The drop to $234 million comes from lower political that wasn’t offset by increases in local (13%) and national (29%) advertising as well as a 34% boost in retransmission consent money.
Gray Television this morning reported fourth quarter revenue of $234 million, down 15% from $276 million in the same period a year earlier.
The revenue results include:
- Local revenue of $121 million, up 13%.
- National revenue of $32 million, up 29%.
- Political revenue of $7.5 million, down 85%.
- Retransmission consent revenue of $70 million, up 34%.
- Other revenue of $4 million, down 26%.
Net income set a record for any fourth quarter at $166 million.
Broadcast operating expenses increased 17% to $151 million.
For the full year, total revenue set a new record, increasing by approximately $70.3 million, or 9%, to $882.7 million compared to 2016.
Read the company’s report here.