Gray Announces Four New Transactions And Closes All Announced Acquisitions

Gray Announces Four New Transactions And Closes All Announced Acquisitions

ATLANTA, July 1, 2015 /PRNewswire/ -- Gray Television, Inc. ("Gray" or "we" or "our") (NYSE: GTN and GTN.A) today announced four new transactions and the closing of all three of its previously announced acquisitions of leading television stations. The new transactions are as follows:


-- Wausau-Rhinelander, Wisconsin, market (DMA 134): Gray entered into an
agreement with Davis Television, LLC, to acquire certain non-license
assets of WFXS, which had served as the Fox affiliate for the
Wausau-Rhinelander television market. Earlier today, WFXS ceased
operating. At that time, the parties closed the transaction, and Gray
began broadcasting the program streams formerly transmitted by WFXS on
Gray's digital low power television station in Wausau, WZAW. Gray also
owns and operates full power television station WSAW in Wausau, which
serves as the market's CBS affiliate. Kalil & Co. served as the
exclusive broker for this transaction.

-- Laredo, Texas, market (DMA 184). Gray entered into an agreement with
Eagle Creek Television, Inc. to acquire certain non-license assets of
KVTV, which had served as the CBS affiliate for the Laredo television
market. Earlier today, KVTV ceased operating. At that time, the parties
closed the transaction, and Gray began broadcasting the program streams
formerly transmitted by KVTV on Gray's digital low power television
station in Laredo, KYLX. Gray also owns and operates full power
television station KGNS in Laredo, which serves as the market's NBC
affiliate.

-- Great Falls and Helena, Montana, markets (DMAs 191 and 206). Gray
entered into an agreement with Cordillera Communications, LLC to sell
Gray's KBGF, the NBC affiliate for the Great Falls market, and KTVH, the
NBC and CW affiliate for the Helena market. Gray believes that
Cordillera, as the owner of top-rated stations across the state of
Montana, will leverage its strong presence throughout "Big Sky Country"
to further improve the service and operations of KBGF and KTVH for the
benefit of those stations' local communities.

-- Helena, Montana, market (DMA 206). Gray owns KMTF in Helena, which
simulcasts the CW channel broadcast by KTVH-D2. At the suggestion of
Cordillera, Gray has agreed to donate KMTF to Montana State University.
This donation will allow MSU to operate a full power PBS affiliated
television station in the state's capital for the first time in the
history of the statewide PBS network that MSU operates.
Earlier today, Gray closed all three of its previously announced station transactions, which were as follows:


-- Odessa-Midland, Texas, market (DMA 146). Gray acquired KOSA, whose
digital channels are affiliated with the CBS and MY Networks. KOSA
enjoys the highest ratings and market share in its DMA, which is the
fastest growing DMA in the country.

-- Twin Falls, Idaho, market (DMA 192). Gray acquired KMVT, whose digital
channels are affiliated with the CBS and CW Networks, as well as KSVT,
whose digital channel is affiliated jointly with the FOX and MY
Networks. KMVT enjoys the highest ratings and market share in its DMA.
In 2015, KMVT/KSVT was one of a few small employers included in the
annual listing of "The Best Places to Work in Idaho."

-- Presque Isle, Maine, market (DMA 205). Gray acquired WAGM, whose digital
channels are affiliated with the CBS and FOX Networks. WAGM enjoys the
highest ratings and market share in its DMA. In addition, WAGM's average
all-day ratings are the second highest among all television stations in
the country.
"Today, Gray continues to grow our footprint with even more outstanding, community-focused television stations, and we welcome their dedicated, excellent employees to the Gray corporate family," said Hilton Howell, Gray's President and CEO.

The net purchase price for the Wausau and Laredo transactions less the anticipated proceeds from the Montana dispositions is expected to be $20.0 million, which represents a composite multiple of approximately 5.2 times a blended average of 2014-2015 anticipated pro forma broadcast cash flow including expected synergies. Today, Gray closed the Wausau and Laredo transactions as well as the three previously announced transactions discussed above and funded all those transactions with cash on hand. The Montana dispositions are subject to receipt of regulatory and other approvals, and we expect them to close in the third quarter of 2015.

The purchase price, net of anticipated proceeds from dispositions, for all seven separate transactions that Gray has announced in 2015 is $81.35 million. This net purchase price represents a composite multiple of approximately 6.0 times blended 2014-2015 anticipated pro forma broadcast cash flow including expected synergies.

About Gray Television

Gray Television, Inc. (NYSE: GTN and GTN.A) is a television broadcast company headquartered in Atlanta, Georgia, that owns and operates television stations and leading digital assets in markets throughout the United States. Upon the consummation of all announced transactions, we will own and operate television stations in 45 television markets broadcasting over 150 program streams including 30 channels affiliated with the CBS Network, 22 channels affiliated with the NBC Network, 16 channels affiliated with the ABC Network and 13 channels affiliated with the FOX Network. We will then own and operate the number-one ranked television station in 33 of those 45 markets and the number-one or number-two ranked television station operations in 42 of those 45 markets. We currently reach approximately 8.3 percent of total United States television households.

SOURCE Gray Television, Inc.

Gray Television, Inc.

CONTACT: www.gray.tv, 404-504-9828, Hilton H. Howell, Jr., President and Chief Executive Officer, or Jim Ryan, Senior Vice President and Chief Financial Officer, or Kevin P. Latek, Senior Vice President, Business Affairs

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


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