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Gray TV Revenue Down 3% in Q1

Gray Television reported first quarter revenue of $78.2
million, down 3% from the same quarter a year ago. National and local
advertising, along with retransmission consent revenue, were up in the quarter.

A decrease in political advertising revenue put Gray's revenue
in the negative column.

Local advertising revenue was up 1% in the quarter, while
national grew 3%. Internet advertising was flat, and retrans revenue grew 14%.

"We are pleased with our operating results for the
first quarter of 2013," said Gray in a statement. "We experienced
period over period increases in national advertising, local advertising,
retransmission consent and other revenue that resulted in total revenue
exceeding the high end of our guidance."

Local and national net advertising revenue benefited to the
tune of $1.1 million due to the 2013 Super Bowl on Gray's 20 CBS stations. The
2012 game earned Gray approximately $0.8 million on its 10 NBC channels.

Gray's longstanding consulting agreement with Young
Broadcasting -- which was good for $0.8 million a quarter -- concluded at the
end of 2012, and was therefore not a factor in 2013's first quarter.

anticipates a revenue decrease between 9%-11% in the second quarter, reflecting
the off political year.