SEC Filing | Gray Television, Inc

View:

SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 SCHEDULE 13G (Rule 13d-102) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(b) GRAY TELEVISION, INC. - -------------------------------------------------------------------------------- (Name of Issuer) Common Stock, no par value - -------------------------------------------------------------------------------- (Title of Class of Securities) 389375106 - -------------------------------------------------------------------------------- (CUSIP Number) October 22, 2002 - -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) Check the appropriate box to designate the rule pursuant to which this Schedule is filed: [_] Rule 13d-1(b) [X] Rule 13d-1(c) [_] Rule 13d-1(d)

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 2 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Sandler Capital Management - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF -0- SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON 2,424,242 WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER -0- ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 2,424,242 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,424,242 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.23% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 3 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Sandler Capital Partners V, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF 1,730,657 SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON -0- WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER 1,730,657 ------------------------------------------------ 8 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 1,730,657 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 4.45% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 4 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Sandler Capital Partners V FTE, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF 630,011 SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON -0- WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER 630,011 ------------------------------------------------ 8 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 630,011 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 1.62% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 5 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Sandler Capital Partners V Germany, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF 63,574 SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON -0- WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER 63,574 ------------------------------------------------ 8 SHARED DISPOSITIVE POWER -0- - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 63,574 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 0.16% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 6 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Sandler Investment Partners, L.P. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF -0- SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON 2,424,242 WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER -0- ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 2,424,242 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,424,242 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.23% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON PN - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 7 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) MJDM Corp. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF -0- SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON 2,424,242 WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER -0- ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 2,424,242 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,424,242 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.23% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON CO - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 8 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Four JK Corp. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION Delaware - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF -0- SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON 2,424,242 WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER -0- ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 2,424,242 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,424,242 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.23% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON CO - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 9 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) ALCR Corp. - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION New York - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF -0- SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON 2,424,242 WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER -0- ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 2,424,242 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,424,242 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.23% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON CO - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 10 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Andrew Sandler - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF -0- SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON 2,424,242 WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER -0- ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 2,424,242 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,424,242 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.23% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON IN - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 11 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) Michael J. Marocco - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF -0- SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON 2,424,242 WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER -0- ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 2,424,242 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,424,242 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.23% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON IN - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 12 of 27 Pages - -------------------- ---------------------- - -------------------------------------------------------------------------------- 1 NAME OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) John Kornreich - -------------------------------------------------------------------------------- 2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_| (b) |_| - -------------------------------------------------------------------------------- 3 SEC USE ONLY - -------------------------------------------------------------------------------- 4 CITIZENSHIP OR PLACE OF ORGANIZATION United States - -------------------------------------------------------------------------------- 5 SOLE VOTING POWER NUMBER OF 50,000 SHARES ------------------------------------------------ BENEFICIALLY OWNED 6 SHARED VOTING POWER BY EACH REPORTING PERSON 2,424,242 WITH ------------------------------------------------ 7 SOLE DISPOSITIVE POWER 50,000 ------------------------------------------------ 8 SHARED DISPOSITIVE POWER 2,424,242 - -------------------------------------------------------------------------------- 9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,474,242 shares of Common Stock - -------------------------------------------------------------------------------- 10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES |_| - -------------------------------------------------------------------------------- 11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9 6.36% - -------------------------------------------------------------------------------- 12 TYPE OF REPORTING PERSON IN - --------------------------------------------------------------------------------

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 13 of 27 Pages - -------------------- ---------------------- SCHEDULE 13G - ------------ Item 1. (a) Name of Issuer: Gray Television, Inc. (b) Address of Issuer's Principal Executive Offices: 4370 Peachtree Road NE Albany, Georgia 30319 Item 2. 1. (a) Name of Person Filing: Sandler Capital Management (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: Sandler Capital Management is a general partnership organized under the laws of the State of New York. (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106 2. (a) Name of Person Filing: Sandler Capital Partners V, L.P. ("Sandler V") (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: Sandler V is a limited partnership organized under the laws of the State of Delaware. (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 14 of 27 Pages - -------------------- ---------------------- 3. (a) Name of Person Filing: Sandler Capital Partners V FTE, L.P. ("Sandler V FTE") (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: Sandler V FTE is a limited partnership organized under the laws of the State of Delaware. (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106 4. (a) Name of Person Filing: Sandler Capital Partners V Germany, L.P. ("Sandler V Germany") (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: Sandler V Germany is a limited partnership organized under the laws of the State of Delaware. (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106 5. (a) Name of Person Filing: Sandler Investment Partners, L.P. (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: Sandler Investment Partners, L.P. is a limited partnership organized under the laws of the State of Delaware. (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 15 of 27 Pages - -------------------- ---------------------- 6. (a) Name of Person Filing: MJDM Corp. (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: MJDM Corp. is a corporation organized under the laws of the State of New York. (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106 7. (a) Name of Person Filing: Four JK Corp. (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: Four JK Corp. is a corporation organized under the laws of the State of Delaware. (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106 8. (a) Name of Person Filing: ALCR Corp. (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: ALCR Corp. is a corporation organized under the laws of the State of New York. (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 16 of 27 Pages - -------------------- ---------------------- 9. (a) Name of Person Filing: Andrew Sandler (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: United States (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106 10. (a) Name of Person Filing: Michael J. Marocco (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: United States (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106 11. (a) Name of Person Filing: John Kornreich (b) Address of Principal Business Office, or, if none, Residence: 767 Fifth Avenue New York, New York 10153 (c) Citizenship or Place of Organization: United States (d) Title of Class of Securities: Common Stock, no par value (e) CUSIP Number: 389375106 Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or 13d-2(b) or (c), Check Whether the Person Filing is a: Not applicable.

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 17 of 27 Pages - -------------------- ---------------------- Item 4. Ownership. Provide the following information regarding the aggregate number and percentage of the class of securities of the issuer identified in Item 1. 1. Sandler Capital Management: (a) Amount beneficially owned: 2,424,242(1)(2) shares of Common Stock, no par value, of Gray Television, Inc. Reporting Person is managed by a committee (the "Management Committee") consisting of the principal stockholders of ALCR Corp., MJDM Corp., and Four JK Corp. (Andrew Sandler, Michael J. Marocco and John Kornreich). All decisions regarding Sandler V, Sandler V FTE and Sandler V Germany's investment in the securities of the Issuer require the consent of the Management Committee. Sandler Capital Management is the general partner of Sandler Investment Partners, L.P., which is the general partner of Sandler V, Sandler V FTE and Sandler V Germany. (b) Percent of class: 6.23% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 shares (ii) Shared power to vote or to direct the vote: 2,424,242(1) shares (iii) Sole power to dispose or to direct the disposition of: 0 shares (iv) Shared power to dispose or to direct the disposition of: 2,424,242(1) shares 2. Sandler Capital Partners V, L.P.: (a) Amount beneficially owned: 1,730,657 shares of Common Stock, no par value, of Gray Television, Inc. (b) Percent of class: 4.45% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 1,730,657 shares (ii) Shared power to vote or to direct the vote: 0 shares (iii) Sole power to dispose or to direct the disposition of: 1,730,657 shares

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 18 of 27 Pages - -------------------- ---------------------- (iv) Shared power to dispose or to direct the disposition of: 0 shares 3. Sandler Capital Partners V FTE, L.P.: (a) Amount beneficially owned: 630,011 shares of Common Stock, no par value, of Gray Television, Inc. (b) Percent of class: 1.62% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 630,011 shares (ii) Shared power to vote or to direct the vote: 0 shares (iii) Sole power to dispose or to direct the disposition of: 630,011 shares (iv) Shared power to dispose or to direct the disposition of: 0 shares 4. Sandler Capital Partners V Germany, L.P. (a) Amount beneficially owned: 63,574 shares of Common Stock, no par value, of Gray Television, Inc. (b) Percent of class: 0.16% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 63,574 shares (ii) Shared power to vote or to direct the vote: 0 shares (iii) Sole power to dispose or to direct the disposition of: 63,574 shares (iv) Shared power to dispose or to direct the disposition of: 0 shares

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 19 of 27 Pages - -------------------- ---------------------- 5. Sandler Investment Partners, L.P.: (a) Amount beneficially owned: 2,424,242 (1)(2) shares of Common Stock, no par value, of Gray Television, Inc. Sandler Investment Partners, L.P. is the general partner of Sandler V, Sandler V FTE and Sandler V Germany. (b) Percent of class: 6.23% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 shares (ii) Shared power to vote or to direct the vote: 2,424,242(1) shares (iii) Sole power to dispose or to direct the disposition of: 0 shares (iv) Shared power to dispose or to direct the disposition of: 2,424,242(1) shares 6. ALCR Corp.: (a) Amount beneficially owned: 2,424,242(1)(2) shares of Common Stock, no par value, of Gray Television, Inc. Reporting Person is a general partner of Sandler Capital Management, which is the general partner of Sandler Investment Partners, L.P., which is the general partner of Sandler V, Sandler V FTE and Sandler V Germany. (b) Percent of class: 6.23% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 shares (ii) Shared power to vote or to direct the vote: 2,424,242(1) shares (iii) Sole power to dispose or to direct the disposition of: 0 shares (iv) Shared power to dispose or to direct the disposition of: 2,424,242(1) shares

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 20 of 27 Pages - -------------------- ---------------------- 7. MJDM Corp.: (a) Amount beneficially owned: 2,424,242(1)(2) shares of Common Stock, no par value, of Gray Television, Inc. Reporting Person is a general partner of Sandler Capital Management, which is the general partner of Sandler Investment Partners, L.P., which is the general partner of Sandler V, Sandler V FTE and Sandler V Germany. (b) Percent of class: 6.23% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 shares (ii) Shared power to vote or to direct the vote: 2,424,242(1) shares (iii) Sole power to dispose or to direct the disposition of: 0 shares (iv) Shared power to dispose or to direct the disposition of: 2,424,242(1) shares 8. Four JK Corp.: (a) Amount beneficially owned: 2,424,242(1)(2) shares of Common Stock, no par value, of Gray Television, Inc. Reporting Person is a general partner of Sandler Capital Management, which is the general partner of Sandler Investment Partners, L.P., which is the general partner of Sandler V, Sandler V FTE and Sandler V Germany. (b) Percent of class: 6.23% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 shares (ii) Shared power to vote or to direct the vote: 2,424,242(1) shares (iii) Sole power to dispose or to direct the disposition of: 0 shares (iv) Shared power to dispose or to direct the disposition of: 2,424,242(1) shares

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 21 of 27 Pages - -------------------- ---------------------- 9. Andrew Sandler: (a) Amount beneficially owned: 2,424,242 (1)(2) shares of Common Stock, no par value, of Gray Television, Inc. Reporting Person is the sole shareholder of ALCR Corp., a member of the Management Committee of Sandler Capital Management and a Managing Director of Sandler Capital Management, which is the general partner of Sandler Investment Partners, L.P., the general partner of Sandler V, Sandler V FTE and Sandler V Germany. (b) Percent of class: 6.23% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 shares (ii) Shared power to vote or to direct the vote: 2,424,242(1) shares (iii) Sole power to dispose or to direct the disposition of: 0 shares (iv) Shared power to dispose or to direct the disposition of: 2,424,242(1) shares 10. Michael J. Marocco: (a) Amount beneficially owned: 2,424,242(1)(2) shares of Common Stock, no par value, of Gray Television, Inc. Reporting Person is the sole shareholder of MJDM Corp., a member of the Management Committee of Sandler Capital Management and a Managing Director of Sandler Capital Management, which is the general partner of Sandler Investment Partners, L.P., the general partner of Sandler V, Sandler V FTE and Sandler V Germany. (b) Percent of class: 6.23% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 0 shares (ii) Shared power to vote or to direct the vote: 2,424,242(1) shares

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 22 of 27 Pages - -------------------- ---------------------- (iii) Sole power to dispose or to direct the disposition of: 0 shares (iv) Shared power to dispose or to direct the disposition of: 2,424,242(1) shares 11. John Kornreich: (a) Amount beneficially owned: 2,474,242(1)(2)(3) shares of Common Stock, no par value, of Gray Television, Inc. Reporting Person is the majority shareholder of Four JK Corp., a member of the Management Committee of Sandler Capital Management and a Managing Director of Sandler Capital Management, which is the general partner of Sandler Investment Partners, L.P., the general partner of Sandler V, Sandler V FTE, and Sandler V Germany. Reporting Person is also the sole general partner of JK Media Limited Partnership. (b) Percent of class: 6.36% (c) Number of shares as to which the person has: (i) Sole power to vote or to direct the vote: 50,000(3) shares (ii) Shared power to vote or to direct the vote: 2,424,242(1) shares (iii) Sole power to dispose or to direct the disposition of: 50,000(3) shares (iv) Shared power to dispose or to direct the disposition of: 2,424,242(1) shares - ----------------- (1) Includes 1,730,657, 630,011 and 63,574 shares of Common Stock beneficially owned by Sandler V, Sandler V FTE and Sandler V Germany, respectively. (2) The Reporting Person disclaims beneficial ownership of these securities except to the extent of his/her/its equity interest therein. (3) Includes 50,000 shares of Common Stock owned by JK Media Limited Partnership, of which the Reporting Person is the sole general partner.

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 23 of 27 Pages - -------------------- ---------------------- Item 5. Ownership of Five Percent or Less of a Class. Not applicable. Item 6. Ownership of More Than Five Percent on Behalf of Another Person. See Item 4. Item 7. Identification and Classification of the Subsidiary which Acquired the Security Being Reported on by the Parent Holding Company or Control Person. Not applicable. Item 8. Identification and Classification of Members of the Group. See Exhibit A for Joint Filing Agreement. Item 9. Notice of Dissolution of Group. Not applicable. Item 10. Certifications. By signing below each party certifies that, to the best of his, her or its knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect.

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 24 of 27 Pages - -------------------- ---------------------- SIGNATURE --------- After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: October 31, 2002 SANDLER CAPITAL MANAGEMENT By: MJDM Corp., a general partner By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 SANDLER CAPITAL PARTNERS V, L.P. By: Sandler Investment Partners, L.P., general partner By: Sandler Capital Management, general partner By: MJDM Corp., a general partner By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 SANDLER CAPITAL PARTNERS V FTE, L.P. By: Sandler Investment Partners, L.P., general partner By: Sandler Capital Management, general partner By: MJDM Corp., a general partner By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 SANDLER CAPITAL PARTNERS V GERMANY, L.P. By: Sandler Investment Partners, L.P., general partner By: Sandler Capital Management, general partner By: MJDM Corp., a general partner By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 25 of 27 Pages - -------------------- ---------------------- Date: October 31, 2002 SANDLER INVESTMENT PARTNERS, L.P. By: Sandler Capital Management, general partner By: MJDM Corp., a general partner By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 ALCR CORP. By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 MJDM CORP. By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 FOUR JK CORP. By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 By: /s/ Andrew Sandler ------------------------------------- Name: Andrew Sandler Date: October 31, 2002 By: /s/ Michael Marocco ------------------------------------- Name: Michael J. Marocco Date: October 31, 2002 By: /s/ John Kornreich ------------------------------------- Name: John Kornreich

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 26 of 27 Pages - -------------------- ---------------------- Exhibit A JOINT FILING AGREEMENT In accordance with Rule 13d-1(f) under the Securities Exchange Act of 1934, as amended, the undersigned hereby agree to the joint filing on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Common Stock of Gray Television, Inc. and that this Agreement be included as an Exhibit to such statement. IN WITNESS WHEREOF, the undersigned hereby execute this Agreement effective as of the 31st day of October, 2002. Date: October 31, 2002 SANDLER CAPITAL MANAGEMENT By: MJDM Corp., a general partner By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 SANDLER CAPITAL PARTNERS V, L.P. By: Sandler Investment Partners, L.P., general partner By: Sandler Capital Management, general partner By: MJDM Corp., a general partner By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 SANDLER CAPITAL PARTNERS V FTE, L.P. By: Sandler Investment Partners, L.P., general partner By: Sandler Capital Management, general partner By: MJDM Corp., a general partner By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President

- -------------------- ---------------------- CUSIP NO. 00169100 13G Page 27 of 27 Pages - -------------------- ---------------------- Date: October 31, 2002 SANDLER CAPITAL PARTNERS V GERMANY, L.P. By: Sandler Investment Partners, L.P., general partner By: Sandler Capital Management, general partner By: MJDM Corp., a general partner By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 SANDLER INVESTMENT PARTNERS, L.P. By: Sandler Capital Management, general partner By: MJDM Corp., a general partner By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 ALCR Corp. By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 MJDM Corp. By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 Four JK Corp. By: /s/ Moira Mitchell ------------------------------------- Name: Moira Mitchell Title: President Date: October 31, 2002 By: /s/ Andrew Sandler ------------------------------------- Name: Andrew Sandler Date: October 31, 2002 By: /s/ Michael Marocco ------------------------------------- Name: Michael J. Marocco Date: October 31, 2002 By: /s/ John Kornreich ------------------------------------- Name: John Kornreich