TEGNA Inc. (NYSE: TGNA) and Gray Television, Inc. (NYSE: GTN) have announced a strategic partnership in which Gray will acquire a minority ownership interest in Premion, TEGNA´s Connected TV (CTV)/over-the-top (OTT) advertising business, the companies said.
As part of this new partnership, Gray will serve as a reseller of Premion´s services across all of Gray´s 93 television markets.
Premion is an industry-leading CTV/OTT advertising platform enabling local, regional and national advertisers to reach audiences through premium, long-form, live and on-demand video programming delivered across a broad array of streaming platforms and devices at scale. Premion has direct relationships with more than 125 premium branded networks ranging from major media networks to virtual MVPDs and direct OTT aggregators.
Under the terms of the agreement, Gray will resell Premion in its local television markets, and TEGNA and Gray will each have the right to independently sell Premion in markets where they both operate a local television station. The sale of spot television advertising is not part of this agreement, and Gray and TEGNA will continue to sell spot advertising for their respective stations without any involvement from the other party. TEGNA will continue to oversee and control the Premion business.
TEGNA Inc. is an innovative media company that serves the greater good of our communities. Across platforms, TEGNA tells empowering stories, conducts impactful investigations and delivers innovative marketing solutions. With 62 television stations in 51 markets, TEGNA is the largest owner of top 4 affiliates in the top 25 markets among independent station groups, reaching approximately 39 percent of all television households nationwide. For more information, visit www.TEGNA.com.
Gray currently owns and/or operates television stations and digital properties in 93 television markets that collectively reach approximately 24 percent of US television households. Over calendar year 2019, Gray´s stations were ranked first in 68 markets, and first or second in 86 markets, as calculated by Comscore´s audience measurement service. Gray also owns video program production, marketing, and digital businesses including Raycom Sports, Tupelo-Raycom, and RTM Studios, the producer of PowerNation programs and content. For further information, visit www.gray.tv.