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Gray TV Reports 28% Revenue Gain

Gray Television posted $85.3 million in third quarter revenue, a healthy 28% increase over revenue posted in the third quarter last year. Some $16 million in political spending helped boost Gray. The increase reflects "increases in political, local, national and internet advertising revenue, retransmission consent revenue, production and other revenue and consulting revenue," Gray said in a statement. "Local, national and internet advertising revenue increased due to increased spending by advertisers in an improving economic environment."

Local advertising was up 8% in the quarter and national grew 12%. Internet advertising was up 14%, and retransmission consent represented $4.7 million--up 8% from the same quarter in 2009.

Gray continues to hold a consulting deal for seven New Young Broadcasting stations, which went on the books in August of 2009, and represented $0.6 million in the third quarter.

Gray anticipates a 35%-36% revenue increase in the fourth quarter, driven by political advertising that aired up until Election Day.

Atlanta-based Gray operates 36 television stations, including 17 CBS affiliates, serving 30 markets.