Gray Television, Inc. Acquires WSAZ-TV, Charleston-Huntington, West Virginia

Nov 30, 2005, 00:00 ET from Gray Television, Inc.

    ATLANTA, Nov. 30 /PRNewswire-FirstCall/ -- Gray Television, Inc.
 (NYSE:   GTN and GTN.A) today announced that it has completed the acquisition of
 the assets of WSAZ-TV, the NBC affiliate in Charleston-Huntington, West
 Virginia (the Nation's 64th largest Designated Market Area) from Emmis
 Communications Corp. (Nasdaq:   EMMS).
     Bob Prather, President of Gray, said, "The acquisition of WSAZ-TV is
 consistent with the Company's strategy of acquiring dominant television
 stations.  WSAZ-TV, located in the state capital and largest city in West
 Virginia, is ranked #1 in overall share and news.  This station has a proud
 heritage of serving the local communities of Charleston, Huntington and
 surrounding areas including portions of Ohio and Kentucky."
     The purchase price was $186 million and Gray financed the purchase by
 borrowing $185 million under its senior credit facility ($150 million of term
 loan A borrowings and $35 million of revolving loan borrowings) and applying
 $1 million of cash on hand.
     Gray Television, Inc. is a television broadcast company headquartered in
 Atlanta, Georgia. Including the previously announced pending acquisition of
 WNDU-TV, Gray operates 36 television stations serving 30 markets.  Each of the
 stations are affiliated with either CBS, NBC, ABC, or FOX.  In addition, Gray
 currently operates seven digital multi-cast television channels in seven of
 its existing markets, which are affiliated with either UPN or FOX.

SOURCE Gray Television, Inc.