Gray Television: Dead Money (Rating Downgrade)
- Gray Television is the second-largest local TV station operator in the U.S. with strong leverage to political ad spending.
- Unfortunately, the 2024 political ad cycle was a disappointment, as GTN did not see 2020's level of Senate ad spending.
- Despite a recent poor Q3 earnings report causing the stock to drop, the long-term deleveraging story continues to play out.
- However, with the next significant catalyst at least 2 years away (2026 mid-terms), GTN could be 'dead money' for a while.
uschools
I have been an ardent bull on Gray Television (NYSE:GTN) for many quarters. My buy thesis on the stock is simple:
The company's business model of operating local television stations experiences bonanza earnings every other year, as it follows
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