Gray Revenue Hits Record $222M in Q2

The group's revenue rose 15% year-over-year

Bolstered by a rise in retransmission and ad revenue, Gray Television hit a record $222 million in revenue during the second quarter of 2017, the company reported Tuesday.

That figure is a 15% increase from Q2 2016, Gray said. It includes includes $69 million in retransmission consent revenue, up 37% year-over-year. Local ad revenue, including digital, rose 13% to $117.9 million, while national ad money rose 19% to $31 million.

Gray also reported record net income of $70.6 million, broadcast cash flow of $93.2 million and free cash flow of $55.9 million.

Related: Media General Merger Drives Nexstar Q2 Rev Up 139%

Excluding revenue generated by acquisitions since Q2 2016, Gray reported revenue increasing $3.1 million year-over-year. That figure results from a $9.8 million increase in retransmission money being mitigated by a $6.4 million decrease in political advertising.

Other highlights of the quarter include the following M&A activity:

The group said it expects a low to mid-single digit percent increase in ad revenue during Q3, excluding money generated by last year’s Olympics.

(Photo via Pictures of Money's FlickrImage taken on Sept. 9, 2016 and used per Creative Commons 2.0 license. The photo was cropped to fit 16x9 aspect ratio.)