<SEC-DOCUMENT>0001420506-25-000167.txt : 20250206
<SEC-HEADER>0001420506-25-000167.hdr.sgml : 20250206
<ACCEPTANCE-DATETIME>20250206141938
ACCESSION NUMBER:		0001420506-25-000167
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250206

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAY TELEVISION INC
		CENTRAL INDEX KEY:			0000043196
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEVISION BROADCASTING STATIONS [4833]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				580285030
		STATE OF INCORPORATION:			GA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-47013
		FILM NUMBER:		25596811

	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

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAPITAL MANAGEMENT CORP /VA
		CENTRAL INDEX KEY:			0001074273
		ORGANIZATION NAME:           	
		IRS NUMBER:				541048352

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		4101 COX ROAD
		STREET 2:		SUITE 110
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060
		BUSINESS PHONE:		8042704000

	MAIL ADDRESS:	
		STREET 1:		4101 COX ROAD
		STREET 2:		SUITE 110
		CITY:			GLEN ALLEN
		STATE:			VA
		ZIP:			23060
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><!-- EDGARfilingagent.com Schedule 13D/G Online Workstation (https://schedule13d.com) --><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
<headerData>
	<submissionType>SCHEDULE 13G/A</submissionType>
	<previousAccessionNumber>0001420506-24-002093</previousAccessionNumber>
	<filerInfo>
		<filer>
			<filerCredentials>
				<cik>0001074273</cik>
				<ccc>XXXXXXXX</ccc>
			</filerCredentials>
		</filer>
		<liveTestFlag>LIVE</liveTestFlag>


	</filerInfo>
</headerData>
<!-- Start Form -->
  <formData>
<!-- Issuer Cover Page-->
    <coverPageHeader>
		<amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>12/31/2024</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0000043196</issuerCik>
        <issuerName>Gray Television, Inc.</issuerName>
        <issuerCusip>389375106</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>4370 Peachtree Road, NE, Suite 400</com:street1>
          <com:city>Atlanta</com:city>
          <com:stateOrCountry>GA</com:stateOrCountry>
          <com:zipCode>30319</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(b)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
<!-- Reporting Persons Cover Page -->
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>The Capital Management Corporation</reportingPersonName>
      <memberGroup>a</memberGroup>
      <citizenshipOrOrganization>VA</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>5694736</soleVotingPower>
        <soleDispositivePower>5763336</soleDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>5763336</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.1</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
<!-- Items -->
    <items>
      <item1>
        <issuerName>Gray Television, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>4370 Peachtree Road, NE, Suite 400, Atlanta, GA  30319</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>Pamela C. Simms, Compliance Officer
The Capital Management Corporation
</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>4101 Cox Road, Suite 110
Glen Allen, VA 23060
</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Virginia</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>N</notApplicableFlag>
      <typeOfPersonFiling>IA</typeOfPersonFiling>
      </item3>
      <item4>
        <amountBeneficiallyOwned>5,763,336</amountBeneficiallyOwned>
        <classPercent>6.1</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>5,694,736</solePowerOrDirectToVote>
          <solePowerOrDirectToDispose>5,763,336</solePowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
        <classOwnership5PercentOrLess>N</classOwnership5PercentOrLess>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
	<!-- Exhibit Information -->
	<!-- Signature -->
    <signatureInformation>
      <reportingPersonName>The Capital Management Corporation</reportingPersonName>
      <signatureDetails>
        <signature>Pamela Simms</signature>
        <title>Compliance Officer</title>
        <date>02/05/2025</date>
      </signatureDetails>
    </signatureInformation>
	</formData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
