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Gray Television Q3 Profits Double

Nov 4, 2004  •  Post A Comment

Gray Television, an Atlanta-based company that owns 30 television stations, on Thursday reported that its third-quarter profit more than doubled thanks to increases in political and nonpolitical advertising.

The company said its profit hit $11.8 million, a 112 percent increase over the year-earlier figure of $5.6 million. Revenue jumped 18 percent to $86.9 million.

Broadcast revenue rose 22 percent in the quarter to $73.7 million, fueled by a twelve-fold increase in political advertising spending to $12 million and a 5 percent increase in local advertising. National advertising rose less than 1 percent in the quarter.