ATLANTA - Gray Media, Inc. (NYSE: GTN), a major multimedia company, announced today the appointment of Jacque Harms as the General Manager of KKTV, the CBS affiliate in Colorado Springs, Colorado. Harms brings over three decades of media experience to her new role, having previously held the position of General Manager at WTOK-TV in Meridian, Mississippi. According to InvestingPro data, Gray Media appears undervalued in the current market, with a notably low P/E ratio of 2.16 and an attractive dividend yield of 9.55%. The company maintains strong financial health with a current ratio of 1.13, indicating sufficient liquidity to meet short-term obligations.
During her tenure at WTOK-TV, Harms led the station to be recognized as the Mississippi Association of Broadcasters Small Market Station of the Year in 2024. Additionally, WTOK-TV was a finalist for the National Association of Broadcasters Service to America award in 2021. Under Harms' leadership, the station saw a significant increase in its digital audience, outperforming competitors by 144% last year, and a 34% increase in station sign-on/sign-off ratings, according to Comscore and Scarborough 2024 data.
Harms' career also includes time as a news director, anchor, reporter, and producer at KNOP-TV in North Platte, Nebraska. Her industry contributions extend to her service on the MAB Board of Directors and her involvement in the launch of Mississippi's inaugural MAB Student Conference and Women in Broadcasting awards program and luncheon.
In a statement, Harms expressed her enthusiasm about joining the KKTV family and the Colorado Springs community. She emphasized a continued commitment to delivering engaging content on both broadcast and digital platforms, with a focus on top-quality news and weather content.
Gray Media, headquartered in Atlanta, Georgia, operates as the nation's largest owner of top-rated local television stations and digital assets. The company's reach extends to 113 television markets, covering approximately 36 percent of US television households. Gray Media's portfolio includes a significant number of the highest-rated television stations in their respective markets, as well as the largest Telemundo Affiliate group, reaching nearly 1.5 million Hispanic TV Households. The company also owns Gray Digital Media and various other media properties. Recent InvestingPro analysis shows the company generated $3.46 billion in revenue over the last twelve months, with an EBITDA of $946 million. Investors can access detailed financial metrics, extensive company analysis, and 12 additional ProTips through an InvestingPro subscription, including the comprehensive Pro Research Report available for Gray Media and 1,400+ other US stocks.
This announcement is based on a press release statement from Gray Media, Inc.
In other recent news, Gray Media Group announced robust growth in its Q3 2024 financial results, with an 18% rise in total revenue to $950 million and a transition from a net loss to a net income of $83 million. The company's adjusted EBITDA surged by 61% to $338 million. Gray Media is now implementing cost-reduction strategies aiming to reduce operating expenses by $60 million annually and plans to reduce its total net debt by approximately $500 million in 2024.
Furthermore, Nancy Johnson, the General Manager of KTUU and KYES in Anchorage, Alaska, will retire in 2025, after a career spanning several decades with Gray's NBC affiliate KTUU. Gray Television (NYSE:GTN) has also extended its network affiliation agreements with The Walt Disney Company (NYSE:DIS) for all of its ABC affiliated stations in 25 markets until December 31, 2028.
In terms of financial outlook, both Loop Capital and Benchmark have adjusted Gray Television's price target downwards while maintaining a Buy rating. These adjustments are primarily due to a less robust broadcast TV political advertising climate than initially anticipated, impacting the company's revenue and EBITDA projections for 2024. These are the most recent developments in the company's ongoing efforts to strengthen its financial standing and competitive edge in the broadcasting sector.
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