Gray Television, Inc. Announces Conditional Approval for Listing of Triple Crown Media, Inc. on Nasdaq National Market
December 13 2005 - 5:07PM
PR Newswire (US)
ATLANTA, Dec. 13 /PRNewswire-FirstCall/ -- Gray Television, Inc.
(NYSE:GTNNYSE:andNYSE:GTN.A) today announced that its subsidiary,
Triple Crown Media, Inc., received conditional approval for listing
its common stock on The NASDAQ National Market. Gray intends to
distribute Triple Crown Media, Inc. common stock to Gray
shareholders on or about December 30, 2005. The terms of the
distribution are as follows: Gray will distribute one share of
Triple Crown Media common stock for every ten shares of Gray common
stock and one share of Triple Crown Media common stock for every
ten shares of Gray Class A common stock held by Gray shareholders
on December 14, 2005, the record date for the spin-off. Given the
nature of the transaction, any holder of Gray common stock or Gray
Class A common stock who sells shares on or before the date that
the Gray common stock and Gray Class A Common stock trades
"ex-distribution" will also be selling their entitlement to receive
shares of Triple Crown Media common stock in the spin-off.
Shareholders of Gray common stock and Gray Class A common stock are
encouraged to consult with their financial advisors regarding the
specific implications of selling Gray common stock and Gray Class A
common stock before the "ex-distribution" date. Gray Television,
Inc. is a television broadcast company headquartered in Atlanta,
Georgia. Including the previously announced pending acquisition of
WNDU-TV, Gray operates 36 television stations serving 30 markets.
Each of the stations are affiliated with either CBS (17 stations),
NBC (10 stations), ABC (8 stations), or FOX (1 station). In
addition, Gray currently operates seven digital multi-cast
television channels in seven of its existing markets all of which
are affiliated with either UPN or FOX. Cautionary Statements for
Purposes of the "Safe Harbor" Provisions of the Private Securities
Litigation Reform Act: Except for the historical information
contained herein, information set forth in this news release may
contain forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Words such as
"expects," "anticipates," "intends," "plans," "believes,"
"estimates," and variations of such words and similar expressions
that indicate future events and trends are intended to identify
such forward-looking statements. These forward-looking statements
are subject to risks and uncertainties, which could cause the
company's actual results or performance to differ materially from
those expressed or implied in such statements. 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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