Gray Television, which owns Bowling Green, Ky. ABC/Fox/CW affiliate WBKO-13 and manages ABC affiliate WKRN-2 in Nashville for Young Broadcasting, reported its second quarter earnings this morning.
For the three months ending June 30, the company took in $94.691 million, a record for the company and a 24% increase over the same period in 2011. The company credited the big gains to substantial increases in ad spending and retransmission fees. Indeed, some ad categories were way up over 2Q2011, led by political advertising (up 467%) and internet advertising (up 31%).
Retransmission fees paid to Gray by cable and satellite operators were up 64% for the quarter, and the company's income from the management of the seven Young Broadcasting stations held steady at $600,000.
For the first half of 2012, Gray has whittled its long-term debt down by $11 million, and improved its borrowing position with a $9 million increase in its senior borrowing facility.
The company expects gains to continue in the third quarter.
You can read the full report here.
EDITOR'S NOTE: Gray also owns, in addition to WBKO, Kentucky CBS affiliates WKYT (Lexington) and WYMT (Hazard) and South Bend, Ind. NBC affiliate WNDU.
EDITOR'S NOTE: Gray also owns, in addition to WBKO, Kentucky CBS affiliates WKYT (Lexington) and WYMT (Hazard) and South Bend, Ind. NBC affiliate WNDU.
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