Industry Press Releases

Gray Television Completes $175.6 Million Public Offering of Common Stock

Tuesday, Mar 31, 2015

Gray Television, Inc. announced today that it has completed its previously announced underwritten public offering of shares of its common stock at a price to the public of $13.00 per share. Gray issued a total of 13.5 million shares of common stock including 1.5 million shares pursuant to the partial exercise of the underwriter over-allotment option.  The offering closed on March 31, 2015.

The gross proceeds from the offering are approximately $175.6 million excluding underwriting discounts, commissions and transaction expenses.  We placed the net proceeds from the offering in our corporate treasury for general corporate purposes, and such net proceeds may be used from time to time for, among other things, repayment of outstanding debt, capital expenditures, the financing of possible future business expansions and acquisitions, increasing our working capital and the financing of ongoing operating expenses and overhead.

Wells Fargo Securities acted as the bookrunning manager and representative of the underwriters for the offering. RBC Capital Markets also acted as a bookrunner. Barrington Research and Sidoti & Company, LLC acted as co-managers for the offering.

The Company

Gray Television, Inc. (NYSE: GTN and GTN.A) is a television broadcast company headquartered in Atlanta, Georgia, that owns and operates television stations and leading digital assets in markets throughout the United States.  We currently own and operate television stations in 44 television markets broadcasting 140 program streams including 76 affiliates of the Big Four networks (ABC, CBS, NBC and FOX).  Our owned and operated stations include 26 channels affiliated with the CBS Network, 24 channels affiliated with the NBC Network, 16 channels affiliated with the ABC Network and 10 channels affiliated with the FOX Network.  We own and operate the number-one ranked television station in 31 of those 44 markets and the number-one or number-two ranked television station operations in 41 of those 44 markets.  We reach approximately 8.0 percent of total United States television households.

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