With Increase in Political Ads and Money from Young Stations, Gray Television Enjoys Record Revenue

By Andrew Gauthier 

Gray Television, which currently operates 36 stations serving 30 markets, announced today that its revenue for the fourth quarter of last year was up 48% compared to the final three months of 2009.

Gray saw record highs in the period for revenue ($346.1 million) and broadcast cash flow ($143.4 million).

The company enjoyed a huge spike in political advertising during the quarter and also saw significant increases in revenue from the consulting agreement it has with Young Broadcasting, which filed for bankruptcy in 2009 and tapped Gray to manage seven of its stations as part of the Chapter 11 filing.

While local advertising brought in the most money ($49.5 million), political advertising was up 569% with $33.1 million and consulting revenue increased 963% to $5.8 million.