Gray Television, Inc. Announces Declaration of Special $0.12 Per Share Common Dividend ATLANTA, Nov. 23 /PRNewswire-FirstCall/ -- Gray Television, Inc. (NYSE: GTN; GTN.A) announced today that its Board of Directors has declared a special dividend of $0.12 per share, payable on January 4, 2005, to stockholders of record of its Common Stock and Class A Common Stock on December 14, 2004. Since its stock buyback program was initiated in August 2004, Gray has repurchased a combined total of 1,546,400 shares of its Common Stock and Class A Common Stock for a total investment of approximately $19.4 million through November 19, 2004. Through its stock buyback program and dividends declared or paid so far this year, Gray will have returned close to $31.2 million of capital to its common shareholders in 2004. This dividend payment in January 2005 will mark the 38th consecutive year that Gray will have paid a common stock cash dividend. Gray Television, Inc. is a communications company headquartered in Atlanta, Georgia, and currently operates 16 CBS-affiliated television stations, seven NBC-affiliated television stations, seven ABC-affiliated television stations and five daily newspapers. 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.graytvinc.com/

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