Gray Receives Notice of Non-Compliance of NYSE Continued Listing Standards

Gray Television, Inc. (“Gray,” “we” or “us”) (NYSE: GTN; GTNA) today announced that, on November 4, 2008, the New York Stock Exchange (NYSE) notified us that Gray did not satisfy one of the NYSE’s standards for continued listing applicable to Gray’s common stock. The NYSE noted specifically that Gray was “below criteria” for the NYSE’s price criteria for Gray’s common stock because the average closing price per share, over a consecutive 30-trading-day period, was less than $1.00 per share as of November 3, 2008.

Under NYSE policy, in order to cure the deficiency for this continued listing standard, Gray’s common stock share price and the average share price over a consecutive 30-trading-day period must both exceed $1.00 by six months following receipt of the non-compliance notice.

Gray’s common stock and Class A common stock will remain listed on the NYSE under the symbols “GTN” and “GTNA,” respectively, during the six month cure period subject to our compliance with other NYSE continued listing requirements.Within 10 business days of receipt of the non-compliance notice, Gray will notify the NYSE that it intends to cure this price deficiency.Gray’s business operations, revolving credit agreements, other debt obligations and Securities and Exchange Commission reporting requirements are unaffected by this notification.

Gray Television, Inc. is a television broadcast company headquartered in Atlanta, GA. We currently operate 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, we currently operate 39 digital second channels including 1 ABC, 5 Fox, 7 CW and 16 MyNetworkTV affiliates plus 8 local news/weather channels and 2 “independent” channels in certain of our existing markets.

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