One day after Gray Television agreed to take a minority stake in TEGNA‘s CTV/OTT advertising business, PREMION, the owner of broadcast TV stations across 93 markets delivered “record operating results” that at first makes the company’s Q4 look quite strong.
But, looking at the numbers on a combined historical basis is perhaps the best gauge of just how the company, which merged with Raycom Media as 2019 began, performed in the final three months of 2019.
The picture presented wasn’t so great, and this, along with escalating fears over a COVID-19 coronavirus pandemic on a global scale, sent Gray shares sliding southward in early trading on Thursday, only to rebound by 11am.
