Gray Television is giving its three top execs a hefty $4 million in thanks for a pretty good run in 2016.
The Atlanta Business Chronicle reports that “one-time discretionary cash incentive compensation awards” will go to president and CEO Hilton Howell Jr., who will get $2,488,900; executive VP and CFO James Ryan, who will get $716,130; and executive VP and chief legal and development officer Kevin Latek, who will get $870,014.
The company said the payments are "in recognition of, among other things, the exceptional efforts and contributions made by the executive officers during 2016 in continuing to execute on the Company’s growth strategy despite unexpected challenges in the political advertising environment, in further strengthening the Company’s balance sheet, and in delivering continued strong performance in total shareholder return over the long term,” the Business Chronicle reported.
On Friday, the group said the fourth quarter of 2016 appears to have been more fruitful than originally expected. Gray revised its guidance for the three months ending Dec. 31, saying that revenue, including political money, and operating expenses appear to “slightly exceed” original estimates.