Gray Television Ups 4Q Guidance Amid Growth
Gray Television has revised its guidance for the fourth quarter of 2016, as revenue, including political money, and operating expenses appear to “slightly exceed” original estimates, the group said Friday.
While the company has yet to finalize its tally for the three months ending Dec. 31, Gray now estimates that revenue hit $238 million, versus the $237 million originally forecast; political spending brought in $48.7 million, rather than $40 million, and operating expenses hit $129 million, up from the expected $127 million, it said.
Gray issued its updated numbers as it continues to grow its footprint. The company recently completed its $270 million acquisition of two former Media General stations—ABC affiliate WBAY Green Bay. Wisc., and NBC affiliate KWQC Davenport, Iowa—which were sold as part of Nexstar’s Media General deal. A week ago, Gray also acquired NBC affiliate KTVF, CBS affiliate KXD and Fox affiliate KFXF serving the Fairbanks, Alaska, market in an $8 million deal with Tanana Valley Television and Chena Broadcasting.
(Photo via Pictures of Money's Flickr. Image taken on Sept. 9, 2016 and used per Creative Commons 2.0 license. The photo was cropped to fit 3x4 aspect ratio.)
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