Dividend Power Score
A single, comprehensive score designed to measure the true strength of a company’s dividend.
This score combines three essential pillars of dividend quality:
Consistency – Measures how reliable the dividend has been over time, focusing on payment history, stability, and the absence of cuts or suspensions.
Payability – Assesses the company’s financial ability to sustain its dividend, taking into account cash flow, earnings coverage, balance sheet strength, and overall financial health.
Growth – Evaluates the long-term growth of both the dividend and the company’s share price, highlighting businesses that consistently increase payouts while creating shareholder value.
Higher scores identify companies that have historically delivered dependable income alongside sustained dividend growth and long-term capital appreciation.
Company Overview
Gray Media, Inc. is a U.S.-based multimedia company primarily engaged in local broadcast television, digital media, and production services. The company operates within the media and entertainment industry, with a strategic focus on serving local communities through news, sports, and entertainment programming. Its core revenue drivers include advertising sales, retransmission consent fees from multichannel video programming distributors, and digital advertising across owned platforms.
Founded in 1946, the company originally operated radio stations before expanding into television broadcasting and later rebranding from Gray Television, Inc. to Gray Media, Inc. in 2022 to reflect its broader multimedia strategy. Gray is one of the largest owners of local television stations in the United States, with a strong emphasis on local news leadership in mid-sized and small markets, which it positions as a competitive advantage against national broadcasters and digital-only platforms.
Business Operations
Gray Media generates revenue primarily through its Local Broadcast Television segment, which encompasses the ownership and operation of television stations affiliated with major U.S. networks. The company also operates Gray Digital Media, which includes station websites, mobile applications, and digital marketing services, as well as Production Services, providing local and regional sports and event content.
The company operates domestically across the United States with no material international broadcasting operations. Gray controls a broad portfolio of network affiliations, including ABC, CBS, NBC, FOX, and The CW. Key subsidiaries include Gray Television Licensee, LLC and Gray Digital Media, and the company has historically engaged in station swaps and shared services agreements to optimize market coverage and regulatory compliance.
Strategic Position & Investments
Gray Media’s strategic direction centers on expanding local content, strengthening digital advertising capabilities, and leveraging scale across markets. Growth initiatives have included significant acquisitions of broadcast station groups to expand reach and consolidate operations, most notably the acquisitions of Meredith Local Media Group and Quincy Media, which materially increased the company’s national footprint.
The company continues to invest in digital platforms, local sports broadcasting rights, and production infrastructure to diversify revenue beyond traditional linear advertising. Emerging areas of focus include data-driven advertising solutions and expanded local content production, though the financial impact of these initiatives varies by market. Data inconclusive based on available public sources regarding material investments outside U.S. media operations.
Geographic Footprint
Gray Media is headquartered in Atlanta, Georgia, and operates television stations across the United States, with a presence in more than 100 local markets. Its stations collectively cover a substantial percentage of U.S. television households, particularly in the Southeast, Midwest, Southwest, and Mountain West regions.
While the company does not maintain international broadcast operations, its geographic influence is significant domestically due to the breadth of its station portfolio and network affiliations. Gray’s market strategy emphasizes regional depth rather than international expansion, with operational influence concentrated entirely within U.S. media markets.
Leadership & Governance
Gray Media was founded by James H. Gray, whose family has maintained long-standing involvement in the company’s governance. The current leadership emphasizes localism, disciplined capital allocation, and long-term market leadership in local broadcasting, with a stated strategic vision focused on community engagement and sustainable cash flow generation.
Key executives include:
- Hilton H. Howell, Jr. – Chairman of the Board and Co-Chief Executive Officer
- Pat LaPlatney – President and Co-Chief Executive Officer
- Kevin Latek – Chief Legal and Development Officer
- Jim Ryan – Chief Financial Officer
- Sandy Breland – Chief Operating Officer
The company is governed by a board that includes executive leadership and independent directors, with oversight aligned to public company governance standards and regulatory requirements.