The following is a summary of the Gray Television, Inc. (GTN) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Gray Television reported Q3 2024 total revenue of $950 million, an 18% increase year-over-year, mainly due to a rise in political advertising revenue.

• Net income for Q3 2024 was $83 million, a significant improvement from a net loss of $53 million in Q3 2023.

• Adjusted EBITDA was $338 million in Q3 2024, marking a 61% increase from the previous year.

• Core ad revenue was $365 million in Q3 2024, up 1% from the previous year.

Business Progress:

• Gray Television has continued to invest in local, direct, and digital business and has successfully increased the share of local TV ad markets in audited markets to a new record.

• Notably, the company has also expanded local sports broadcasting, including a significant media rights deal with the New Orleans Pelicans.

Opportunities:

• Despite lower-than-expected political revenue, the company still expects $0.5 billion from political ads for the full year, maintaining a leadership position in broadcast political revenue.

• The company is implementing a major cost reduction initiative aiming to save approximately $60 million annually, focusing on non-personnel expenses and operational efficiencies.

Risks:

• Revenue in Q4 is anticipated to decline due to political displacement and other factors like the transition of SEC Football from CBS to ABC, impacting core and political ad revenue.

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