Gray Completes Privately Negotiated Repurchase of 32.56 Shares of its Series D Perpetual Preferred Stock

Gray Television GTN announced that on August 11, 2011 it completed the repurchase of 32.56 shares of its Series D perpetual preferred stock in a private transaction. These shares were repurchased at their liquidation value of $100,000 per share, plus accrued dividends of $1.5 million. The total cost of this transaction of $4.8 million was funded from cash balances on hand. After giving effect to this transaction, 360.5 shares of our Series D perpetual preferred stock remain outstanding.