FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

HOWELL HILTON H JR 		2. Issuer Name and Ticker or Trading Symbol

GRAY TELEVISION INC [ GTN ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__ X __ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
Vice Chairman
(Last)          (First)          (Middle)

4370 PEACHTREE ROAD,NE 		3. Date of Earliest Transaction (MM/DD/YYYY)

10/25/2007
(Street)

ATLANTA, GA 30319
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

_ X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (GTN)                  676   (1) D    
Common Class A Stock (GTN.A)                  58575   I   Spouse  
Common Class A Stock (GTN.A)                  500   I   children  
Common Stock (GTN)                  35000   I   Delta Fire & Casualty Insurance Co.  
Common Class A Stock (GTN.A)                  33750   I   Delta Fire & Casualty Insurance Co.  
Common Stock (GTN)                  10000   I   Delta Life Insurance Co.  
Common Class A Stock (GTN.A)                  135795   I   Delta Life Insurance Co.  
Common Class A Stock (GTN.A)                  221706   I   Bankers Fidelity Life Insurance Co.  
Common Stock (GTN)                  6000   I   Georgia Casualty & Surety Co.  
Common Class A Stock (GTN.A)                  132354   I   Georgia Casualty & Surety Co.  
Common Stock (GTN)                  50000   I   Associated Casualty Insurance Co.  
Common Class A Stock (GTN.A)                  32000   I   Associated Casualty Insurance Co.  
Common Stock (GTN)                  50000   I   American Southern Insurance Co.  
Common Stock (GTN)   10/25/2007     M    28580   A $7.78   228077   D    
Common Stock (GTN)   10/25/2007     S    28580   D $9.00   199497   D    
Common Class A Stock (GTN.A)                  66870   D    

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Nonqualified Stock Option   $9.71                   9/20/2007   9/20/2010   GTN   102870   (1)   102870   (1) D    
Nonqualified Stock Option   $7.78   10/25/2007     M     28580       10/28/2004   10/28/2007   GTN   28580     (2) 0   D    
Series C Preferred Stock   $13.07   (3)                 4/22/2007   4/22/2012   GTN   133894   (4)   175   I   Georgia Casualty & Surety Co.  
Series C Preferred Stock   $13.07   (3)                 4/22/2007   4/22/2012   GTN   133894   (4)   175   I   Bankers Fidelity Life Insurance Co.  
Series C Preferred Stock   $13.07   (3)                 4/22/2007   4/22/2012   GTN   228003   (4)   298   I   Delta Life Insurance Co.  
Series C Preferred Stock   $13.07   (3)                 4/22/2007   4/22/2012   GTN   38257   (4)   50   I   Delta Fire & Casualty Insurance Co.  

Explanation of Responses:
( 1)  Held in 401K and based on plan statement as of 12/31/05.
( 2)  Transaction was an exercise of an option to purchase shares. Therefore, the amount in column 8 is left blank and the price per share paid for the shares is reported in column 2.
( 3)  In April of 2002, Gray Television, Inc. issued Series C Preferred Stock to certain affiliates of Mr. Howell and others unaffiliated with Mr. Howell or Gray. The Series C Preferred Stock is convertible into Gray's Common Stock ("GTN") at a conversion price of $13.07 per share (as adjusted for the spin off of TCM). The Series C Preferred Stock is redeemable at Gray's option on or after April 22, 2007 and is subject to mandatory redemption on April 22, 2012 at a value of $10,000 per share.
( 4)  Each share of Series C Preferred Stock is convertible into a number of shares of common stock determined by dividing the liquidation preference ($10,000) by the conversion price ($13.07 as adjusted for the spin off of TCM).

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
HOWELL HILTON H JR
4370 PEACHTREE ROAD,NE
ATLANTA, GA 30319 		X
Vice Chairman

Signatures
Dottie Boudreau by Power of Attorney 10/29/2007
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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