-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 SchdcLuXKRP3PcKgbJKdwmjtDFKIhnZ0jaKZtNlmk6IwuTtIYGQZ/kuSsISL6ai0
 vfohCrzsKD53p4Ddn453TQ==

<SEC-DOCUMENT>0001209191-07-046900.txt : 20070808
<SEC-HEADER>0001209191-07-046900.hdr.sgml : 20070808
<ACCEPTANCE-DATETIME>20070808194630
ACCESSION NUMBER:		0001209191-07-046900
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20070803
FILED AS OF DATE:		20070808
DATE AS OF CHANGE:		20070808

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAY TELEVISION INC
		CENTRAL INDEX KEY:			0000043196
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		IRS NUMBER:				580285030
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD NE
		CITY:			ALBANY
		STATE:			GA
		ZIP:			30319
		BUSINESS PHONE:		9128889390

	MAIL ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD NE
		CITY:			ALBANY
		STATE:			GA
		ZIP:			30319

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAY COMMUNICATIONS SYSTEMS INC /GA/
		DATE OF NAME CHANGE:	19950612

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAY COMMUNICATIONS CORP
		DATE OF NAME CHANGE:	19911011

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	GRAY COMMUNICATIONS SYSTEMS INC
		DATE OF NAME CHANGE:	19880331

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Strand Advisors, Inc.
		CENTRAL INDEX KEY:			0001381169
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13796
		FILM NUMBER:		071037405

	BUSINESS ADDRESS:	
		STREET 1:		13455 NOEL ROAD
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		972-628-4100

	MAIL ADDRESS:	
		STREET 1:		13455 NOEL ROAD
		STREET 2:		SUITE 800
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			DONDERO JAMES D
		CENTRAL INDEX KEY:			0001228922

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13796
		FILM NUMBER:		071037406

	BUSINESS ADDRESS:	
		STREET 1:		13455 NOEL ROAD
		STREET 2:		SUITE 1300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		9726284100

	MAIL ADDRESS:	
		STREET 1:		13455 NOEL ROAD, STE 1300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			HIGHLAND CAPITAL MANAGEMENT LP
		CENTRAL INDEX KEY:			0001167365
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13796
		FILM NUMBER:		071037407

	BUSINESS ADDRESS:	
		STREET 1:		13455 NOEL ROAD STE 1300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
		BUSINESS PHONE:		9726284100

	MAIL ADDRESS:	
		STREET 1:		13455 NOEL ROAD STE 1300
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75240
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>bod48751_bod2gt.xml
<DESCRIPTION>MAIN DOCUMENT DESCRIPTION
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-08-03</periodOfReport>

    <issuer>
        <issuerCik>0000043196</issuerCik>
        <issuerName>GRAY TELEVISION INC</issuerName>
        <issuerTradingSymbol>GTN</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001167365</rptOwnerCik>
            <rptOwnerName>HIGHLAND CAPITAL MANAGEMENT LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>13455 NOEL ROAD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 800</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75240</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001228922</rptOwnerCik>
            <rptOwnerName>DONDERO JAMES D</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>13455 NOEL ROAD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 800</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75240</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001381169</rptOwnerCik>
            <rptOwnerName>Strand Advisors, Inc.</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>13455 NOEL ROAD</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 800</rptOwnerStreet2>
            <rptOwnerCity>DALLAS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>75240</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeTransaction>
            <securityTitle>
                <value>Common Stock</value>
                <footnoteId id="F1"/>
                <footnoteId id="F2"/>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
                <footnoteId id="F5"/>
                <footnoteId id="F6"/>
            </securityTitle>
            <transactionDate>
                <value>2007-08-03</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>P</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>25000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <value>7.75</value>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>5772386</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See Footnote</value>
                    <footnoteId id="F1"/>
                    <footnoteId id="F2"/>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                    <footnoteId id="F7"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeTransaction>
    </nonDerivativeTable>

    <derivativeTable></derivativeTable>

    <footnotes>
        <footnote id="F1">This statement is filed by and on behalf of: (i) Highland Capital Management, L.P. (&quot;Capital Management&quot;); (ii) Strand Advisors, Inc. (&quot;Strand&quot;); and (iii) James D. Dondero.</footnote>
        <footnote id="F2">Capital Management serves as investment adviser and/or manager to other persons, including Highland Credit Strategies Fund (&quot;Credit Fund&quot;), Restoration Opportunities Fund (&quot;Restoration Fund&quot;), and Highland Multi-Strategy Onshore Master SubFund (&quot;SubFund&quot;).  Capital Management may be deemed to beneficially own shares owned and/or held by and/or for the account and/or benefit of other persons, including Credit Fund, Restoration Fund and SubFund.</footnote>
        <footnote id="F3">Strand is the general partner of Capital Management.  Strand may be deemed to beneficially own shares owned and/or held by and/or for the account and/or benefit of Capital Management.</footnote>
        <footnote id="F4">Mr. Dondero is the President and a director of Strand.  Mr. Dondero may be deemed to beneficially own shares owned and/or held by and/or for the account and/or benefit of Strand.</footnote>
        <footnote id="F5">Each of the reporting persons states that neither the filing of this statement nor anything herein shall be deemed an admission that such person is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities covered by this statement.  Each of the reporting persons disclaims beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of such person in such securities.</footnote>
        <footnote id="F6">Each of the reporting persons may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act.  Each of the reporting persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.</footnote>
        <footnote id="F7">Neither Mr. Dondero, Capital Management, nor any other reporting person may bind, obligate or take any action, directly or indirectly, on behalf of Credit Fund or Restoration Fund.</footnote>
    </footnotes>

    <remarks>Exhibit 24.1 - Joint Filing Agreement and Power of Attorney (incorporated by reference to Exhibit 24 to the Form 4 filed on December
18, 2006 by the reporting persons with respect to the issuer)</remarks>

    <ownerSignature>
        <signatureName>Highland Capital Management, L.P.  By: Strand Advisors, Inc., its general partner /s/ James D. Dondero, President</signatureName>
        <signatureDate>2007-08-08</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>d48751_2gt991.txt
<DESCRIPTION>ADDITIONAL EXHIBITS
<TEXT>
<PAGE>
                                                                    EXHIBIT 99.1


      1.    STRAND ADVISORS, INC.

<Table>
<Caption>
                ITEM                                                    INFORMATION

<S>                                    <C>
Name:                                  Strand Advisors, Inc.

Address:                               Two Galleria Tower
                                       13455 Noel Road, Ste. 800
                                       Dallas, Texas 75240

Designated Filer:                      Highland Capital Management, L.P.

Issuer Name and Ticker or              Gray Television, Inc [GTN]
Trading Symbol:

Date of Earliest Transaction           August 3, 2007
Required to be Reported
(Month/Day/Year):

If Amendment, Date Original            Not Applicable
Filed (Month/Day/Year):

Relationship of Reporting              10% Owner
Person(s) to Issuer:

Individual or Joint/Group Filing:      Form filed by More than One Reporting Person

Signature:
                                       By:        /s/ James D. Dondero
                                                --------------------------------
                                       Name:    James D. Dondero
                                       Title:   President
                                       Date:    August 8, 2007
</Table>

<PAGE>

      2.    JAMES D. DONDERO

<Table>
<Caption>
                ITEM                                                    INFORMATION

<S>                                    <C>
Name:                                  James D. Dondero

Address:                               Two Galleria Tower
                                       13455 Noel Road, Ste. 800
                                       Dallas, Texas 75240

Designated Filer:                      Highland Capital Management, L.P.

Issuer Name and Ticker or              Gray Television, Inc [GTN]
Trading Symbol:

Date of Earliest Transaction           August 3, 2007
Required to be Reported
(Month/Day/Year):

If Amendment, Date Original            Not Applicable
Filed (Month/Day/Year):

Relationship of Reporting              10% Owner
Person(s) to Issuer:

Individual or Joint/Group Filing:      Form filed by More than One Reporting Person

Signature:
                                       By:        /s/ James D. Dondero
                                                --------------------------------
                                       Name:    James D. Dondero
                                       Date:    August 8, 2007
</Table>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
