Gray Television Announces $3 Million Strategic Investment In Syncbak

, a broadcast company that owns and operates television stations and related assets in various markets across the U.S.,

it has made a $3 million strategic equity investment in Syncbak. Gray's Chief Digital and Technology Officer, Jason Effinger, will also join Syncbak's Board of Directors as part of the investment. Syncbak is a technology company that replicates over-the-air broadcasts to consumers accessing video through an over-the-top (OTT) device. Broadcasters use the company's platform for live stream transcoding, cloud-based rights resolution, cloud-based DVR, among other features. Syncbak powers some of the most successful OTT solutions, such as CBS All Access. The company's technology is also deployed in more than 180 TV stations across 150 markets. "We are excited to join the strong leadership and partners of Syncbak with today's strategic investment," said Gray CEO Hilton Howell. "From its founding, Syncbak has impressed us with its technology, its understanding of local broadcast operations, and its rapid adoption across the industry. Going forward, we now can participate even more meaningfully in the evolution of local broadcasting with the best team out there." "Gray was the first major television station group to deploy our platform across all of its stations back in 2013," said Syncbak CEO Jack Perry. "Gray's forward-thinking approach was instrumental in helping us create a solution that is as simple to deploy in New York as it is in Glendive, Montana. And we are therefore honored to have Gray, a clear market leader and innovator, as an investor in our company."