Greying out a picture with a text overlay

Question

I'm trying to get a picture greyed-out (similar to the greyed text with \pause in beamer) but with normal text (i.e. not greyed out) overlaid on top of it it. Is there a way to do this in LaTeX?

This is the code I'm using for the overlay:

\begin{overpic}[scale=0.38]{Newspapers1}
\put(26,75){As you may know...}
:
:
\end{overpic}