Gray Television announces news – GuruFocus.com

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ATLANTA, June 01, 2022 (GLOBE NEWSWIRE) — Gray Television, Inc. (grey” or we”) (:GTN) has entered into a long-term agreement with NBCUniversal Media, LLC (“NBCU”) whereby NBCU will lease and operate new, state-of-the-art studio facilities in the Gray’s Assembly Atlanta development in the Atlanta metro area to be constructed during the next several months.

“Gray Television is thrilled to expand our already strong relationship with NBCU,” said Executive Chairman and CEO of Gray, Hilton H. Howell, Jr. “The new venture announced today places Gray’s own studio projects in a large, first-class television and film production facility that will surely draw on and augment the vast pool of skilled industry professionals who also make their home here in metro Atlanta.

Atlanta Assembly is a 135-acre mixed-use housing development centered around the studio apartment industry on the former site of the General Motors Assembly Plant, located in the town of Doraville, Georgia. The property borders the perimeter of Interstate 285 and is near Atlanta’s neighborhood of Buckhead. In 2021, Gray assembled the real estate that today includes Assembly Atlanta. Last year, Gray retained Atlanta-based The Gipson Company as developer and construction manager and JLL as strategic advisor for Assembly Atlanta.

The defining feature of the Assembly Atlanta development is the 43-acre lot Assembly studios complex including sound stages, production offices, warehouse and factory buildings, studio bungalows, event space and a parking deck. NBCU’s lease with Gray will include a full suite of facilities needed to support television and film production. The new facilities will include several sound stages, production offices, warehouses and factories, as well as parking and other necessary amenities. Next to the Assembly Studios complex is Third Rail Studios, a seven-acre film and television production facility that opened in 2016 and which Gray acquired in September 2021.

NBCU will manage all on-site studio and production facilities within the Assembly Studios complex, including Gray’s own studio facilities and Gray’s Third Rail Studios. This arrangement is expected to leverage NBCU’s extensive experience and expertise in managing studio lots, provide consistency across all studio operations and third-party rental opportunities, and enable Gray to continue to concentrate on its own video production activity.

Construction of roads and infrastructure began last summer at the Assembly Studios complex, and construction of Gray’s Swirl Films studio buildings at the end of last year. Construction of the NBCU facilities is expected to begin this summer. At that time, Gray expects more than 1,200 people to be employed in on-site construction work. Gray expects the Assembly Studios complex to be completed in the second half of 2023, allowing Gray’s Swirl Films, NBCU and any third-party tenants to begin film and television productions at the new facilities before the end of next year. When fully operational, more than 4,000 people are expected to work at Assembly Studios and Third Rail Studios, and productions filmed there will support thousands of additional new jobs in the community.

Outside of the Assembly Studios complex, current plans for Assembly Atlanta include mixed-use and commercial buildings around a downtown concept when completed within the next five to seven years. Long-term development plans include a boutique hotel, townhouses and apartments, entertainment venues including online gaming facilities, a conference center and office buildings. Properties, including landscaped streets, parks and green spaces, will be designed to allow locations to be filmed in Assembly Atlanta for productions shot at Assembly Studios’ sound stages. Gray plans to sell and lease various parcels to third parties to build and operate retail, residential, office and other businesses in the Assembly Atlanta complex outside of Assembly Studios.

In light of the agreements announced today and construction at the site progressing ahead of schedule, Gray is now updating its Assembly Atlanta related capital expenditure forecast to a range of $130-140 million in 2022. , with about $80-90 million in additional spending. capital expenditures related to Assembly Atlanta in 2023. These capital expenditure amounts are net of currently anticipated proceeds from property sales and certain other incentive payments that Gray expects to receive this year.

Rendering above of Assembly Atlanta.

Above render of an entry to Assembly Studios.

About Gray:

Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. We are the largest owner of local TV channels and premier digital assets in the United States, serving 113 TV markets and reaching approximately 36% of US TV households. This portfolio includes 80 markets with the highest rated TV channel and 100 markets with the first and/or second highest rated TV channel. We also own video program companies Raycom Sports, Tupelo Honey and PowerNation Studios, as well as Third Rail Studios. For more information, please visit www.gray.tv.

Forward-looking statements:

This press release contains certain forward-looking statements based largely on Gray’s current expectations and reflect various estimates and assumptions by Gray. These statements are all statements other than statements of historical fact, and may be identified by words such as “estimate”, “expect”, “anticipate”, “will”, “implied”, “assume”. and similar expressions. Forward-looking statements are subject to certain risks, trends and uncertainties that could cause actual results and achievements to differ materially from those expressed in such forward-looking statements. These risks, trends and uncertainties, which in some cases are beyond Gray’s control, include Gray’s ability to complete the Assembly Studios on the terms and within the timeframe currently contemplated or not at all, whether the anticipated benefits may be realized. timely or not at all, estimates of future expenses and other future events. Gray is subject to additional risks and uncertainties described in Gray’s annual and quarterly reports filed with the Securities and Exchange Commission from time to time, including in the sections “Risk Factors” and “Management’s Discussion and Analysis of financial condition and results of operations” contained therein, which reports are made public via its website, www.gray.tv. Any forward-looking statements contained in this communication should be evaluated in light of these important risk factors. This press release reflects the opinions and expectations of management as of the date hereof. Except to the extent required by applicable law, Gray undertakes no obligation to update or revise any information contained in this communication beyond the date hereof, whether as a result of new information, future events or otherwise.

Contact details of the gray company:

Hilton H. Howell, Jr.Executive Chairman and CEO, 404-266-5513
Kevin P. Latekexecutive vice president, chief legal and development officer, 404-266-8333

Gray Press Contacts:

Rick BurnsVice President, Assembly Atlanta, LLC, 323-493-0123

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