Gray Completes Privately Negotiated Repurchase of Additional 32.56 Shares of its Preferred Stock

Gray Television, Inc (NYSE: GTN) 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.