Gray Media today released its financial results for the third quarter ended September 30, 2024, with total revenue reaching $950 million. Core advertising revenue saw a 1% increase compared to the third quarter of 2023, totaling $365 million, while political advertising revenue for the quarter was $173 million. Retransmission consent revenue stood at $369 million, aligning with the company's guidance.
The company reported broadcasting and corporate operating expenses that were $14 million and $3 million, respectively, below the low end of its guidance ranges. Gray Media also announced a cost containment program, initiated in August 2024, targeting an annualized reduction of approximately $60 million in operating expenses. This initiative includes streamlining workflows and personnel adjustments across various units.
In a move to strengthen its balance sheet, Gray Media reduced its principal amount of debt outstanding by $241 million from January 1, 2024, through September 30, 2024. The company projects a full-year 2024 Net Debt reduction of $500 million and anticipates full-year political advertising revenue between $495 million and $500 million. The Board of Directors also approved an increase in its debt repurchase authorization to $250 million.
For the fourth quarter of 2024, Gray Media expects core advertising revenue to decrease by approximately 11% compared to the prior year, primarily due to political advertising displacement and the movement of SEC college football games. The company also noted adverse impacts from Hurricanes Helene and Milton on core advertising revenue in its Southeastern markets.
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