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    Douglas Pardon • Brigade Capital Management

    Douglas Pardon is the Co-Chief Investment Officer and Co-Portfolio Manager at Brigade Capital Management, specializing in high yield credit, bank loans, and opportunistic credit strategies. He has led Brigade’s high yield research and portfolio management since 2007, with responsibility for coverage and investment decisions across dozens of U.S. and global non-investment-grade companies, particularly in healthcare and distressed sectors. Before joining Brigade, Pardon served as Vice President and Senior Analyst in the High Yield Group at Lehman Brothers Asset Management, covering sectors such as healthcare, and has spent over 23 years in leveraged finance. He holds an ownership stake of 5% to 10% in Brigade, is a firm partner, and is a registered investment advisor, though specific securities license details are not publicly available.

    Douglas Pardon's questions to Gray Media Inc (GTN) leadership

    Douglas Pardon's questions to Gray Media Inc (GTN) leadership • Q3 2024

    Question

    Douglas Pardon of Brigade Capital Management asked about the drivers of retransmission consent revenue performance, whether the political revenue shortfall was due to structural issues with Gray's footprint or bad luck, and commented on using dividend cash for debt buybacks.

    Answer

    Kevin Latek, EVP, Chief Legal & Development Officer, attributed retrans pressure to subscriber erosion but noted a focus on reducing network fees in upcoming negotiations. On political revenue, Latek asserted it was not a structural issue but a result of lower-than-expected spending in a few key Senate races within Gray's footprint, while all other political categories performed strongly. Hilton Howell, Chairman & CEO, added that the $60M in cost savings does not include any potential network fee reductions.

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