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Gray Reports Record $173 Million in Q1

Gray Television Monday reported a record $173.7 million in earnings during the first quarter of this year, during which the company also completed its acquisition of Schurz Communications’ TV and radio stations.

According to Gray, $9.6 million in political money played a role in driving the broadcast group’s earnings 30% higher during the three months ending March 31 than they were in Q1 2015.

Gray’s Q1 broadcast cash flow of $65.9 million, an 11% increase, was also a record high, as was its $9 million net income, according to the company.

Gray’s newly acquired Schurz stations (the companies completed the $457.4 million deal in February) contributed $16.6 million to the company’s net revenue, and $5.8 million to its broadcast flow, according to a statement.

The 10 Schurz stations expanded Gray’s total portfolio to over 90 TV stations in 50 markets.

(Photo via Ervins Strauhmanis's FlickrImage taken on Sept. 19, 2014 and used per Creative Commons 2.0 license. The photo was cropped to fit 3x4 aspect ratio.)