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                                                                    EXHIBIT 99.1



GRAY TELEVISION, INC. ANNOUNCES PLAN FOR SPIN-OFF OF NEWSPAPER PUBLISHING AND
WIRELESS BUSINESSES INTO NEWLY-FORMED TRIPLE CROWN MEDIA, INC.

GRAY TELEVISION, INC. AND BULL RUN CORPORATION ANNOUNCE PLAN OF MERGER OF BULL
RUN INTO TRIPLE CROWN MEDIA, INC.

ATLANTA, Aug. 3 /PRNewswire-FirstCall/ -- Gray Television, Inc. (NYSE: GTN;
GTN.A) today announced that its Board of Directors has approved a plan to
spin-off its Newspaper Publishing and Graylink Wireless businesses to its
shareholders, which will result in a newly created and separately traded public
company named Triple Crown Media, Inc. Gray expects that as a result of the
spin-off, both Gray and Triple Crown Media will be better able to focus
financial and operational resources on its own business and executing its own
strategic plan. In addition, Gray believes that both Gray and Triple Crown Media
will have greater strategic and financial flexibility to support future growth
opportunities.

Gray and Bull Run Corporation (OTC: BULL - News) also today announced a
definitive agreement to merge Bull Run into Triple Crown Media immediately
following the spin-off. This agreement is subject to certain closing conditions,
including an affirmative vote of Bull Run's shareholders. Triple Crown Media
will soon file a registration statement with the Securities and Exchange
Commission which will describe the spin-off and merger.

Gray's Newspaper Publishing business consists of five daily newspapers with
total daily circulation of approximately 120,000 and Sunday circulation of
approximately 160,000. Gray's GrayLink Wireless business is a leading provider
of primarily paging and other wireless services in non-major metropolitan areas
in Alabama, Florida and Georgia, where it also operates 14 retail locations.

Upon completion of the spin-off, each common shareholder of Gray will receive as
a dividend one share of common stock of Triple Crown Media for every 10 shares
of Gray common stock and for every 10 shares of Gray class A common stock. No
Gray shareholder vote will be required to effect the spin- off, and no
consideration will be required to be paid by Gray's shareholders to receive the
common stock of Triple Crown Media. On the date of the spin- off, Triple Crown
Media will distribute $40 million to Gray, which Gray intends to use to reduce
its outstanding indebtedness.

Immediately following the spin-off, it is planned that Bull Run will be merged
with and into a wholly owned subsidiary of Triple Crown Media. In the merger,
Bull Run common shareholders will receive 0.0289 shares of Triple Crown Media
for each share of Bull Run common stock held. In the merger, Bull Run preferred
stock held by non-affiliated holders will be redeemed for its current redemption
value. Holders of preferred stock and other loans to Bull Run who are affiliates
of Bull Run, including J. Mack Robinson, the current Chairman and Chief
Executive Officer of Gray and Chairman of the Board of Bull Run, will receive
shares of Triple Crown Media common stock in exchange for shares of Bull Run
series F preferred stock and accrued and unpaid dividends thereon; shares of
Triple Crown Media series A preferred stock in exchange for shares of Bull Run
series D and series E preferred stocks and accrued and unpaid dividends thereon;
and shares of Triple Crown Media series B preferred stock in exchange for cash
previously advanced to Bull Run. On a combined basis, after the merger, current
shareholders of Gray will own approximately 95% of the outstanding common stock
of Triple Crown Media and certain holders of Bull Run preferred stock and
current holders of Bull Run common stock will hold the remaining 5%. Triple
Crown Media has received a long-term financing commitment from bank lenders that
will accommodate the payment of the distribution to Gray and the refinancing of
all of Bull Run's bank and subordinated indebtedness.

Purpose of the Transactions

Triple Crown Media will combine Gray's Newspaper Publishing and Graylink
Wireless businesses with Bull Run's sole operating business, Host
Communications, Inc., under the leadership of Thomas J. Stultz, current Chief
Executive Officer of Host, and the former President of Gray's Newspaper
Publishing business. Over the past twelve months, on a combined basis, Triple
Crown Media would have had net revenue of approximately $115 million.




"We believe the spin-off is a very intelligent way to separate our businesses in
a tax-efficient manner that allows our broadcasting and Newspaper Publishing
businesses to maximize their strategic objectives, and by combining with Bull
Run, Triple Crown Media will benefit from the proven leadership of Tom Stultz,
and combine complementary businesses. In addition, the transactions avoid the
incurrence of significant standalone costs that Triple Crown Media would need to
incur were it spun off in a standalone transaction." commented Robert S.
Prather, Jr., President of Gray Television.

Thomas J. Stultz, President and CEO of Host Communications and former President
of Gray's Newspaper Publishing business, stated, "I am very excited about the
prospects of combining the revenue from the Newspaper Publishing and Graylink
Wireless businesses with the growth potential we have with Host. This will be a
great combination of businesses that complement one another and will serve to
accelerate the growth in each of these businesses beyond what they could achieve
independently."

Following the transaction, Thomas J. Stultz will serve as Chief Executive,
President and a director of Triple Crown Media. During Mr. Stultz's prior tenure
as President of Gray's Newspaper Publishing business, the business grew from
three newspapers with revenues of approximately $21.9 million in 1995 to five
newspapers with revenues of approximately $44.8 million in 2004. In his short
tenure at Bull Run, the turnaround of the business has produced significant
growth in net revenues and operating income. Frederick J. Erickson, current Bull
Run Chief Financial Officer, will serve as CFO of Triple Crown Media.

With respect to the transactions described above Banc of America Securities LLC
has acted as a financial advisor to Gray; Houlihan Lokey Howard & Zukin
Financial Advisors, Inc., has acted as a financial advisor to the special
committee of the Board of Directors of Triple Crown Media, Inc. and SunTrust
Robinson Humphrey has acted as a financial advisor to Bull Run.

Conference Call Information

Gray Television, Inc. will host a conference call to discuss the transactions as
part of its second quarter earnings release call to be held on August 8, 2005.
Tom Stultz and Fred Erickson of Bull Run will be available on the call to
respond to questions. The call will begin at 1:00 PM Eastern Time. The live
dial-in number is 1-888-280-8349 and the reservation number is T579475G. The
call will be webcast live and available for replay at www.gray.tv. The taped
replay of the conference call will be available at 1- 888-509-0081 until August
22, 2005.

Cautionary Statements for Purposes of the "Safe Harbor" Provisions of the
Private Securities Litigation Reform Act

Except for the historical information contained herein, information set forth in
this news release may contain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Words such as "expects,"
"anticipates," "intends," "plans," "believes," "estimates," and variations of
such words and similar expressions that indicate future events and trends are
intended to identify such forward-looking statements. These forward-looking
statements are subject to risks and uncertainties, which could cause the
company's actual results or performance to differ materially from those
expressed or implied in such statements. These risks and uncertainties include,
but are not limited to, the following: the ability to integrate Bull Run's
businesses, certain directors, officers and shareholders of Triple Crown Media,
Gray and Bull Run have conflicts of interest, and the ability to refinance the
outstanding indebtedness of Bull Run and Triple Crown Media.

About the Companies

Gray Television, Inc. owns 31 television stations serving 27 television markets.
The combined station group has 23 stations ranked #1 in local news audience and
22 stations ranked #1 in overall audience within their respective markets and
reaches approximately 5.5% of total U.S. TV households. In addition, with 16
CBS-affiliated stations, Gray is the largest independent owner of CBS affiliates
in the country.

Bull Run Corporation, through its sole operating subsidiary, Host
Communications, Inc., is engaged in the Collegiate Marketing and Production
Services business and Association Management Services business. The Collegiate
Management and Production Services business provides sports marketing and
production services to a number of collegiate conferences and universities and,
through a contract with CBS Sports, on behalf of the National Collegiate
Athletic Association. The Association Management Services business provides
various




associations with services such as member communication, recruitment and
retention, conference planning, Internet web site management, marketing and
administration.

This release is neither an offer to sell nor a solicitation of an offer to buy
capital stock of Triple Crown Media.

Investors and security holders are urged to read the Registration Statement on
Form S-4 and the Information Statement/Proxy Statement/Prospectus included
within the Registration Statement on Form S-4 when it becomes available and any
other relevant documents to be filed with the Securities and Exchange Commission
in connection with the transactions, because they will contain important
information about Gray Television, Inc., Triple Crown Media, Inc., Bull Run
Corporation and the proposed transaction.

Investors and security holders may obtain free copies of these documents through
the website maintained by the Securities and Exchange Commission at
http://www.sec.gov. Free copies of the information statement/proxy
statement/prospectus also may be obtained by directing a request by telephone or
mail to Gray Television, Inc. 4370 Peachtree Road, NE, Atlanta, GA 30319,
Attention: Investor Relations ((404) 504-9828), Triple Crown Media, 546 East
Main Street, Lexington, Kentucky 40508, Attention: Investor Relations ((859)
226-4376) or Bull Run, 4370 Peachtree Road, N.E., Atlanta, Georgia 30319,
Attention: Investor Relations ((704) 602-3107).

The directors, executive officers, and certain other members of management of
Bull Run may be soliciting proxies in favor of the transaction from the
company's shareholders. For information about Bull Run's directors, executive
officers and members of management, shareholders are asked to refer to the most
recent proxy statement issued by Bull Run, which is available on its web site
and at the address provided in the preceding paragraph. Additional information
regarding the interests of such potential participants will be included in the
Registration Statement on Form S-4, the information statement/proxy
statement/prospectus contained therein and other relevant documents filed with
the SEC.



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Source: Gray Television, Inc. and Bull Run Corporation