Gray Television Reports Revenue Drop in ‘Off Year’

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By Andrew Gauthier Comments

Gray Television, which currently operates 36 stations across the country, today reported a significant decrease in fourth quarter revenue, calling 2011 an “off year.”

Like many station groups, Gray reported a decrease in Q4 revenue, brought on by a drop in cyclical political advertising spending.

Total revenue for the final three months of 2011 decreased $29.9 million, or 26%, compared to the same period in 2010.  Political advertising for the period was down $28.6 million, or 86%.

Gray also took a hit with a steep decrease in consulting revenue from its deal with Young Broadcasting.  Gray’s consulting revenue decreased $5.3 million, or 91%, to $0.6 million.

The company also reported financial results for the full year of 2011.

During 2011, Gray brought in $307.1 million, an 11% drop from 2010.

There were bright spots, though.  Local and national advertising revenue both increased 2% in 2011 and internet advertising shot up 50%–from $6.7 million in 2010, to $20.1 million in 2011.