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gray Television Digital Mobile NEWS RELEASE Gray Reports Second Quarter Operating Results Atlanta , Georgia - August 5 , 2021 ... Gray Television , Inc. ( “ Gray , ” “ we , ” “ us ” or “ our ” ) ( NYSE : GTN ) today announced financial results for the second quarter ended June 30 , 2021. We experienced strong momentum in the first half of 2021 that we believe will continue throughout the remainder of the year . Key financial results were as follows : • • • • • • • • Revenue of $ 547 million , an increase of $ 96 million , or 21 % , compared to the second quarter of 2020. The primary components of revenue were : combined local and national broadcast advertising revenue of $ 279 million and retransmission consent revenue of $ 242 million . Our retransmission consent revenue in the second quarter was slightly less than we had expected due to the timing of certain adjustments that will positively impact our retransmission consent revenue in the third quarter of 2021 . Net income attributable to common stockholders for the second quarter of 2021 was $ 26 million , or $ 0.27 per diluted share . Broadcast Cash Flow was $ 183 million for the second quarter of 2021 , increasing $ 60 million , or 49 % , from the second quarter of 2020. Our Adjusted EBITDA for the second quarter of 2021 was $ 170 million , increasing $ 62 million , or 57 % , compared to the second quarter of 2020 . In the second quarter of 2021 , our combined local and national broadcast revenue , excluding political advertising revenue ( " Total Core Revenue ” ) , increased by $ 81 million , or 41 % compared to the second quarter of 2020. Revenue and Total Core Revenue increased as advertiser demand returned in the improving macroeconomic environment . Gray's Total Core Revenue in the second quarter of 2021 was nearly the same as the second quarter of 2019 , the most recent non - political and pre - pandemic year . As of June 30 , 2021 , our total leverage ratio , as defined in our senior credit facility , was 3.92 times on a trailing eight - quarter basis after netting our total cash on hand of $ 785 million and after giving effect to all Transaction Related Expenses ( as defined below ) . As of June 30 , 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 August 2 , 2021 , we acquired all outstanding shares of Quincy Media , Inc. ( “ Quincy ” ) for $ 925 million in cash ( the " Quincy Transaction ” ) . Simultaneously , we completed the divestiture to Allen Media Broadcasting ( " Allen " ) of certain television stations in the seven markets in which we currently operate , for $ 380 million in cash , before taxes ( the " Allen Transaction " ) , in order to facilitate regulatory approvals for the Quincy Transaction . We expect that , net of divestitures , the Quincy transaction will be immediately accretive to our free cash flow . On May 3 , 2021 , we agreed to acquire all outstanding shares of Meredith Corporation ( “ Meredith ” ) subject to and immediately after the spinoff of Meredith's National Media Group to the current Meredith shareholders ( the " Meredith Transaction " ) . The agreement was amended on June 2 , 2021 to revise the purchase consideration to $ 16.99 per share in cash , or $ 2.825 billion in total enterprise value . At the closing , Gray will acquire Meredith's 17 television stations in 12 local markets , adding 11 new markets to our operations . To facilitate regulatory approvals for the Meredith Transaction , on July 14 , 2021 , we agreed to divest our existing television station WJRT ( ABC ) in the Flint - Saginaw , Michigan market , to Allen for $ 70 million in cash , before taxes . The Meredith Transaction is subject to approval by Meredith's shareholders and customary closing conditions and regulatory approvals , including certain consents necessary to effectuate the spin - off of Meredith's National Media Group immediately prior to closing . We expect to close the Meredith Transaction in the fourth quarter of 2021 , and to close the sale of WJRT prior to the Meredith Transaction closing . We expect that , net of divestitures , the Meredith Transaction will be immediately accretive to our Free Cash Flow . On April 7 , 2021 , we acquired land in the Atlanta suburb of Doraville , Georgia for approximately $ 80 million . We intend to use this property , in part , for future studio production facilities . 4370 Peachtree Road , NE , Atlanta , GA 30319 | P 404.504.9828 F 404.261.9607 | www.gray.tv