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* HOWELL HILTON H JR (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) Vice Chairman
	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)								188,497	D
Common Class A Stock (GTN.A)								34,500	D
Common Class A Stock (GTN.A)								58,575	I	Spouse
Common Class A Stock (GTN.A)								500	I	children
Common Stock (GTN)								35,000	I	Delta Fire & Casualty Insurance Co.
Common Class A Stock (GTN.A)								33,750	I	Delta Fire & Casualty Insurance Co.
Common Stock (GTN)								10,000	I	Delta Life Insurance Co.
Common Class A Stock (GTN.A)								135,795	I	Delta Life Insurance Co.
Common Class A Stock (GTN.A)								221,706	I	Bankers Fidelity Life Insurance 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	Associated Casualty Insurance Co.
Common Class A Stock (GTN.A)								22,000	I	Associated Casualty Insurance Co.
Common Stock (GTN)								50,000	I	American Southern Insurance Co.
Common Stock (GTN)								11,750	I	American Southern Insurance Co.
Common Class A Stock (GTN.A)	08/19/2003		D		1,017,647	D	$16.95	0	I	Bull Run Corp.(1)
Common Stock (GTN)	08/19/2003		D		11,750	D	$16.95	0	I	Bull Run Corp.(1)
Common Class A Stock (GTN.A)	08/19/2003		S		1,000,000	D	$16.95	0	I	Bull Run Corp.(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	$10.75							09/21/2002	09/21/2005	GTN	80,000		80,000	D
nqso	$8.89							10/28/2004	10/28/2007	GTN	25,000		25,000	D

Explanation of Responses:

1. Formerly owned by Bull Run Corporation and Bull Run's wholly-owned subsidiary. Mr. Howell is an officer, director and shareholder of Bull Run. Mr. Howell 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, transactions were inadvertently omitted.

2. Formerly owned by Bull Run Corporation and Bull Run's wholly-owned subsidiary. Mr. Howell is an officer, director and shareholder of Bull Run. Mr. Howell disclaims beneficial ownership of the shares owned by Bull Run.

Remarks:

	Hilton H. Howell, Jr. by Beverly Petty P.O.A.	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).
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