Gray TV's Acquisitions Boost Results

TV station group Gray Television witnessed double-digit percentage increases for both its core local TV advertisers and national spot marketers -- largely due to TV station acquisitions made over the last eight months.

Local ad revenue grew 13% to $118 million, while national spot ad revenue was 19% higher at $31 million. In addition, retrans consent revenue added 37% to $69.4 million.

Political advertising went in the other direction — down 62% to $3.7 million.

Overall for the Atlanta-based company, second-quarter revenue grew 15% to $226.7 million. Net income tripled to $70.6 million from $17.7 million.

The company’s results also included a number of TV station acquisitions. From October through June of this year, the company acquired 23 TV stations and sold three.

The company now has 50 television stations in 30 TV markets, including 25 new in TV markets. Gray’s mid-day Tuesday stock price was down 0.6% to $13.60.

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