Gray Indicates Solid 2Q, Even Without Political Monies

Gray Television released preliminary figures for the second quarter showing revenues will be up about 6%, stripping out dollars from political spending and retransmission consent. Total revenues are projected to increase 24% to $95 million.
 
The company was helped by about $13 million in political spending as its three Wisconsin stations benefited from special recall elections in the state.
 
The political dollars sucking up inventory did lead to lesser increases in both local (1%) and national (7%) ad dollars than expected.
 
Internet revenues, however, should significantly outpace projections with a 31% increase.
 
Retrans consent dollars of $8.3 million would be over 60% above the same quarter last year. The increases were helped by new deals that went into effect Jan. 1.
 
Gray operates 36 stations in 30 markets and is poised to continue to reap significant political spending this year with its stations in battleground states Florida, North Carolina, Nevada, Indiana and Virginia.
 
It also operates 10 NBC affiliates that should do well in the third quarter thanks to the Olympics.

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