Gray Television, Inc. Signs Definitive Purchase Agreement to Acquire KKCO-TV, NBC Channel 11, in Grand Junction, Colorado

Gray Television, Inc. Signs Definitive Purchase Agreement to
Acquire KKCO-TV, NBC Channel 11, in Grand Junction, Colorado 


ATLANTA, Oct. 21  /PRNewswire-FirstCall/ -- Gray Television, Inc. (NYSE: GTN;
GTN.A) announced today it has signed a definitive purchase agreement to acquire
certain assets and assume certain liabilities of KKCO-TV from Eagle III
Broadcasting, LLC.  KKCO-TV, Channel 11 serves the Grand Junction, Colorado
television market and is an NBC affiliate.

  Highlights:
   - KKCO-TV is the number one rated television station in news and in
     overall audience.
   - Gray also owns and operates KKTV-TV, its CBS affiliate in Colorado
     Springs, Colorado.  Upon completion of the KKCO-TV acquisition, Gray
     will own and operate the number one rated television stations in two of
     Colorado's three television markets.
   - Grand Junction is located in Mesa County; from 1990 to 2000 Mesa
     County's population grew by 28.4% putting it in the top 10% of counties
     nationwide in terms of population growth.
   - Colorado had the 3rd fastest growing state population from 1990 to
     2000.
   - KKCO-TV's market includes Mesa State College, a four-year college with
     approximately 6,000 students and home to the annual National Junior
     College Baseball World Series.
   - Grand Junction ranks as the 189th largest television market in the U.S.
     with 64,000 television households.



Through its acquisition strategy, Gray seeks out television stations that are
number one in their markets, have strong local news programming and are located
in growing markets.  KKCO-TV has all of these characteristics.

Upon completion of the KKCO-TV acquisition, Gray will own a total of 31
stations serving 27 television markets.  The stations will include 16 CBS
affiliates, 8 NBC affiliates and 7 ABC affiliates.  The combined station group
will have 23 stations ranked #1 in both viewing audience and local news
audience within their respective markets.  The combined group will reach over
5% of total U.S. TV households.

Gray currently plans to use a portion of its cash on hand to fully fund this
acquisition.  The acquisition of KKCO-TV is currently expected to close during
the first quarter of 2005.  The KKCO-TV acquisition is subject to FCC approval.

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/ 

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