Gray Television swung to a profit in the second quarter, as its core revenue rose 41% to nearly pre-pandemic levels.
The company said it “experienced strong momentum in the first half of 2021 that we believe will continue throughout the remainder of the year.” Citing the revenue rebound, Gray gave near all of its employees a raise in June.
Gray completed its $925 million acquisition of Quincy Media on Aug. 2, and divested 10 stations to Allen Media Broadcasting. It is in the process of acquiring Meredith’s local stations.
Net income was $26 million, or 27 cents a share, compared to a loss of $2 million, or 2 cents a share, a year ago.
Revenue rose 21% to $547 million.
Core revenue, excluding political ad sales, rose 41% in the second quarter and was nearly the same as core revenue during the second quarter of 2019 -- before the pandemic.
Broadcast advertising revenue was $279 million and retransmission revenue was $242 million, up from $220 million. The company said retransmission revenue was slightly less than expected because of the timing of certain adjustments. The timing will turn positive for retrans revenue in the third quarter.
Jon has been business editor of Broadcasting + Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.
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