20190312 Deutsche Bank MIT Conference

Gray Television
arc beats above · slides in the middle · loops below · scroll → 2 LOOPS
SETUP TENSION ANALYSIS EVIDENCE RESOLUTION APPENDIX
HOVER FOR DETAILS · CLICK A SLIDE FOR FULLSCREEN · STEP 2
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Deck intelligence map

4
coverage by narrative range · generated from this deck JSON

Slide inventory

37
every slide · same image gating as the playbook
01
Slide 1
front_matter
02
summarize
03
The slide includes a disclaimer regarding LMA/SSA agreements.front_matter
04
summarize
05
The slide uses pie charts to illustrate the distribution of channels and revenue across different network affiliates.summarize
Open slide detailBeat · Market Size
06
The map uses callouts to identify specific TV markets and distinguishes between Gray TV stations and state capitals within those DMAs.establish_context
Open slide detailBeat · Market Size
07
summarize
08
The flywheel diagram illustrates the virtuous cycle of news dominance, while the bar charts show historical rankings for CBS, NBC, and ABC.illustrate_case
Open slide detailBeat · Problem
09
Data shows consistent outperformance of Gray stations across various news and prime time slots compared to national averages and specific network competitors.compare_peers
Open slide detailBeat · Problem
10
Enrollment figures are in thousands. Shaded rows indicate the DMA includes a state capital.analyze_data
11
The pyramid structure suggests a hierarchy or foundation of growth drivers, with 'Core Advertising Growth' at the base and 'Monetize Spectrum' at the top.present_solution
Open slide detailBeat · Solution
12
The chart uses a vertical bar format to show market share, with Gray highlighted in a different color to emphasize its growth potential relative to the regulatosize_opportunity
Open slide detailBeat · Solution
13
The chart is a conceptual illustration of stock price accretion relative to acquisition multiples, rather than a data-driven plot.quantify_impact
Open slide detailBeat · Solution
14
The slide uses two pie charts to illustrate the diversification of revenue streams over a four-year period.summarize
Open slide detailBeat · Solution
15
The slide uses pie charts to illustrate the distribution of revenue and BCF across different geographic markets and network affiliations.decompose_segments
16
Includes historical revenue data, peer benchmarking of political revenue as % of total, and a map of key election states.quantify_impact
Open slide detailLoop · Cost Of Inaction
17
analyze_data
Open slide detailLoop · Cost Of Inaction
18
The slide highlights the growth trajectory of retransmission revenue and provides transparency on contract renewal schedules for major network affiliates.quantify_impact
Open slide detailLoop · Cost Of Inaction
19
Includes a bar chart showing revenue growth and a table showing revenue as a percentage of total revenue.quantify_impact
20
BCF likely refers to Broadcast Cash Flow.size_opportunity
Open slide detailLoop · Quick Win Big Bet
21
transition
Open slide detailLoop · Quick Win Big Bet
22
Includes a mix of bar charts, tables, and pie charts to support the thesis of TV dominance.establish_context
Open slide detailLoop · Quick Win Big Bet
23
Includes three distinct charts: a bar chart for political spend, a stacked bar chart for retransmission revenue, and a series of donut charts for revenue composquantify_impact
24
The chart displays 22 distinct transaction multiples ranging from 6.2x to 12.4x.analyze_data
25
transition
26
Includes footnotes defining Operating Cash Flow and Capital Expenditures.analyze_data
Open slide detailBeat · Financials
27
Includes a bar chart showing FCF from 2007-2013 and a data table showing % of OCF and FCF/Share.quantify_impact
Open slide detailBeat · Financials
28
The slide highlights a significant de-leveraging trend over a six-year period.analyze_data
Open slide detailBeat · Financials
29
The chart shows a fluctuating trend rather than a linear increase, despite the 'Margin expansion' arrow.quantify_impact
Open slide detailBeat · Financials
30
summarize
Open slide detailBeat · Financials
31
summarize
32
Includes footnotes explaining the basis for share price, share count, and OCF definitions.summarize
33
Mentions 'below 7x' as a quantitative data point.summarize
34
The table lists specific TV stations acquired across multiple DMAs for a total price of $297.5 million.analyze_data
35
The slide includes two distinct tables: one for announced acquisitions and one for new duopoly markets.analyze_data
36
Includes breakdown of owned, operated, pending launch, and pending acquisition stations.summarize