Gray Media vs Locality

Atlanta Hawks to Stream Local Games Exclusively on Prime Video

The Atlanta Hawks announced a historic deal making Prime Video the exclusive streaming home for their locally distributed NBA games starting the 2026-27 season. The agreement covers 74 regular-season games, available at no extra cost to Amazon Prime members within the team's regional territory spanning parts of Georgia, Alabama, Tennessee, South Carolina, and Mississippi. This marks the first time an NBA team has chosen Prime Video for exclusive local game streaming. The Hawks will also continue their existing free over-the-air broadcast partnership with Gray Media on WANF and Peachtree Sports Network. This move reflects the growing trend of teams bypassing traditional regional sports networks, especially after the parent company of the former RSN, Main Street Sports Group, ceased operations. Prime Video is also expanding its national NBA coverage, while the NBA reportedly plans a local streaming hub for the 2027-28 season.

• Atlanta Hawks becomes first NBA team to stream local games exclusively on Prime Video for the 2026-27 season.
• The deal covers 74 regular-season games, available to Amazon Prime members in the team's regional territory at no extra cost.
• The Hawks will also continue free over-the-air broadcasts via Gray Media stations WANF and Peachtree Sports Network.

8-K Financial Filing Analysis for Gray Media (2026-10-09)

On October 8, 2026, Gray Media, Inc. executed the Seventh Amendment to its Fifth Amended and Restated Credit Agreement with Wells Fargo Bank as administrative agent. The refinancing transaction establishes a new $600 million Term Loan G maturing on July 15, 2030, and adjusts the revolving credit facility by extending its maturity to July 15, 2030, while downsizing aggregate commitments from $750 million to $680 million. Proceeds from the Term Loan G were utilized to pay transaction fees and pay down the existing Term D Loan, reducing its outstanding balance to $150 million. The Term Loan G carries an interest rate of Term SOFR plus 3.50% (or Base Rate plus 2.50%) with 0.25% quarterly principal amortization, and includes springing maturity provisions tied to the remaining balances of the Term D Loan and 2029 First Lien Notes.

• Issued a new $600 million Term Loan G maturing on July 15, 2030, priced at Term SOFR plus 3.50% (or Base Rate plus 2.50%) with 0.25% quarterly amortization.
• Used Term Loan G proceeds to pay down the existing Term D Loan maturing December 1, 2028, reducing the outstanding principal to $150 million.
• Extended the maturity of the Revolving Credit Facility to July 15, 2030, while resizing total commitments from $750 million to $680 million.

8-K Financial Filing Analysis for Gray Media (2026-08-21)

On August 21, 2026, Gray Media, Inc. closed an offering of $750 million aggregate principal amount of 7.500% senior secured first lien notes due September 15, 2034. The notes were issued at par pursuant to an indenture with U.S. Bank Trust Company, National Association acting as trustee and collateral agent. The transaction successfully extends the company's debt maturity profile and lowers interest expense on existing obligations. Gray Media is using the net proceeds from the offering to redeem $675 million outstanding principal amount of its high-coupon 10.500% senior secured first lien notes due 2029, repay $21 million of borrowings under its revolving credit facility, and cover transaction fees, expenses, call premiums, and accrued interest.

• Issued $750,000,000 aggregate principal amount of 7.500% senior secured first lien notes due September 15, 2034 at par.
• Proceeds will redeem $675,000,000 of 10.500% senior secured first lien notes due 2029, reducing annual coupon costs by 300 bps on that principal.
• Allocated $21,000,000 of proceeds to pay down revolving credit facility debt alongside covering related redemption premiums and fees.

Locality's Tom Wolfe Advocates Data Path Optimization Over Short SPO Paths

In an AdExchanger podcast, Locality's SVP of Programmatic Strategy, Tom Wolfe, argues that the ad industry's focus on shortening supply paths is misguided. He contends that while reducing tech costs is important, an overemphasis on eliminating intermediaries can degrade signal quality and data fidelity. Wolfe advocates for 'data path optimization' to preserve rich signals alongside inventory. He also criticizes top-down national TV strategies that fail in local markets, highlighting the need for bottom-up market intelligence. Additionally, he dismisses AI hype, asserting that the competitive advantage lies in proprietary data feeding models, not the AI itself. The podcast covers local TV fragmentation and the evolving TV ecosystem.

• Tom Wolfe, SVP of Programmatic Strategy and Partnerships at Locality, argues that shorter supply paths are not inherently better.
• Wolfe advocates for 'data path optimization' to preserve data fidelity during programmatic ad delivery.
• Wolfe criticizes top-down national TV strategies, asserting that local markets require bottom-up intelligence.

Meet Kouros Esfahany, CTO

Kouros Esfahany is Chief Technology Officer of Locality, where he leads the ongoing evolution of the company’s technology platform, spanning …