Retrans, ’Net and Local Offset Political and National Dip for Gray in ‘07

Gray Television said its fourth-quarter revenues fell on tumbling political advertising revenue. Net revenues across the company’s 36 TV stations decreased $17.6 million to $84.3 million on political, which was offset somewhat by local, national and ‘Net advertising.

For the quarter, political ad revenue fell 90 percent, to $2.6 million, compared to the same period a year earlier. Local was up by $3.1 million to $54.2 million; national increased by $800,000 to $21.2 million; ‘Net ad revenue was up $700,000 to $2.7 million. Internet ad revenue was broken out of local for the first time.

Retransmission consent deals yielded an increase of $500,000 for a total of $1 million.

Year-over-year, net revenue for the stations dropped by $27.4 million to $307.3 million due to the absence of elections. National ad revenue was also down for the year, from $79.2 million to $77.4 million. Local was up by $6.7 million to $200.7 million; ‘Net revenues rose 25 percent, by $1.9 million to $9.5 million. Retrans