Core Ad Revenue, Retrans Gains Can’t Offset Gray Q4 Loss

For broadcast television, growth in a non-political year is a challenge — especially coming after a record-breaking electorate-focused advertising season. Yet, Gray Television in Q4 2023 enjoyed a 2% core advertising increase as retransmission consent revenue increased by 3% year-over-year.

While that’s highly positive news for the broadcast TV station owner, a 6% increase in broadcasting expenses put a damper on what the company calls “strong” financial results for the fourth quarter. Investors reacted negatively, sending Gray shares down significantly on Friday morning.