ATLANTA, Sept. 20, 2016 /PRNewswire/ -- Gray
Television, Inc. ("Gray," "we," "us" or "our") (NYSE: GTN and
GTN.A) today withdrew its guidance for net political advertising
revenue for the three-month period ending September 30, 2016 ("third quarter") and for the
three-month period ending December 31,
2016 ("fourth quarter").
Net revenue, excluding political revenue, appears likely to meet
the previously issued guidance for the third quarter of
2016.
While political revenue remains significant, Gray stations are
receiving political advertising orders later than usual and current
orders generally are being placed with only a few days advance
notice before broadcast. The Trump campaign and/or allied
PAC's have purchased advertising time in some Gray markets, and it
has expressed interest in placing advertising in up to 9 states
involving up to 17 Gray markets. At this time, however, the
campaign's future spending is currently impossible to
predict. The Clinton campaign and allied PAC's are currently
active and/or are expressing interest in placing advertising in up
to 6 states involving up to 7 Gray markets. Recent polling
between Clinton and Trump appear to have tightened and could lead
to increased ad spending by the respective campaigns and related
PAC's. Nevertheless, there can be no assurance that increased
spending will materialize given the very unusual nature of this
year's late presidential campaign season.
Separately, Gray stations are currently seeing somewhat more
competitive statewide races in Missouri, Indiana and North
Carolina than previously predicted. On the other hand,
Senate races in Ohio and
Colorado have not led to the
robust advertising spending as was widely anticipated. Furthermore,
some historically large political advertisers have very recently
indicated that they may direct funds to organizing voters and other
campaign activities rather than advertising.
In light of the current limited visibility on actual political
spending, as well as recent developments in the political
advertising market, at this time, we cannot predict with sufficient
accuracy the levels of political revenue that Gray expects to
record in the third quarter and fourth quarter of this year.
Consequently, Gray withdraws previously issued political revenue
guidance for the third quarter and full year 2016.
If and when circumstances permit, Gray will provide an
appropriate update to the market.
Cautionary Statements for Purposes of the "Safe Harbor"
Provisions of the Private Securities Litigation Reform Act
This press release contains statements that constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 and other federal
securities laws. These "forward-looking statements" are statements
other than statements of historical fact and may include, among
other things, statements regarding future events. Actual results
are subject to a number of risks and uncertainties and may differ
materially from the current expectations and beliefs discussed in
this press release. All information set forth in this release is as
of the date hereof. We do not intend, and undertake no duty, to
update this information to reflect future events or circumstances.
Information about certain potential factors that could affect our
business and financial results and cause actual results to differ
materially from those expressed or implied in any forward-looking
statements are included under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations," in our Annual Report on Form 10-K for the
year ended December 31, 2015 and our
Quarterly Reports on Form 10-Q for the quarters ended March 31, 2016 and June
30, 2016, each of which is on file with the Securities and
Exchange Commission ("SEC") and available at the SEC's website at
www.sec.gov.
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SOURCE Gray Television, Inc.