<SEC-DOCUMENT>0001193125-18-316068.txt : 20181102
<SEC-HEADER>0001193125-18-316068.hdr.sgml : 20181102
<ACCEPTANCE-DATETIME>20181101190335
ACCESSION NUMBER:		0001193125-18-316068
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20181101
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20181102
DATE AS OF CHANGE:		20181101

FILER:

	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

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13796
		FILM NUMBER:		181155169

	BUSINESS ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD NE
		CITY:			ATLANTA
		STATE:			GA
		ZIP:			30319
		BUSINESS PHONE:		4042668333

	MAIL ADDRESS:	
		STREET 1:		4370 PEACHTREE ROAD NE
		CITY:			ATLANTA
		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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d648946d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">8-K</FONT> </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:14pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): November&nbsp;1, 2018 (November 1, 2018) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>Gray Television, Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Georgia</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-13796</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">58-0285030</FONT></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Commission File Number)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(IRS Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>4370 Peachtree Road,</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>Atlanta GA</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>30319</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip Code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant&#146;s telephone number, including area code <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">404-504-9828</FONT></FONT> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former name or former address, if changed since last report) </B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form <FONT STYLE="white-space:nowrap">8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167; 230.405 of this chapter) or Rule <FONT STYLE="white-space:nowrap">12b-2</FONT> of the Securities Exchange Act of 1934
(&#167; <FONT STYLE="white-space:nowrap">240.12b-2</FONT> of this chapter). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company &#9744; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or
revised financial accounting standards provided pursuant to Section&nbsp;13(a) of the Exchange Act. &#9744; </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;8.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Other Events. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;1, 2018, Gray Television, Inc. (the &#147;Company&#148;) issued a press release (the &#147;Press Release&#148;) announcing
that a special purpose wholly owned subsidiary of the Company priced an offering of $750.0&nbsp;million aggregate principal amount of 7.0% senior notes due 2027 (the &#147;Notes&#148;), pursuant to an exemption from the registration requirements
under the Securities Act of 1933, as amended (the &#147;Securities Act&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The notes are being offered to finance, together with cash
on hand and certain anticipated debt facilities and indebtedness of the Company, the acquisition of Raycom Media, Inc. (the &#147;Raycom Merger&#148;), which was previously announced on June&nbsp;25, 2018, and is expected to close in December 2018.
If the Raycom Merger is consummated and certain other conditions are satisfied, the net proceeds from this offering of Notes will be released from escrow to fund the Raycom Merger, the issuer of the Notes will merge with and into the Company and the
Company will become the primary obligor under the notes. A copy of the Press Release, which was issued in connection with the pricing of this offering of Notes and pursuant to and in accordance with Rule 135c under the Securities Act, is attached
hereto as Exhibit 99.1 and incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Neither the Press Release nor this Current Report on Form <FONT
STYLE="white-space:nowrap">8-K</FONT> constitutes an offer to sell or the solicitation of an offer to buy the Notes. The Notes and the related guarantees are being offered only to qualified institutional buyers in reliance on the exemption from
registration set forth in Rule 144A under the Securities Act, and outside the United States to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> persons in reliance on the exemption from registration set forth in Regulation S under the Securities
Act. The Notes and the related guarantees have not been and will not be registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an
applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(d) Exhibits. </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="90%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; " ALIGN="center"><B>Exhibit&nbsp;No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP ALIGN="center">99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"><A HREF="d648946dex991.htm">Press release issued by Gray Television, Inc., on November&nbsp;1, 2018 </A></TD></TR>
</TABLE>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>SIGNATURE </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="4%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="2%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="45%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD COLSPAN="3" VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" COLSPAN="3">Gray Television, Inc.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">Date: November&nbsp;1, 2018</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ James C. Ryan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: James C. Ryan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" NOWRAP>Title: Executive Vice President and Chief Financial Officer</TD></TR>
</TABLE>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>d648946dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="margin-top:0pt;margin-bottom:0pt">


<IMG SRC="g648946image001.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NEWS RELEASE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>GRAY ANNOUNCES UPSIZING AND PRICING OF </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>$750.0 MILLION OF 7.0% SENIOR NOTES DUE 2027 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Atlanta, Georgia &#150; November</B><B></B><B>&nbsp;1, 2018. . . Gray Television, Inc. (&#147;Gray,&#148; &#147;we,&#148; &#147;us&#148; or
&#147;our&#148;) (NYSE: GTN and GTN.A)</B> announced today the pricing of its previously announced private offering of $750.0&nbsp;million aggregate principal amount of 7.0% senior notes due 2027 (the &#147;Notes&#148;) by Gray Escrow, Inc., a
special purpose wholly owned subsidiary of Gray (the &#147;Escrow Issuer&#148;). This represents an increase of $250.0&nbsp;million over the amount previously announced. The Notes were priced at 100% of par. The offering of the Notes is expected to
close on November&nbsp;16, 2018, subject to customary closing conditions, at which time the proceeds of the offering will be funded into an escrow account. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Notes are being offered to finance, together with cash on hand and anticipated debt facilities and indebtedness of Gray, the acquisition of Raycom Media,
Inc. (the &#147;Raycom Merger&#148;), which was previously announced on June&nbsp;25, 2018, and is expected to close in December 2018. If the Raycom Merger is consummated and certain other conditions are satisfied, the net proceeds from the offering
will be released from escrow to fund the Raycom Merger, the Escrow Issuer will merge with and into Gray and Gray will become the primary obligor under the Notes (the &#147;Assumption&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Following the Assumption, the Notes will be guaranteed, jointly and severally, by each existing and future restricted subsidiary of Gray that guarantees
Gray&#146;s existing senior credit facility. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Notes and related guarantees will be offered only to qualified institutional buyers under Rule 144A of
the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), and to <FONT STYLE="white-space:nowrap">non-U.S.</FONT> persons in transactions outside the United States under Regulation S of the Securities Act. The Notes have not been, and
will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and
other applicable securities laws. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any
sale of the Notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. This notice is being issued pursuant to and in accordance
with Rule 135c under the Securities Act. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Cautionary Statements for Purposes of the &#147;Safe Harbor&#148; Provisions of the Private Securities
Litigation Reform Act </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This press release contains statements that constitute &#147;forward-looking statements&#148; within the meaning of the
Private Securities Litigation Reform Act of 1995 and the federal securities laws. These &#147;forward-looking statements&#148; are not statements of historical facts, and may include, among other things, statements regarding our current expectations
and beliefs as to our ability to consummate the offering of Notes, the intended use of proceeds thereof, other pending transactions, and other future events. Actual results are subject to a number of risks and uncertainties and may differ materially
from the current expectations and beliefs discussed in this press release. All information set forth in this release is as of the date hereof. We do not intend, and undertake no duty, to update this information to reflect future events or
circumstances. Information about certain potential factors that could affect our business and financial results and cause actual results to differ materially from those expressed or implied in any </P>
</DIV></Center>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
forward-looking statements are included under the captions &#147;Risk Factors&#148; and &#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations,&#148; in
our Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended December&nbsp;31, 2017, which is on file with the U.S. Securities and Exchange Commission (the &#147;SEC&#148;), and may be contained in reports subsequently
filed with the SEC and available at the SEC&#146;s website at www.sec.gov. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Gray Contacts: </U></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">www.gray.tv </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Jim Ryan, Executive Vice President and Chief
Financial Officer, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">404-504-9828</FONT></FONT> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Kevin P. Latek, Executive Vice President,
Chief Legal and Development Officer, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">404-504-9828</FONT></FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;#&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;# </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g648946image001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g648946image001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_X@Q824-#7U!23T9)3$4  0$   Q(3&EN
M;P(0  !M;G1R4D="(%A96B 'S@ "  D !@ Q  !A8W-P35-&5     !)14,@
M<U)'0@                  ]M8  0    #3+4A0("
M                                             !%C<')T   !4
M #-D97-C   !A    &QW='!T   !\    !1B:W!T   "!    !1R6%E:   "
M&    !1G6%E:   "+    !1B6%E:   "0    !1D;6YD   "5    '!D;61D
M   "Q    (AV=65D   #3    (9V:65W   #U    "1L=6UI   #^    !1M
M96%S   $#    "1T96-H   $,     QR5%)#   $/   " QG5%)#   $/
M" QB5%)#   $/   " QT97AT     $-O<'ER:6=H=" H8RD@,3DY."!(97=L
M971T+5!A8VMA<F0@0V]M<&%N>0  9&5S8P         2<U)'0B!)14,V,3DV
M-BTR+C$              !)S4D="($E%0S8Q.38V+3(N,0
M                                                    6%E:(
M     /-1  $    !%LQ865H@                     %A96B        !O
MH@  ./4   .06%E:(        &*9  "WA0  &-I865H@        )*    ^$
M  "VSV1E<V,         %DE%0R!H='1P.B\O=W=W+FEE8RYC:
M    %DE%0R!H='1P.B\O=W=W+FEE8RYC:
M                                  !D97-C         "Y)14,@-C$Y
M-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M('-21T(
M     "Y)14,@-C$Y-C8M,BXQ($1E9F%U;'0@4D="(&-O;&]U<B!S<&%C92 M
M('-21T(                             9&5S8P         L4F5F97)E
M;F-E(%9I97=I;F<@0V]N9&ET:6]N(&EN($E%0S8Q.38V+3(N,0
M    +%)E9F5R96YC92!6:65W:6YG($-O;F1I=&EO;B!I;B!)14,V,3DV-BTR
M+C$                                  '9I97<      !.D_@ 47RX
M$,\4  /MS  $$PL  UR>     5A96B       $P)5@!0    5Q_G;65A<P
M       !                         H\    "<VEG(     !#4E0@8W5R
M=@        0     !0 *  \ %  9 !X (P H "T ,@ W #L 0 !% $H 3P!4
M %D 7@!C &@ ;0!R '< ? "! (8 BP"0 )4 F@"? *0 J0"N +( MP"\ ,$
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M])5?E<F6-):?EPJ7=9?@F$R8N)DDF9"9_)IHFM6;0INOG!R<B9SWG62=TIY
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M)R<L+"S_P  1" !Y .8# "(  1$! A$"_\0 'P   04! 0$! 0$
M  $" P0%!@<("0H+_\0 M1   @$# P($ P4%! 0   %] 0(#  01!1(A,4$&
M$U%A!R)Q%#*!D:$((T*QP152T? D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ
M0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66
MEYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3E
MYN?HZ>KQ\O/T]?;W^/GZ_\0 'P$  P$! 0$! 0$! 0        $" P0%!@<(
M"0H+_\0 M1$  @$"! 0#! <%! 0  0)W  $" Q$$!2$Q!A)!40=A<1,B,H$(
M%$*1H;'!"2,S4O 58G+1"A8D-.$E\1<8&1HF)R@I*C4V-S@Y.D-$149'2$E*
M4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$A8:'B(F*DI.4E9:7F)F:HJ.D
MI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:XN/DY>;GZ.GJ\O/T
M]?;W^/GZ_]H # ,   $1 A$ /P#U6BBB@!"<4A)QQ0QP/QK)UKQ#:Z0@5P9)
MF&1&O&/=CSM%.,)3DHQ5V^A,ZD::YI.R7<U&DVC)P,=2>E8U[XQT>S8QAS.Z
MYR(1N&?3.<?EFN1O]7U;6Y?*+-M/2&/A0/<9Y_$T^W\-2,,W,@7D?*G+#\<$
M"M*\L)@5?%UXQ?\ (M9?@<D<1B<5*V%IWC?XY+0TY_B&^3]FLACLTCG^07^M
M4V^(FK9^6VMP/0B0G_T,5,FAZ5$/WB;L=Y')_D0*7[-H(^4I;_B5S^I)KC>?
MY?'X,+5J+^9G3'*LRJ:^U2\E=K\B./XCWP/[ZSB<=]C.G\]U:NF^/]/OIXK6
M6"6&6:18TP!(FYC@#((/Z5FG2-#G&%BB/^ZW/Z&C3]!L+#4H;]#(PA;<(V8$
M9P<'L>#R*:SO+*B:E3JT96T;V'_9^8T9*\XS75-'<JQ)YQT[4N:JVUY!/Q&<
M-CE6X(%60<U5.K"LN:G)27D:.+CI)-,6EI!2UH(**** "BBB@ HHHH ****
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MF$AA8<L=6]Y/=^IZ56JZLKO1+9+1)" 4M%%=! 4444 %%%% !1110 E%+10
M4444 %%%% !1110 4444 (1FC%+10 UDW=:R=0\+:/J.YI(1%(W_ "TB^1L^
MO'!_$5L44XRE!WBVF3*$9JTHJ6G5'%S_  [R2;:]P.RR)D_B0W]*IO\ #K5,
M_)<VY'OY@/\ Z :] HK=8[$1TY_P1S/+L,_L6])/_,X*/X;W;$>=>QH.^Q&<
M_J5K4L/A]I%LPDNW>\(_A?Y(\^N!_4UU-%*>+KS5G-_+3\5J7#!8>F[JFF_/
M7\RO;V-I:((K6)(4'\,:A1^F*FV\Y%.HK!ZZN]_5G0DEHE;T$Q2T44 %%%%
?!1110 4444 %%%% !1110 4444 %%%% !1110!__V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
