ATLANTA - Gray Television, Inc. (NYSE: NYSE:GTN) announced today the promotion of three executives to new leadership roles, effective July 1, 2024, in a move to enhance the company's focus on digital technologies such as NextGenTV and Generative Artificial Intelligence.
Mike Braun, currently Chief Digital Officer, will step up as Senior Managing Vice President. Claire Magee Ferguson is set to become Vice President, Assistant General Counsel, and Senior Technology Counsel, while Lee Zurik will take on the role of Senior Vice President of News Strategy and Innovation.
Braun's promotion comes after his successful leadership in expanding Gray Digital Media, integrating operations from acquisitions including Raycom Media, Quincy Media, and Meredith (NYSE:MDP) Local Media. His efforts have significantly extended Gray's local news, sports, and weather content across various streaming and ConnectedTV platforms.
Ferguson's advancement follows her pivotal role in leading the company's privacy initiatives and the AI Policy Committee. She has been instrumental in Gray becoming the first broadcaster to publish Guidelines for Use of Generative AI, ensuring that content originates from journalists and not AI.
Zurik, a renowned investigative journalist and current Vice President of Investigations, will be responsible for developing strategies to maximize the reach of Gray-produced content across multiple platforms. He will also oversee the ethical application of Generative AI in content production and continue his investigative work at WVUE in New Orleans.
Gray Television, headquartered in Atlanta, is the nation's largest owner of top-rated local television stations and digital assets. The company's portfolio reaches approximately 36 percent of U.S. television households, with a presence in 114 television markets, including 79 markets with top-rated television stations.
The promotions are part of Gray's strategy to leverage new digital opportunities and maintain its leadership in the multimedia sector.
The information for this article is based on a press release statement.
In other recent news, Gray Television, Inc. has made significant strategic moves. The company has upsized its private offering to $1.25 billion in senior secured first lien notes due 2029, a notable increase from the initially announced $1 billion.
As part of Gray Television's refinancing strategy, the proceeds from the notes, along with up to $500 million from a new tranche F term loan and other resources, are intended to refinance Gray's $1.2 billion tranche E term loan due January 2, 2026.
The company also announced its intention to offer up to $1 billion in senior secured first lien notes due 2029, contingent on market conditions. Gray Television aims to utilize the proceeds from these transactions to refinance its $1.2 billion tranche E term loan maturing in 2026 and to repurchase its outstanding 5.875% senior notes due the same year.
In the first quarter of 2024, Gray Television reported a robust performance with a notable increase in net income and adjusted EBITDA. Net income attributable to common shareholders rose to $75 million, or $0.79 per diluted share. Adjusted EBITDA also grew significantly by 21% to $197 million compared to the same period last year.
These are among the recent developments in Gray Television's business operations.
InvestingPro Insights
As Gray Television, Inc. (GTN) continues to evolve its leadership team with a focus on digital innovation, it's worth noting the financial landscape in which the company is operating. InvestingPro data shows that as of the last twelve months leading up to Q1 2024, Gray Television has a market capitalization of $481.3 million. Despite a challenging environment, indicated by a revenue decline of 9.51%, the company has managed to maintain a gross profit margin of 28.19%.
Investors might find Gray Television's Price / Book multiple particularly interesting, which stands at a low 0.23, suggesting that the company's stock is potentially undervalued compared to its book value. Additionally, the company's dividend yield is 6.63%, marking a substantial return for shareholders in the form of dividends.
From an InvestingPro perspective, two tips stand out for GTN. The first is the high shareholder yield, which is a positive sign for investors looking for income. The second is that analysts predict the company will be profitable this year, offering a potential upside for those considering an investment in the multimedia sector. For those interested in a deeper analysis, InvestingPro offers additional tips on GTN that can be found at https://www.investing.com/pro/GTN, and with the use of the coupon code PRONEWS24, users can get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. There are 12 additional InvestingPro Tips available for GTN, providing a comprehensive outlook on the company's financial health and stock performance.
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