The news that Gray Television will end its contracts with Katz and CoxReps for national ad sales has financial repercussions for the television owner.
The contract terminations will also trigger termination fees to be paid over 2016-2017.
The company will record a special charge of some $6 million to its Q3 2015 broadcast expenses related to the termination fees.
In a related note, Gray has hired Becky Meyer, formerly the vice president of Sales for Katz Media Group’s Continental Television Sales division in Chicago, to lead its national sales efforts as its new vice president of National Sales. In addition, Gray has hired Mike Jones, as Gray’s new national director of Political Sales. Jones formerly represented television stations in national political advertising sales, including many of Gray’s stations, as a vice president with Continental.
