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Orlando Magic Partners with Gray Media for Game Broadcasts
The Orlando Magic and Gray Media announced a partnership to telecast approximately 70 regular season Magic games for viewers in Gainesville, Panama City, and Tallahassee during the 2026-27 season. All regular season games, excluding national exclusives, will be broadcast over-the-air on WTGB 34.3 in Gainesville, WJHG 7.6 in Panama City, and WCTV 6.3 in Tallahassee. Each channel is affiliated with the 365BLK network and is also available on local cable systems. In addition, select games will air on Gray's ABC, NBC, CBS, and MyNetwork stations in these markets. A complete station lineup and broadcast schedule will be announced at a later date.
Company Reports Q2 Revenue of $839M, Exceeding Expectations
Reports Q2 revenue $839M, consensus $795.13M. Hilton Howell, Jr., Executive Chairman and CEO, commented, "Our second quarter 2026 results are starting to reflect the benefits of our M&A activity. We met or exceeded our second quarter guidance across every metric except corporate expense, which was higher due to transaction-related costs, and our net leverage ratio improved during the quarter. We are particularly pleased with political advertising, which significantly exceeded our second quarter guidance, and is trending ahead of not only 2024 but also 2022 year-to-date levels. Our Net Retransmission Revenue returned to year-over-year growth even excluding the 2026 acquisitions, despite the blackout that ended on May 1."
Gray Media Sees Q3 Revenue of $935M-$965M
Gray Media sees Q3 revenue $935M-$965M, consensus $896.22M
Gray Media Acquires Six TV Stations from American Spirit for $50M
Gray Media has reached an agreement with American Spirit to acquire its six television stations for $50M. Earlier, the parties completed the first of two closings of the transaction through which, among other things, Gray paid $40M to American Spirit and commenced a limited local management agreement for the stations. The consideration for the first of the two closings was funded with a portion of the proceeds of a private placement of $70M of aggregate principal amount of the company's 7.25% Senior Secured First Lien Notes due 2033, which was completed on June 30. Gray anticipates utilizing cash on hand to complete the second and final portion of the transaction in the fourth quarter of this year following receipt of regulatory approvals and other customary closing conditions, at which time the local management agreement will end.
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