<SEC-DOCUMENT>0001437749-20-008453.txt : 20200424
<SEC-HEADER>0001437749-20-008453.hdr.sgml : 20200424
<ACCEPTANCE-DATETIME>20200424164523
ACCESSION NUMBER:		0001437749-20-008453
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200424
DATE AS OF CHANGE:		20200424
EFFECTIVENESS DATE:		20200424

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13796
		FILM NUMBER:		20815678

	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>DEFA14A
<SEQUENCE>1
<FILENAME>gtn20200424_defa14a.htm
<DESCRIPTION>FORM DEFA14A
<TEXT>
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	<title>gtn20200424_defa14a.htm</title>

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<p style="font-family: Times New Roman; font-size: 10pt; margin: 0pt; text-align: center;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>UNITED STATES </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Washington, D.C. 20549 </b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:18pt;margin:0pt;text-align:center;"><b>SCHEDULE 14A </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Proxy Statement Pursuant to Section 14(a) of the </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Securities Exchange Act of 1934 </b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Filed by the Registrant &#9745; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Filed by a party other than the Registrant &#9744;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt;">

		<tr>
			<td colspan="5" style="vertical-align: top; width: 8%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="5" style="vertical-align: top; width: 8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Check the appropriate box:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: middle; width: 5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td colspan="3" style="vertical-align: bottom; width: 4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Preliminary Proxy Statement</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: middle; width: 5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td colspan="3" style="vertical-align: bottom; width: 4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: middle; width: 5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td colspan="3" style="vertical-align: bottom; width: 4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Definitive Proxy Statement</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: middle; width: 5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9745;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td colspan="3" style="vertical-align: bottom; width: 4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Definitive Additional Materials</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: middle; width: 5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td colspan="3" style="vertical-align: bottom; width: 4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Soliciting Material under &#167;240.14a-12</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td colspan="3" style="vertical-align: bottom; width: 4%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="5" style="vertical-align: bottom; width: 8%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>GRAY TELEVISION, INC.</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="5" style="vertical-align: bottom; width: 8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Name of Registrant as Specified In Its Charter)</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="5" style="vertical-align: bottom; width: 8%;">&nbsp;</td>
		</tr>
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			<td colspan="5" style="vertical-align: bottom; width: 8%; border-bottom: thin solid rgb(0, 0, 0);">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="5" style="vertical-align: bottom; width: 8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="5" style="vertical-align: bottom; width: 8%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="5" style="vertical-align: bottom; width: 8%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Payment of Filing Fee (Check the appropriate box):</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: middle; width: 5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9745;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td colspan="3" style="vertical-align: top; width: 4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">No fee required.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: middle; width: 5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td colspan="3" style="vertical-align: top; width: 4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="2" style="vertical-align: middle; width: 1%;">&nbsp;</td>
			<td colspan="2" style="vertical-align: middle; width: 1%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(1)</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Title of each class of securities to which transaction applies:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(2)</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Aggregate number of securities to which transaction applies:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(3)</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(4)</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 92%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Proposed maximum aggregate value of transaction:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(5)</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: bottom; width: 92%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Total fee paid:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: middle; width: 5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td colspan="3" style="vertical-align: top; width: 4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Fee paid previously with preliminary materials.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: middle; width: 5%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td colspan="3" style="vertical-align: top; width: 4%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: middle; width: 3%;">&nbsp;</td>
			<td colspan="2" style="vertical-align: middle; width: 1%;">&nbsp;</td>
			<td colspan="2" style="vertical-align: middle; width: 1%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(1)</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Amount Previously Paid:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(2)</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Form, Schedule or Registration Statement No.:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(3)</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Filing Party:</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: bottom; width: 3%;">&nbsp;</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 3%;">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">(4)</p>
			</td>
			<td style="vertical-align:bottom;width:1%;">&nbsp;</td>
			<td style="vertical-align: top; width: 92%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Date Filed:</p>
			</td>
		</tr>

</table>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>GRAY TELEVISION, INC.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>4370 Peachtree Road, N.E.</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Atlanta, Georgia 30319</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>ADDITIONAL INFORMATION REGARDING THE ANNUAL MEETING OF SHAREHOLDERS</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>TO BE HELD ON WEDNESDAY, MAY 6, 2020 </b></p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The following Notice of Change of Location (the &#8220;Notice&#8221;) relates to the proxy statement (the &#8220;Proxy Statement&#8221;) of Gray Television, Inc. (&#8220;Gray&#8221;), dated March 26, 2020, furnished to Gray&#8217;s shareholders in connection with the solicitation of proxies by the Board of Directors of Gray for use at the Annual Meeting of Shareholders to be held on Wednesday, May 6, 2020 (the &#8220;Annual Meeting&#8221;). The purpose of this Notice is to announce a change in the location of the Annual Meeting to a virtual meeting only, via webcast, at http://viewproxy.com/graytelevision/2020/VM/.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">This Notice is being filed with the Securities and Exchange Commission and is being made available to shareholders on or about April 24, 2020.</p>

<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>THIS NOTICE SHOULD BE READ IN CONJUNCTION WITH THE PROXY STATEMENT</b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>GRAY TELEVISION, INC.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>NOTICE OF CHANGE OF LOCATION OF<br>
ANNUAL MEETING OF SHAREHOLDERS</b></p>

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			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Wednesday, May 6, 2020</b></p>

			<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>11:30 a.m., Eastern time</b></p>
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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Dear Shareholder,</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Due to the public health impact of the novel coronavirus and COVID-19 and to support the health and well-being of our shareholders, employees, and their families, NOTICE IS HEREBY GIVEN that the location of the 2020 Annual Meeting of Shareholders (the &#8220;Annual Meeting&#8221;) of Gray Television, Inc. (&#8220;Gray&#8221;) has been changed to a virtual meeting format only, via webcast, as noted as a possibility in Gray&#8217;s proxy statement filed with the Securities and Exchange Commission on March 26, 2020 (the &#8220;Proxy Statement&#8221;). You will not be able to attend the Annual Meeting physically in person. The Annual Meeting will continue to be held on Wednesday, May 6, 2020 at 11:30 a.m., Eastern time.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">As described in the proxy materials for the Annual Meeting previously distributed, you are entitled to virtually attend, participate in, and vote at the Annual Meeting if you were a shareholder of record at the close of business on March 9, 2020, the record date.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">In order to attend and participate in the Annual Meeting, shareholders must register by May 3, 2020 at 11:59 p.m., Eastern time, at http://viewproxy.com/graytelevision/2020/. Once registered, shareholders can attend, participate in and submit questions at the virtual Annual Meeting at http://viewproxy.com/graytelevision/2020/VM/. <b>If you have already voted, you need not do anything further. Regardless of whether you plan to attend the Annual Meeting, we encourage you to vote as soon as possible by one of three convenient methods in order to ensure your shares are represented at the meeting: accessing the internet site listed on the notice of internet availability of proxy materials or proxy card, calling the toll-free number listed on the proxy card, or signing, dating and returning the proxy card in the previously provided postage-paid envelope. Any proxy you give will not be used if you attend the Annual Meeting and vote virtually.</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The proxy card previously distributed will not be updated to reflect the virtual only meeting format and may continue to be used to vote your shares in connection with the Annual Meeting.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">For more information about the virtual Annual Meeting, please refer to the &#8220;Additional Information About the Virtual Annual Meeting&#8221; section on the next page of this Notice of Change of Location and Time.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Atlanta, Georgia</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">April 24, 2020</p>

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By Order of the Board of Directors,</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:72pt;margin-top:0pt;text-align:right;">/s/ Hilton H. Howell, Jr.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:72pt;margin-top:0pt;text-align:right;">Hilton H. Howell, Jr.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:72pt;margin-top:0pt;text-align:right;"><i>Executive Chairman and Chief Executive Officer</i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>PROXY MATERIALS FOR THE ANNUAL MEETING OF SHAREHOLDERS </b></p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>TO BE HELD ON MAY 6, 2020</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The following information can be found at <i>http://www.proxyvote.com</i>:</p>

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			<p style="margin-right:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:'Times New Roman', Times, serif;">Notice of Annual Meeting;</p>
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			<p style="margin-right:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:'Times New Roman', Times, serif;">2019 Annual Report on Form 10-K; and</p>
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			<p style="margin-right:0pt;text-align:left;margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:'Times New Roman', Times, serif;">Form of Proxy Card.</p>
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<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: left;"><b>Additional Information About the Virtual Annual Meeting</b></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>Attendance and Participation</b></i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">In order to attend and participate in the virtual Annual Meeting, shareholders must register by May 3, 2020 at 11:59 p.m., Eastern time, at http://viewproxy.com/graytelevision/2020/.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If you hold your shares in your name or have received a Notice of Internet Availability or proxy card, please click &#8220;Registration for Registered Holders&#8221; and enter your name, address and phone number. If you hold your shares through a bank or broker, please click &#8220;Registration for Beneficial Holders&#8221; and enter your name, phone number and email, and click submit. During the registration process, you will be asked to check a box if you plan to vote at the Annual Meeting. If beneficial holders wish to vote their shares at the Annual Meeting, they must obtain a legal proxy from their bank or broker and upload a copy of their legal proxy to the link provided during registration or email a copy of their legal proxy to virtualmeeting@viewproxy.com. Beneficial holders that wish to attend the Annual Meeting but not vote their shares must still register for the meeting and provide proof that you hold shares in Gray. Once registered, you will receive a registration confirmation email with the meeting password and, if you plan to vote at the Annual Meeting, your Virtual Control Number.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">To attend and participate in the Annual Meeting, registered shareholders will visit http://viewproxy.com/graytelevision/2020/VM/ and enter their meeting password. To vote during the Annual Meeting while the polls are open, registered shareholders will visit www.fcrvote.com/GTN/ and enter their Virtual Control Number. If you hold multiple positions and have multiple Virtual Control Numbers, you will need to use each Virtual Control Number in order to vote each position.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The Annual Meeting will begin promptly at 11:30 a.m., Eastern time, on Wednesday, May 6, 2020. We encourage you to access the Annual Meeting prior to the start time. Online access to the Annual Meeting will begin at 11:15 a.m., Eastern time.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The virtual Annual Meeting platform is fully supported across browsers (Internet Explorer, Firefox, Chrome, and Safari) and devices (desktops, laptops, tablets, and cell phones) running the most updated version of applicable software and plugins. Shareholders should ensure that they have a strong internet connection if they intend to attend, participate in and/or vote at the Annual Meeting. Attendees should allow plenty of time to log in prior to the start of the Annual Meeting.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>Questions and Information Accessibility</b></i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Registered shareholders may submit questions during the Annual Meeting by following the instructions available on the meeting website. Shareholders may also submit questions in advance of the Annual Meeting during registration. Questions pertinent to Annual Meeting matters will be answered during the Q&amp;A session, subject to time constraints. Questions that are substantially similar may be grouped and answered once to avoid repetition.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Additional information regarding the ability of shareholders to ask questions during the Annual Meeting, related rules of conduct and other materials for the Annual Meeting, including the list of our shareholders of record, will be available at http://viewproxy.com/graytelevision/2020/VM/. In addition, prior to the Annual Meeting date, we will make available, through electronic means, a list of shareholders of record as of the record date for inspection by shareholders. To access the electronic shareholder list during this time, please send your request, and proof of ownership, by email to InvestorRelations@gray.tv.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><i><b>Technical Difficulties</b></i></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">If you encounter any difficulties accessing the virtual Annual Meeting during the log-in or meeting time, please call 1-866-612-8937 or submit any questions to virtualmeeting@viewproxy.com for assistance. Technical support will be available beginning at 11:15 a.m., Eastern time, on May 6, 2020 through the conclusion of the Annual Meeting.</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Additional information regarding matters addressing technical and logistical issues, including technical support during the Annual Meeting, will be available at http://viewproxy.com/graytelevision/VM/.</p>

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