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Gray TV Revenue Down 26%

Gray Television reported fourth quarter revenue of $84.7 million, down 26% from the same quarter in the previous year. Gray cited 2011 as an "off year" for political spending as the reason for the big dip, and said it was "pleased" with its performance in the quarter.

Local (3%), national (3%) and internet (49%) advertising grew at Gray.

"Our operating results were consistent with or exceeded our estimates, which were publicly disclosed on November 4, 2011," said Gray in a statement. "Our actual total revenue exceeded our estimates, our actual broadcast expense was within our estimated range and our actual corporate expense was below our estimated range."

Gray said it continues "to earn base consulting revenue from our agreement with Young Broadcasting, Inc.; however, we did not record any incentive consulting revenue during the fourth quarter of 2011." Consulting revenue decreased $5.3 million, or 91%, to $0.6 million from that agreement.

Total revenue for the whole of 2011 decreased $38.9 million, or 11%, to $307.1 million.

Gray anticipates operating revenue to be up 10-11% in the first quarter.