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Gray TV Revenue Up 50% in Q4

Gray Television reported fourth-quarter 2012 revenue of
$126.6 million, 50% higher than the previous year's fourth quarter. It set a
record for the company's fourth quarter earnings, toppling the 2010 figure.

Fourth quarter broadcast cash flow was $69.2 million; the
previous fourth quarter record was $61.6 million set in 2010. Some $86 million
in political revenue paced Gray to the record numbers.

Retransmission consent revenue and Internet advertising
revenue were also up for Gray, while local and national advertising revenue
were down "due to an increased portion of our available advertising time
being sold for political advertising revenue," said the company.

Gray continues to earn consulting revenue, good for $.6
million in the quarter, from an agreement with Young Broadcasting signed in

Total revenue for the year increased 32% to $404.8 million.

Gray forecasts revenue being down 5-6% in the first quarter
of 2013, with local and national revenue each up around 1%.

Gray owns 40 primary channels and 45 secondary channels in
30 television markets.