ATLANTA, Feb. 7, 2017 /PRNewswire/ -- Gray Television,
Inc. ("Gray," "we," "us" or "our") (NYSE: GTN and GTN.A)
announced today that it anticipates receiving $ 90,824,000 in proceeds resulting from the
Federal Communication Commission's recently completed reverse
auction for broadcast spectrum.
The anticipated proceeds reflect the FCC's acceptance of one or
more bids placed by Gray during the auction to modify and/or
surrender spectrum used by certain of our television stations.
Significantly, the actions necessary to receive the proceeds will
not lead to job losses and otherwise are not expected to produce
any material change in operations or results for Gray or for any
individual market in which we operate. We will announce the
affected station(s) at a later date.
We anticipate that the proceeds will be received by Gray in the
second or third quarter of 2017. At this time, the Company has not
made a decision on how to allocate this additional capital. Due to
prior planning in connection with our recently completed
acquisitions, we anticipate that we will be able to defer any
associated taxes on a long-term basis.
Cautionary Statements Regarding Forward Looking
Statements
This press release contains statements that
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995 and the federal
securities laws. These "forward-looking statements" are not
statements of historical facts, and may include, among other
things, statements regarding our current expectations and beliefs
about future events. Actual results are subject to a number of
risks and uncertainties and may differ materially from the current
expectations and beliefs discussed in this press release. All
information set forth in this release is as of this date. We do not
intend, and undertake no duty, to update this information to
reflect future events or circumstances. Information about certain
potential factors that could affect our business and financial
results and cause actual results to differ materially from those
expressed or implied in any 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, 2015 and may be contained in reports
subsequently filed with the U.S. Securities and Exchange Commission
and available at the SEC's website at www.sec.gov.
About Gray:
Gray owns and/or operates 100 television
stations across 54 television markets that collectively broadcast
over 200 program streams including 101 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 10.1 percent
of total United States television
households.
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SOURCE Gray Television, Inc.