After this transaction, we will have only $22.2 million of preferred and accrued dividends on our balance sheet, and we have confidence that we will have that retired in the relatively near future.
I would also like to use this opportunity to thank Nick Matesi and his entire team at KKTV, our CBS affiliate in Colorado Springs, Colorado, for the superb job they have done in reporting on the recent Colorado fires. Their co-coverage on television, the Internet and on social media was outstanding. And I want to congratulate everyone at that station for an exemplary job.
With that, I will bring my comments to a close and turn it over to Bob Prather. Bob?
Robert S. PratherThanks very much, Hilton. First of all, I want to say that I think our numbers speak for themselves. We continue to be at the very top of the television industry for the last 12 years, and I think we'll continue to stay there because we're doing the right things to make sure we're operating as efficiently as possible and try to take advantage of new automation in the television world to make sure that we're more efficient going forward.We got 2 priorities at Gray, one of them we've had from day 1, the other one we've had for the last few years. The first one, #1 priority for us right now is to get our balance sheet in better shape. As Hilton mentioned, we paid down debt, we paid a good chunk of our preferred. We want to continue to do this. We hope to pay over $50 million down on our senior bank debt before the end of the year. There was $22 million left on the preferred, we want to pay that off in early January of next year. So we are working hard to get our balance sheet in better shape, and it's our #1 priority as a company.Read the rest of this transcript for free on seekingalpha.com
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