Gray Television, Inc. (NYSE:GTN) Q2 2023 Earnings Call Transcript

Kevin Latek: Jim, with regard to the last three points of the cap, we have said consistently for a long time that there are no must-have stations left in our opinion, over time, and I stress over time because clearly, there’s absolutely nothing today. But over time, if the right thing came along at the right time when our — we felt good about our leverage. I say it differently, when our leverage was lower, would we consider some transaction or a couple of transactions to get the last three percentage points, that’s a definite maybe. But it would depend on the circumstances of the time, the outlook we have as a company, the price, our leverage because, again, there is no must-have left in our view. We have been very clear on assembly that the Phase 1 studio project is essentially completed and will be complete — will wrap up its completion over the next few months.

We have said consistently that there is remaining acreage that remains to be developed, in Hilton’s opening comments, he talked about that, that’s a long-term project for the company that we’ll be exceedingly thoughtful about. But other than that, I think we’ve been very clear for a long time that we view Assembly Studios as a complementary business to the core operations of the company. And we’ve said for a long time that we are happy to entertain when it makes sense to this company — further acquisitions of either, again, potentially core business in TV, although those opportunities are going to be exceedingly limited or other complementary businesses, but it has to make sense to us, and we’re not going to go off and completely change what we have been doing for many decades as far as our core business and our core philosophies.

James Goss: Okay, thank you very much.

Hilton Howell: All right, thank you, Jim.

Operator: There are no more questions in queue. So I’ll turn it back over to you for any closing remarks.

Hilton Howell: Thank you, operator, and thank all of you for joining us this morning, and we look forward to talking to you next quarter. Have a great weekend.

Operator: This concludes your call. You may now disconnect.