Gray Television Inc - Statement of Changes in Beneficial Ownership (4)

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	OMB APPROVAL OMB Number: 3235-0287 Expires: January 31, 2008 Estimated average burden hours per response... 0.5
	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 ^* ROBINSON HARRIETT J	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 _____ Officer (give title below) _____ Other (specify below)
(Last) (First) (Middle) 4370 PEACHTREE ROAD, NE	3. Date of Earliest Transaction (MM/DD/YYYY) 12/18/2007
(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)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Class (GTN)								90500	D
Common Class A (GTN.A)	12/18/2007		P		1000	A	$8.53	731340	D
Common Class (GTN)								118950	I	Spouse
Common Class (GTN)								157250	I	Trustee for Children
Common Class A (GTN.A)								1104180	I	Trustee for Children
Common Class (GTN)								35000	I	Delta Fire & Casualty Ins. Co.
Common Class A (GTN.A)								33750	I	Delta Fire & Casualty Ins. Co.
Common Class (GTN)								10000	I	Delta Life Ins. Co.
Common Class A (GTN.A)								135795	I	Delta Life Ins. Co.
Common Class A (GTN.A)								221706	I	Bankers Fidelity Life Ins. Co.
Common Class (GTN)								6000	I	Georgia Casualty & Surety Co.
Common Class A (GTN.A)								132354	I	Georgia Casualty & Surety Co.
Common Class (GTN)								50000	I	Association Casualty Ins. Co.
Common Class A (GTN.A)								32000	I	Association Casualty Ins. Co.
Common Class (GTN)								50000	I	American Southern Ins. Co.
Common Class (GTN)								4341 ⁽¹⁾	I	Spouse 401 K Plan
Common Class A (GTN.A)								124200	I	Gulf Capital Services, Ltd.
Common Class (GTN)								2400	D ⁽²⁾
Common Class A (GTN.A)								1043176	I	Spouse

*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)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Option - Class A Common Stock (GTN.A)	$15.39							11/19/2000	11/19/2008	GTN.A	11570		11570	I	spouse
Option - Common Stock (GTN)	$10.93							11/20/2005	11/20/2008	GTN	45720		45720	I	spouse
Series C Pref Stock	$13.07							4/22/2007	4/22/2012	GTN	41316		54	D
Series C Pref Stock	$13.07 ⁽³⁾							4/22/2007	4/22/2012	GTN	27544 ⁽⁴⁾		36	I	Trustee for children
Series C Pref Stock	$13.07 ⁽³⁾							4/22/2007	4/22/2012	GTN	27544 ⁽⁴⁾		36	I	Trustee for children
Series C Pref Stock	$13.07 ⁽³⁾							4/22/2007	4/22/2012	GTN	133719 ⁽⁴⁾		0	I	Georgia Casualty and Surety Co.
Series C Pref Stock	$13.07 ⁽³⁾							4/22/2007	4/22/2012	GTN	133894 ⁽⁴⁾		175	I	Bankers Fidelity Life Insurance Co.
Series C Pref Stock	$13.07 ⁽³⁾							4/22/2007	4/22/2012	GTN	228003 ⁽⁴⁾		298	I	Delta Life Insurance Co.
Series C Pref Stock	$13.07 ⁽³⁾							4/22/2007	4/22/2012	GTN	38256 ⁽⁴⁾		50	I	Delta Fire & Casualty Insurance Co.
Options-Common Stock (GTN)	$9.71 ⁽⁵⁾							6/7/2005	6/7/2010	GTN	142875 ⁽⁵⁾		142875	I	Spouse

Explanation of Responses:
( 1)	Held in 401K plan and based on plan statement as of 12/31/06.
( 2)	Shares are held in an IRA account.
( 3)	In April of 2002, the Company issued Series C Preferred Stock to Mr. Robinson and certain of his affiliates in exchange for Series A and Series B Preferred Stock then held by Mr. Robinson. The Series C Preferred Stock is convertible into the Company's Common Stock ("GTN")at a conversion price of $13.07 per share (as adjusted for spin off of TCM). The Series C Preferred Stock is redeemable at the Company'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 spin off of TCM).
( 5)	Reflects anti-dilution adjustment undertaken as a result of the spin-off completed on December 30, 2005.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
ROBINSON HARRIETT J 4370 PEACHTREE ROAD, NE ATLANTA, GA 30319	X

Signatures
Dottie Boudreau by power of attorney		12/20/2007
^** Signature of Reporting Person		Date

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