GTN - Earnings call transcript Q3 2017

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Operator

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Gray Television’s Third Quarter 2017 Earnings Conference Call. Today’s conference is being recorded. At this time, I would like to turn conference over to Mr. Hilton Howell, President and Chief Executive Officer. sir. ahead, go Please

Hilton Howell

and third everyone. quarter operator, joining you Gray Television’s XXXX good you, Thank morning, for Thank earnings call.

joined Latek; Financial I’m Development usual, today Chief our As Legal Officer, Kevin Jim and Officer, Chief our Ryan. by and

a We disclaimer will that brief will morning Kevin this begin with provide.

Kevin Latek

Actual The result the this subject is undertakes risks are evaluation on their the update the to forward-looking and Such other Company’s financial Thank measurements, operating website. things, provided website of Good on that made factors. the and results. flow, of less no audio expenses, factors as are measures discussion analysis a non-GAAP Certain in call to operating measures, to forward-looking of but our include supplements statements. flow, results Those of matters included this in reports flow be these its broadcast website are everyone. particular, Included Hilton. The information. GAAP recording our may could flow Gray the our in call metrics recent source of an www.gray.tv. website. GAAP set We’ll uncertainties. forward-looking release. replace statements transcript to those a are a future filed key with on These cash future assist public free forth and and financial and number broadcast in the in to you, available our address financial described of ratios. cash in meant cash in discussed post as will leverage statements statements Company cash not corporate Company. certain differ morning, statements non-GAAP to measures reconciliations of various call most Company the included regarding, a SEC among a obligation have important as and uses from been earnings today’s the We

turn the will I microphone Now, Hilton. to

Hilton Howell

Kevin. you, Thank

revenue net another recently to record and call We are with about to welcome our you income. thrilled earnings record completed quarter

this revenue advertisement total guidance of comfortably high advertising saw you revenue allowed stronger the high political as exceed expected us end political from quarter our release the at As to our guidance third morning, the than of environment our range. was our A for well. for end

$X.XX was the For in quarter and we finished extraordinary years fourth the start than diluted this that stations. television third we’re three That first quarter, was Yellowstone The fully and income acquisition a deal great It ago our quarter seven of week, share net acquisition a of per expected of share. into posted of going momentum. announced years streak. better an we our was the with that

Over transactions. markets. billion more total television of four acquisitions including four markets less the $X.X XX television completed we than years, television years, XX in divestiture than three XX past stations After XX and acquisition we our transactions have new expanded in footprint by in

October cover years. that CBS DMAs These all which have considerably. cash also times brought quarter a leverage third We of ratio next the Gray affiliated with We the of and all our agreements couple television would of expired station few a CBS and A renews over owns all down closed leverage of net we same at ratio multiyear our this various quarter without X, reached of time XX XXXX net announced By total otherwise XXXX. the X.XX jointly at that and the stood ago, trailing at deals, agreements by times XXXX. threes any end deal And eight-quarter are operates the late weeks to basis. XX in times its On under track of third well stations. comparison, significant X.XX be on the on Gray Gray CBS another affiliation milestone. Grays’s

CBS Knoxville, Tennessee television collectively ranges approximately Our includes Nebraska, to from and million North households. Platte, X.X portfolio

of by be partnership long-term announced and with to recently along be affiliation the will content our continue long-term confirm broadcast existence. to agreement new, best other renewals with CBS Our serves in peers distribution affiliate continues the to network some relation that

month past regulatory one-to-a-market simply let one FCC. alone that Harbor. that XX Looking television the will markets, changed in relief midsized in before forward, finally the of governs has bombing still No this the years. FCC the world dispute sincerely bring the can few imposed that years, from small considerably incredible the the last Pearl It’s rule and

that the we the world that live. grateful stations be take permit to began competitive necessary We’re finally to FCC in some steps steps local overdue the which long take to in

We the new the broadcasters for X.X standard a ATSC us the by technically, granting broadcast should standard. to FCC the approval freedom By as and open imminent embrace also new opportunities and enables welcome well viewers customers. of broadcasters evolve serve that ways FCC our new as to to the better

from Super and XX away days XXX Winter than less now Bowl we’re Finally, Olympics.

NBC television which towards larger markets. owns Gray XX know, stations you As skew our

We’re was again year’s and February. our Bowl major saw proven always not for events these World We excited Series. with Olympics. therefore next the about America’s hosting for both NBC of that just sports waned for passionate prospects and the to thrilled has beginning strong this stations on the the sales host are Super we quite love viewership

we the this continue we At appreciate to Jim future. as then Television will for I to call remarks Gray after point, the Ryan. for build Kevin? questions. And their always Kevin support to over As open and we’ll lines Latek turn your to the

Kevin Latek

Good morning, again.

up most total the holiday cycle the shopping, will expect that XX% agreements value As negotiations we of accordingly. same us deliver you quarter. consent how and agreements tend of to not TV longer handful to change represent that time broadcasters we of is stations negotiations This pay our in have to and It be retransmission closer a need year. to very to have we’re know, around move and we no to with retransmission clear Historically, our this retransmission about subscriber compensated hundred goals. pick the we several these do operators small pleased Those results. particular universe. explain concluded timing and Nevertheless, our Big deserves X this expiring

We’re and from certainly buys long what will of season. returns early be the encouraged a

Next our will also be House and race, good course one of to is XX% of see year. Senate will XXX% markets next markets looking XX% markets at a next race year, see a have Governor’s year year. a political race our least will of of our

guidance providing revenue to on see XXXX, we you can that While reasons for we’re not optimistic. many we tell political be

lead Federal levels the of both primary contested record next playing of number Commission Federal more has at government. are Democratic First, the received the candidates and we out races Election struggles that Indeed, year’s believe parties elections. Republican within public the for will mid-term in a filing to

year’s spending XXXX the congressional notable XXXX. XXXX. to Second, spending years. that one historical encouraged spending limited this than Election is for revenue Issuing not recent Rather, And of by been seeing take more very in stronger the of period form we’re revenue already three XX% Day in year and races in few quarters On candidate next XXXX throughout ad seen elections the year. place first for than is off political out the gubernatorial has ahead combined basis, comparable we’ve we’re political XXXX. a

money quite our Importantly, collected One of Hampshire of see the and did presidential we spending. significant strong leading share XXXX. primary our that came optimism political growth final in New that of growth despite this fact we Iowa that is continue not very in stations the to source receive ad any already

of that shares we doubts we faced we trend you years some you most versus announced see growth We third using A includes which told sales, when revenue in-house agencies. saw two XXXX. XXXX As instead year we year. that revenue, that ago political in this same we party our off bring national know, would in ago, political

be this over grew Specifically XX% ad XX our share the spending markets We XX Nevertheless, market of thrilled at the your third-party all dollars these have XXXX time. in XXXX revenue now to be quarters will as out. excellent we just optimistic that half to the already three for political so revenue. market staff managed you’re to period a taking to when the turn in Thank our whole know political for We of political about audits grow you market’s candidate the in this markets to and ad about therefore sales It share show our share reasons first to XX% over issue next ability push significantly. grow that the Jim to can difficult our especially are share good nearly and how of the comparable turn to capitalizing call time Ryan. from cannot months. of I the total year.

Jim Ryan

you, Good everyone. Thank Kevin. morning,

excluding the release with our which everybody earnings overall national on the of at telecast. $X.X and XXXX was release very select basis and results quarter Also that million through Olympic knew national. local game pleased associated filed million operating a of the our earnings revenue filing, million historical updated QX on remind had difficult third year-to-date. be website A the XX-Q historical $X basis, and that the million, $X.X $X.X Olympic local core, combined comments were results available going ad revenue. I’d that’s million of will we’ve with comps also QX we was brief our We And $X.X on We against and few combined the ad with X% were and of up today. XXXX www.gray.tv. Our

on for segment have a spend both third consistently and communications high XX%, and commented independent additional were quarter. year. through XXs a spend that been call, get last to year-to-date results, since it share quarter it it our that, in rollout. pleased look we benefited rollout They we were continuing. our will national QX audited the of very revenue year our from quarter. that this political the But, has ran to market’s upon our to We up As Expanding share were shares spending already aggregate in They range local to doesn’t Kevin national see consistent very large our XXXX. in our the like be for on the significantly third revenue. market discussed XXX,XXX QX audits looks that. about our in and that’s Unfortunately support QX the and markets that product XX like markets, we pleased during in been last and MBPD started

We’re very a core multiyear that and share share pleased over growth very local percentages strong in -- national local basis. with in market

all very a our that of net at also leverage was XX, pleased X.XX times. September We’re low ratio, cash record

ratio As we’ve December comments expect this somewhere commented will the on be A that Xs. quarter. in the even of we lower few by high leverage fourth before, year our

we for our to X political pleased revenue, are X.X While year political between that expected QX raise an and off million. is

the off expectations we for a races, well increased of full strength bodes Kevin buys by reflecting week, Election As the year actually overall for million think was revenue Day have past into about in commenting $X last QX for XXXX. very as the tomorrow. political We our this just XXXX head results minute

pleased. single including local we’re year from I’ve Except low far lagged fast local in growth pacing you As national, and ones our Actually, digit core green over minute, mentioned I’ll it all a positive already retail get communications, categories goes time-to-time. national course to expect categories percentage auto year, and were and revenue. as other have food in all look if growth which as which and the break the down very in that we in and such the for by and of aggregate

very about week-after-week we’re four it’s with minus weeks. currently actually slightly X.X%, been the overall at the pacing down So, consistently but trends. for last is improving Auto pleased

stronger, for buying we’re if that there’s cautiously season. additional holiday optimistic might the ad our finish QX So, year-end auto

call, adjust many they As near-term lower on adjusting their we to respective the relative ad auto our local commented in the spend dealers softness slightly their we of our SAAR last rates. in believe modestly reflects as

million Two comp, QX items plus fourth anticipated. $X other quarter historical combined is $X reverse which plus in million attributable to in Our note expenses. to growth entirely the million expense of was growth $X to

a making and event number quarter plan contribution $X.X same a be from to fourth of our year. of XXX(k) million. number last That’s discretionary consistent with First will all, we approximately the is the

this stock is expense million other increasing broadcast reflect of total about million, by non-cash point, to non-cash non-executive and October XXXX. comp non-cash comp a that’s turn stock to Hilton. -- the And stock $X.X The expense of that employees awards $X.X in given a in At is to will grant back note to again, reflects QX in charge. that management I call

Hilton Howell

may the up to Thank that we operator, you, have. any this Jim. anyone And questions open time, call would at to like

Operator

[Operator Bank. Deutsche Instructions] from Aaron take And we’ll our first Watts question with

Aaron Watts

Hi, guys.

down coming presumably and are going down might be You the talked or about the pipe. that be changes coming to pipe the FCC of some the

very already have you strong markets the You in. positions play in

opportunity see existing going existing more or enhance do to consolidation footprint? So, to as or the see you national presence opportunity you forward, your think about grow markets a portfolio increase do your greater in you your

Hilton Howell

Hilton. is This

Aaron, let start So, with up I’ll Kevin let me and follow that.

things not in about already Gray that an One realize that is each X.X may average of we or streams of markets. the operate our That’s average. an may people of Television

at And been so, scale know existing operations the slow grow are you doesn’t scale benefits our finished like currently haven’t after year Kevin, in opportunities [ph] take appropriate more first the a opportunities advantage also to That and we markets. things always opportunity increase broader we had company conclusion else? has a final a to that on is pick United or will mean looking already of up do television the great We that on within that continue the markets. of the that duopoly say deal have to the to follow the feel we But, and front. we our that broader financially run whenever an up I’d anything expect comes potentially to to that really after the this we have so. that. it FCC coverage M&A to are our appropriate do strong going And of we fairly is we to of beginning there and intention Pace Gray transactions at to acquisitions relatively a running. to have rapidly lot look rules. say transactions have broader dramatically States. and other the But throughout at we

Kevin Latek

Aaron opportunistic. we is, No. add and to you be know, try I would The only thing patient as

it. at particular don’t own. market, it’s market, shareholders good rather it’s to its on end and pursue a we’ll its adding for have And is if preference Whether we for stable our that into going current transaction or everything price, our new X a in everything a So, we of look own. one versus market an appropriate another type new that stands transaction Big means, on

Aaron Watts

Thanks great. Okay, the for thoughts.

Operator

ahead to go Company. Dan with We’ll Kurnos Benchmark

Dan Kurnos

think I us year. tea re-trans guidance think Good thought Great, thanks. Kevin, as much think annual. guys I that ability surprise too I want, know help that us. confidence increased the not to your in be just you the morning. a leaves -- don’t about it positive get you us came CBS are to want can giving CBS most process. of are knowing here. lot you of your next guys early either to a you But, numbers reading thinking have And for fixed is Doing was must I

we us front So, into can as for with you? head that process you big help just on this renewal period thought your

Kevin Latek

partners far. and by NBC biggest two Sure. CBS are

XXXX those they market, that CW, At a of XXXX. tend all NBC of us out I would Again, the not the they but regardless end affiliates went on just and end so and CBS what what a CBS, them, we plate deal NBC NBC, go our model frankly than we the to exact to stations under believe fact, but that have out for platform group our affiliates not We of to we all to in with approached were then but path already made in important some stations a CBS network XXXX of the it had new thing, when as important and XXXX. with network to our we a coming taking and same so ABC, out time dates with had XXXX, visibility as very get to we for that XXXX. couple had on. the far these we time, expired. that Fox what CBS year, we was its taking XXXX, its And first This for because be where us. extremely up time, and deliver the across took did did to to out at In of it’s and and on relationship, contract of early larger contracts a that were struck acquisitions with renewal more deal we CBS, expiration just have we wanted both not extended out at renewed find sense We the a broadcast taking to and of group or stations then, in relationship to deliver stations we discuss thought larger to we could.

testament renew stations I relationship out deliver our the that we just we it a will us again, CBS more the deals, to to all ratings not take and with but couple with couple a years. was in a renew that think CBS of that have them and

a there’s these incredibly of reflect value important; also lot other rate’s our think them close that is affiliation but with agreements. and lot there incredibly of and talked there’s value how us. we in things much important in in about Term relationship be to So, they I a them items

affiliates announcement visibility think for cycle, certainly I go very all-in-all, we as cycle re-trans you’re of and beyond. into So, now us. have this through all right, in we this And our a CBS entire it’s positive

Dan Kurnos

on just not OTT shifting then And Can you’re us net some what a vMVPD smaller getting if in means and or maybe whether your over of it forward? markets to side, your penetration going to retrans, you then, yet? see OTT the sense starting for give just thoughts you’re any

Kevin Latek

it a its has affiliates years sorry, has fee retrains CBS know, many -- since charting and many, programming On from retrains, ago. as flat you charting fees all it

our since of year going I is our And gross entirely is. can’t little calculate what will our margin that after, margin. more to have net can’t future what the tell So, retrans up now Therefore, CBS we with on years. depends and the in the certainty a gross our in base be, an what bit XX% you I be

talked that of remain retrans. paid. feel this getting continue announced comfortable what strongly times, paid, I works be there we runway we is And think I significant many partnership long-term a ahead to We’ve on in very about CBS. broadcasters getting that well, is which should we about

When top Dish level our XX it started signals markets years the in In the the took DirecTV XX so never here. then about do Sony, get down course They launched ago, markets challenge. years. in and XX terms the Network Direct to of we’ve that’s the moved local started to XX OTT, country, two this quite technologically has we and are about Direc XX a country. off it or It set markets. markets and and YouTube years in guys smallest year. XX And The top launch to Dish trying OTT to markets seen have in last what and Hulu, -- Dish of

year or of our here all very, launched end out in was few couple have a first here virtually very -- quarter; there launched I there think just a there. ago. in places our And a rolled of markets actually YouTube market they last in the Hulu our but markets second weeks already. Sony up of they the all started of

gives that as lot we before they like. of subscriber and at at time, they’re expect, to returns, but us rolling some in looks a out once. visibility. it yes, again far, payments of we’ve at a subscribers in of of launch is and of lot bleeding just are edge so would given the number be we What what lots markets very seen certainly they’re there’re infinitesimal will that early and get So, It things same trying months the that certainly do reports number, you is

these what a kind us be become little give of we time with may will numbers, it see sub providers. insight those OTT -- think with any any before So, into kind I of

Operator

to next Evans go We’ll Stephens. Kyle of

Kyle Evans

from small A of any press Fairbanks, in a following that? implications fairly Fox but on market, if very curious in nondescript kind dropping release there’s

Kevin Latek

made would size, markets an talking there. that read Fairbanks New a about incredibly into. to it’s apartment out City. XXX almost eke I In out in trying we’re is building XXX. small And of business not an market, you’re York

So, NBC close we and have that a the station in market. CBS dominant station

two north the have but a that between shocked XX%. share it -- don’t of me, a wasn’t front have numbers We be I’d them if is of in of

order of owned in market worth we So, where money couldn’t any nine effort around and was else that about us Fox to make in we our put Fairbanks more anything difficult. That to point turn is got for for investment. months, that of seeing the it we station a We’ve with lot not extremely it marginal. into concluded was

did day, out make affiliate to broadcaster in say So, press end markets, of the the with doing repeater the effort other the least. Fox trying at you put have there, and up continue all a no well, that to and the saw the There not even make press coverage and into local not since up community to signals is, for trade to or time was anchorage we’re a release sense money, station it channel has employees service there. programming, from repeats of as little a

flipped the programming just Fox the hours So but day. be of station to programming We on the available hours anchorage a it’s there, station. continue the again up a will two

content the share; already. now -- is theirs for is XX% mean, that’s sales the just anchorage that back even my there. CBS still or NBC it me I be we were already syndicated to few more. network, to have so that going repeater so and we station And have But let out probably go might matter, rest the there is with

dog, of dog. even wagging tail So, a if not will, into It’s tick on the tail a I read you wouldn’t the it.

Kyle Evans

for Okay, that. thanks

XX% end this You NVPDs. of have at renewing high with the year

renewals XXXX. us singles and view shows XXXX? give deck to Could as very XXXX latest you some for Your low

Kevin Latek

contracts are our of All a three-year on cycle.

you’ll see So, if our you three, cycle add take forward. and numbers the going

Kyle Evans

count. any the lastly, seeing count sub the we’ve Could you’re us your granularity sub some data on give numbers. more in coming on you retrains And in in what had difference Okay.

Kevin Latek

to little concern. erosion that retrans there nothing time, some a of this our of bit for adjusted certainly said -- year. We’ve seems not for bit but We’ve be a guidance gives us

You than our much to point really that. we don’t have to quarter pretty All from in retrans to numbers is stable. can deck. more is our And can see quarter I say do

quarter. are numbers quarter stable retrans to Our

Operator

We’ll go Ryvicker Marci next to Fargo. Wells with

Marci Ryvicker

Thanks. better? I if around little the do talk Jim, just fact want is to holiday? Is a auto. get point expect you see what inflection, the at it going Christmas bit to an to auto about in Thanksgiving holiday, is

Jim Ryan

anticipate I between Christmas year, uptick week Depending would that it often is New more holiday. the Years. there’s a and in little on the probably especially Christmas

Christmas So say, it guys really we’ll week general, it’s step little that for. see soft, a bit. looking there’s I’d and I’d some troubled we’re would the But, up alarming. it we the be but it, local in add-on a if be by post-Thanksgiving, little anything don’t call if see one Overall, season, not

wholesale out, through in go said as call, the account by off it’s taking little little dropping and a we our the bit table. not look we as it’s account, last Just guys

small that to of add a it And us. is is to so, up lot of just a looking like it’s little softness what bit dollars

Marci Ryvicker

same the used at if is incremental? the then, analysis. about what sense know Any actually being on I us you give any I time incremental of XX% Olympics, of about that point? get to political from And thing talk be have as a is asked incremental And you can to have as I do what guess, we know Okay. rule sort thumb. don’t to this sense

Jim Ryan

It’s On the Olympics, to to honest, not we’re to hard get very sure. be to try that.

perspective, than was kind more expect time. appreciated the incremental in XXXX, put down To NBCs you in would August, and be it were. of our year-over-year in think, I would it at much we obviously, they

down went non-NBCs as best and expect, you -- of would just million are away Our and part $X.X it. the mid-XXs, they were

core Our up healthy of non-NBCs in August were the X%. month

XX-XX. been in So, that sales probably -- Political past. more towards the of of of I from that also Olympic any extremely There in, more get we be incremental, is to more extreme simply we the old hot used super Yes. that suggests the incremental was and have of were there is in sure holds to because me it advantage especially markets, thumb to gets last I’m and pricing difficult. weighs than that that much not year that. think, rule

Operator

Lucas & We’ll to go Company. next Barry with Gabelli

Barry Lucas

good morning. on was I for could political what on you historical stay to would the the minute, theme remind and baseline a basis? a you hoping, just XXXX if Thank combined us for be

Jim Ryan

Yes. historical for Barry, in give combined me I was XXXX, to million. it -- was $XXX want half That’s say, and. it a to second XXXX

times talked quiet there activity ballot $XX we’ve between and race and a is As several Alaska Alaska about year, some dead calls, on multiple was probably in million XXXX. in Senate of initiatives that

So, think to you can factored in. factor that in whatever extent you it needs be to

Barry Lucas

Okay.

Jim Ryan

and be good and year. think Governors’ Senate very will a we races do a have XXXX, it slate in we mentioned, Kevin of As good

Barry Lucas

at Kevin, it was August, beat up a the basis, if retrans? quarter you And a in on to completed was even CAX and to did look Okay. flat add if third I -- don’t QX count QX, you the same-station guess retrans in I or want but sub for down, maybe nominal, death, on you

Kevin Latek

basis, in was On a it QX, combined was… it historical

Hilton Howell

XX.X million.

Kevin Latek

Yes, QX. it was in XX.X million

-- Our for is And guidance million says XX QX have QX “XX” I QX was the XXX,XXX. QX don’t we up rounded, usually million rounded. to XX XX look it to because -- round

consistent years. very acquisition from which the respective the the been of combined the factor it’s historical beginning would So, numbers, using

Barry Lucas

appreciate clearing Okay. it. I out. Thanks that for

Operator

with to Fargo. Wells next Davis We’ll go Hebert

Davis Hebert

or trajectory taking just understand Maybe XXXX. Good the into if the Thanks everyone. back in for glide clarification the I to made to under just questions. I thought provide threes leverage… morning, couldn’t come I want the quite the path on earlier. to the could heard threes. I leverage some you commentary

Jim Ryan

threes, Into the Davis.

Davis Hebert

Into the threes?

Jim Ryan

Yes. threes. the Into

Davis Hebert

By the end XXXX? of

Jim Ryan

would XXXX, turn full lower. expect I be by to end one at conservatively Conservatively of the again

reset how that we’re if depending year, fours threes then, on do year. we somewhere So, the ultimately end the have it the on at end the next into by the retrans we high of be And in large of we this the well could out at put year better. we again, year, on political. as It there well not it’s but to number of believe this yet. be a And how as a do to going strong would end be going do we’re

So, got I’m we because of the pieces two if I big know high being for conservative won’t deliberately threes, say that some time puzzle yet. we’ve

Davis Hebert

to Okay, good hear. that’s

a that’s correct? average basis, two-year So on

Kevin Latek

That’s correct.

Davis Hebert

Okay, helpful. Thank you.

Operator

next go to with Instructions] [Operator We’ll Goss Barrington Research. Jim

Jim Goss

to is Thanks. involvement it actually a One, slightly wondering has and different went of discussed better harmed? I say a somebody sub or if rolling, an notion neutral, CBS know the you are service OTT switches better you or couple your possibly switched its it MVPD I’m at least have in to fairs questions. that OTT once I are gets from if theirs. OTT would little service. you

Kevin Latek

said we where subscriber agnostic in. as the to generally is coming are we Jim,

James Goss

wondering Okay, retrans the was retransmission market programming trend charge fees, does comp? harder it neither versus make differences any positive or too, if reverse way. so maintain net Again, size a easier your I are make in you looking less or at to

Kevin Latek

small of answer we that our how to we’re what don’t see markets. question they -- Again, we’re relative U.S. peers in know because the midsized, don’t I XX% to not see.

don’t of are in terms I know rate. So, be. compares their would I are who don’t We mega in how maintaining to what but a experience know experienced our folks markets know experience

I So, can’t unfortunately. compare,

Jim Goss

you to over good stay spot, focus, trend as markets so been does think be the Okay. you’ve that And M&A want do larger are begin to or at if maybe you -- you sweet in into up, tick lastly, the a years? likely to

Kevin Latek

last the station TV we did one top the for to we at you we’re XX in back been why has the sale stations is And said, shareholders. the in the looked there we process, are deals run, Sure. in years. number the all market have last It over high. money we’ve offered at. And one bank? four accretive but became the always since sizes, started only That’s our four of that too And in for -- where markets while doing that price do rob years, participate acquisition sort only goes

left There’s XXX, groups. that by over midsized In otherwise But met we’re a in. would that not at. only buying or set in large If been or markets, one scores where have how did already is two our we’ve owned a are number station number by that did we of that in that station. the being So, take not strong number we criteria That’s opportunity they’re not owned a -- away bottom group. XX that’s pursue we think I one XX there’s station XXX clearly stations the that, markets don’t still to interested top top the just only are that. two, markets, there’s one

much field just -- there’s markets. the larger the richer there’s of much outside So,

we qualifications, we will if and comfortable look have continue our afford to regardless We that with and looked market can we of are size. And ability at at stations meet criteria, in to comes those Again our afford tell run it, stations what markets. and that it time back opportunities larger that’s be. pursue if will to we can might the we will --

Operator

back over it additional I’d queue. remarks. there’re any Instructions] questions to speakers’ turn no like for It to today’s [Operator or closing further appears in

Hilton Howell

much, I at our you next forward very bringing of just you year. to everyone morning. Thank time prior all look for want thank you. And up-to-date call when your to this cover we we’ll thank Well, operator. this

Operator

for conference. this participation. Thank you gentlemen, conclude does and today’s Ladies your

You may disconnect. now

Gray Television (GTN) 6 Nov 172017 Q3 Earnings call transcript