ATLANTA - Gray Media Group Inc. (NYSE: GTN), currently trading at $3.08 and identified as undervalued according to InvestingPro analysis, disclosed today that Nancy Johnson, the General Manager of KTUU and KYES in Anchorage, Alaska, will retire on January 3, 2025. Johnson’s career with Gray’s NBC affiliate KTUU began in 1981, and she has since held various leadership roles within the organization.
During her tenure, Johnson was instrumental in expanding local news coverage to over 22 hours weekly and fostering the production of original programming. Her leadership contributed to shaping one of the most influential media entities in Alaska. Under her guidance, KTUU and KYES earned multiple industry awards, including the Edward R. Murrow awards and Emmy Awards.
In 2021, Johnson’s contributions to the industry were acknowledged with her induction into the NATAS Northwest Chapter’s Silver Circle, a recognition of her significant career achievements. Additionally, she accepted the Gold Pan Award for Business Excellence from the Anchorage Chamber of Commerce on behalf of the stations.
Gray Media’s Chief Operating Officer, Sandy Breland, commended Johnson for her dedication and impact on the Anchorage community and the mentorship she provided to many professionals in the field. Breland expressed gratitude for Johnson’s years of service and extended best wishes for her retirement.
Gray Media, headquartered in Atlanta, is recognized as the largest owner of top-rated local television stations in the United States, with a reach that encompasses 36 percent of U.S. television households. The company, with a market capitalization of $294 million and annual revenue of $3.46 billion, maintains a strong financial position with a healthy current ratio of 1.13. The company’s expansive portfolio includes the largest Telemundo Affiliate group and a range of other media properties, such as digital agencies and video production companies. Notable for investors, the stock offers a substantial 10.77% dividend yield and trades at an attractive P/E ratio of 2.04. InvestingPro subscribers have access to 13 additional key insights about Gray Media’s financial health and growth prospects, along with comprehensive analysis in the Pro Research Report.
This announcement is based on a press release statement from Gray Media.
In other recent news, Gray Television (NYSE:GTN) has announced a series of developments. The company has 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. This move ensures the continuation of local and network content delivery by Gray’s ABC affiliates.
In financial news, Loop Capital and Benchmark have both 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.
Gray Television has reported an 18% rise in total revenue to $950 million in its Q3 2024 financial results, transitioning from a net loss to a net income of $83 million. The company’s adjusted EBITDA surged by 61% to $338 million. Gray Media Group is now implementing cost-reduction strategies, aiming to reduce operating expenses by $60 million annually, and planning to reduce its total net debt by approximately $500 million in 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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