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Published on 3/12/2009 in the Prospect News Special Situations Daily.

Gabelli, Gamco reduce equity position in Gray Television

By Angela McDaniels

Tacoma, Wash., March 12 - Gray Television, Inc. investors led by Gabelli Funds, LLC and Gamco Asset Management Inc. sold a net 157,586 shares of the company's stock through a series of buy and sell transactions between Jan. 29 and Wednesday.

The shares were priced from $0.23 to $0.50 each, according to a schedule 13D/A filing with the Securities and Exchange Commission.

The investors beneficially own 3,409,749 shares, or 7.94%, of the Atlanta television broadcasting company.

The investors also sold 49,505 shares of class A common stock between Jan. 26 and Wednesday for $0.63 to $1.20 each. They beneficially own 238,275 shares, or 4.14%, of the company's class A stock.


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