I first purchased at $6. Just picked up that same amount at $2.25. The main reason is so I can eventually sell the first purchase for a tax loss. (I guess I rushed into my first purchase.)
My only problem with GTN is that most of the enterprise value is made up of debt. So even if the stock falls 75 percent (as it has), the fall in the stock price has a smaller affect on the overall value of the company since debt makes up most of the capital. Your not getting it for 75 percent off. Your getting it for about 25 percent off.
However, If you do not have a position at this time, I cannot help but think that now is the time to buy.
I think that TV stations will continue to offer advertiser's the best value for their $$.. It simply works and many will come back to TV after trying the internet. Gray will make it through these tough times and so will the stock price in my opinion.. I am adding to my position at current prices.