Q3 Earnings: Gray Revenue Down 14%

By Merrill Knox Comment

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Gray Television reported $88.3 million in revenue for the third quarter of 2013, a -14% drop compared to the year-ago quarter. The station group attributed the decline to the lack of Olympic advertising revenue and political revenue.

Local advertising revenue, internet advertising revenue and retransmission revenue were all up compared to Q2 2012. National advertising revenue, political advertising revenue and other revenue were down year-over-year.

“We are pleased with our operating results for the third quarter of 2013. We experienced period over period increases in local advertising, internet advertising and retransmission consent revenue. Our period over period decrease in total revenue was primarily due to the expected decrease in political advertising revenue during the “off-year” of the two-year political advertising cycle,” Gray said in a statement.