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gray Television Digital Mobile - NEWS RELEASE Gray Reports First Quarter Operating Results Atlanta , Georgia – May 3 , 2021. . . Gray Television , Inc. ( “ Gray , " the " Company , ” “ we , ” “ us ” or “ our ” ) ( NYSE : GTN ) today announced financial results for the first quarter ended March 31 , 2021. Along with the decreasing impact of the novel coronavirus and its disease ( collectively , " COVID - 19 " ) on economic activity , our prudent cost management , strategic sales initiatives and training , and focused management at every level resulted in strong operating results for the first quarter . Key financial results were as follows : • • • • • Revenue of $ 544 million , an increase of $ 10 million , or 2 % , from the first quarter of 2020. The primary components of revenue were : combined local and national broadcast advertising revenue of $ 260 million , political advertising revenue of $ 9 million , and retransmission consent revenue of $ 247 million . Net income attributable to common stockholders for the first quarter of 2021 was $ 26 million , or $ 0.27 per diluted share . Broadcast Cash Flow was $ 168 million for the first quarter of 2021 , decreasing $ 13 million , or 7 % , from the first quarter of 2020. Our Adjusted EBITDA for the first quarter of 2021 was $ 153 million , decreasing $ 16 million , or 9 % , from the first quarter of 2020 . In the first quarter of 2021 , our combined local and national broadcast revenue , excluding political advertising revenue ( “ Total Core Revenue ” ) , increased by approximately 4 % compared to the first quarter of 2020 as advertiser demand returned amid the end of political displacement . As of March 31 , 2021 , our total leverage ratio , as defined in our senior credit facility , was 3.88 times on a trailing eight - quarter basis after netting our total cash on hand of $ 819 million and after giving effect to all Transaction Related Expenses ( as defined below ) . As of March 31 , 2021 , the amount available under our revolving credit facility was $ 299 million . We are not subject to any maintenance covenants in our credit facilities at this time . On January 31 , 2021 , we entered into an agreement to acquire all outstanding shares of Quincy Media , Inc. ( " Quincy ” ) for $ 925 million in cash ( the “ Quincy Transaction ” ) . Upon our expected completion , and net of divestitures required to meet regulatory requirements , we will own television stations serving 102 television markets that collectively reach over 25 % of US television households , including the number - one ranked television stations in 77 markets and the first and / or second ranked television station in 93 markets , according to Comscore's average all - day ratings for calendar year 2020. On April 29 , 2021 , we announced that we had reached an agreement with Allen Media Broadcasting , LLC to divest Quincy's television stations in the seven markets in which we currently operate for $ 380 million in cash in order to facilitate regulatory approvals for the Quincy Transaction . We expect to close the Quincy Transaction and related divestitures concurrently following receipt of regulatory and other approvals , in the third quarter of 2021. We expect that these transactions will be immediately accretive to our free cash flow . 4370 Peachtree Road , NE , Atlanta , GA 30319 | P 404.504.9828 F 404.261.9607 | www.gray.tv