Gray Television reported second quarter revenue of $65.1 million, down 17% from the same quarter last year. Local ad revenue fell 13% and national ad revenue fell a whopping 33%.
While Gray's internet ad revenue decreased 11%, its retransmission consent revenue was $4 million-a huge gain over the previous year's second quarter.
Broadcast expenses decreased $3.3 million, or 7%, compared to last year's second quarter.
"The current economic recession continues to challenge the television broadcast industry," the company said in a statement. "We are committed to operating our stations in a manner that generates maximum revenue while minimizing operating expenses during these difficult times. Although our operating results are down compared to the prior year, we believe that our operating results compare favorably to other television broadcast companies."
Gray's total net revenue for the first half of the year was down 16% from the first half of 2008.
Gray recently worked out a deal to manage seven of the 10 Young Broadcasting stations after the lenders take control of the Young stations. That acquisition is awaiting FCC approval.
Atlanta-based Gray operates 36 stations.