Gray updates guidance


Gray Television told investors to expect Q4 revenues to be $93.5-94.0 million, up approximately 11-12% from a year ago. That narrows the previous guidance that the quarter would be up 7-13%. The political advertising contribution to Q4 revenues is projected to be $27.3-27.4 million, which is above the previous projection of $26.0-26.5 million. Gray also said it expects to finish 2008 in compliance with the leverage covenant in its senior credit facility.