Gray Television Revenue Up 16% in Quarter - Broadcasting & Cable

Gray Television Revenue Up 16% in Quarter

Q2 results "exceed initial forecasts"; all major categories up
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Gray Television reported second quarter revenue of $75.6 million, up 16% from the same quarter last year. Gray said there were increases in local, national, Internet and political advertising, as well as retransmission consent revenue.

"Our operating results from the second quarter of 2010 exceeded our initial forecasts," said Gray in a statement. "We experienced improvements in all major revenue classifications, including local, national, and political advertising revenue, in the second quarter of 2010."

Gray booked $0.6 million in the second quarter for a station management deal with Young Broadcasting. Gray gets $2.2 million a year to manage seven Young stations; the agreement recently passed its first year, and Gray is just beginning to work with the stations after Young's fate had been tied up in the courts.

Atlanta-based Gray reported a 48% increase in automotive advertising for the quarter.

The company expects the good fortune to continue in the third quarter, forecasting operating revenue to be close to $80 million, which would represent a 20% jump over the same quarter a year ago. That includes an anticipated 6% increase in local revenue, a 14% bump in national advertising and another $0.6 million from Young Broadcasting.

Gray operates 36 television stations in 30 markets.

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