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Q3 Earnings: Gray Television Reports 34% Increase in Revenue

Gray Television reported record revenue of $102.9 million for the third quarter of 2012, a +34% increase compared to the same time period in 2011. The company attributed the gain to increased political advertising, the Summer Olympics and retransmission consent.

Gray said their 10 NBC affiliates, which broadcast the 2012 Summer Olympics in August, earned $4 million in revenue from local and national advertisers and $1.1 million in revenue from political advertisers during those two weeks.

In the lead up to the election, political advertising revenue increased +367%, to $24.5 million. The company also reported retransmission consent revenue increased +65% to $8.5 million.

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