Gray Completes Privately Negotiated Repurchase of an Additional 32.56 Shares of its Series D Perpetual Preferred Stock

Gray Completes Privately Negotiated Repurchase of an Additional 32.56 Shares of its Series D Perpetual Preferred Stock

ATLANTA, Aug. 25, 2011 /PRNewswire/ -- Gray Television, Inc. ("Gray," "we," "us" or "our") (NYSE: GTN and GTN.A)announced that on August 23, 2011 it completed the repurchase of an additional 32.56 shares of its Series D perpetual preferred stock in a private transaction. These shares were repurchased at their liquidation value of $100,000 per share, plus accrued dividends of $1.5 million. The total cost of this transaction of $4.8 million was funded from cash balances on hand. After giving effect to this transaction, 327.95 shares of our Series D perpetual preferred stock remain outstanding.

Gray Television, Inc.

Gray Television, Inc. is a television broadcast company headquartered in Atlanta, GA. Gray currently operates 36 television stations serving 30 markets. We broadcast a primary channel from each of our stations and also operate at least one digital second channel from the majority of our stations. Each of our primary channels are affiliated with either CBS (17 channels), NBC (10 channels), ABC (8 channels) or FOX (1 channel). In addition, we currently operate 40 digital second channels that are affiliated with either ABC (1 channel), FOX (4 channels), CW (8 channels), MyNetworkTV (18 channels), Universal Sports Network (2 channels) and The Country Network (1 channel) or are operated as local news/weather channels (6 channels).

Web site: www.gray.tv

SOURCE Gray Television, Inc.

Gray Television, Inc.

CONTACT: Bob Prather, President and Chief Operating Officer, +1-404-266-8333, Jim Ryan, Senior V. P. and Chief Financial Officer, +1-404-504-9828

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

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