Gray Television Monday reported a record $173.7 million in earnings during the first quarter of this year, during which the company also completed its acquisition of Schurz Communications’ TV and radio stations.
According to Gray, $9.6 million in political money played a role in driving the broadcast group’s earnings 30% higher during the three months ending March 31 than they were in Q1 2015.
Gray’s Q1 broadcast cash flow of $65.9 million, an 11% increase, was also a record high, as was its $9 million net income, according to the company.
Gray’s newly acquired Schurz stations (the companies completed the $457.4 million deal in February) contributed $16.6 million to the company’s net revenue, and $5.8 million to its broadcast flow, according to a statement.
The 10 Schurz stations expanded Gray’s total portfolio to over 90 TV stations in 50 markets.