Gray      Exhibit 99.1   
Television, Inc.         

NEWS RELEASE

Gray Reports Operating Results

For the Three-Month Period and Year Ended December 31, 2011

Atlanta, Georgia – February 24, 2012. . . Gray Television, Inc. (“Gray,” “we,” “us” or “our”) (NYSE: GTN and GTN.A)

today announced results from operations for the three-month period (the “fourth quarter of 2011”) and year ended December 31, 2011 as compared to the three-month period (the “fourth quarter of 2010”) and year ended December 31, 2010.

Highlights:

For the fourth quarter of 2011, our revenue, broadcast expense and corporate and administrative expense were as follows:

 

     Three Months Ended December 31,  
     2011      2010      %Change  
     (in thousands except for percentages)  

Revenue (less agency commissions)

     $     84,670         $     114,595         (26)%   

Operating expenses (before depreciation, amortization and gain on disposals of assets):

        

Broadcast

     $ 49,409         $ 52,898         (7)%   

Corporate and administrative

     $ 3,644         $ 3,417         7 %   

We are pleased with our operating results for the fourth quarter of 2011. For the fourth quarter of 2011, our operating results were consistent with or exceeded our estimates, which were publicly disclosed on November 4, 2011. Our actual total revenue exceeded our estimates, our actual broadcast expense was within our estimated range and our actual corporate expense was below our estimated range.

Our total revenue decreased in the fourth quarter of 2011 when compared to the fourth quarter of 2010 primarily due to a decrease in political advertising revenue of $28.6 million. 2011 is an “off year” in the two-year political election cycle and, as a result, we earned significantly less political revenue in 2011. However, the $13.5 million of political advertising revenue we earned in the year ended December 31, 2011 set a new “off year” record. The previous record of $10.0 million dates to the year ended December 31, 2009.

Comments on Results of Operations for the Three-Month Period Ended December 31, 2011:

Revenue.

Total revenue decreased $29.9 million, or 26%, to $84.7 million for the fourth quarter of 2011 compared to the fourth quarter of 2010 due primarily to decreased political advertising revenue and consulting revenue, partially offset by increased local, national and internet advertising revenue and retransmission consent revenue. Political advertising revenue decreased due to decreased advertising from political candidates and special interest groups in the “off year” of the two-year election cycle. Local, national and internet advertising revenue increased due to increased spending by advertisers in an improving economic environment. Retransmission consent revenue increased due to an increase in the number of subscribers and improved terms of our retransmission contracts in the fourth quarter of 2011 compared to the

 

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(404) 504-9828 * Fax (404) 261-9607


The following information was filed by Gray Television Inc (GTN) on Friday, February 24, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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