Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-06-01

Gray Media (GTN)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$11,472,138
Hilton Howell total, FY2025
50th
CEO pay percentile vs peers
202:1
CEO-to-median pay ratio
90.6%
Say-on-pay support, latest vote
Companies that benchmark against GTN
6 companies name GTN as a compensation peer

Each company listed discloses GTN in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named GTN in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Hilton Howell$1,531,000$0$6,506,756$0$3,279,966$30,142$124,274$11,472,138
Executive Chairman and Chief Executive Officer
Donald LaPlatney1,304,00001,467,00101,862,4320137,0474,770,480
President and Co-Chief Executive Officer
Jeffrey Gignac850,000375,000956,25101,214,009048,8383,444,098
Executive Vice President and Chief Financial Officer
Kevin Latek936,00001,053,00301,336,8386,33519,7853,351,961
Executive Vice President, Chief Legal and Development Officer, and Secretary
Sandra McNamara814,0000915,75101,162,592034,6412,926,984
Executive Vice President, Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Hilton Howell$11,472,138$10,942,378$10,630,526+529,760
Donald LaPlatney4,770,480
Jeffrey Gignac3,444,0984,876,679−1,432,581
Kevin Latek3,351,9614,205,2454,019,198−853,284
Sandra McNamara2,926,9843,681,9832,343,037−754,999

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Jeffrey GignacExecutive Vice President, CFO2026-04-01D43,434$4$191,110CommonForm 4 ↗
Sterling A. Spainhour, JrDirector2026-05-06A30,74100CommonForm 4 ↗
Luis A. GarciaDirector2026-05-06A30,74100CommonForm 4 ↗
Robin Robinson HowellDirector2026-05-06A30,74100CommonForm 4 ↗
Hilton H. Howell JrDirector2026-05-06A30,74100CommonForm 4 ↗
Richard L. BogerDirector2026-05-06A30,74100CommonForm 4 ↗
Howell W. NewtonDirector2026-05-06A30,74100CommonForm 4 ↗
Richard B. HareDirector2026-05-06A30,74100CommonForm 4 ↗
Paul H. McTearDirector2026-05-06A30,74100CommonForm 4 ↗
Lorraine McClainDirector2026-05-06A30,74100CommonForm 4 ↗
Richard L. BogerDirector2026-05-19D2,0001020,240CommonForm 4 ↗
Richard L. BogerDirector2026-05-19D55,0004230,450CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Kevin LatekRSU2025-02-19256,830$1,053,003
Jeffrey GignacRSU2025-02-19233,232956,251
Hilton H. Howell JrPSU2025-02-19466,100932,2003,253,378
Hilton H. Howell JrRSU2025-02-19466,1003,253,378
Sandra McNamaraRSU2025-02-19223,354915,751
Donald LaPlatneyRSU2025-02-19357,8051,467,001
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Kevin Latek$1,053,003$0$00.0%
Jeffrey Gignac956,251000.0%
Hilton H. Howell Jr3,253,3783,253,378050.0%
Sandra McNamara915,751000.0%
Donald LaPlatney1,467,001000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Sandra McNamaraRSU316,810$1,533,360
Jeffrey GignacPSU114,811555,685
Kevin LatekRSU378,5621,832,240
Sandra McNamaraPSU167,309809,776
HowellPSU1,216,88714,602,644
HowellRSU847,65310,171,836
Kevin LatekPSU235,1951,138,344
Jeffrey GignacRSU429,8372,080,411
05

Incentive-plan design — the Compensation Discussion & Analysis

The goals of our executive compensation program are to attract, retain, motivate and reward our executive officers. We believe that the most appropriate executive compensation program is one that is competitive, yet conservatively designed, and that aligns long-term compensation with the creation of shareholder value and good corporate governance.

CEO STI target (% of salary)150%
CEO LTI target (% of salary)
Independent consultantMeridian Compensation Partners, LLC
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-06138,523,24514,374,594130,82790.6%Passed
20232023-05-04110,350,34119,028,427289,56085.29%Passed
20202020-05-06114,200,53125,287,445271,18581.87%Passed
20172017-05-0358,286,63338,225,694709,76660.39%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-0690.6%a
20232023-05-0485.29%b
20202020-05-0681.87%c

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as "votes cast" and, therefore, will have no effect on the outcome of this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as "votes cast" and, therefore, will have no effect on the outcome of this proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be counted as "votes cast" and, therefore, will have no effect on the outcome of this proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)202 : 1
CEO total compensation$11,472,138
Median employee compensation$56,914
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Howell W. NewtonIndependent · Lead Independent Director · Audit (Chair) · Executive · Compensation · Nominating and Corporate Governance$177,500$160,000$0$0$0$337,500
Richard L. BogerIndependent · Compensation (Chair) · Executive · Nominating and Corporate Governance · Audit140,000160,000000300,000
Richard B. HareIndependent · Nominating and Corporate Governance (Chair) · Audit · Executive125,000160,000000285,000
Paul H. McTearIndependent · Compensation102,500160,000000262,500
Luis A. GarciaIndependent · Compensation102,500160,000000262,500
Lorraine McClainIndependent · Nominating and Corporate Governance100,000160,000000260,000
Sterling A. Spainhour, JrIndependent · Nominating and Corporate Governance100,000160,000000260,000
Robin R. HowellNot independent · Executive90,000160,000000250,000
Hilton H. Howell, JrEmployee director · Board Chair · Executive00000
Donald P. LaPlatneyEmployee director · Partial-year service00000
09

Board fee structure and ownership guideline

Annual cash retainer
Annual equity retainer
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)30,000 / 25,000 / 20,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$937,500
Equity awards (grant-date value)$1,280,000
All other compensation$0
Total cost of the board$2,217,500

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Gray Media names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Gray Media.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Nexstar Media Group, Inc.2025Perry Sook$3,000,000$29,584,405$0$4,085,072$39,509,740
2Fox Corporation2025Lachlan Murdoch3,000,00010,594,8602,750,00010,680,00032,980,954
3News Corporation2025Robert Thomson3,000,00010,039,38106,806,66720,623,729
4IAC Inc.2025Joseph Levin273,07700017,601,042
5AMC Networks Inc.2025Kristin Dolan2,000,0004,231,55306,030,28812,525,644
6Gray Media2025Hilton Howell1,531,0006,506,75603,279,96611,472,138
7Sinclair, Inc.2025Christopher Ripley1,000,0006,761,54302,079,65210,824,228
8The New York Times Company2025Meredith Kopit Levien995,5775,848,37901,822,1188,862,362
9The E.W. Scripps Company2025Adam Symson1,350,0003,945,07701,792,1257,239,619
10TEGNA, Inc.2024Michael Steib392,3086,000,00006,977,504
USA Today Co., Inc.not in coverage universe
Lionsgate Studios Corp.not in coverage universe
iHeartMedia, Inc.not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Gray Media215%Restricted Stock 50 · PRSU 50not disclosedMeridian Compensation Partners, LLC
AMC Networks Inc.101%Cash LTI 50 · RSU 50NoPay Governance LLC (through December 2025); ClearBridge Compensation Group LLC (engaged December 18, 2025)
Fox Corporation178%RSU 50 · Options 25 · PSU 25YesFW Cook
IAC Inc.not disclosedRSU 100not disclosedCompensia, Inc.
iHeartMedia, Inc.not disclosednot disclosednot disclosednot disclosed
Lionsgate Studios Corp.not disclosednot disclosednot disclosednot disclosed
News Corporation136%PSU 70 · RSU 30Yes — Relative TSR percentileFrederic W. Cook & Co., Inc.
Nexstar Media Group, Inc.113%RSU 50 · PSU 50Yes — Relative TSR vs Peer GroupMeridian
Sinclair, Inc.not disclosednot disclosednot disclosednot disclosed
TEGNA, Inc.not disclosedPSU 70 · RSU 30NoMeridian Compensation Partners
The E.W. Scripps Company88.5%PSU 60 · RSU 40NoKorn Ferry
The New York Times Company149%PSU 80 · RSU 20YesExequity
USA Today Co., Inc.not disclosednot disclosednot disclosednot disclosed

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Hilton HowellDEF 14A2026-03-260001437749-26-009956Section “2025 Summary Compensation Table”. As printed: 11,472,138. Filing ↗machine: r1 · c29 · span 472302–472312
2Section 01, Donald LaPlatneyDEF 14A2026-03-260001437749-26-009956Section “2025 Summary Compensation Table”. As printed: 4,770,480. Filing ↗machine: r5 · c29 · span 489041–489050
3Section 01, Jeffrey GignacDEF 14A2026-03-260001437749-26-009956Section “2025 Summary Compensation Table”. As printed: 3,444,098. Filing ↗machine: r9 · c29 · span 505754–505763
4Section 01, Kevin LatekDEF 14A2026-03-260001437749-26-009956Section “2025 Summary Compensation Table”. As printed: 3,351,961. Filing ↗machine: r13 · c29 · span 521924–521933
5Section 01, Sandra McNamaraDEF 14A2026-03-260001437749-26-009956Section “2025 Summary Compensation Table”. As printed: 2,926,984. Filing ↗machine: r17 · c29 · span 539301–539310
6Section 03, Kevin Latek RSUDEF 14A2026-03-260001437749-26-009956Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t113 · r13 · c13 · span 519923–519932
7Section 03, Jeffrey Gignac RSUDEF 14A2026-03-260001437749-26-009956Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t113 · r9 · c13 · span 503759–503766
8Section 03, Hilton H. Howell Jr PSUDEF 14A2026-03-260001437749-26-009956Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t120 · r2 · c33 · span 593154–593163
9Section 03, Hilton H. Howell Jr RSUDEF 14A2026-03-260001437749-26-009956Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t120 · r2 · c33 · span 593154–593163
10Section 03, Sandra McNamara RSUDEF 14A2026-03-260001437749-26-009956Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t113 · r17 · c13 · span 537306–537313
11Section 03, Donald LaPlatney RSUDEF 14A2026-03-260001437749-26-009956Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. Filing ↗machine: t113 · r5 · c13 · span 487043–487052
12Section 07, pay ratioDEF 14A2026-03-260001437749-26-009956Section “CEO Pay Ratio”. As printed: 202 : 1. Filing ↗machine: span 824205–824208
13Section 08, Howell W. NewtonDEF 14A2026-03-260001437749-26-009956Section “Director Compensation”. As printed: 337,500. Filing ↗machine: t167 · r7 · c11 · span 961912–961919
14Section 08, Richard L. BogerDEF 14A2026-03-260001437749-26-009956Section “Director Compensation”. As printed: 300,000. Filing ↗machine: t167 · r1 · c11 · span 950507–950514
15Section 08, Richard B. HareDEF 14A2026-03-260001437749-26-009956Section “Director Compensation”. As printed: 285,000. Filing ↗machine: t167 · r3 · c11 · span 954308–954315
16Section 08, Paul H. McTearDEF 14A2026-03-260001437749-26-009956Section “Director Compensation”. As printed: 262,500. Filing ↗machine: t167 · r6 · c11 · span 960010–960017
17Section 08, Luis A. GarciaDEF 14A2026-03-260001437749-26-009956Section “Director Compensation”. As printed: 262,500. Filing ↗machine: t167 · r2 · c11 · span 952407–952414
18Section 08, Lorraine McClainDEF 14A2026-03-260001437749-26-009956Section “Director Compensation”. As printed: 260,000. Filing ↗machine: t167 · r5 · c11 · span 958110–958117
19Section 08, Sterling A. Spainhour, JrDEF 14A2026-03-260001437749-26-009956Section “Director Compensation”. As printed: 260,000. Filing ↗machine: t167 · r8 · c11 · span 963824–963831
20Section 08, Robin R. HowellDEF 14A2026-03-260001437749-26-009956Section “Director Compensation”. As printed: 250,000. Filing ↗machine: t167 · r4 · c11 · span 956208–956215
21Section 08, Hilton H. Howell, JrDEF 14A2026-03-260001437749-26-009956Section “Director Compensation”. As printed: 0. Filing ↗
22Section 08, Donald P. LaPlatneyDEF 14A2026-03-260001437749-26-009956Section “Director Compensation”. As printed: 0. Filing ↗
23Section 02, Jeffrey Gignac 2026-04-01Form 42026-04-030001193125-26-142180Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Sterling A. Spainhour, Jr 2026-05-06Form 42026-05-080001849295-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Luis A. Garcia 2026-05-06Form 42026-05-080001678863-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Robin Robinson Howell 2026-05-06Form 42026-05-080001551391-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Hilton H. Howell Jr 2026-05-06Form 42026-05-080001213166-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Richard L. Boger 2026-05-06Form 42026-05-080001244839-26-000001Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Howell W. Newton 2026-05-06Form 42026-05-080001245751-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Richard B. Hare 2026-05-06Form 42026-05-080001356159-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Paul H. McTear 2026-05-06Form 42026-05-080001378263-26-000002Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Lorraine McClain 2026-05-06Form 42026-05-080001916578-26-000006Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Richard L. Boger 2026-05-19Form 42026-05-210001244839-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Richard L. Boger 2026-05-19Form 42026-05-210001244839-26-000003Insider equity transaction reported since the proxy statement. Filing ↗
35Section 06, 2026 voteForm 8-K2026-05-060001437749-26-015225Item 5.07 · say-on-pay result. As reported: 90.6% (votes for as printed: 138,523,245). Filing ↗
36Section 06, 2023 voteForm 8-K2023-05-050001437749-23-012830Item 5.07 · say-on-pay result. As reported: 85.29% (votes for as printed: 110,350,341). Filing ↗
37Section 06, 2020 voteForm 8-K2020-05-070001437749-20-009769Item 5.07 · say-on-pay result. As reported: 81.87% (votes for as printed: 114,200,531). Filing ↗machine: span 36822–40277
38Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
39Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
40Section 09b board cost (computed)ComputedcomputedCash 937,500 + equity 1,280,000 + all other 0 = 2,217,500, summed across the director compensation table rows.machine: formula: Σ = 2,217,500
41Nexstar Media Group, Inc., Section 10b CEO totalDEF 14A2026-04-300001142417-26-000016CEO total compensation as printed in Nexstar Media Group, Inc.'s own proxy. As printed: 39,509,740. Filing ↗machine: r2 · c14 · span 1843852–1843863
42Fox Corporation, Section 10b CEO totalDEF 14A2025-09-250001628280-25-042772CEO total compensation as printed in Fox Corporation's own proxy. As printed: 32,980,954. Filing ↗machine: span 656057–656067
43News Corporation, Section 10b CEO totalDEF 14A2025-10-080001140361-25-037696CEO total compensation as printed in News Corporation's own proxy. As printed: 20,623,729. Filing ↗machine: r2 · c22 · span 1207318–1207329
44IAC Inc., Section 10b CEO totalDEF 14A2026-06-010001193125-26-251426CEO total compensation as printed in IAC Inc.'s own proxy. As printed: 17,601,042. Filing ↗machine: t87 · r8 · c29 · span 1013325–1013335
45AMC Networks Inc., Section 10b CEO totalDEF 14A2026-04-300001193125-26-194208CEO total compensation as printed in AMC Networks Inc.'s own proxy. As printed: 12,525,644. Filing ↗machine: r2 · c34 · span 747957–747967
46Gray Media (subject), Section 10b CEO totalDEF 14A2026-03-260001437749-26-009956CEO total compensation as printed in Gray Media's own proxy. As printed: 11,472,138. Filing ↗machine: r1 · c29 · span 472302–472312
47Sinclair, Inc., Section 10b CEO totalDEF 14A2026-04-230001971213-26-000017CEO total compensation as printed in Sinclair, Inc.'s own proxy. As printed: 10,824,228. Filing ↗machine: r5 · c36 · span 517565–517575
48The New York Times Company, Section 10b CEO totalDEF 14A2026-03-130000071691-26-000016CEO total compensation as printed in The New York Times Company's own proxy. As printed: 8,862,362. Filing ↗machine: t66 · r6 · c16 · span 862166–862175
49The E.W. Scripps Company, Section 10b CEO totalDEF 14A2026-03-200001193125-26-116733CEO total compensation as printed in The E.W. Scripps Company's own proxy. As printed: 7,239,619. Filing ↗machine: t83 · r4 · c16 · span 1340909–1340918
50TEGNA, Inc., Section 10b CEO totalDEF 14A2025-04-080001104659-25-033034CEO total compensation as printed in TEGNA, Inc.'s own proxy. As printed: 6,977,504. Filing ↗machine: t111 · r1 · c42 · span 1209718–1209727
51Section 10a, Fox Corporation reciprocityDEF 14A0001628280-25-042772Fox Corporation's most recent proxy was read; its disclosed peer group does not include Gray Media. Filing ↗
52Section 10a, Sinclair, Inc. reciprocityDEF 14A0001971213-26-000017Sinclair, Inc. names Gray Media in its own disclosed peer group (read from its most recent proxy). Filing ↗
53Section 10a, News Corporation reciprocityDEF 14A0001140361-25-037696News Corporation's most recent proxy was read; its disclosed peer group does not include Gray Media. Filing ↗
54Section 10a, Nexstar Media Group, Inc. reciprocityDEF 14A0001142417-26-000016Nexstar Media Group, Inc. names Gray Media in its own disclosed peer group (read from its most recent proxy). Filing ↗