NOBLE Capital Markets follow-on offering co-manager Gray Television (USD 250,125,000)

Atlanta, Georgia, December 6, 2017

Gray Television, Inc. (NYSE: GTN and GTN.A) announced today that it has completed its previously announced and priced underwritten public offering of shares of its common stock at a price to the public of $14.50 per share.

Gray issued a total of 17.25 million shares of common stock in the offering, which included 2.25 million shares issued pursuant to the full exercise of the underwriters' over allotment option. After giving effect to the offering, Gray had 83,253,588 shares of common stock, and 6,598,377 shares of Class A common stock, issued and outstanding.

The gross proceeds from the offering were approximately $250.1 million excluding underwriting discounts, commissions and transaction expenses. We pl aced 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 fu ture business expansions and acquisitions, increasing our working capital and the financing of ongoing operating expenses and overhead.

Wells Fargo Securities served as the Sole Book. Running Manager and representative of the underwriters for the offering. BofA Merrill Lynch and Deutsche Bank Securities served as Senior Co-Managers for the offering, and Stephens Inc., Barrington Research, Benchmark, G.research, LLC and Noble Capital Markets served as Co-Managers for the offering.

About Gray
Gray owns and/or operates over 100 television stations across 57 television markets that collectively broadcast over 200 program streams including over 100 channels affiliated with the CBS Network, the NBC Network, the ABC Network and the FOX Network. Our portfolio includes the number- one and/or number- two ranked television station operations in essentially all of our markets, which collectively cover approximately 10.4 percent of total United States television households. For further information, please visit

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