Gray Television, Inc. Sets Record Date for Spin-Off of Triple Crown Media, Inc.
November 30 2005 - 1:26PM
PR Newswire (US)
ATLANTA, Nov. 30 /PRNewswire-FirstCall/ -- Gray Television, Inc.
(NYSE: GTN; GTN.A) stated that the previously announced spin-off of
Triple Crown Media, Inc. is expected to become effective on
December 30, 2005. When the spin-off is completed, Triple Crown
Media will operate as a separate company. To effectuate the
spin-off, the Gray Board of Directors has approved a pro rata
distribution to Gray shareholders of all of the outstanding shares
of common stock of Triple Crown Media. Each Gray shareholder of
record at the close of business on December 14, 2005, will be
entitled to receive (1) one share of common stock of Triple Crown
Media for every 10 shares of Gray common stock that was owned on
that date and (2) one share of common stock of Triple Crown Media
for every 10 shares of Gray Class A common stock that was owned on
that date. Fractional shares of common stock of Triple Crown Media
will not be distributed. Instead, fractional shares will be
aggregated and sold in the public market by the distribution agent.
The aggregate net cash proceeds of these sales will be distributed
to those Gray stockholders who would otherwise have received
fractional shares. It is expected that Triple Crown Media's common
shares will trade on the NASDAQ National Market under the symbol
"TCMI" following completion of the distribution. Gray Television,
Inc. is a television broadcast company headquartered in Atlanta,
Georgia. Including the pending acquisitions of WSAZ-TV and WNDU-TV,
Gray operates 36 television stations serving 30 markets. Each of
the stations are affiliated with either CBS, NBC, ABC, or FOX. In
addition, Gray currently operates seven digital multi-cast
television channels, in seven of its existing markets, which are
affiliated with either UPN or FOX. DATASOURCE: Gray Television,
Inc. CONTACT: Bob Prather, President, +1-404-266-8333, or Jim Ryan,
Chief Financial Officer, +1-404-504-9828, both of Gray Television,
Inc. Web site: http://www.gray.tv/
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