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<TITLE>GRAY TELEVISION, INC.</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
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<div align="center" style="font-size: 10pt">As filed with the
Securities and Exchange Commission on July&nbsp;7, 2004</div>



<P align="right" style="font-size: 10pt">Registration No.&nbsp;333- _____



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<P align="center" style="font-size: 14pt"><B>SECURITIES AND EXCHANGE COMMISSION</B>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<P align="center" style="font-size: 18pt"><B>FORM S-8</B>


<P align="center" style="font-size: 10pt">REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933


<P align="center" style="font-size: 24pt"><B>Gray Television, Inc.</B>


<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


<DIV align="center">
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    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>Georgia</B><BR>
(State or other jurisdiction of<BR>
incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>58-0285030</B><BR>
(I.R.S. Employer<BR>
Identification No.)</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD align="center" valign="top"><B>4370 Peachtree Road, N.E.<BR>
Atlanta, Georgia</B><BR>
(Address of principal executive offices)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>30319</B><BR>
(Zip Code)</TD>
</TR>

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<P align="center" style="font-size: 10pt"><B>Gray Television, Inc. Director Restricted Stock Plan<BR>
Gray Television, Inc. 2002 Long-Term Incentive Plan<BR>
Gray Television, Inc. Employee Stock Purchase Plan<BR>
Gray Television, Inc. Capital Accumulation Plan</B><BR>
(Full title of the plan)



<P align="center" style="font-size: 10pt"><B>James C. Ryan<BR>
Gray Television, Inc.<BR>
4370 Peachtree Road, N.E.<BR>
Atlanta, Georgia 30319<BR>
(404)&nbsp;504-9828</B><BR>
(Name, address and telephone number, including area code, of agent for service)<BR>
&#151;&#151;&#151;&#151;&#151;&#151;<BR>
<I>Copies to:</I>



<P align="center" style="font-size: 10pt"><B>Neal H. Ray, Esq.<BR>
Troutman Sanders LLP<BR>
600 Peachtree Street, Suite&nbsp;5200<BR>
Atlanta, Georgia 30308<BR>
(404)&nbsp;885-3268</B>



<P align="center" style="font-size: 10pt"><HR size="1" noshade width="100%">


<DIV align="center" style="font-size: 10pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%"></DIV>


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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="37%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="23%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Title of each class of</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price per</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>maximum aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>securities to be registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>(1)(2)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>share (4)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>offering price (4)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>registration fee</B></TD>
</TR>

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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Common Stock, no par value<BR>
per share
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">5,701,370 shares (3)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">13.21</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">75,315,098</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">$</TD>
    <TD align="right" valign="top">9,543</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt"><HR size="1" noshade width="100%"></DIV>

<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top">
    <TD width="1%" nowrap align="right">(1)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Pursuant to General Instruction E of Form S-8, this Registration
Statement covers the registration of 5,701,370 shares of Gray Television,
Inc. Common Stock in addition to shares previously registered under
Registration Statements No.&nbsp;333-106753; No.&nbsp;333-106752;
No.&nbsp;333-106751; No. 33-84656 and
No.&nbsp;333-17773.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(2)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Pursuant to Rule 416(a) under the Securities Act of 1933, as amended,
this Registration Statement also covers an indeterminate number of
additional shares that may be offered and issued to prevent dilution
resulting from stock splits, stock dividends or similar transactions as
provided in the Gray Television, Inc. Director Restricted Stock Plan,
the Gray Television, Inc. 2002 Long-Term Incentive Plan, the Gray
Television, Inc. Employee Stock Purchase Plan and the Gray Television,
Inc. Capital Accumulation Plan.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(3)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Represents (i)&nbsp;900,000 shares available for future grants under the Gray
Television, Inc. Director Restricted Stock Plan, (ii)&nbsp;3,401,370 shares
available for future grants under the Gray Television, Inc. 2002 Long-Term
Incentive Plan, (iii)&nbsp;400,000 shares available for future grants under the
Gray Television, Inc. Employee Stock Purchase Plan and (iv)&nbsp;1,000,000
shares available for future grants under the Gray Television, Inc. Capital
Accumulation Plan.</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right">(4)</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="96%">Estimated solely for the purpose of calculating the registration fee, in
accordance with Rule&nbsp;457(h)(1) under the Securities Act of 1933, as
amended, on the basis of the average of the high and low sales prices of
$13.32 and $13.10 per share for the Common Stock as reported on the New
York Stock Exchange on July&nbsp;2, 2004.</TD>
</TR>
</TABLE>

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<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">Part II &#151; Information Required in the Registration Statement</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="g89871exv5w1.txt">EX-5.1 OPINION OF TROUTMAN SANDERS LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="g89871exv23w1.txt">EX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLP</A></TD></TR>
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<DIV align="left"><A NAME="000"></A></DIV>

<P align="center" style="font-size: 10pt"><B>Part II &#151; Information Required in the Registration Statement</B>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gray Television, Inc. (the &#147;Company&#148;) filed with the Securities and
Exchange Commission the following Registration Statements on Form S-8 relating
to shares of the Company&#146;s common stock, (the &#147;Common Stock&#148;), to be offered
and sold under the Gray Television, Inc. Director Restricted Stock Plan, the
Gray Television, Inc. 2002 Long-Term Incentive Plan, the Gray Television, Inc.
Employee Stock Purchase Plan and the Gray Television, Inc. Capital Accumulation
Plan (together, the &#147;Plans&#148;), and the contents of such prior Registration
Statements are incorporated by reference in this Registration Statement: (1)
Registration Statement on Form S-8 filed July&nbsp;2, 2003 (File No.&nbsp;333-106753);
(2)&nbsp;Registration Statement on Form S-8 filed July&nbsp;2, 2003 (File No.
333-106752); (3)&nbsp;Registration Statement on Form S-8 filed July&nbsp;2, 2003 (File
No.&nbsp;333-106751); (4)&nbsp;Registration Statement on Form S-8 filed October&nbsp;3, 1994
(File No.&nbsp;33-84656); and (5)&nbsp;Registration Statement on Form S-8 filed December
12, 1996 (File No.&nbsp;333-17773). The Registrant is hereby registering an
additional 900,000 shares available for future grants under the Gray
Television, Inc. Director Restricted Stock Plan, 3,401,370 shares available for
future grants under the Gray Television, Inc. 2002 Long-Term Incentive Plan,
400,000 shares available for future grants under the Gray Television, Inc.
Employee Stock Purchase Plan and 1,000,000 shares available for future grants
under the Gray Television, Inc. Capital Accumulation Plan (together, the &#147;Plan
Registration Statements&#148;). Pursuant to and as permitted by General Instruction
E to Form S-8, the contents of the Plan Registration Statements are hereby
incorporated by reference herein, and the opinions and consents listed in Item
8 below are attached hereto.


<P align="left" style="font-size: 10pt"><B>Item&nbsp;8.</B>&nbsp; <B>Exhibits.</B>


<DIV align="center">
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<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Troutman Sanders LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Troutman Sanders LLP (contained in its Opinion
filed as Exhibit&nbsp;5.1)</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney (contained on the signature page)</TD>
</TR>

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<P align="center" style="font-size: 10pt">2
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<DIV align="left"><A NAME="001"></A></DIV>
<P align="center" style="font-size: 10pt"><B>SIGNATURES</B>

<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Atlanta, State of Georgia, on this 2nd day of July,
2004.

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    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>GRAY TELEVISION, INC.</B></TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">
By:</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;/s/ J. Mack Robinson<BR>
<HR size="1" noshade>
J. Mack Robinson<BR>
Chief Executive Officer</TD>
</TR>
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</TABLE>
</DIV>



<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Robert S. Prather, Jr. and James C. Ryan, and
each of them (with full power in each to act alone), his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all
exhibits thereto and other documents in connection therewith with the
Securities and Exchange Commission, hereby ratifying and confirming all that
said attorneys-in-fact, or their substitute or substitutes may lawfully do or
cause to be done by virtue hereof.


<P align="left" style="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities indicated below on the dates indicated.

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    <TD width="3%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

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    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ J. Mack Robinson<BR>
<HR size="1" noshade>
J. Mack Robinson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Chief Executive Officer and Director (principal executive officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Robert S. Prather, Jr.<BR>
<HR size="1" noshade>
Robert S. Prather, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
President, Chief Operating Officer, Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ James C. Ryan<BR>
<HR size="1" noshade>
James C. Ryan</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Senior Vice President and Chief Financial Officer (principal financial officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Jackson S. Cowart, IV<BR>
<HR size="1" noshade>
Jackson S. Cowart, IV</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chief Accounting Officer (principal accounting officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Richard L. Boger<BR>
<HR size="1" noshade>
Richard L. Boger</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Ray M. Deaver<BR>
<HR size="1" noshade>
Ray M. Deaver</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ T. L. Elder<BR>
<HR size="1" noshade>
T. L. Elder</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

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<P align="center" style="font-size: 10pt">3
</DIV>

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    <TD width="15%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Signature</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Title</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Date</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Hilton H. Howell, Jr.<BR>
<HR size="1" noshade>
Hilton H. Howell, Jr.</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director, Vice Chairman
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ William E. Mayher, III<BR>
<HR size="1" noshade>
William E. Mayher, III</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Chairman of the Board of Directors
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Howell W. Newton<BR>
<HR size="1" noshade>
Howell W. Newton</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Hugh Norton<BR>
<HR size="1" noshade>
Hugh Norton</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="center" nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom" style="padding-top: 1em">
    <TD align="left" valign="top">/s/ Harriett J. Robinson<BR>
<HR size="1" noshade>
Harriett J. Robinson</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">
Director
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">July 2, 2004</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">4
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="002"></A></DIV>

<P align="center" style="font-size: 10pt"><B>INDEX TO EXHIBITS</B>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Exhibit No.</B><HR size="1" noshade></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Description</B><HR size="1" noshade></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Opinion of Troutman Sanders LLP</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>




<P align="center" style="font-size: 10pt">5
</DIV>

</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "g89871sv8.htm", "description": "GRAY TELEVISION, INC.", "secsgml_size_bytes": 26730}]
{"company-data": {"conformed-name": "GRAY TELEVISION INC", "cik": "0000043196", "assigned-sic": "4833", "irs-number": "580285030", "state-of-incorporation": "GA", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-117248", "film-number": "04907117"}, "business-address": {"street1": "4370 PEACHTREE ROAD NE", "city": "ALBANY", "state": "GA", "zip": "30319", "phone": "9128889390"}, "mail-address": {"street1": "4370 PEACHTREE ROAD NE", "city": "ALBANY", "state": "GA", "zip": "30319"}, "former-company": [{"former-conformed-name": "GRAY COMMUNICATIONS SYSTEMS INC /GA/", "date-changed": "19950612"}, {"former-conformed-name": "GRAY COMMUNICATIONS CORP", "date-changed": "19911011"}, {"former-conformed-name": "GRAY COMMUNICATIONS SYSTEMS INC", "date-changed": "19880331"}]}
GRAY TELEVISION, INC.
Table of Contents
As filed with the
Securities and Exchange Commission on July 7, 2004
Registration No. 333- _____
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
Gray Television, Inc.
(Exact name of Registrant as specified in its charter)
Georgia
(State or other jurisdiction of
incorporation or organization)
58-0285030
(I.R.S. Employer
Identification No.)
4370 Peachtree Road, N.E.
Atlanta, Georgia
(Address of principal executive offices)
30319
(Zip Code)
Gray Television, Inc. Director Restricted Stock Plan
Gray Television, Inc. 2002 Long-Term Incentive Plan
Gray Television, Inc. Employee Stock Purchase Plan
Gray Television, Inc. Capital Accumulation Plan
(Full title of the plan)
James C. Ryan
Gray Television, Inc.
4370 Peachtree Road, N.E.
Atlanta, Georgia 30319
(404) 504-9828
(Name, address and telephone number, including area code, of agent for service)
——————
Copies to:
Neal H. Ray, Esq.
Troutman Sanders LLP
600 Peachtree Street, Suite 5200
Atlanta, Georgia 30308
(404) 885-3268
CALCULATION OF REGISTRATION FEE
Amount to be
Proposed maximum
Proposed
Title of each class of
registered
offering price per
maximum aggregate
Amount of
securities to be registered
(1)(2)
share (4)
offering price (4)
registration fee
Common Stock, no par value
per share
5,701,370 shares (3)
$
13.21
$
75,315,098
$
9,543
(1)
Pursuant to General Instruction E of Form S-8, this Registration
Statement covers the registration of 5,701,370 shares of Gray Television,
Inc. Common Stock in addition to shares previously registered under
Registration Statements No. 333-106753; No. 333-106752;
No. 333-106751; No. 33-84656 and
No. 333-17773.
(2)
Pursuant to Rule 416(a) under the Securities Act of 1933, as amended,
this Registration Statement also covers an indeterminate number of
additional shares that may be offered and issued to prevent dilution
resulting from stock splits, stock dividends or similar transactions as
provided in the Gray Television, Inc. Director Restricted Stock Plan,
the Gray Television, Inc. 2002 Long-Term Incentive Plan, the Gray
Television, Inc. Employee Stock Purchase Plan and the Gray Television,
Inc. Capital Accumulation Plan.
(3)
Represents (i) 900,000 shares available for future grants under the Gray
Television, Inc. Director Restricted Stock Plan, (ii) 3,401,370 shares
available for future grants under the Gray Television, Inc. 2002 Long-Term
Incentive Plan, (iii) 400,000 shares available for future grants under the
Gray Television, Inc. Employee Stock Purchase Plan and (iv) 1,000,000
shares available for future grants under the Gray Television, Inc. Capital
Accumulation Plan.
(4)
Estimated solely for the purpose of calculating the registration fee, in
accordance with Rule 457(h)(1) under the Securities Act of 1933, as
amended, on the basis of the average of the high and low sales prices of
$13.32 and $13.10 per share for the Common Stock as reported on the New
York Stock Exchange on July 2, 2004.
TABLE OF CONTENTS
Part II — Information Required in the Registration Statement
SIGNATURES
INDEX TO EXHIBITS
EX-5.1 OPINION OF TROUTMAN SANDERS LLP
EX-23.1 CONSENT OF PRICEWATERHOUSECOOPERS LLP
Table of Contents
Part II — Information Required in the Registration Statement
Gray Television, Inc. (the "Company") filed with the Securities and
Exchange Commission the following Registration Statements on Form S-8 relating
to shares of the Company's common stock, (the "Common Stock"), to be offered
and sold under the Gray Television, Inc. Director Restricted Stock Plan, the
Gray Television, Inc. 2002 Long-Term Incentive Plan, the Gray Television, Inc.
Employee Stock Purchase Plan and the Gray Television, Inc. Capital Accumulation
Plan (together, the "Plans"), and the contents of such prior Registration
Statements are incorporated by reference in this Registration Statement: (1)
Registration Statement on Form S-8 filed July 2, 2003 (File No. 333-106753);
(2) Registration Statement on Form S-8 filed July 2, 2003 (File No.
333-106752); (3) Registration Statement on Form S-8 filed July 2, 2003 (File
No. 333-106751); (4) Registration Statement on Form S-8 filed October 3, 1994
(File No. 33-84656); and (5) Registration Statement on Form S-8 filed December
12, 1996 (File No. 333-17773). The Registrant is hereby registering an
additional 900,000 shares available for future grants under the Gray
Television, Inc. Director Restricted Stock Plan, 3,401,370 shares available for
future grants under the Gray Television, Inc. 2002 Long-Term Incentive Plan,
400,000 shares available for future grants under the Gray Television, Inc.
Employee Stock Purchase Plan and 1,000,000 shares available for future grants
under the Gray Television, Inc. Capital Accumulation Plan (together, the "Plan
Registration Statements"). Pursuant to and as permitted by General Instruction
E to Form S-8, the contents of the Plan Registration Statements are hereby
incorporated by reference herein, and the opinions and consents listed in Item
8 below are attached hereto.
Item 8.
Exhibits.
Exhibit No.
Description
5.1
Opinion of Troutman Sanders LLP
23.1
Consent of PricewaterhouseCoopers LLP
23.2
Consent of Troutman Sanders LLP (contained in its Opinion
filed as Exhibit 5.1)
24.1
Powers of Attorney (contained on the signature page)
2
Table of Contents
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant
certifies that it has reasonable grounds to believe that it meets all of the
requirements for filing on Form S-8 and has duly caused this Registration
Statement to be signed on its behalf by the undersigned, thereunto duly
authorized, in the City of Atlanta, State of Georgia, on this 2nd day of July,
2004.
GRAY TELEVISION, INC.
By:
/s/ J. Mack Robinson
J. Mack Robinson
Chief Executive Officer
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Robert S. Prather, Jr. and James C. Ryan, and
each of them (with full power in each to act alone), his or her true and lawful
attorneys-in-fact and agents, with full power of substitution and
resubstitution, for him or her and in his or her name, place and stead, in any
and all capacities, to sign any and all amendments (including post-effective
amendments) to this Registration Statement, and to file the same, with all
exhibits thereto and other documents in connection therewith with the
Securities and Exchange Commission, hereby ratifying and confirming all that
said attorneys-in-fact, or their substitute or substitutes may lawfully do or
cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons in the
capacities indicated below on the dates indicated.
Signature
Title
Date
/s/ J. Mack Robinson
J. Mack Robinson
Chief Executive Officer and Director (principal executive officer)
July 2, 2004
/s/ Robert S. Prather, Jr.
Robert S. Prather, Jr.
President, Chief Operating Officer, Director
July 2, 2004
/s/ James C. Ryan
James C. Ryan
Senior Vice President and Chief Financial Officer (principal financial officer)
July 2, 2004
/s/ Jackson S. Cowart, IV
Jackson S. Cowart, IV
Chief Accounting Officer (principal accounting officer)
July 2, 2004
/s/ Richard L. Boger
Richard L. Boger
Director
July 2, 2004
/s/ Ray M. Deaver
Ray M. Deaver
Director
July 2, 2004
/s/ T. L. Elder
T. L. Elder
Director
July 2, 2004
3
Table of Contents
Signature
Title
Date
/s/ Hilton H. Howell, Jr.
Hilton H. Howell, Jr.
Director, Vice Chairman
July 2, 2004
/s/ William E. Mayher, III
William E. Mayher, III
Chairman of the Board of Directors
July 2, 2004
/s/ Howell W. Newton
Howell W. Newton
Director
July 2, 2004
/s/ Hugh Norton
Hugh Norton
Director
July 2, 2004
/s/ Harriett J. Robinson
Harriett J. Robinson
Director
July 2, 2004
4
Table of Contents
INDEX TO EXHIBITS
Exhibit No.
Description
5.1
Opinion of Troutman Sanders LLP
23.1
Consent of PricewaterhouseCoopers LLP
5