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

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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

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Table of Contents

INDEX TO EXHIBITS

     
Exhibit No.
  Description
5.1
  Opinion of Troutman Sanders LLP
 
   
23.1
  Consent of PricewaterhouseCoopers LLP

5

EXHIBIT 5.1 TROUTMAN SANDERS LLP ATTORNEYS AT LAW A LIMITED LIABILITY PARTNERSHIP BANK OF AMERICA PLAZA 600 PEACHTREE STREET, N.E. - SUITE 5200 ATLANTA, GEORGIA 30308-2216 TELEPHONE: 404-885-3000 FACSIMILE: 404-885-3995 July 2, 2004 Gray Television, Inc. 4370 Peachtree Road, N.E. Atlanta, GA 30319 Ladies and Gentlemen: We have acted as counsel to Gray Television, Inc., a Georgia corporation (the "Company"), in connection with the filing with the Securities and Exchange Commission (the "Commission") of a registration statement on Form S-8 (the "Registration Statement") relating to the registration pursuant to the provisions of the Securities Act of 1933, as amended (the "Securities Act"), of 5,701,370 shares (the "Shares") of the Company's Common Stock, no par value per share (the "Common Stock"), reserved for issuance 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"). This opinion is being provided at your request for inclusion in the Registration Statement. In rendering this opinion, we have reviewed the corporate proceedings taken by the Company in connection with the authorization and reservation for issuance of the Shares, have reviewed certain books and records of the Company and have made such other investigations as we have deemed necessary for purposes of this opinion. In such examinations, we have assumed the genuineness of all signatures on all original documents, the authenticity of all documents submitted to us as originals, the conformity to the original documents of all copies submitted to us, the authenticity of the originals of documents submitted to us as copies, and the due execution and delivery of all documents where due execution and delivery are prerequisite to the effectiveness thereof. As to questions of fact material to this opinion, we have relied solely upon certificates and statements of officers of the Company and certain public officials. We have assumed and relied upon the accuracy and completeness of such representations and warranties, certificates, and statements, the factual matters set forth therein, and the genuineness of all signatures thereon, and nothing has come to our attention leading us to question the accuracy of the matters set forth therein. We have made no independent investigation with regard thereto and, accordingly, we do not express any view or belief as to matters that might have been disclosed by independent verification. Based upon the foregoing examination, we are of the opinion that, subject to compliance with the pertinent provisions of the Securities Act and to compliance with such securities or "Blue

Sky" laws of any jurisdiction as may be applicable, when certificates evidencing the Shares have been duly executed, countersigned, registered, issued and delivered in accordance with the terms of the Plans and the respective stock option agreements entered into, under and in accordance with the Plans, the Shares will be duly and validly issued, fully paid and non-assessable. We are members of the Bar of the State of Georgia. In expressing the opinions set forth above, we are not passing on the laws of any jurisdiction other than the laws of the State of Georgia and the Federal law of the United States of America. We hereby consent to the filing of this opinion or copies thereof as an exhibit to the Registration Statement. In giving the foregoing consent, we do not admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission promulgated thereunder. Very truly yours, /s/ Troutman Sanders LLP

EXHIBIT 23.1 CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM We hereby consent to the incorporation by reference in this Registration Statement on Form S-8 of our reports dated February 13, 2004 relating to the financial statements and financial statement schedule of Gray Television, Inc., which appears in Gray Television, Inc.'s Annual Report on Form 10-K for the year ended December 31, 2003. We also consent to the incorporation by reference in this Registration Statement of our report dated May 28, 2004 relating to the financial statements, which appears in the Annual Report of the Gray Television Capital Accumulation Plan on Form 11-K for the year ended December 31, 2003. /s/PricewaterhouseCoopers LLP Atlanta, Georgia June 30, 2004