December 15, 2005

CBS SIGNS AFFILIATION AGREEMENT WITH GRAY TELEVISION, INC. FOR STATION IN ALBANY, GEORGIA MARKET

CBS and Gray Television, Inc. announced that they have signed a new affiliation agreement for the digital channel of WSWG-TV, which serves portions of southwest Georgia and is included in the Albany, Ga. television market -- the 147th largest in the country. WSWG-TV's digital channel is currently being upgraded to full power, and Gray currently anticipates the new CBS-affiliated channel will begin broadcasting by April 2006. WCTV, the Gray-owned CBS affiliate in Tallahassee, Fla., oversees WSWG-TV's operations.

Peter Schruth, President, Affiliate Relations, CBS, said: "This is the second time within the last year that we're making history with Gray Television. Last December, we announced the most CBS affiliates -- Gray's 16 -- to ever renew their affiliations at one time. Today we're announcing the first-ever CBS affiliation with a digital channel. It's a milestone that speaks to the exciting business opportunities that new technologies are creating for broadcasters. This agreement also means CBS can expand its presence in southwest Georgia to better serve audiences and advertisers."

Robert S. Prather, Jr., President and COO of Gray Television, noted: "Our new affiliation with CBS in the Albany market is the confluence of two significant Gray business models: our winning partnership with CBS in multiple markets and the success we've enjoyed with the new digital multicast channels we've been launching. It's a terrific combination -- the very popular entertainment, news and sports programming of America's Most Watched Network, our quality local news, sports and syndicated programming, and Gray's local market expertise and experience as a digital broadcaster."

Gray Television is the largest independent operator of CBS-affiliated television stations - 17 stations in 12 states and in market sizes ranging from 58 (Knoxville, Tenn.) to 186 (Charlottesville, Va.). The Gray Television CBS stations collectively reach more than 3.2 million U.S. TV households.

CBS Television is comprised of the CBS Television Network, with more than 200 owned and affiliated stations reaching virtually every television home in the United States; the Network's programming arms, CBS Entertainment, CBS News and CBS Sports; and CBS Enterprises, a global leader in distribution.

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Gray Television, Inc. is a television broadcast company headquartered in Atlanta, GA. Including the previously announced pending acquisition of WNDU-TV, South Bend, IN, Gray 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 seven digital multi-cast television channels in seven of its existing markets, which are affiliated with either UPN or Fox.

Press contacts:

CBS:            Dana McClintock 212/975-1077            dmcclintock@cbs.com
Gray:           Bob Prather             404/266-8333            r.prather@gray.tv       
                Jim Ryan                404/504-9828            j.ryan@gray.tv