SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* ROBINSON J MACK (Last) (First) (Middle) 4370 PEACHTREE ROAD,NE (Street) ATLANTA GA 30319 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol GRAY TELEVISION INC [ GTN ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner X Officer (give title below) Other (specify below) Chairman & CEO
	3. Date of Earliest Transaction (Month/Day/Year) 08/19/2003
	4. If Amendment, Date of Original Filed (Month/Day/Year) 08/21/2003	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock (GTN)								112,950	D
Common Class A Stock (GTN.A)								401,975	D
Common Stock (GTN)								79,500	I	Spouse
Common Class A Stock (GTN.A)	08/19/2003		P		334,000	A	$16.95	558,540	I	Spouse(1)
Common Class A Stock (GTN.A)								10,400	I	Spouse
Common Stock (GTN)								43,750	I	Children
Common Class A Stock (GTN.A)	08/19/2003		P		666,000	A	$16.95	1,022,380	I	Children(1)
Common Class A Stock (GTN.A)	08/20/2003		P		10,000	A	$14	1,032,380	I	Children
Common Class A Stock (GTN.A)	08/21/2003		P		5,000	A	$14	1,037,380	I	Children
Common Stock (GTN)								35,000	I	Delta Fire & Casualty Ins. Co.
Common Class A Stock (GTN.A)								33,750	I	Delta Fire & Casualty Ins. Co.
Common Stock (GTN)								10,000	I	Delta Life Ins. Co.
Common Class A Stock (GTN.A)								135,795	I	Delta Life Ins. Co.
Common Class A Stock (GTN.A)								221,706	I	Bankers Fidelity Life Ins. Co.
Common Stock (GTN)								6,000	I	Georgia Casualty & Surety Co.
Common Class A Stock (GTN.A)								132,354	I	Georgia Casualty & Surety Co.
Common Stock (GTN)								72,000	I	Assoc. Casualty Insurance Co.
Common Class A Stock (GTN.A)								22,000	I	Assoc. Casualty Insurance Co.
Common Stock (GTN)								50,000	I	American Southern Insurance Co.
Common Stock (GTN)	08/19/2003		D		11,750	D	$16.95	0	I	Bull Run Corporation(2)
Common Class A Stock (GTN.A)	08/19/2003		D		1,017,647	D	$16.95	0	I	Bull Run Corporation(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
nqso	$17.31							11/19/2000	11/19/2003	GTN.A	10,000		10,000	D
nqso	$14							11/19/2000	11/19/2003	GTN	40,000		40,000	D
nqso	$12.75							11/19/2001	11/19/2004	GTN	50,000		50,000	D
nqso	$10.95							09/30/2004	09/30/2007	GTN.A	110,000		110,000	D

Explanation of Responses:

1. These shares were purchased from Bull Run Corporation and Bull Run's wholly-owned subsidiary. Mr. Robinson is an officer, director and shareholder of Bull Run. These shares were previously included in Mr. Robinson's indirect beneficial ownership when owned by Bull Run. Mr. Robinson disclaims beneficial ownership of the shares.

2. Formerly owned by Bull Run Corporaiton and Bull Run's wholly-owned subsidiary. Mr. Robinson is an officer, director and shareholder of Bull Run. Mr. Robinson disclaims beneficial ownership of the shares owned by Bull Run. Bull Run sold 1,017,647 shares of Class A Common Stock and 11,750 shares of Common Stock to Gray Television, Inc. in a transaction exempt under Rule 16b-3(e). In the initial filing on Form 4, the sale of 1,017,647 shares was inadvertently reflected as a sale of 1,000,000 shares and was erroneously reported under transaction Code "S". The sale of 11,750 shares was inadvertently omitted.

Remarks:

	J. Mack Robinson by Beverly Petty POA	08/21/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.