Brief: Gray Reports Q3 Results, Announces Cost Cuts, Projects About $500 Mln In 2024 Ad Revenue And $500 Mln Debt Reduction

Gray Media

08/11/2024 11:11

Nov 8 (Reuters) - Gray Television Inc  GTN.N :
    * GRAY ANNOUNCES THIRD QUARTER FINANCIAL RESULTS, ADDITIONAL
COST
CONTAINMENT INITIATIVES, AND APPROXIMATELY $500 MILLION OF
FULL-YEAR 2024 POLITICAL AD REVENUE AND PROJECTED $500 MILLION
FULL-YEAR 2024 NET DEBT REDUCTION
    * GRAY TELEVISION: EXPECT COST CONTAINMENT INITIATIVES TO
REDUCE
OPERATING EXPENSE RUN-RATE BY ABOUT $60 MILLION ON ANNUALIZED
BASIS
    * : CAREFULLY EVALUATING OUR CAPITAL EXPENDITURE NEEDS FOR
2025
    * GRAY TELEVISION: HAVE TAKEN SEVERAL STEPS TO REDUCE
PERSONNEL
EXPENSES IN 2025
    * GRAY TELEVISION: STREAMLINING WORKFLOWS AT OUR TELEVISION
STATIONS AND OTHER BUSINESS UNITS
    * : ELIMINATING CERTAIN POSITIONS THAT WILL NOT BE FILLED
FOLLOWING NORMAL ATTRITION THROUGHOUT SECOND HALF OF THIS YEAR
    * OUTLOOK FY TOTAL REVENUE $3,621 MILLION -  $3,646 MILLION
    * FY2024 REVENUE VIEW $3.81 BILLION -- LSEG IBES DATA

Source text:  ID:nGNX7hhncy 
Further company coverage:  GTN.N 

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