Gray Television 3Q Revenue Sets A Record

Higher advertising from station acquisitions as well as increased local, national, Internet, political and retrans money boost total 49% to $132 million.

Gray Television total revenue increased $43.4 million, or 49%, to $131.7 million for the third quarter of 2014 compared to the same quarter of 2013.

The increase, the company said, was primarily due to increases in the majority of its revenue categories. Recently acquired eight full- or low-power television stations (plus various satellite stations) accounted for approximately $8.9 million of total revenue.

The principal components of Gray’s revenue were:

  • Local advertising revenue increased $13.3 million, or 27%, to $62.0 million.
  • National advertising revenue increased $2.6 million, or 19%, to $16.2 million.
  • Local and national advertising revenue combined increased $15.9 million, or 25%, to $78.2 million.
  • Internet advertising revenue increased $1.0 million, or 15%, to $7.4 million.
  • Political advertising revenue increased $20.7 million, or 1500%, to $22.0 million. 
  • Retransmission consent revenue increased $10.5 million, or 115%, to $19.7 million.
  • Other revenue increased $2.6 million, or 142%, to $4.4 million.
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Political advertising revenue increased due to increased advertising by political candidates, political parties and special interest groups in the “on year” of the two-year election cycle.

Retransmission consent revenue increased primarily due to increased subscriber rates.

During the third quarter of 2013, Gray recognized a one-time payment of $7.1 million as incentive consulting revenue associated with a now-expired consulting agreement. It did not recognize any consulting revenue in the third quarter of 2014.


Strong demand for advertising inventory from political advertisers affected advertising revenue from Gray’s non-political advertising revenue categories.

Excluding revenue attributable to the acquired stations and political advertisers, the company’s five largest advertising categories on a combined local and national basis by customer type for the third quarter of 2014 demonstrated the following changes in revenue during the third quarter of 2014 compared to the third quarter of 2013: 

  • Automotive decreased 3%
  • Medical increased less than 1% 
  • Restaurant decreased 8%
  • Communications decreased 15%
  • Furniture and appliances decreased 16%
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 Read the company’s report here.

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