PxPixel
Gray TV Revenue Down 1% - Broadcasting & Cable

Gray TV Revenue Down 1%

Core revenue up in first quarter, but lack of political, Olympics, Bowl drags earnings
Author:
Publish date:

Gray Television reported first quarter revenue of $69.7 million, 1% less than the $70.5 million it posted in the same quarter a year ago. The decrease was largely due to reduced political revenue, along with the lack of Olympic Games on NBC affiliates this year, and stations not airing the Super Bowl in the first quarter, which they did in 2010.

Gray said its core revenue actually increased over the first quarter last year.

Gray's local advertising was up $0.3 million in the quarter, while national revenue slipped 7%. Web advertising was up 38%, to $4.2 million, while retransmission consent revenue climbed 9% to $5 million.

A consulting deal with Young Broadcasting kicked $0.6 million to Gray for the first quarter.

Atlanta-based Gray forecasts local revenue to be up around 4% in the second quarter, and national to climb 1%. Gray also said internet revenue may grow by 50% over the second quarter of 2010.

Gray forecasted between $1.3 million and $1.4 million in political revenue for the second quarter.

Gray operates 36 stations in 30 markets.

Related