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

Gray Television, Inc

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.