Gray 3Q Broadcast Revenue Flat

Gray Television this morning announced that total revenue for the third quarter of 2021 came in at $601 million, essentially unchanged from the third quarter of 2020 (down 0.5% from $604 million).

The primary components of revenue were: combined local and national broadcast advertising revenue of $292 million and retransmission consent revenue of $266 million, both of which significantly exceeded the company’s expectations and guidance.

That Broadcasting revenue total comprised:

• Local advertising revenue (including internet/digital/mobile) of $232 million, up 23%.
• National advertising revenue of $9 million, up 22%.
• Political advertising revenue of $6 million, down 93%.
• Retransmission consent revenue of $266 million, up 23%.

The Production company revenue totaled $20 million, up 82%.

Other revenue totaled $14 million, up 27% from a year ago.

Net loss attributable to common stockholders for the third quarter of 2021 was $30 million, or $0.32 per fully diluted share. This resulted from non-cash losses of $53 million, in the third quarter, on the regulatory divestitures of television stations in overlap markets necessary to complete Gray’s recent and pending acquisitions.

Broadcast cash flow for the third quarter of 2021 was $204 million, decreasing $67 million, or 25%, from the third quarter of 2020. Adjusted EBITDA for 3Q 2021 was $186 million, a decrease of $75 million, or 29%, from the third quarter of 2020.

The company said: “In the third quarter of 2021, our combined local and national broadcast revenue, excluding political advertising revenue (total core revenue), was $292 million, increasing by $55 million, or 23% compared to the third quarter of 2020. Total core revenue increased as advertiser demand continued to recover. Gray’s total core revenue in 3Q 2021 increased by $18 million, or 7% over 3Q 2019, the most recent non-political and pre-pandemic year.

Read the company’s report here.