-cap market in the 2nd quarter 1992. The price per share dropped to $8. The company put itself, or any part, up for sale by the end of 1992. While the board of directors received about 40 offers, Bull Run Corporation eventually stepped in and purchased the remaining shares of the Gray siblings, who as part of the deal resigned from the board.
New management took over all three TV stations. Bull Run Corporation, primarily owned by J. Mack Robinson, decided to make Gray a Southeast regional media company, expanding its focus beyond the state of Georgia. Gray purchased two TV stations (WKYT-TV and WYMT-TV) from the failed and government-seized Kentucky Central Insurance Company in September 1994 after a court challenge to the sale by Kentucky Central builder Garvice Kincaid.
In 1994 and 1995, Gray purchased two newspapers, the Rockdale Citizen (acquired May 31, 1994) and Gwinnett Post-Tribune (acquired January 1995; quickly renamed Gwinnett Daily Post) and seven advertising weeklies. In 1995, the company moved its stock listing to the New York Stock Exchange. By this time, Robinson, directly or through Bull Run, owned 44% of the company's stock. Gray had started to focus on its TV station segment over the newspaper holding while TV produced more income and the newspapers' income were declining. Just months after doubling the Daily Post's staff, one third were laid off and a quarter of The Albany Herald's staff followed in January 1996. Newspaper leaders resigned during this period, from the corporate president in late 1995 to the Citizen's editor and publisher.
In 1996, Gray added additional TV stations while entering additional communication industry segments. In 1996, Fortune considered the company the nation's 81st fastest growing company, with a 48% growth rate, and as if to prove the point, Gray purchased WRDW-TV in January 1996. In September of the same year, a basket purchase from First American Media, Inc. earned the company two more TV stations, (WCTV and WVLT-TV), Satellite and Production Business Services, which was renamed Lynqx Communications and PortaPhone paging business.
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Gray Media
Gray Media, Inc., doing business as Gray Television, is an American publicly traded television broadcasting company based in Atlanta. Founded in 1946 by James Harrison Gray as Gray Communications Systems, the company is the third-largest television station operator in the United States by number of stations, owning or operating 180 stations across the United States in 113 markets. Its station base consists of media markets ranging from as large as Atlanta to one of the smallest markets, North Platte, Nebraska.
In terms of quantity and numerical total, Gray Media is the largest group owner and operator of NBC-affiliated stations (with a total of 28 affiliates), ahead of Nexstar Media Group and Tegna Inc., and the second-largest group owner and operator of ABC affiliates, behind Sinclair Broadcast Group.
James H. Gray started his communication business in Albany, Georgia with the purchase of The Herald Publishing Company (a company founded in 1897 to promote The Albany Herald, a newspaper that started publication in 1891), in 1946 after he returned from World War II. The purchase included WALB radio. Gray launched WALB-TV in 1954. In 1960, Gray purchased WJHG-TV in Panama City, Florida, and followed it later in the decade with KTVE serving Monroe, Louisiana and southern Arkansas.
In 1986 Gray died, leaving his 50.5% share of the stock in a trust for his children with stipulation that they run the business together, sell their stock with each other or sell out together. It caused difficulties as two of the three wanted to sell, but the third was against the purchase. In 1991, to break the stalemate, the board of directors had the company purchase 25% of their shares.
The company was then taken public on NASDAQ's small-cap market in the 2nd quarter 1992. The price per share dropped to $8. The company put itself, or any part, up for sale by the end of 1992. While the board of directors received about 40 offers, Bull Run Corporation eventually stepped in and purchased the remaining shares of the Gray siblings, who as part of the deal resigned from the board.
New management took over all three TV stations. Bull Run Corporation, primarily owned by J. Mack Robinson, decided to make Gray a Southeast regional media company, expanding its focus beyond the state of Georgia. Gray purchased two TV stations (WKYT-TV and WYMT-TV) from the failed and government-seized Kentucky Central Insurance Company in September 1994 after a court challenge to the sale by Kentucky Central builder Garvice Kincaid.
In 1994 and 1995, Gray purchased two newspapers, the Rockdale Citizen (acquired May 31, 1994) and Gwinnett Post-Tribune (acquired January 1995; quickly renamed Gwinnett Daily Post) and seven advertising weeklies. In 1995, the company moved its stock listing to the New York Stock Exchange. By this time, Robinson, directly or through Bull Run, owned 44% of the company's stock. Gray had started to focus on its TV station segment over the newspaper holding while TV produced more income and the newspapers' income were declining. Just months after doubling the Daily Post's staff, one third were laid off and a quarter of The Albany Herald's staff followed in January 1996. Newspaper leaders resigned during this period, from the corporate president in late 1995 to the Citizen's editor and publisher.
In 1996, Gray added additional TV stations while entering additional communication industry segments. In 1996, Fortune considered the company the nation's 81st fastest growing company, with a 48% growth rate, and as if to prove the point, Gray purchased WRDW-TV in January 1996. In September of the same year, a basket purchase from First American Media, Inc. earned the company two more TV stations, (WCTV and WVLT-TV), Satellite and Production Business Services, which was renamed Lynqx Communications and PortaPhone paging business.