(Bloomberg) -- Broadcaster Gray Television Inc. has held talks with investors on the outlook for its business after an earlier loan sale was pulled from the market, according to people with knowledge of the matter. 

The talks are in very preliminary stages, said the people, who asked not be named discussing a private matter. The Atlanta, Georgia-based US broadcaster recently postponed a planned $1.2 billion refinancing for a loan due in 2026, Bloomberg earlier reported. 

Gray declined to comment.

Investors grew concerned about potential competition faced by companies like Gray after the likes of Walt Disney Co., Fox Corp. and Warner Bros Discovery Inc. announced their intent to launch a sports-focused streaming service. Such an offering could hasten cord-cutting among sports fans, taking a big bite out of revenue for traditional broadcasters.

Read More: US Election Ad Windfall May Not Buoy Broadcasters

The new live sports streaming service may still face hurdles — the Justice Department plans to scrutinize the proposed platform over concerns it could harm consumers, media rivals and sports leagues. Meanwhile, traditional media firms are bidding large sums to own the rights for games that lure big audiences. 

Gray’s 7% bond due in 2027 is changing hands for about 91 cents on the dollar after falling to nearly 87 cents in February, according to pricing source Trace.

The company will report its financial results for the first quarter on May 7.

©2024 Bloomberg L.P.