|Bid||0.00 x 800|
|Ask||0.00 x 800|
|Day's Range||16.67 - 17.24|
|52 Week Range||8.53 - 22.83|
|Beta (5Y Monthly)||2.06|
|PE Ratio (TTM)||7.17|
|Earnings Date||Feb 25, 2021 - Mar 01, 2021|
|Forward Dividend & Yield||N/A (N/A)|
|Ex-Dividend Date||Sep 11, 2008|
|1y Target Est||23.75|
(Bloomberg) -- The Supreme Court suggested it will let the Federal Communications Commission ease limits on the ownership of local media outlets, giving the broadcast industry and President Donald Trump’s administration a mostly favorable reception in a long-running fight.Hearing arguments by phone Tuesday, the justices questioned a federal appeals court decision that blocked the changes. The appeals court told the FCC to first study the potential impact on female and minority ownership in the media industry.Republicans and the broadcast industry have been seeking to relax the ownership limits for decades, saying the restrictions are badly outdated. Easing the rules could mean a wave of consolidation affecting TV stations nationwide.“We’re stuck with rules from the 1970s that 20 years ago, 25 years ago, Congress said were outdated,” Justice Neil Gorsuch said to Ruthanne Deutsch, the lawyer challenging the changes.Companies including News Corp., Sinclair Broadcast Group Inc., Fox Corp. and Nexstar Media Group Inc. are part of a group backing the FCC efforts to ease the rules.Advocacy organizations led by Prometheus Radio Project are fighting the FCC changes, saying the commission didn’t give an adequate explanation for ignoring its longstanding policy of fostering ownership diversity and didn’t give an adequate explanation. Justice Sonia Sotomayor suggested she agreed with that argument.“We have a legion of cases that say you don’t have to rule in favor of one point of view or another, but when you’re rejecting something, you should give it adequate consideration,” Sotomayor said to Justice Department lawyer Malcolm Stewart. “Isn’t that what we’re judging?”‘No Evidence’But some of the court’s conservative justices suggested they saw no basis for the FCC to conclude that its changes would have a negative impact on minority and female station ownership.“Why isn’t the commission correct that there was no evidence in the record that showed there would be harm?” Justice Amy Coney Barrett asked Deutsch.The 2017 FCC changes would eliminate a rule that had barred companies from owning two television stations in a market that didn’t have at least eight independently owned stations. The commission is also seeking to allow companies to own two of the top four stations in some markets.In addition, the FCC would lift separate bans on ownership of both a daily print newspaper and a broadcast station in the same coverage area, and on ownership of both a radio and television station in a single market.Companies say the existing rules are relics from a era when limited broadcast spectrum meant the FCC had a role in ensuring a diversity of viewpoints within local markets. Gray Television Inc. told the justices the current ownership rules were undermining its strategy of acquiring and improving multiple stations in small and mid-sized markets.A 1996 law instructs the FCC to revisit its ownership restrictions every four years and repeal or modify rules that are no longer “necessary in the public interest as the result of competition.”The industry’s lawyer, Helgi Walker, told the justices Tuesday that the statute’s language doesn’t let the FCC use ownership diversity as a reason to stop changes it concludes are otherwise in the public interest.The court is scheduled to rule by late June. The cases are FCC v. Prometheus Radio Project, 19-1231, and National Association of Broadcasters v. Prometheus Radio Project, 19-1241.(Updates with excerpts from argument starting in seventh paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.
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Decker Jon Decker Jones Sandra JonesAtlanta, Jan. 05, 2021 (GLOBE NEWSWIRE) -- Gray Television, Inc. (“Gray”) (NYSE: GTN) announced today that it has hired two additional experienced journalists for its Washington, DC-based news operations. Jon Decker has joined Gray as Senior National Editor and White House Correspondent. Jon has vast experience in Washington having been a member of the White House Press Corps since 1995. He is also the only attorney in that group. In his new role, Jon will provide editorial support for Gray’s three news content divisions: the Washington DC News Bureau, “Full Court Press with Greta Van Susteren,” and InvestigateTV. For the past six years, Jon served as the White House correspondent for Fox News Radio. He previously worked in the same role for Reuters Television, and he hosted PBS Television’s “This Week in Business.” Jon currently serves on the faculty of Georgetown University as an Adjunct Professor. Investigative reporter Sandra Jones has joined Gray’s InvestigateTV. The award-winning reporter will be based in DC and will report on investigative and consumer stories for our local newsrooms. Sandra has 25 years of experience working in local newsrooms, having spent the last few years in Hartford, Connecticut, and, prior to that, 17 years in Richmond, Virginia, and two years in Fort Wayne, Indiana. Sandra has been honored with multiple journalism awards including the coveted Edward R. Murrow award for Breaking News and Continuing Coverage. Her work has exposed government corruption, wasteful spending, and forced changes with city fire hydrants.“We’re thrilled to have Jon and Sandra join our already strong team in DC,” said Sandy Breland, Gray’s Senior Vice President-Local Media. “We’re committed to covering national issues through a local lens and we’re committed to investigative journalism. Jon and Sandra are great additions to help with that important mission.”About Gray:Gray currently owns and/or operates television stations and leading digital properties in 94 television markets, including the number-one rated television station in 68 markets and the first or second highest rated television station in 86 markets. Gray’s television stations cover approximately 24 percent of US television households and broadcast approximately 400 separate programming streams, including nearly 150 affiliates of the CBS/NBC/ABC/FOX networks. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo-Raycom, and RTM Studios, the producer of PowerNation programs and content. For further information, please visit www.gray.tv.Attachments * Decker * Jones CONTACT: Gray Contact Information: Sandy Breland, Senior Vice President, 504-352-4011