Gray Television reported higher second-quarter earnings, driven by acquisitions and strong political ad spending.
Net income was $86 million, or 91 cents a share, up from $26 million, or 27 cents a share a year ago.
Revenue rose 59% to $868 million.
Adjusted core advertising was flat, with $90 million of political revenue coming in, up from $6 million a year ago.
Based on its current forecasts, Gray expects that political advertising for 2022 will match the $652 million it generated in 2020, a presidential election year. Broadcast cash flow increased 25% to $330 million.
Gray said that it renewed with Fox in all 27 markets where it owns Fox affiliates.
For the third quarter, Gray said it expects core advertising revenue to hit $345 million to $355 million, retransmission revenue to be about $365 million to $370 million and for political revenue to be $193 million to $195 million. Total revenue is expected to be in the $940 million to $959 million range. ■
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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