ATLANTA, August 1, 2012 /PRNewswire/ -- Gray Television, Inc. ("Gray," "we," "us" or "our") (NYSE: GTN and GTN.A) announced today that it has completed the repurchase of an additional 122.76 shares of its Series D perpetual preferred stock in a privately negotiated transaction. These shares were repurchased at their liquidation value of $100,000 per share, plus accrued dividends of $7.7 million. The total amount paid of $20 million was funded from cash balances on hand. As a result of this share repurchase, Gray anticipates a savings of $2.1 million on its annual Series D perpetual preferred stock dividend.
After giving effect to this transaction, 136.45 shares of our Series D perpetual preferred stock remain outstanding, representing $13.6 million liquidation value plus accrued and unpaid dividends thereon of $8.6 million for a total value of $22.2 million.
Gray Television, Inc.
Gray Television, Inc. is a television broadcast company headquartered in Atlanta, GA. Gray currently owns and operates television stations broadcasting 36 primary channels in 30 markets. Currently, we broadcast a primary channel from each of our stations and also operate at least one secondary channel from the majority of our stations. Each of our primary channels are affiliated with either CBS (17 channels), NBC (10 channels), ABC (8 channels) or FOX (1 channel). In addition, we currently broadcast 41 digital second channels that are affiliated with either ABC (1 channel), FOX (4 channels), CW (8 channels), MyNetworkTV (18 channels), Untamed Sports Network (1 channel), The Country Network (1 channel), MeTV Network (1 channel) or are operated as local news/weather channels (7 channels). In addition, we have entered into agreements to launch three additional CBS affiliated secondary channels in certain of our existing markets in the fall of 2012.
Web site: www.gray.tv
SOURCE Gray Television, Inc.