Gray Television, Inc. Announces Declaration of Special $0.12 Per Share Common Dividend

Gray Television, Inc. Announces Declaration of Special $0.12 Per
Share Common Dividend 


ATLANTA, Nov. 23  /PRNewswire-FirstCall/ -- Gray Television, Inc. (NYSE: GTN;
GTN.A) announced today that its Board of Directors has declared a special
dividend of $0.12 per share, payable on January 4, 2005, to stockholders of
record of its Common Stock and Class A Common Stock on December 14, 2004.

Since its stock buyback program was initiated in August 2004, Gray has
repurchased a combined total of 1,546,400 shares of its Common Stock and Class
A Common Stock for a total investment of approximately $19.4 million through
November 19, 2004.  Through its stock buyback program and dividends declared or
paid so far this year, Gray will have returned close to $31.2 million of
capital to its common shareholders in 2004.

This dividend payment in January 2005 will mark the 38th consecutive year that
Gray will have paid a common stock cash dividend.

Gray Television, Inc. is a communications company headquartered in Atlanta,
Georgia, and currently operates 16 CBS-affiliated television stations, seven
NBC-affiliated television stations, seven ABC-affiliated television stations
and five daily newspapers. 

DATASOURCE: Gray Television, Inc.



CONTACT: Bob Prather, President, [phone], or Jim Ryan, Chief

Financial Officer, [phone], both of Gray Television, Inc.



Web site:  http://www.graytvinc.com/ 

Copyright