Gray Television reported total net revenue of $82.6 million for the third quarter, a 12% jump from the same quarter last year thanks largely to political and digital advertising. Political revenue was $13.1 million for the quarter, offsetting a 3% drop in local ad revenue and a 9% plummet in national ad revenue.
Internet advertising at Gray jumped 18% to $3 million for the quarter.
Gray anticipates that political revenue will remain strong for the fourth quarter, and local non-political ad revenue to be down in the mid-double digits.
“Total revenues anticipated for the fourth quarter of 2008 reflect an incremental increase in political revenues. Local non-political advertising revenue for the fourth quarter of 2008 is currently anticipated to be down approximately mid double digits compared to the results of the three-month period ended December 31, 2007,” the company said in a statement. “National non- political advertising revenue is currently anticipated to be down approximately 25% in the fourth quarter of 2008 compared to the fourth quarter of 2007. Internet advertising revenue for the fourth quarter of 2008 is currently anticipated to increase approximately 10% to 15% compared to the fourth quarter of 2007.”
Atlanta-based Gray operates 36 stations.
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