Gray Television, Inc. Increases Share Repurchase Authorization
May 03 2007 - 2:35PM
PR Newswire (US)
ATLANTA, May 3 /PRNewswire-FirstCall/ -- Gray Television, Inc.
(NYSE: GTN; GTN.A) announced that on May 2, 2007 its Board of
Directors authorized up to an additional 2,000,000 shares of Gray
Common Stock and/or Gray Class A Common Stock to be repurchased by
Gray. This authorization is in addition to all previously approved
stock repurchase authorizations and there is no expiration date for
these authorizations. With this additional authorization and the
remaining shares available under previous authorizations, Gray may
repurchase up to an aggregate of 3.162 million shares of its Common
Stock and/or Class A Common stock. Also, Gray held its annual
shareholder meeting on May 2, 2007. At that meeting, Gray's
shareholders approved the election of all its nominated directors
and the adoption of Gray's 2007 Long-Term Incentive Plan as
proposed in Gray's 2007 proxy statement. Gray Television, Inc. is a
television broadcast company headquartered in Atlanta, GA. Gray
currently 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 39 digital second channels including 1 ABC,
5 Fox, 8 CW and 16 MyNetworkTV affiliates plus 7 local news/weather
channels and 2 "independent" channels in certain of its existing
markets. Gray intends to start one additional digital local weather
channel in one of its existing markets during 2007. 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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