Gray 2Q Broadcast Revenue Up 21%

Gray Television this morning announced that total revenue for the second quarter of 2021 came in at $547 million, that’s an increase of $96 million, or 21%, from 2Q 2020.

The primary components of revenue were: combined local and national broadcast advertising revenue of $279 million and retransmission consent revenue of $242 million. The retrans revenue was slightly less than the company had expected due to the timing of certain adjustments that will positively impact retransmission consent revenue in the third quarter of 2021.

That Broadcasting revenue total comprised:

• Local advertising revenue (including internet/digital/mobile) of $222 million, up 37%.
• National advertising revenue of $57 million, up 58%.
• Political advertising revenue of $6 million, down 71%.
• Retransmission consent revenue of $242 million, up 10%.

The Production company revenue totaled $10 million, up 400%.

Other revenue totaled $10 million, flat from a year ago.

The company said: “Combined local and national broadcast revenue, excluding political advertising revenue (total core revenue”), increased by $81 million, or 41% compared to the second quarter of 2020. Revenue and total core revenue increased as advertiser demand returned in the improving macroeconomic environment. Gray’s total core revenue in the second quarter of 2021 was nearly the same as the second quarter of 2019, the most recent non-political and pre-pandemic year.

“As of June 30, 2021, our total leverage ratio, as defined in our senior credit facility, was 3.92 times on a trailing eight-quarter basis after netting our total cash on hand of $785 million…. As of June 30, 2021, the amount available under our revolving credit facility was $299 million. We are not subject to any maintenance covenants in our credit facilities at this time.

Read the company’s report here.

Also this morning, Gray’s board of directors authorized a quarterly cash dividend of $0.08 per share of its common stock and Class A common stock. The dividend is payable on Sept. 30 to shareholders of record at the close of business on Sept. 15.