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* HIGHLAND CAPITAL MANAGEMENT LP (Last) (First) (Middle) 13455 NOEL ROAD SUITE 800 (Street) DALLAS TX 75240 (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) Director X 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 05/15/2007
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X 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(1)(2)(3)(4)(5)	05/15/2007		P		20,500	A	$9.3082	4,631,522(6)	I	See Footnote(1)(2)(3)
Common Stock(1)(2)(3)(4)(5)	05/16/2007		P		41,292	A	$9.4052	4,672,814(6)	I	See Footnote(1)(2)(3)

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

1. Name and Address of Reporting Person* HIGHLAND CAPITAL MANAGEMENT LP (Last) (First) (Middle) 13455 NOEL ROAD SUITE 800 (Street) DALLAS TX 75240 (City) (State) (Zip)

1. Name and Address of Reporting Person* DONDERO JAMES D (Last) (First) (Middle) 13455 NOEL ROAD SUITE 800 (Street) DALLAS TX 75240 (City) (State) (Zip)

1. Name and Address of Reporting Person* Highland Credit Strategies Fund (Last) (First) (Middle) 13455 NOEL ROAD SUITE 800 (Street) DALLAS TX 75240 (City) (State) (Zip)

1. Name and Address of Reporting Person* Strand Advisors, Inc. (Last) (First) (Middle) 13455 NOEL ROAD SUITE 800 (Street) DALLAS TX 75240 (City) (State) (Zip)

1. Name and Address of Reporting Person* Highland Multi-Strategy Onshore Master SubFund, L.L.C. (Last) (First) (Middle) 13455 NOEL ROAD SUITE 800 (Street) DALLAS TX 75240 (City) (State) (Zip)

1. Name and Address of Reporting Person* Highland Multi-Strategy Master Fund, L.P. (Last) (First) (Middle) 13455 NOEL ROAD SUITE 800 (Street) DALLAS TX 75240 (City) (State) (Zip)

1. Name and Address of Reporting Person* Highland Multi-Strategy Fund GP, L.P. (Last) (First) (Middle) 13455 NOEL ROAD SUITE 800 (Street) DALLAS TX 75240 (City) (State) (Zip)

1. Name and Address of Reporting Person* Highland Multi-Strategy Fund GP, L.L.C. (Last) (First) (Middle) 13455 NOEL ROAD SUITE 800 (Street) DALLAS TX 75240 (City) (State) (Zip)

Explanation of Responses:

1. This statement is filed by and on behalf of: (i) Highland Credit Strategies Fund ("Credit Strategies Fund"); (ii) Highland Multi-Strategy Onshore Master SubFund, L.L.C. ("Multi-Strategy SubFund"); (iii) Highland Multi-Strategy Master Fund, L.P. ("Multi-Strategy Fund"); (iv) Highland Multi-Strategy Fund GP, L.P. ("Multi-Strategy Fund GP"); (v) Highland Multi-Strategy Fund GP, L.L.C. ("Multi-Strategy Fund GP LLC"); (vi) Highland Capital Management, L.P. ("Highland Capital Management"); (vii) Strand Advisors, Inc. ("Strand"); and (viii) James D. Dondero. Multi-Strategy Fund is the managing member of Multi-Strategy SubFund. Multi-Strategy Fund may be deemed to beneficially own shares owned and/or held by and/or for the account and/or benefit of Multi-Strategy SubFund. Multi-Strategy Fund GP is the general partner of Multi-Strategy Fund.

2. Multi-Strategy Fund GP may be deemed to beneficially own shares owned and/or held by and/or for the account and/or benefit of Multi-Strategy Fund. Multi-Strategy Fund GP LLC is the general partner of Multi-Strategy Fund GP. Multi-Strategy Fund GP LLC may be deemed to beneficially own shares owned and/or held by and/or for the account and/or benefit of Multi-Strategy Fund GP. Highland Capital Management serves as an investment adviser and/or manager to other persons, including Credit Strategies Fund and Multi-Strategy SubFund. Highnland Capital Management may be deemed to beneficially own shares owned and/or held by and/or for the account and/or benefit of other persons, including Credit Strategies Fund and Multi-Strategy SubFund. Strand is the general partner of Highland Capital Management.

3. Strand may be deemed to beneficially own shares owned and/or held by and/or for the account and/or benefit of Highland Capital Management. Mr. Dondero is the President and a director of Strand. Mr. Dondero may be deemed to beneficially own shares owned and/or held by and/or for the account and/or benefit of Strand. Mr. Dondero and Highland Capital Management may not bind, obligate or take any action, directly or indirectly, on behalf of Credit Strategies Fund.

4. Each of the reporting persons states that neither the filing of this statement nor anything herein shall be deemed an admission that such person is, for purposes of Section 16 of the Act or otherwise, the beneficial owner of any securities covered by this statement. Each of the reporting persons disclaims beneficial ownership of the securities covered by this statement, except to the extent of the pecuniary interest of such person in such securities.

5. Each of the reporting persons may be deemed to be a member of a group with respect to the issuer or securities of the issuer for the purposes of Section 13(d) or 13(g) of the Act. Each of the reporting persons declares that neither the filing of this statement nor anything herein shall be construed as an admission that such person is, for the purposes of Section 13(d) or 13(g) of the Act or any other purpose, (i) acting (or has agreed or is agreeing to act together with any other person) as a partnership, limited partnership, syndicate, or other group for the purpose of acquiring, holding, or disposing of securities of the issuer or otherwise with respect to the issuer or any securities of the issuer or (ii) a member of any group with respect to the issuer or any securities of the issuer.

6. On May 15, 2007, Highland Capital Management acquired 20,500 shares and on May 16, 2007 Highland Capital Management acquired 41, 292 shares. Following the reported transactions, Highland Capital Management beneficially owned 4,611,022 shares, which includes 209,357 shares owned and/or held by and/or for the account and/or benefit of Credit Strategies Fund and includes 1,400 shares owned and/or held by and/or for the account and/or benefit of Multi-Strategy SubFund.

Remarks:

Exhibit 24.1 - Joint Filing Agreement and Power of Attorney (incorporated by reference to Exhibit 24 to the Form 4 filed on December 18, 2006 by the reporting persons with respect to the issuer)

	Highland Capital Management, L.P. By: Strand Advisors, Inc., its general partner /s/ James D. Dondero, President	05/17/2007
	** 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.

                                                                    EXHIBIT 99.1

                             JOINT FILER INFORMATION

                            OTHER REPORTING PERSON(s)

      1.    HIGHLAND CREDIT STRATEGIES FUND




                ITEM                                                    INFORMATION

                                    
Name:                                  Highland Credit Strategies Fund

Address:                               Two Galleria Tower
                                       13455 Noel Road, Ste. 800
                                       Dallas, Texas 75240

Designated Filer:                      Highland Capital Management, L.P.
Issuer Name and Ticker or              Gray Television, Inc [GTN]
Trading Symbol:

Date of Earliest Transaction           May 15, 2007
Required to be Reported
(Month/Day/Year):

If Amendment, Date Original            Not Applicable
Filed (Month/Day/Year):

Relationship of Reporting              10% Owner
Person(s) to Issuer:

Individual or Joint/Group Filing:      Form filed by More than One Reporting Person

Signature:
                                       By:        /s/ James D. Dondero
                                                --------------------------------
                                       Name:    James D. Dondero
                                       Title:   President
                                       Date:    May 17, 2007




      2.    HIGHLAND MULTI-STRATEGY ONSHORE MASTER SUBFUND, L.L.C.



                ITEM                                                    INFORMATION

                                    
Name:                                  Highland Multi-Strategy Onshore Master SubFund, L.L.C.

Address:                               Two Galleria Tower
                                       13455 Noel Road, Ste. 800
                                       Dallas, Texas 75240

Designated Filer:                      Highland Capital Management, L.P.

Issuer Name and Ticker or              Gray Television, Inc [GTN]
Trading Symbol:

Date of Earliest Transaction           May 15, 2007
Required to be Reported
(Month/Day/Year):

If Amendment, Date Original            Not Applicable
Filed (Month/Day/Year):

Relationship of Reporting              10% Owner
Person(s) to Issuer:

Individual or Joint/Group Filing:      Form filed by More than One Reporting Person

Signature:                             By: Highland Multi-Strategy Master Fund, L.P., its managing member
                                       By: Highland Multi-Strategy Fund GP, L.P., its general partner
                                       By: Highland Multi-Strategy Fund GP, L.L.C., its general partner
                                       By: Highland Capital Management, L.P., its sole member
                                       By: Strand Advisors Inc, its general partner

                                       By:        /s/ James D. Dondero
                                                --------------------------------
                                       Name:    James D. Dondero
                                       Title:   President
                                       Date:    May 17, 2007




      3.    HIGHLAND MULTI-STRATEGY MASTER FUND, L.P.



                ITEM                                                    INFORMATION

                                    
Name:                                  Highland Multi-Strategy Master Fund, L.P.

Address:                               Two Galleria Tower
                                       13455 Noel Road, Ste. 800
                                       Dallas, Texas 75240

Designated Filer:                      Highland Capital Management, L.P.

Issuer Name and Ticker or              Gray Television, Inc [GTN]
Trading Symbol:

Date of Earliest Transaction           May 15, 2007
Required to be Reported
(Month/Day/Year):

If Amendment, Date Original            Not Applicable
Filed (Month/Day/Year):

Relationship of Reporting              10% Owner
Person(s) to Issuer:

Individual or Joint/Group Filing:      Form filed by More than One Reporting Person

Signature:                             By: Highland Multi-Strategy Fund GP, L.P., its general partner
                                       By: Highland Multi-Strategy Fund GP, L.L.C., its general partner
                                       By: Highland Capital Management, L.P., its sole member
                                       By: Strand Advisors Inc, its general partner

                                       By:        /s/ James D. Dondero
                                                --------------------------------
                                       Name:    James D. Dondero
                                       Title:   President
                                       Date:    May 17, 2007




      4.    HIGHLAND MULTI-STRATEGY FUND GP, L.P.



                ITEM                                                    INFORMATION

                                    
Name:                                  Highland Multi-Strategy Fund GP, L.P.

Address:                               Two Galleria Tower
                                       13455 Noel Road, Ste. 800
                                       Dallas, Texas 75240

Designated Filer:                      Highland Capital Management, L.P.

Issuer Name and Ticker or              Gray Television, Inc [GTN]
Trading Symbol:

Date of Earliest Transaction           May 15, 2007
Required to be Reported
(Month/Day/Year):

If Amendment, Date Original            Not Applicable
Filed (Month/Day/Year):

Relationship of Reporting              10% Owner
Person(s) to Issuer:

Individual or Joint/Group Filing:      Form filed by More than One Reporting Person

Signature:                             By: Highland Multi-Strategy Fund GP, L.L.C., its general partner
                                       By: Highland Capital Management, L.P., its sole member
                                       By: Strand Advisors Inc, its general partner

                                       By:        /s/ James D. Dondero
                                                --------------------------------
                                       Name:    James D. Dondero
                                       Title:   President
                                       Date:    May 17, 2007




      5.    HIGHLAND MULTI-STRATEGY FUND GP, L.L.C.



                ITEM                                                    INFORMATION

                                    
Name:                                  Highland Multi-Strategy Fund GP, L.L.C.

Address:                               Two Galleria Tower
                                       13455 Noel Road, Ste. 800
                                       Dallas, Texas 75240

Designated Filer:                      Highland Capital Management, L.P.

Issuer Name and Ticker or              Gray Television, Inc [GTN]
Trading Symbol:

Date of Earliest Transaction           May 15, 2007
Required to be Reported
(Month/Day/Year):

If Amendment, Date Original            Not Applicable
Filed (Month/Day/Year):

Relationship of Reporting              10% Owner
Person(s) to Issuer:

Individual or Joint/Group Filing:      Form filed by More than One Reporting Person

Signature:                             By: Highland Capital Management, L.P., its sole member
                                       By: Strand Advisors Inc, its general partner

                                       By:        /s/ James D. Dondero
                                                --------------------------------
                                       Name:    James D. Dondero
                                       Title:   President
                                       Date:    May 17, 2007




      6.    STRAND ADVISORS, INC.



                ITEM                                                    INFORMATION

                                    
Name:                                  Strand Advisors, Inc.

Address:                               Two Galleria Tower
                                       13455 Noel Road, Ste. 800
                                       Dallas, Texas 75240

Designated Filer:                      Highland Capital Management, L.P.

Issuer Name and Ticker or              Gray Television, Inc [GTN]
Trading Symbol:

Date of Earliest Transaction           May 15, 2007
Required to be Reported
(Month/Day/Year):

If Amendment, Date Original            Not Applicable
Filed (Month/Day/Year):

Relationship of Reporting              10% Owner
Person(s) to Issuer:

Individual or Joint/Group Filing:      Form filed by More than One Reporting Person

Signature:
                                       By:        /s/ James D. Dondero
                                                --------------------------------
                                       Name:    James D. Dondero
                                       Title:   President
                                       Date:    May 17, 2007




      7.    JAMES D. DONDERO



                ITEM                                                    INFORMATION

                                    
Name:                                  James D. Dondero

Address:                               Two Galleria Tower
                                       13455 Noel Road, Ste. 800
                                       Dallas, Texas 75240

Designated Filer:                      Highland Capital Management, L.P.

Issuer Name and Ticker or              Gray Television, Inc [GTN]
Trading Symbol:

Date of Earliest Transaction           May 15, 2007
Required to be Reported
(Month/Day/Year):

If Amendment, Date Original            Not Applicable
Filed (Month/Day/Year):

Relationship of Reporting              10% Owner
Person(s) to Issuer:

Individual or Joint/Group Filing:      Form filed by More than One Reporting Person

Signature:
                                       By:        /s/ James D. Dondero
                                                --------------------------------
                                       Name:    James D. Dondero
                                       Date:    May 17, 2007