Gray TV Revenue Up 50% in Q4

Massive political spending paces broadcaster to record quarter

By Michael Malone -- Broadcasting & Cable, 2/20/2013 10:01:21 AM

Gray Television reported fourth-quarter 2012 revenue of $126.6 million, 50% higher than the previous year's fourth quarter. It set a record for the company's fourth quarter earnings, toppling the 2010 figure.

Fourth quarter broadcast cash flow was $69.2 million; the previous fourth quarter record was $61.6 million set in 2010. Some $86 million in political revenue paced Gray to the record numbers.

Retransmission consent revenue and Internet advertising revenue were also up for Gray, while local and national advertising revenue were down "due to an increased portion of our available advertising time being sold for political advertising revenue," said the company.

Gray continues to earn consulting revenue, good for $.6 million in the quarter, from an agreement with Young Broadcasting signed in 2009.

Total revenue for the year increased 32% to $404.8 million.

Gray forecasts revenue being down 5-6% in the first quarter of 2013, with local and national revenue each up around 1%.

Gray owns 40 primary channels and 45 secondary channels in 30 television markets.