Gray Increases Guidance for the Three-Month Period Ended September 30, 2009

• Press Release
• Source: Gray Television, Inc.
• On 6:00 am EDT, Thursday October 15, 2009

ATLANTA, Oct. 15 /PRNewswire-FirstCall/ -- Gray Television, Inc. ("Gray," "we" or "us") (NYSE: GTN - News) today announced that its expected results from operations for the three-month period ended September 30, 2009 (the "third quarter") will be better than previously anticipated as summarized in the following table:

                                          Third Quarter 2009 Guidance

                                        Updated           Previously Issued

                                     Low      High         Low        High
    Selected operating data         Range     Range       Range       Range
                                                 (in thousands)
    OPERATING REVENUE:
       Revenue (less agency
        commission)                 $66,000  $66,500     $63,000    $64,000

    OPERATING EXPENSES:
    (before depreciation, amorti-
     zation and other expenses)
       Broadcast                    $46,000  $46,250     $46,000    $46,500
       Corporate and
        administrative              $ 3,300  $ 3,400     $ 3,300    $ 3,600

    OTHER SELECTED DATA:
       Broadcast political
        revenues (less agency
         commissions)               $ 3,000  $ 3,100     $   500    $   600

Comments on Improved Guidance:

Previously on August 7, 2009, we issued guidance for our anticipated third quarter 2009 operating results. Since that time our anticipated operating results have improved due to higher than expected political issue advertising related to the current national debate on health care reform.

Also, we anticipate that our operating expenses will be at the lower end of the previously issued range.

Gray Television, Inc.

Gray Television, Inc. is a television broadcast company headquartered in Atlanta, GA. We currently operate 36 television stations serving 30 markets. Each of the stations are affiliated with either CBS (17 stations), NBC (10 stations), ABC (8 stations) or FOX (1 station). In addition, we currently operate 38 digital second channels including 1 ABC, 4 Fox, 7 CW, 16 MyNetworkTV and 1 Universal Sports Network affiliates plus 8 local news/weather channels and 1 "independent" channel in certain of our existing markets.

Cautionary Statements for Purposes of the "Safe Harbor" Provisions of the Private Securities Litigation Reform Act

The comments on our current expectations of operating results for the third quarter of 2009 and other future events are "forward-looking statements" for purposes of the Private Securities Litigation Reform Act of 1995. Actual results of operations are subject to a number of risks and uncertainties and may differ materially from the current expectations discussed in this press release. All information set forth in this release and its attachments is as of October 15, 2009. We do not intend, and undertake no duty, to update this information to reflect future events or circumstances. Information about potential factors that could affect our business and financial results and cause actual results to differ materially from those in the forward-looking statements are included under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in our Annual Report on Form 10-K for the year ended December 31, 2008 which is on file with the SEC and available at the SEC's website at www.sec.gov.

Web site: www.gray.tv

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