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.