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  "documentTitle": "20190312 Deutsche Bank MIT Conference",
  "authorId": "DeutscheBank",
  "authorName": "Gray Television",
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  "notes": "BCF likely refers to Broadcast Cash Flow.",
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      "kind": "disclaimer",
      "text": "(1) Certain program channels are affiliated with more than one additional network simultaneously. (2) Excludes corporate expenses (3) Includes stations under LMA or SSA agreements with Gray.",
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      "text": "Limited to no near-term interference from potential broadcast spectrum auction and regulatory rulings",
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      "kind": "list",
      "text": "Opportunity to monetize digital spectrum through more efficient use of spectrum: Converting spectrum to a Content Delivery Network via Broadcast Overlay Technology; Leasing it to wireless carriers",
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      "kind": "list",
      "text": "Currently 58 additional program streams(1) with programming from key networks including CW, MyNetwork TV, Telemundo, MeTv and Antenna TV(3)",
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      "text": "Net Revenue: $19.5 million",
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      "text": "2013: $19.5M Revenue, $9.9M BCF (51% margin). 2012: $14.9M Revenue, $8.2M BCF (55% margin). Yr/Yr: +31%, +21%.",
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      "text": "Unlocking the Value of Spectrum",
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