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gray Television Digital Mobile NEWS RELEASE Gray Reports Third Quarter Operating Results Atlanta , Georgia – November 4 , 2021 ... Gray Television , Inc. ( “ Gray , ” “ we , ” “ us ” or “ our ” ) ( NYSE : GTN ) today announced financial results for the third quarter ended September 30 , 2021. We experienced strong momentum in the first nine months of 2021 and we believe it will continue throughout the remainder of the year . Key financial results were as follows : . Total revenue was $ 601 million in the third quarter of 2021 , essentially unchanged from the third quarter of 2020 . The primary components of revenue were : combined local and national broadcast advertising revenue of $ 292 million and retransmission consent revenue of $ 266 million , both of which significantly exceeded our expectations and guidance . • • • • • ● • • Net loss attributable to common stockholders for the third quarter of 2021 was $ 30 million , or $ 0.32 per fully diluted share . This resulted from non - cash losses of $ 53 million , in the third quarter , on the regulatory divestitures of television stations in overlap markets necessary to complete our recent and pending acquisitions . In addition , related to our recently completed and pending acquisitions , in the third quarter , we have incurred $ 11 million of incremental Transaction Related Expenses , as defined below . Broadcast Cash Flow for the third quarter of 2021 was $ 204 million , decreasing $ 67 million , or 25 % , from the third quarter of 2020. Our Adjusted EBITDA for the third quarter of 2021 was $ 186 million , a decrease of $ 75 million , or 29 % , from the third quarter of 2020 . In the third quarter of 2021 , our combined local and national broadcast revenue , excluding political advertising revenue ( " Total Core Revenue " ) , was $ 292 million , increasing by $ 55 million , or 23 % compared to the third quarter of 2020. Total Core Revenue increased as advertiser demand continued to recover . Gray's Total Core Revenue in the third quarter of 2021 increased by $ 18 million , or 7 % over the third quarter of 2019 , the most recent non- political and pre - pandemic year . As of September 30 , 2021 , our total leverage ratio , as defined in our senior credit facility , was 4.16 times on a trailing eight - quarter basis , netting our total cash balance of $ 322 million and giving effect to all Transaction Related Expenses . As of September 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 an adjusted purchase price of $ 930 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 an adjusted purchase price of $ 398 million in cash , ( the “ Allen Transaction " ) , in order to facilitate regulatory approvals for the Quincy Transaction . In order to facilitate regulatory approvals for our pending acquisition of Meredith Corporation's Local Media Group ( the " Meredith Transaction " ) , on September 23 , 2021 , we divested our existing television station WJRT ( ABC ) in the Flint - Saginaw , Michigan market ( DMA 64 ) , to Allen for an adjusted purchase price of $ 72 million in cash . In connection with , and contingent upon the completion of the Meredith Transaction , we have agreed to complete certain financing transactions . Related to our Senior Credit Facility , we ( 1 ) agreed to incur a $ 1.5 billion incremental term loan under our senior credit facility , subject to market conditions at the time of financing and ( 2 ) agreed to amend and restate our existing revolving credit facility to increase our borrowing capacity under the facility from up to $ 300 million to up to $ 500 million , which will consist of ( i ) a $ 425 million five year revolving credit facility and ( ii ) a $ 75 million revolving credit facility with commitments expiring January 2 , 2026. In addition , Gray Escrow II , Inc. , our special purpose wholly - owned subsidiary , has agreed to issue $ 1.3 billion in aggregate principal amount of 5.375 % senior unsecured notes due 2031 at par , which we intend to assume upon completion of the Meredith Transaction . The proceeds of the transactions mentioned above , after deducting transaction fees and estimated expenses , will be used to pay a portion of the consideration for the Meredith Transaction . As a result of these financings and at the time of closing , our average cost of capital for the Meredith Transaction is currently estimated to be 4.15 % . 4370 Peachtree Road , NE , Atlanta , GA 30319 | P 404.504.9828 F 404.261.9607 | www.gray.tv