Gray TV Second Quarter Revenue Down 11%Will get $7.1 million incentive payment from Young Broadcasting in Q3 8/08/2013 10:36:35 AM Eastern
Gray Television reported second quarter revenue of $84.3 million, down 11% from the same quarter a year ago. Local and national advertising revenue, along with retransmission consent revenue, increased, while political advertising, consulting and other revenue decreased.
Gray's consulting pact with Young Broadcasting expired at the end of 2012; the group recorded $0.6 million from this agreement in the second quarter of 2012, but none in 2013. Gray did receive $7.1 million in incentive consulting revenue from that agreement, which will be reported in third quarter earnings.
Local advertising revenue increased 5% to $50.9 million, while national ad revenue increased 5% to $15.1 million. Internet ad revenue decreased 2% to $6.3 million.
Gray's political advertising revenue fell 94% in the quarter, while retransmission consent revenue was up 13%.
Gray believes third quarter local advertising revenue, excluding political advertising, will increase 5%-6%, with national revenue going down 2%.
Bob Prather resigned as president and COO of Gray in June. Hilton H. Howell Jr., CEO, added president to his title.