Investor Presentaiton
2005
2006
Gray Excels at Retrans
Gray TV Retransmission Revenue in Millions
Approximately 9.6 million Big-4 Affiliate
subscribers total across all markets
Approximately 0.8 million Big-4 Affiliate
subscribers will re-price by 12/31/2015
Approximately 3.8 million Big-4 Affiliate
subscribers will re-price by 12/31/2016
Approximately 5.0 million Big-4 Affiliate
Retransmission Revenue
Network "Reverse Comp."
180.0
162.8
"Net Retransmission Revenue" 148.0
90.0
81.4
70.0
85.1
74.9
subscribers will re-price between 12/31/17
and 6/30/18
157.1 23.7i
19.6
33.8
39.8
13.5
7.6
5.6
78.0 81.4
90.0
55.3
61.4!
43.6
1.0
1.6 2.4 3.0
15.6 18.8 20.2
28.2 32.2
2007
2008
2009
2010
2011
2012
2013
2014
2013PF
(1) Gray actual data per Company; 2013PF and 2014 PF includes the Acquisitions prior to the Twin Falls acquisition
(2)
2015 per current Company estimate. 2016 & 2017 assume 10% per annum growth in Retransmission Revenue and Network Affiliation fees (a.k.a. "Network Reverse
Compensation") equal to 50% of retransmission revenue. Actual results may vary from current estimates.
Gray Television, Inc.
2014PF
2015 Estimate
2016 Estimate
(z)
2017 Estimate
13
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