SAVANNAH, GA. — Thanks in part to its ownership of the dominant CBS affiliate serving Georgia’s Coastal Empire, WTOC-11, and keeping a watchful eye on expenses, Gray Television enjoyed a 138% year-over-year net income rise as total revenue jumped 37% to $792 million.
Next year’s finish is poised to be even bigger, as Gray awaits approval of its $925 million acquisition of Quincy Media Inc.
While there are many positive takeaways from the earnings results, the bigger news from Gray is that for the first time in 13 years, a quarterly dividend is coming to shareholders.
