Ladies and gentlemen, thank you for standing by, and welcome to the Third Quarter 2020 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now turn the conference over to your speaker today, Hilton Howell, Chairman and CEO. Thank you. Please go ahead.

Thank you, Mike. Good morning, everyone. As Mike mentioned, our operator, I am Hilton Howell, the Chairman and CEO of Gray Television, and I want to thank each and every one of you for joining us this morning for our third quarter 2020 earnings call. As usual, on the line with me today are our President, Co-CEO, Pat LaPlatney; our Chief Legal and Development Officer, Kevin Latek; our Chief Financial Officer, Jim Ryan; and our Chief Operating Officer, Bob Smith. We will begin this morning with the disclaimer that Kevin will provide now. Kevin?

Thank you, Hilton, and good morning, everyone. Certain matters discussed on this call may include forward-looking statements regarding, among other things, future operating results. Those statements are subject to a number of risks and uncertainties. Actual results in the future could differ from those described in the forward-looking statements as a result of various important factors. Such factors have been set forth in the company's most recent reports filed with the SEC and included in today's earnings release. The company undertakes no obligation to update these forward-looking statements. Gray uses its website as a key source of company information. The website address is www.gray.tv. Included on the call will be a discussion of non-GAAP financial measures and in particular, broadcast cash flow, broadcast cash flow less corporate expenses, operating cash flow, free cash flow, adjusted EBITDA and certain leverage ratios. These metrics are not meant to replace GAAP measurements but are provided as supplements to assist the public in their analysis and valuation of our company. Included in our earnings release as well as on our website are reconciliations of the non-GAAP financial measures to the GAAP measures reported in our financial statements. Now I will turn the call to Hilton.

Thank you very much, Kevin. It may be hard for all of us to remember how strong we began in 2020 in January and February this year, how much optimism we had at the start of this year. And now many months into this crazy pandemic, Gray Television is continuing to recover and recover strongly from a historic pullback in economic activity that this country faced in March, April and May earlier this year. In fact, in many of our core areas, we're returning to normal historical levels of advertising despite the huge displacement of political that has occurred through the course of 2020. Despite all the challenges at the beginning of the year, our total revenues are again increasing by double digits as local audiences absolutely surged, and our content continues to warrant improved compensation terms. All of this is due in large part to the extraordinary efforts of our reporters and sellers and producers and other professionals all around the country. Consistent with this headline, we saw in the second quarter of this year how Gray's business slowed less than anticipated, and it recovered faster than expected. Today's release confirms that the third quarter saw this strong momentum continue. Quite simply, our results in the third quarter were much better than we would have had expected that they would have been over the summer. Our total revenue for the third quarter was $604 million, an increase of $87 million or 17% from the third quarter of 2019. Net income attributable to common stockholders was $109 million or $1.14 per fully diluted share, which is more than double this amount from the third quarter of 2019. Broadcast cash flow was $271 million, an increase of $79 million or 41% from the third quarter of 2019. Our adjusted EBITDA for…

Thank you, Hilton, and good morning. As you've heard for years, this company is superbly positioned to benefit from political revenue resulting from our high-quality local news operations located in politically important markets. This year has proven that thesis once again. Our political revenues also confirm another critical fact. When you need to promote your product, service, candidate or issue, there is no better and no more efficient medium to reach consumers than the trusted, brand-safe, universally available, strong local television station. Our job at Gray and throughout our industry has continued to demonstrate this fact to more nonpolitical advertisers at the national and local level. One thing that political and nonpolitical advertisers alike recognize is that their audiences trust their local news anchors and news teams more than any other media. And at Gray, we're fortunate to have both very talented journalists and prestigious recognition of their efforts. On August 24, the National Association of Broadcasters Leadership Foundation selected several of our television stations as winners and finalists for this year's coveted Service to America Awards. The Service to America Awards recognize outstanding community service by local broadcasters and selects local and radio -- pardon me, and selects local, radio and television stations and one group owner each year for their exemplary service to their communities. Gray's WJHG-TV in Panama City, Florida, received a Service to Community Award for small market television for its enterprise series, Remembering the Forgotten. In addition, Gray's WNDU in South Bend, Indiana received a Service to a Community Award for media market television for Never Again: Preventing Bus Stop Tragedies. Both of the finalists for awards in the small market television and 1 of the 3 finalists for awards in the media market television category were Gray stations. Moreover, Gray Television itself won NABLF's…

Good morning again, and thank you, Pat. As most of you know, the U.S. Supreme Court recently agreed to review the decision of the Third Circuit Federal Court of Appeals that overturned the SEC's very limited relaxation of the local broadcast ownership rules adopted in the summer of 2017. Gray Television followed an amicus brief, urging the court to take the case earlier this year. Our brief explained how the FCC's antiquated ownership rules have actually harmed local communities' access to local new sources, which is contrary to the public interest. We are optimistic that the Supreme Court will confirm that the FCC has the legal authority and the binding obligation to actually deregulate its antiquated rules, precisely as Congress directed the FCC to do way back in the 1996 Telecom Act. In terms of timing, the court will hold oral arguments in early 2021 and issue a decision by the end of its term in June of next year. A favorable ruling would restore the modest rule relaxation enacted in 2017 and represented the first small step to responding to the radical changes that the media market has undergone since 1996. We hope that such a ruling will also facilitate further relaxation of local rules by a new FCC that understands the importance of enabling local broadcasters to compete more fairly with the unregulated big tech giants. In terms of retransmission, today's release reported that our retransmission revenues grew at a faster year-over-year rate than the prior quarters this year. Specifically, retransmission revenues increased 4% in the first quarter this year on a year-over-year basis and 9% in the second quarter of this year on a year-over-year basis. And now in the just completed third quarter, we booked an 11% year-over-year increase in the third quarter retransmission revenue. These…

Thank you, Kevin. Good morning, everyone. I think our earnings release and the 10-Q that will be filed a little later today will provide a great deal of information for all of you. So I'm just going to quickly go over some of the highlights. Now I'll remind everybody that as of the first quarter this year, all of our reporting has been on an as-reported basis because any acquisitions that we've done have been clearly immaterial to the financial results. We're pleased with the results for Q3. Our total core was down approximately 14%, but -- and that was within the range we had expected. We saw sequential improvement during each month of the quarter. July core was down 16%. August core was down 12%. September core was also down 12%, but you have to begin to consider the significant amount of political displacement we began to see in September. In September, political revenue was $71 million just for the month compared to a core revenue total of $85 million. So obviously, we dealt with a lot of political displacement. And our total Q3 political revenue of $128 million was dramatically higher than we had anticipated from the last earnings call. To put the Q3 results in perspective, remember that in Q2, our total core was down 30% with April being down 38%; May, down 34%; and June, down 17%. So clearly, we are seeing improvement from the lockdown lows of the economy in the second quarter. We increased our cash on hand by $88 million, and we ended the quarter with $467 million of cash on the balance sheet plus an undrawn revolver of $200 million. Hilton already commented on our very successful $800 million note offering 4.75%, 10-year notes due 2030. We were exceptionally pleased with that.…

Well, thank you, Jim. 2020 has thrown incredible, unprecedented challenges at all of us, personally, professionally. Nevertheless, our performance this year clearly validates Gray's decades-long commitment to acquiring, investing in and locally operating the strongest local television stations throughout the country, now in 94 markets. Because these types of television stations declined less and recovered faster than most other types of media companies, we are confident that Gray Television continues to have an exceptionally bright future ahead. The broadcast business for all that you have heard remains an outstanding business. Absent an opportunity for further significant M&A over the next year, deleveraging remains the first priority for Gray with capital returns in the form of stock backs beginning immediately, next in porting. On our February earnings call, before the pandemic hit, I told you that our Board believes that we can continue to deleverage the balance sheet and pursue buybacks while, at the same time, reinstituting a quarterly dividend. Our Board has not yet reached the final decision to resume the dividend just yet, but I believe that it will soon reach that decision. As noted in that February call, however, the Board considers reinstating a dividend with our total leverage ratio as defined in our senior credit facility falls below 4.0x on a trailing 8-quarter basis after netting total cash on hand. Whether our very strong political revenue this year fully compensates for the pandemic impact on our core revenue remains to be seen. Regardless, when our net leverage falls below 4x, the Board will consider where the market conditions then permit us to return to paying our quarterly dividends and at what level we would initiate that dividend. So operator, at this time, we ask that you open up the line for questions.

[Operator Instructions] Your first question comes from Steven Cahall from Wells Fargo.

That $15 per household in political is pretty outstanding. I was wondering if you could help us think about maybe the split between local versus presidential as well as the split between candidate versus PAC or super PAC on that? And you mentioned the runoff in Georgia. I was wondering if you're also seeing any expressions of interest from PACs or super PACs as some of the vote stuff goes to court and whether we could see a continued sort of long tail if the election process runs out a little longer and how that's factored into your updated political guidance? And then maybe just on net retrans, I mean, you talked about the really good visibility you have on 2021 on the growth side as well as some of the expenses based on the Q4 guidance So I know that the timing for net retrans sets up this year to be, I think, down a little bit. So I was just wondering if you have any expectations at this point for 2021?

Let me just begin with political, and then I'll ask Bob Smith kind of comment on it because he also has a lot of color that I think that you will find interesting. We mentioned $380 million. We know it's going to be north of that. We don't know exactly how high north it will eventually be. We know that we have a runoff between -- we have [indiscernible] on the Democratic side and Senator Kelly Loeffler on the Republican side that will begin -- has begun and will culminate on February 5. I believe that we will see significant spending there on both sides. Obviously, depending upon the count and what states -- that we still don't know and exactly where the Senate should turn out. If the balance of the Senate is in place, the amount of money could be exponential. Georgia, unless I am unfamiliar with what has happened during the course of this conversation, has not yet released its final numbers. As I began this call this morning, our incumbent senator, David Perdue had north of 50% and his opponent, Jon Ossoff, was in the 47% area. If for some reason, senator produced numbers should drop below 50% when final numbers are out, then Georgia will have 2 runoffs for its 2 Senate seats. And we have the dominant station in every market and the highest market share in every market in Georgia, except Atlanta and Macon. We are in Augusta. We are in Savannah. We're in Thomas Store, Tallahassee. We're in Albany, Georgia, and we're in Columbus, Georgia. So Gray as a company will benefit from any runoffs through the remainder of the year and into the first 5 years (sic) [ months ] of 2021. While I don't want to steal his thunder, our investment in Maine has been -- has turned out to be a prolific one. We actually sold probably our largest value 30-second spot this past Sunday during a Patriots game in the 6 figures, which was a presidential ad money. But the Senate spending, the spending at the House, obviously, the presidential spending and then after the passing of Senator Ruth Bader Ginsburg, the issue money spending has been extraordinary in every case in every count. Bob, do you want to follow up on the political with anything you have to say there?

Sure, Hilton. I'd be happy to. The -- you asked a little bit about the breakdown is how it went with Gray. And approximately, the presidential race accounted for about 23% of our overall revenue. The House, nationally about 16%. And the Senate, as Hilton just mentioned, was extraordinary, and that's roughly a little over 40% of our overall revenue. And that's where some of the biggest numbers were in terms of rates and issue money. We're in those Senate races. As Hilton described what happened in Maine, we saw similar situations in Wisconsin and Iowa as well and Alaska for that matter. So really record rates in certain programming areas, record cost per points and really just robust in a lot of markets in a lot of states.

Yes. Since you had 2 questions, Steven, that was -- are there any further follow-ups on political before we turn it over to Kevin.

I didn't address the -- Hilton, maybe I should real quick. He did ask about Georgia, and I wanted to say that we are seeing dollars already in Georgia for the January 5 runoff.

That's great. Yes, Georgia on my mind and would love to hear from Kevin on the retrans side.

Yes. Steven, so obviously, our growth is going to be -- you have a large step-up next year. It's hard for us to -- we have no guidance on what that is because we -- some of the conversations of those renewals have yet to begin. Some have, and obviously, it's hard to predict where those are going to close. On the reverse side, we know what CBS and Fox fees are going to go to because, of course, these are fixed fees. We do not know what the other 2 retrans reverse comp will be because those are, of course, percentages. So the better we do in retrans, the better ABC and NBC will do. And so what -- if I don't know the top, I can't tell you what the -- and I don't know what the gross revenue is. I couldn't possibly tell you what the net revenue -- or the net retrans number would be or the reverse comp would be. We got to have an input to the formula, which is the growth retrans. So we're -- we have a lot of work ahead of us the next 2 months or so. And we -- after the first of the year, we'll have a bunch of that behind us, we'll have a much better feel. But right now, it would really just be guessing, and we're trying to provide some forecasts that have something anchored in reality. But if I were to guess, it would be just about a guess, and I don't think that's very helpful.

. Your next question comes from Dan Kurnos from The Benchmark.

Jim, just maybe on core, your -- you guys are at the much better end of the range on kind of at least initial Q4 pacings even taking into account the absolutely ludicrous amount of political you booked in October. So I'm just wondering if you guys have any thoughts as to -- you mentioned a little bit in your prepared remarks, but why you guys are kind of outperforming the peer group even outside of the election?

Go ahead, Hilton.

Go ahead, Jim.

No. I think it speaks to what we've said many times in the past. It's the quality of our portfolio and the strength of our local stations. They're the first go to buy in all of those markets. And I think that's helping us during the recovery process from the pandemic. We are -- we were very pleased with what we're seeing so far on a pacing basis for November being only down low single digits. And December is not surprising being down a little bit -- down more right now, but December often comes -- you get farther in November and early December, and then you get to hopefully a flurry of last-minute buys into the year, which will bring December up a little bit. So again, I think it's back to the strength of the news, strength of the overall station in the community. And that's what gives us the edge.

Yes. I'd also add, Dan -- it's Pat LaPlatney that we've implemented a -- we've invested and implemented a very strong training program for our stations that we've been running now for north of 18 months. I really think that's having an impact. We're arming our sellers with the best tools out there, including Premion. And I think that also contributes to the numbers.

Got it. That's helpful. And is there any -- just any generic category color you could give us, Jim, just around sort of what's improving?

Yes. I'd say across the board, everything is improving. On a relative scale, we saw each month of -- well, September, you've got to kind of throw out and October, you definitely have to throw out with the political. That's the story for September and October. But July, August, November, in the categories, all of them appear to be improving sequentially. Auto is still down, but much less so than the depths of the second quarter and going in the right direction, again, each month getting better. We've seen strength in financial. Medical has been strong lately, coming back, legal, you bundle all of those 3 categories together under a broad banner of services and actually, that's been holding up pretty well this year and again, showing improvement as we've gone month after month. So we're encouraged there. Again, it's -- October, you got to just ignore. But in November, it looks like home improvement, the services are all -- supermarkets even are all showing positive trends right now and actually showing in the green. And again, automotive, instead of being down, I'd have to back and look, but I think in April or May, it was down 30%, 40%. If it's now November looking like it's somewhere in the low double digits range, that's -- I think that's dramatic improvement. And as we've talked before as supplies and inventories continue to catch up, we think that's going to continue to improve. Where there's inventory, the dealers seem to be selling the cars pretty well. And in some places, they still are saying that they'd like to see a little more inventory catch up to them. But I think overall, it's a -- it's an encouraging trend.

Got it. That's really helpful color. And then maybe just one last one, if I could sneak one in for Hilton. I mean you were incredibly comprehensive with your overview on shareholder returns and how you're kind of -- your use of capital. I know historically, you said that things like we need to get bigger or I know that you've said absent a transformative M&A transaction, you will be aggressive with returning cash to shareholders. I'm just curious, you have sort of almost unprecedented flexibility, thankfully, because of all of this political with a really strong balance sheet. How much does that FCC, pending FCC court case play into how much powder you need to potentially keep dry versus just things that you think could come on the market? And even that notwithstanding, I guess, to borrow a different phrase, do you think you can still walk and chew gum at the same time here?

Dan, well, first, let me start with the last. Yes, can we walk and chew gum at the same time? With that gum, straight we can. One of the reasons that you only hear so far right now about what we are doing is we still remain in a period in the broadcast business of almost unknown lack of clarity. We don't yet know who will be appointing the FCC. And there is a, I think, a fundamental difference between the 2 parties' approach to regulation, and that has an impact on all M&A. We have never had a situation where the Third Circuit -- it should happen decades ago, where the Third Circuit has been challenged by the United States Supreme Court and how that will have an effect upon ownership, whether that is just purely within a local individual market or if it should extend something beyond where the cap is, I don't know. And so I was literally praying on election night that we would just have an answer, one way or another, an answer. We don't yet. And so it -- when uncertainty raise, it makes it difficult to make a clear, correct decision. There are all kinds of issues, whether or not the UHF discount remains in place, whether or not 39% cap remains in place, whether or not sort of the prohibition on owning multiple stations in certain markets based upon different sizes. All of that's open. So the one thing that we do know that is certain is that in the midst of the pandemic, cash is king. And so what I think we have demonstrated to all of you and the Wall Street is that we have a business that we have built up over in excess of 30 years and just…

Yes. I'd say so, Hilton. That was a very comprehensive answer to that, and I really appreciate your insight there.

Your next question comes from Kyle Evans from Stephens.

Congrats on political, and I like the sound of that cash balance at the end of the year. Kevin, I think you said that CBS was a known expense on the reverse side for retrans. I thought you guys had a renewal with CBS in 2021. Am I wrong on that one?

CBS renews at the end of 2021.

And you guys give the cleanest look at gross reverse and net retrans, and therefore, you should expect noxious questions like the one I'm about to ask. What do you think the right steady-state net margin is for that revenue segment? And if you don't want to answer it, asked in a different way, should I start with a 4 or 3?

I mean, all seriousness, our retrans is because our local stations get more viewership than any other channel in their market. So not to be too glib about it, but we think retrans should predominantly be our compensation for our local investments, our local programming, our local team. But we balance lots of issues when we negotiate network affiliation agreements as does everybody else. And so we -- you've heard us say for years, we're not focused on the margins. We're focusing on how many dollars we can put in the bank, and we're going to continue to do that. So I'm not going to get locked into a headline that says Gray thinks net retrans margin should be X or Y. It, frankly, it depends everything else that's going into a negotiation. How much time do we get for local commercials, how much promotion are we doing? What else are we getting? What else will be giving? And so it's a lot of stuff. And the margin is just -- it's looking at one side of -- one part of the elephant. And it's a pretty big elephant. There's every network affiliate and network relationship is very deep at many levels. And we have -- we weigh all of those things in both sides of those negotiations. Again, the rate is just one part of that conversation.

Would you say that the blended average relationship for the big 4 is the same as it was a few years ago, better or worse or more contentious, not worse?

We haven't had a network renewal negotiation in a while, so I can't really comment on what are things may be today versus where they were when we last did them a couple of years ago. And our next negotiation is with CBS at the end of next year. So I think you need to ask somebody else.

Okay. Jim, I really appreciate the monthly granular detail on core. Glad to hear auto is improving. What's your early read on legalized sports gambling as a category?

Bob, why don't you comment on that?

Yes. It's actually very promising and certainly -- it's become an emerging category. Right now, I think there's legalized gambling in 19 states and 6 more have has passed it. So half the country will have legalized gambling. And what started out as a couple of accounts spending some money in some of our markets towards legal is now up to about 4 or 5 different gambling firms that we expect all to be on the air in the first quarter. And so we're very optimistic seeing what the growth in that category throughout the year. We think it's going to be just that much better beginning of first quarter and throughout all of '21. It's probably, without a doubt, one of the more exciting categories for us currently just because it's moving very quickly. And the kind of dollars they spend are pretty significant in our markets.

Your next question comes from Jim Goss from Barrington Research.

Hilton, you just provided some indication about the still wanting to go -- to grow your franchise. And given that you're pretty well covered in your existing traditional Gray types of territories, if you needed to move outside of your traditional markets, what parameters or characteristics would qualify as candidates for consideration to grow a little bigger? What sort of things would you be looking for?

Well, I mean, Jim, you can look at the world that's available out there. Gray actually fits -- I know that our reputation is to be in the mid- to smaller markets and in dominant position in those respective markets. But with the Raycom acquisition, we picked up a lot of much larger markets, and they're doing exceptionally well. And so we will be looking for individual stations, singles and doubles or maybe bigger transactions that's available. And the world is getting smaller. I mean, we're on the back end of a typical 9 in the baseball game in terms of consolidation. There's not many players that are left. And in terms of people who are definitionally operators and definitionally acquirers, Gray's one of the few that remains standing and ready and capable to do so. So we will look for portfolios that complement ours in terms of quality, in terms of geography. I don't know if you have noticed, but we find that we very much like to have significant exposure to the states that we do business in. And so if you look at our portfolio on a geographic basis, Gray will earn in a typical state, not just a market. We will own -- [ bag them ] near the whole state. And you can run from state to state to state and some of them win every single market. And some of them, we have 80% of the markets and then maybe missing 2. That gives us tremendous amount of news gathering capacity. I can't tell you the number of states that Gray hosted the local debates for the senatorial candidates. And so all of those bits are going to be necessary. We have grown dramatically in terms of new affiliates with Telemundo for the Hispanic market. And we will continue to look to grow that, particularly in areas where there's a significant Spanish-speaking population. And so you can look through the world and can pretty well sell the kind of things that we would be interested in. And so we'll -- we're just going to wait and see what opportunities present themselves.

Okay. That's very helpful, actually. One other thing then. Do you have any ATSC 3.0 update in terms of how many stations you plan to have some impact on over the near term and what type of applications you might be thinking about?

Yes. It's Pat. I can pitch in on that one. So in general, the rollout of ATSC 3.0 is starting in the larger markets in [indiscernible]. So I would anticipate, and I don't have hard numbers on this, but I would anticipate that we would have somewhere probably high single-digit stations, number of stations rolled out over the next 18 months. We're actually doing an experiment where we're outfitting a stick in [indiscernible] with ATSC 3.0, so we can do some of our own experimentation and testing on 3.0. And then again, I think in terms of the applications for 3.0, revenue-producing applications, I mean you -- it will take some time for those to develop, but I think it's largely going to be focused around targeted advertising, getting data in video and automobiles and perhaps a few other approaches that, candidly, we may not have thought about yet.

[Operator Instructions] The next question comes from Alan Gould from Loop Capital.

Kevin, I know the election is not decided, but if it is a Democratic administration and a Democratic FCC, how would you expect that to change the rules for the broadcast industry?

I assume you're talking about ownership rules?

I guess -- oh, yes, ownership rules.

Yes. So I guess I don't see too much changing. The FCC adopted a [ one to a ] market rule in 1940 before television was licensed. Since 1940, the FCC relaxed and allowed 2 TV stations to be owned in 1999 in the Bill Clinton's term. And in 2017, pile out some additional consolidation, 2 TV stations can be owned in midsized markets. Those are the only 2 FCC ownership deregulations that have occurred since 1940 in the TV space. In terms of how do you tighten that? I mean it's almost asking how do you fall off before? I don't see -- I don't -- what's the FCC again is tell us you can only own 0 stations per market. I mean the cap's already won with the exception of large markets under rules, again, have been around since '99. So I'm hard pressed to figure out how do you make it worse. The national ownership cap was -- again, was a rider. The Congress told the FCC to set the cap at 39%. Hard to see the FCC lowering that cap. Congress told them make it 39%. And then we have the wildcard of what the Supreme Court is going to do. Again, the Supreme Court is only looking at the local rule. So that's newspaper TV cross ownership, which does not impact us and whether you can own 2 TV stations in midsized markets. Those are the questions for the Supreme Court. Supreme Court is not looking at the national ownership cap or the UHF discount. But it's certainly likely that they'll have -- they can come up with the language in there that influences those items. But I don't see a path in the FCC to lower the national cap or lower the number of stations you can own in the local market from 1 to 0 in our markets. In large markets, I don't see any -- I just don't see them saying that you can't own 2 TV stations in the largest markets when you've got 12 different owners, for example. So I think the one area that there might be some push around on the joint sales agreements the last FCC under Democratic administration moved to make joint sales agreements attributable for ownership purposes, which effectively makes them illegal. Gray has no joint sales agreement. So that's not an issue for us.

Is there...

Bottom line -- is there a chance -- I'm sorry.

Is there a chance that the 39% cap could actually be raised?

There's always a chance. There's always a chance, right? I mean at some point, folks may realize the broadcasters compete against companies that have no regulation. Facebook typically takes as much money out of a local market as the #1 or #2 TV station, and Google typically takes more money out of a local market than every TV station combined. To say that those guys can do whatever they want with no regulation over trying to compete and being stuck with these horrific ownership regulations, maybe that will finally resonate with some folks. We've seen what happens when we continue to apply these outdated rules to little markets, local news is expensive. And that's why you typically have only one company in a small market they can afford to produce local news. There's just not enough revenue to go around. So is it possible that we see an FCC under a Democratic administration that recognizes that and relax the ownership cap? I think it's possible. I just -- I'm not optimistic. It seems that rhetoric from Washington is regulate everybody, not necessarily [ look ] regulations and also we can better compete. It seems the reaction has -- the recipe seems to be put more regulations on big tech as opposed to take regulations off of broadcaster so we can better compete with the guys with no regulations. But again, this is all surmising as to what may happen. And we don't even know who the FCC Chairman or Chairwoman will be or who the fifth commission will be. So it is -- we're almost asking, is it going to rain on May 17? I don't really know how to predict that.

And your next question comes from Mike Kupinski from NOBLE Capital Markets.

As a follow-up to that, Kevin, I know that there's some thought about regulation on the big tech monopolies and so forth. And there's some big tech companies have said that they plan to allocate money to -- for content. And I know that there's some discussions with other media companies about the value of that. Do you -- have you had any discussions with some of the big tech companies about providing content for cash payments? And what do you think that, that is an opportunity at some point for Gray?

Well, I mean, to be clear, our content is on every big tech platform, right? I mean we've been Facebook users, Facebook stories maybe 3 years ago. It was Gray Television. It's their case study and how local media can get on to Facebook stories. We've been live on Fire app since 2017. We've been on Roku since 2014. So we're -- it's not like we're not out there in tech on tech platforms, and obviously we run all the OTT platforms. Content can be found on Twitter, Facebook, you name it. In terms of compensation, those conversations seem to be, what to say, fairly limited?

That was our last question at this time. I will turn the call back over to the presenters.

Well, thank you, everyone, for joining us for the third quarter earnings release. We look forward to seeing you to bring up all of 2020's results in 2021. And so thank you, and we will talk to you soon.

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.