Gray Television, Inc. Announces Declaration of Dividend

Gray Television, Inc. Announces Declaration of Dividend

ATLANTA, May 12 /PRNewswire-FirstCall/ -- Gray Television, Inc. (NYSE: GTN; GTN.A) announced that its Board of Directors has declared a dividend of $.03 per share, payable on June 30, 2006, to stockholders of record of its Common Stock and Class A Common Stock on June 15, 2006. This is the 38th consecutive year that Gray has paid a common stock cash dividend.

Gray's Board of Directors also declared a dividend of $200 per share, payable on June 30, 2006 to stockholders of record of its Series C Preferred Stock on June 15, 2006.

Gray Television, Inc. is a television broadcast company headquartered in Atlanta, Georgia. Gray operates 36 television stations serving 30 markets. Each of the stations are affiliated with either CBS (17 stations), NBC (10 stations), ABC (8 stations), or Fox (1 station).

Source: Gray Television, Inc.

CONTACT: Bob Prather, President, +1-404-266-8333, or Jim Ryan, Chief
Financial Officer, +1-404-504-9828, both of Gray Television, Inc.

Web site: http://www.gray.tv/

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