Gray Television reported third quarter revenue of $131.7 million, a 32% improvement from the previous year’s third quarter. It was record revenue for Gray, thanks in part to eight acquisitions representing 19 TV stations.
Local advertising revenue increased 27% to $62 million. National ad revenue increased 19% to $16.2 million. Retransmission consent revenue increased 115% to $19.7 million and political spend was $22 million.
Gray’s “combined historical basis” revenue, which it says involves “adding Gray's historical revenue and broadcast expenses with the historical revenue and broadcast expenses of each of the Acquired Stations from January 1, 2013,” went up 16%, to $139.4 million in the third quarter of 2014.
With those acquired stations kicking in $47.4 million, Gray forecasts fourth quarter revenue to be up approximately 35% to 37%.
Gray also announced it had renewed all 14 of its existing CW affiliation deals, and had agreed in principal with NBC to renew its agreements with that network, involving 24 stations in 21 markets.
"Today is another historic day for Gray Television because we proudly announce the long-term extension of our deep relationship with NBC," said Gray CEO Hilton H. Howell, who noted that the CW deal will “extend and strengthen our strong relationship for years to come."
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