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ATLANTA—Gray Media, Inc. (NYSE:GTN) Executive Vice President and CFO Jeffrey R. Gignac made a notable purchase of company shares, according to a recent SEC filing. On June 5, 2025, Gignac acquired 12,500 shares of Gray Media’s common stock at a weighted average price of $3.68 per share. The purchase comes as the company trades at notably low valuations, with InvestingPro data showing a Price/Book ratio of just 0.18 and a P/E ratio of 1.65. This transaction, valued at approximately $46,000, increases his direct ownership to 644,599 shares.
The shares were bought in multiple transactions, with prices ranging from $3.6625 to $3.70 per share. This purchase reflects Gignac’s continued investment in Gray Media, a key player in the broadcasting industry.
In other recent news, Gray Media reported its financial results for the first quarter of 2025, revealing a narrower loss than anticipated. The company posted an earnings per share (EPS) of -$0.23, surpassing the forecasted -$0.43. Revenue reached $782 million, slightly above the projected $773.05 million. This positive financial performance was met with optimism from investors. Additionally, Gray Media and CBS renewed their affiliation agreements for 52 of Gray’s CBS network stations, although Gray’s Atlanta station WANF will end its CBS affiliation in 2025 to focus on local content.
In leadership updates, Gray Media appointed Shannon Booth as the new General Manager of WOWT in Omaha, Nebraska, following the retirement of Jim McKernan. Jacque Harms will replace Booth as General Manager of Gray’s stations in Lincoln and North Platte, Nebraska. These appointments reflect Gray Media’s strategic emphasis on leadership and excellence. Furthermore, the company achieved $60 million in annualized cost savings, contributing to its financial improvements. Investors and analysts are closely monitoring these developments, including potential regulatory changes that may affect industry consolidation.
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