Accounts receivable, less allowance for doubtful accounts of $915 and $730, respectively

Cash

$ 66,070

$ 13,478

84,149

70,047

Deferred tax asset

34,112

34,113

Prepaid and other current assets

11,744

5,293

Total current assets

198,975

130,587

Property and equipment, net

191,448

143,621

Deferred loan costs, net

18,269

17,293

Broadcast licenses

936,806

838,982

Goodwill

320,127

184,409

Investment in broadcasting company

13,599

Other

2,943

3,289

Total assets (1)

1,723,139

^[1]

1,334,424

^[1]

Employee compensation and benefits

Accounts payable

2,778

2,256

17,240

16,759

Accrued interest

13,649

12,703

Deferred revenue

6,461

2,522

Acquisition related liabilities

9,913

9,739

Current portion of long-term debt

5,453

224

Total current liabilities

69,600

63,085

Other accrued expenses

5,831

5,158

Federal and state income taxes

1,232

1,550

Long-term debt, less current portion

1,202,845

842,650

Deferred income taxes

241,592

225,407

Accrued pension costs

27,300

26,925

Other

768

827

Total liabilities (1)

1,543,488

^[1]

1,160,414

^[1]

Stockholders’ equity:

Common stock

485,118

483,055

Accumulated deficit

(248,132)

(251,000)

Accumulated other comprehensive loss, net of income tax benefit

(10,409)

242,899

236,967

Treasury stock

(40,850)

(40,559)

Total stockholders’ equity

179,651

174,010

Total liabilities and stockholders’ equity

1,723,139

1,334,424

Common Class A [Member]

Stockholders’ equity:

Common stock

16,322

15,321

Treasury stock

(22,398)

Syndicated Program Film Rights Current [Member]

2,900

7,656

(2,900)

(7,656)

Network Programming Obligations Current [Member]

(3,895)

(2,467)

3,895

2,467

Syndicated Program Film Obligations Current [Member]

(3,148)

(9,707)

3,148

9,707

Syndicated Program Film Obligations Current Current [Member]

(1,383)

(1,520)

1,383

1,520

Other Intangible Assets [Member]

Other intangible assets, net

$ 40,972

$ 2,644

[1]

Our consolidated total assets as of June 30, 2014 and December 31, 2013 included total assets of $6.4 million and $6.8 million, respectively, of a variable interest entity ("VIE"). These assets can only be used to settle the obligations of the VIE. Our consolidated total liabilities as of June 30, 2014 and December 31, 2013 included total liabilities of $3.0 million and $3.1 million, respectively, of the VIE. As of June 30, 2014 and December 31, 2013, the creditors of the VIE had recourse against Gray for $2.9 million and $3.0 million of these liabilities, respectively.

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Allowance for doubtful accounts (in Dollars)	$ 915	$ 730
Common stock, par value (in Dollars per share)	$ 0	$ 0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	57,324,919	57,010,878
Treasury stock, shares	4,791,481	4,768,925
Common Class A [Member]
Common stock, par value (in Dollars per share)	$ 0	$ 0
Common stock, shares authorized	15,000,000	15,000,000
Common stock, shares issued	7,567,868	7,331,574
Treasury stock, shares	1,578,554	1,578,554

Condensed Consolidated Statements of Operations (Unaudited) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenue (less agency commissions)	$ 107,249	$ 84,285	$ 198,546	$ 162,454
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:
Broadcast	66,002	51,807	126,386	105,301
Corporate and administrative	9,848	5,293	16,347	9,117
Depreciation	6,986	5,938	13,370	11,738
Amortization of intangible assets	1,179	12	1,468	31
Loss (gain) on disposals of assets, net	48	(77)	379	(105)
Operating expenses	84,063	62,973	157,950	126,082
Operating income	23,186	21,312	40,596	36,372
Other income (expense):
Miscellaneous income (expense), net	3	(1)	3
Interest expense	(15,825)	(12,594)	(31,099)	(25,134)
Loss from early extinguishment of debt	(4,897)		(4,897)
Income before income taxes	2,467	8,717	4,603	11,238
Income tax expense	876	3,573	1,735	5,224
Net income	$ 1,591	$ 5,144	$ 2,868	$ 6,014
Basic per share information:
Net income (in Dollars per share)	$ 0.03	$ 0.09	$ 0.05	$ 0.10
Weighted-average shares outstanding (in Shares)	57,862	57,561	57,855	57,542
Diluted per share information:
Net income (in Dollars per share)	$ 0.03	$ 0.09	$ 0.05	$ 0.10
Weighted-average shares outstanding (in Shares)	58,311	57,939	58,298	57,820

Condensed Consolidated Statement of Stockholders' Equity (Unaudited) (USD $) In Thousands, except Share data, unless otherwise specified	Common Class A [Member] Common Stock [Member] 2007 Incentive Plan [Member]	Common Class A [Member] Common Stock [Member] USD ($)	Common Class A [Member] Treasury Stock [Member] USD ($)	Common Stock [Member] 401(k) Plan [Member] USD ($)	Common Stock [Member] 2007 Incentive Plan [Member]	Common Stock [Member] USD ($)	Retained Earnings [Member] USD ($)	Treasury Stock [Member] 2007 Incentive Plan [Member] USD ($)	Treasury Stock [Member] USD ($)	Accumulated Other Comprehensive Income (Loss) [Member] USD ($)	401(k) Plan [Member] USD ($)	2007 Incentive Plan [Member] USD ($)	Total USD ($)
Balance at December 31, 2013 at Dec. 31, 2012
Net income							$ 2,868						$ 2,868
Issuance of common stock:
Common shares issued, value				13				(291)			13	(291)
Common shares issued (in Shares)	236,294			1,080	312,961			(22,556)
Share-based compensation		1,001				2,050							3,051
Balance at June 30, 2014 at Dec. 31, 2013		$ 15,321	$ (22,398)			$ 483,055	$ (251,000)		$ (40,559)	$ (10,409)			$ 174,010
Balance at June 30, 2014 (in Shares) at Dec. 31, 2013		7,331,574	(1,578,554)			57,010,878			(4,768,925)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References+ Details

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References+ Details

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Value of stock (or other type of equity) issued during the period as a result of any equity-based compensation plan other than an employee stock ownership plan (ESOP), net of stock value of such awards forfeited. Stock issued could result from the issuance of restricted stock, the exercise of stock options, stock issued under employee stock purchase plans, and/or other employee benefit plans.

+ References+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Operating activities
Net income	$ 2,868	$ 6,014
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	13,370	11,738
Amortization of intangible assets	1,468	31
Amortization of deferred loan costs	1,394	823
Amortization of original issue discount related to long-term debt	(432)	138
Amortization of restricted stock and stock option awards	3,052	1,464
Amortization of program broadcast rights	5,918	5,663
Payments on program broadcast obligations	(7,692)	(5,700)
Deferred income taxes	1,735	5,185
Loss (gain) on disposals of assets, net	379	(105)
Loss from early extinguishment of debt	4,897
Other	97	1,321
Changes in operating assets and liabilities:
Receivables	(2,804)	533
Other current assets	418	(446)
Accounts payable	362	(418)
Other current liabilities	3,363	(1,495)
Accrued interest	946	1,173
Net cash provided by operating activities	29,339	25,919
Investing activities
Purchases of property and equipment	(10,456)	(12,488)
Acquisitions of television businesses and broadcast licenses	(325,862)	(1,329)
Proceeds from asset sales	997	138
Other	(2)	10
Net cash used in investing activities	(335,323)	(13,669)
Financing activities
Proceeds from borrowings on long-term debt	544,000
Repayments of borrowings on long-term debt	(178,157)
Deferred and other loan costs	(7,267)	(14)
Proceeds from issuance of common stock		101
Net cash provided by financing activities	358,576	87
Net increase in cash	52,592	12,337
Cash at beginning of period	13,478	11,067
Cash at end of period	$ 66,070	$ 23,404

Note 1 - Basis of Presentation

6 Months Ended

Jun. 30, 2014

Disclosure Text Block [Abstract]

1. Basis of Presentation

The accompanying condensed consolidated balance sheet of Gray Television, Inc. (and its consolidated subsidiaries, except as the context otherwise provides,“Gray,” the “Company,” “we,” “us,” and “our”) as of December 31, 2013, which was derived from the Company’s audited financial statements as of December 31, 2013, and our accompanying unaudited condensed consolidated financial statements as of June 30, 2014 and for the periods ended June 30, 2014 and 2013 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and note disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to those rules and regulations, although we believe that the disclosures made are adequate to make the information not misleading. In our opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair statement have been included. Our operations consist of one reportable segment. For further information, refer to the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2013 (the “2013 Form 10-K”). Our financial condition as of, and operating results for the six-month period ended, June 30, 2014 are not necessarily indicative of the financial condition or results that may be expected for any future interim period or for the year ending December 31, 2014.

Seasonality and Cyclicality

Broadcast advertising revenues are generally highest in the second and fourth quarters each year. This seasonality results partly from increases in consumer advertising in the spring and retail advertising in the period leading up to and including the holiday season. Broadcast advertising revenues are also typically higher in even-numbered years due to increased spending by political candidates, political parties and special interest groups in advance of elections. This political spending typically is heaviest during the fourth quarter.

Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and the notes to the unaudited condensed consolidated financial statements. Our actual results could differ materially from these estimates. The most significant estimates we make relate to our allowance for doubtful accounts in receivables, valuation of goodwill and intangible assets, amortization of program broadcast rights and intangible assets, stock-based compensation, pension costs, income taxes, employee medical insurance claims, useful lives of property and equipment and contingencies.

Variable Interest Entity

During the year ended December 31, 2013, we entered into a series of transactions with the News-Press Gazette Company and Excalibur Broadcasting, LLC (collectively with its subsidiaries, “Excalibur”), pursuant to which we acquired the non-license assets, and Excalibur acquired the license assets, of KJCT-TV and associated low power stations (collectively, “KJCT-TV”), in the Grand Junction, Colorado market. In connection therewith, we entered into a shared services agreement, pursuant to which we provide certain services, including back-office, engineering and sales support, and a lease agreement, pursuant to which we provide studio and office space, to Excalibur. We have also entered into a put and call option agreement with Excalibur, pursuant to which we have the right to purchase, and Excalibur has the right to require us to purchase, the license assets of KJCT-TV, upon receipt of Federal Communications Commission (“FCC”) approval (the “KJCT-TV Option”). In connection with the consummation of Excalibur’s acquisition of KJCT-TV’s license assets, Excalibur incurred debt which Gray has guaranteed. The assets of Excalibur can only be used to settle the obligations of Excalibur. In compliance with FCC regulations, Excalibur maintains complete responsibility for and control over programming, finances, personnel and operations of KJCT-TV. See Note 3 “Long-term Debt” for more information.

We consolidate a VIE when we are determined to be the primary beneficiary. In accordance with U.S. GAAP, in determining whether we are the primary beneficiary of a VIE for financial reporting purposes, we consider whether we have the power to direct the activities of the VIE that most significantly impact the economic performance of the VIE and whether we have the obligation to absorb losses or the right to receive returns that would be significant to the VIE.

Based on the terms of our agreements with, the significance of our investment in, and our guarantee of the debt of, Excalibur, we have determined that Excalibur is a VIE of Gray. We believe we are the primary beneficiary of Excalibur because, subject to the ultimate control of the licensees, we have the power to direct the activities which significantly impact the economic performance of Excalibur through the services we provide, and our obligation to absorb losses and earn returns that would be considered significant to Excalibur. Included in our condensed consolidated statements of operations for the six months ended June 30, 2014 and 2013 is revenue of $0.9 million and $0.0 million, respectively, attributable to Excalibur.

The carrying amounts and classification of the assets and liabilities of Excalibur described above have been included in our consolidated balance sheets as of June 30, 2014 and December 31, 2013 as follows (in thousands):

	June 30,		December 31,
	2014		2013
Assets:
Current assets:
Cash	$	473	$	473
Accounts receivable, net		292		524
Current portion of program broadcast rights, net		11		42
Prepaid and other current assets		6		7
Total current assets		782		1,046

Property and equipment, net		790		883
Deferred loan costs, net		225		174
Broadcast licenses		4,161		4,161
Other intangible assets, net		459		575
Total assets	$	6,417	$	6,839

Liabilities:
Current liabilities:
Accounts payable	$	32	$	14
Employee compensation and benefits		56		8
Accrued interest		-		2
Other accrued expenses		18		13
Accrued expenses due to Gray		1,276		651
Current portion of program broadcast obligations		11		45
Current portion of long-term debt		200		200
Total current liabilities		1,593		933

Long-term debt, less current portion		2,700		2,800
Other long-term liabilities		2,124		3,106
Total liabilities	$	6,417	$	6,839

The assets of Excalibur can only be used to settle the obligations of Excalibur and may not be sold, or otherwise disposed of, except for assets sold or replaced with others of like kind or value. Other long-term liabilities of $2.1 million and $3.1 million, representing the fair value of the KJCT-TV Option as of June 30, 2014 and December 31, 2013, respectively, and accrued expenses due to Gray of $1.3 million and $0.7 million as of June 30, 2014 and December 31, 2013, respectively, were eliminated in our consolidated financial statements. The terms of the KJCT-TV Option provide for the acquisition of the license assets of KJCT-TV at an exercise price that was less than the carrying value of such assets as of June 30, 2014.

Earnings Per Share

We compute basic earnings per share by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the relevant period. The weighted-average number of common shares outstanding does not include restricted shares. These shares, although classified as issued and outstanding, are considered contingently returnable until the restrictions lapse and, in accordance with U.S. GAAP, are not included in the basic earnings per share calculation until the shares vest. Diluted earnings per share is computed by including all potentially dilutive common shares, including restricted shares and shares underlying stock options, in the denominator of the diluted weighted-average shares outstanding calculation, unless their inclusion would be antidilutive.

The following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding for the three-month and six-month periods ended June 30, 2014 and 2013 (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013

Weighted-average shares outstanding-basic		57,862		57,561		57,855		57,542
Common stock equivalents for stock options and restricted stock		449		378		443		278
Weighted-average shares outstanding-diluted		58,311		57,939		58,298		57,820

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of June 30, 2014 and December 31, 2013 consist of adjustments to our pension liability and income tax benefit as follows (in thousands):

	June 30,			December 31,
	2014			2013

Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(17,064	)	$	(17,064	)
Income tax benefit		(6,655	)		(6,655	)
Accumulated other comprehensive loss	$	(10,409	)	$	(10,409	)

Consolidated Statement of Comprehensive Income

Our comprehensive income for the three-month and six-month periods ended June 30, 2014 and 2013 consists entirely of net income. Therefore, a consolidated statement of comprehensive income is not presented.

Property and Equipment

Property and equipment are carried at cost. Depreciation is computed principally by the straight-line method. Maintenance, repairs and minor replacements are charged to operations as incurred; major replacements and betterments are capitalized. The cost of any assets sold or retired and the related accumulated depreciation are removed from the accounts at the time of disposition, and any resulting profit or loss is reflected in income or expense for the period. The following table lists components of property and equipment by major category (in thousands):

							Estimated
	June 30,			December 31,			Useful Lives
	2014			2013			(in years)
Property and equipment:
Land	$	30,821		$	25,656
Buildings and improvements		65,154			59,021			7 to 40
Equipment		365,051			323,603			3 to 20
		461,026			408,280
Accumulated depreciation		(269,578	)		(264,659	)
Total property and equipment, net	$	191,448		$	143,621

Allowance for Doubtful Accounts

Our allowance for doubtful accounts is equal to at least 85% of our receivable balances that are 120 days old or older. We may provide allowances for certain receivable balances that are less than 120 days old when warranted by specific facts and circumstances. We generally write-off accounts receivable balances when the customer files for bankruptcy or when all commonly used methods of collection have been exhausted.

Recent Accounting Pronouncements

We have reviewed all recently issued accounting pronouncements. Of those pronouncements that have been issued but are not yet effective, we do not anticipate a material impact upon our financial statements upon our adoption of those pronouncements. None of the pronouncements that became effective and were adopted by us during the six months ended June 30, 2014 had a material effect upon our results of operations or financial position.

Business Combination Disclosure [Text Block]

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References+ Details

Note 2 - Acquisitions

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

2. Acquisitions

During the six-month period ended June 30, 2014, we completed the four acquisitions described below: the Hoak Acquisition, the KNDX Acquisition, the KEVN Acquisition and the WQCW Acquisition (collectively, the “2014 Acquisitions”). The 2014 Acquisitions are expected to, among other things, increase our revenues and cash flows from operating activities, and allow us to operate more efficiently and effectively, including by increasing our scale and providing us the ability to negotiate more favorable terms in our agreements with third parties.

Hoak Acquisition

On June 13, 2014, we completed the acquisition of 100% of the capital stock of certain wholly owned subsidiaries of Hoak Media, LLC (“Hoak”) for total cash consideration of approximately $298.4 million, which included a base purchase price of $290.8 million and a working capital adjustment of $7.6 million (the “Hoak Acquisition”). The subsidiaries owned and operated twelve television stations as described in the table below. The Hoak Acquisition also included the assumption of Hoak’s interest in certain operating agreements, and the acquisition of certain non-license assets, of KHAS-TV, which serves the Lincoln-Hastings, Nebraska market, from Hoak. On June 13, 2014, we transferred the programing of KHAS-TV to KSNB-TV, a station owned by Gray which also serves the Lincoln-Hastings, Nebraska, television market. We used borrowings under the 2014 Senior Credit Facility, as defined below, to fund the purchase price to complete the Hoak Acquisition.

The following stations were acquired in the Hoak Acquisition:

	Network		Market
Station	Affiliation	Market	Rank

KSFY-TV	ABC	Sioux Falls, SD		111
KABY-TV*	ABC	Sioux Falls, SD		111
KPRY-TV*	ABC	Sioux Falls, SD		111
KVLY-TV	NBC	Fargo-Valley City, ND		116
KNOE-TV	CBS	Monroe- El Dorado, LA		137
KFYR-TV	NBC	Minot-Bismarck-Dickinson, ND		145
KMOT-TV*	NBC	Minot-Bismarck-Dickinson, ND		145
KUMV-TV*	NBC	Minot-Bismarck-Dickinson, ND		145
KQCD-TV*	NBC	Minot-Bismarck-Dickinson, ND		145
KALB-TV	NBC/CBS	Alexandria, LA		179
KNOP-TV	NBC	North Platte, NE		208
KIIT-LP	FOX	North Platte, NE		208

* satellite station

Parker Broadcasting, Inc. (“Parker”) owns KXJB-TV, which is affiliated with the CBS network and serves the Fargo, North Dakota market, and KAQY-TV, which is affiliated with the ABC network and serves the Monroe, Louisiana market. As a component of the Hoak Acquisition, Gray assumed Hoak’s rights under certain agreements with Parker to provide back-office services, sales support and limited programming to KXJB-TV and KAQY-TV (collectively the “Parker Agreements”). For additional information on Parker, see “Pending Parker Acquisitions” below.

KNDX Acquisition

On May 1, 2014, we acquired certain assets of KNDX-TV and its satellite station KXND-TV, as well as certain non-license assets of low power stations KNDX-LP and KXND-LP, from Prime Cities Broadcasting, Inc. (“Prime Cities”). These four stations served as the Fox network affiliates for the Minot-Bismarck, North Dakota television market. On June 13, 2014, we transferred the programing of KNDX-TV and KXND-TV to the television stations that we acquired from Hoak in the Minot-Bismarck, North Dakota, television market. On June 27, 2014, we acquired the low power FCC licenses of KNDX-LP and KXND-LP from Prime Cities. We refer to the acquisition of these assets from Prime Cities as the “KNDX Acquisition.” The total cash consideration to complete the KNDX Acquisition was $7.5 million, which was funded from a combination of cash from operations and borrowings under our 2012 Senior Credit Facility, as defined below.

KEVN Acquisition

On May 1, 2014, we acquired 100% of the equity interests in KEVN, Inc. from Mission TV, LLC (the “KEVN Acquisition”). KEVN, Inc. owned and operated KEVN-TV and its satellite station, KIVV-TV (collectively the “KEVN Stations”). The KEVN Stations are affiliated with the Fox network and serve the Rapid City, South Dakota market. The total purchase price to complete the KEVN Acquisition was approximately $8.8 million which included a base purchase price of $7.8 million and a working capital adjustment of $1.0 million. The cash consideration to complete the KEVN Acquisition was funded from a combination of cash from operations and borrowings under our 2012 Senior Credit Facility.

WQCW Acquisition

On April 1, 2014, we acquired the assets of WQCW-TV, Portsmouth, Ohio and WOCW-LP, Charleston, West Virginia from Lockwood Broadcast Group (collectively, the "WQCW Acquisition"). WQCW-TV and WOCW-LP serve as the CW affiliate for the Charleston/ Huntington, West Virginia television market, where we own and operate WSAZ-TV, the market's NBC affiliate. The consideration to complete the WQCW Acquisition was approximately $5.5 million, which was funded from cash from operations.

Preliminary Fair Value Estimates:

The preliminary fair value estimates of the acquired assets, assumed liabilities and resulting goodwill from the 2014 Acquisitions are summarized as follows (in thousands):

	Hoak			KNDX			KEVN			WQCW
	Acquisition			Acquisition			Acquisition			Acquisition

Cash	$	-		$	-		$	615		$	-
Accounts receivable		10,732			-			565			-
Other current assets		511			39			96			45
Property and equipment		45,223			2,576			3,888			991
Broadcast licenses		91,958			500			1,675			3,691
Goodwill		130,342			1,839			2,767			802
Other intangible assets		35,411			2,584			1,786			15
Other non-current assets		-			15			29			-
Current liabilities		(3,595	)		(36	)		(265	)		(45	)
Other long-term liabilities		-			(17	)		(32	)		-
Deferred income tax liabilities		(12,134	)		-			(2,339	)		-

Total	$	298,448		$	7,500		$	8,785		$	5,499

The amounts in the table above are based upon management’s estimate of the fair values using valuation techniques including income, cost and market approaches. In estimating the fair value of the acquired assets and assumed liabilities, the fair value estimates are based on, but not limited to, expected future revenue and cash flows, expected future growth rates, and estimated discount rates.

Accounts receivables are recorded at their fair value which represents the amount that we expect to collect. Contractual amounts are approximately $0.2 million more than their recorded fair value.

The amount related to property and equipment will be depreciated over their estimated useful lives ranging from 3 years to 40 years.

The amount related to other intangible assets represents the estimated fair values of retransmission agreements of $23.0 million; advertising contracts of $1.4 million; advertising relationships of $11.5 million; and favorable leases of $3.9 million. These intangible assets are being amortized over their estimated useful lives of approximately 4.2 years for retransmission agreements; approximately 1.0 year for advertising contracts; approximately 5.1 years for advertising relationships; and approximately 8.2 years for leases.

Goodwill is calculated as the excess of the consideration transferred over the fair value of the identifiable net assets acquired and liabilities assumed, and represents the future economic benefits expected to arise from other intangible assets acquired that do not qualify for separate recognition, including assembled workforce, as well as future synergies that we expect to generate from the 2014 Acquisitions. We have preliminarily recorded $135.8 million of goodwill in connection with the 2014 Acquisitions. Of the goodwill recognized in connection with the 2014 Acquisitions, approximately $85.7 million is deductible for income tax purposes.

The fair values of assets acquired and liabilities assumed were based upon preliminary valuations and the estimates and assumptions are subject to change within the measurement period as additional information is obtained. Any such changes could be material and could result in significantly different fair values from those set out above.

Preliminary Pro Forma Financial Information

The following table sets forth certain unaudited pro forma results of operations of the Company for the six months ended June 30, 2014 and 2013 assuming that the Hoak Acquisition, along with transactions necessary to finance the Hoak Acquisition, occurred on January 1, 2013 (in thousands, except per share data):

	Six Months Ended
	June 30,
	2014		2013

Revenue (less agency commissions)	$	232,123	$	195,138

Net income	$	10,581	$	2,348

Basic and diluted net income per share	$	0.18	$	0.04

This pro forma financial information is based on each of Gray’s and Hoak’s historical results of operations, adjusted for the effect of preliminary fair value estimates and other acquisition accounting adjustments, and is not necessarily indicative of what our results would have been had we completed the Hoak Acquisition on January 1, 2013 or on any other historical date, nor is it reflective of our expected results of operations for any future period. The pro forma adjustments for the six months ended June 30, 2014 and 2013 reflect (i) depreciation expense and amortization of finite-lived intangible assets related to the fair value of the assets acquired, (ii) additional interest expense related to the financing of the Hoak Acquisition, (iii) the loss from early extinguishment of debt as if our amendment and restatement of our 2014 Senior Credit Facility had ocurred in 2013 rather than 2014 and (iv) the related tax effects of the adjustments. This pro forma financial information has been prepared based on estimates and assumptions which we believe are reasonable as of the date hereof, and are subject to change based on, among other things, changes in the fair value estimates or underlying assumptions.

In connection with completing the Hoak Acquisition, we incurred $4.6 million of transaction related costs, primarily related to legal, consulting and other professional services, which were included within operating expenses. These costs were not included in the 2014 pro forma amounts presented above. In addition, 2013 pro forma net income was adjusted to include these costs as if they were incurred in the 2013 period as they were directly attributable to the Hoak Acquisition.

Net revenues and operating income of the businesses acquired in the Hoak Acquisition included in our actual condensed consolidated statements of operations for the six months ended June 30, 2014 were $3.3 million and $1.0 million, respectively.

Pro forma financial information for each of the KNDX Acquisition, the KEVN Acquisition and the WQCW Acquisition is not included in the table above, as such information is not material to our financial statements.

Pending Parker Acquisitions

On June 13, 2014, Gray entered into a separate stock purchase agreement with Parker (the “Parker Acquisitions”) pursuant to which we intend to acquire two wholly owned subsidiaries of Parker for $6.7 million. In connection with entering into the agreement to complete the Parker Acquisitions, we paid $5.36 million of the acquisition price to Parker and we have recorded this deposit as a current asset on our condensed consolidated balance sheet as of June 30, 2014. We currently anticipate that we will complete the Parker Acquisitions in 2014 and at that time the Parker Agreements will terminate.

Debt Disclosure [Text Block]

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

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Note 3 - Long-term Debt

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

3. Long-term Debt

As of June 30, 2014 and December 31, 2013, long-term debt consisted of the following (in thousands):

	June 30,			December 31,
	2014			2013
Long-term debt including current portion:
2014 Senior Credit Facility	$	525,000		$	-
2012 Senior Credit Facility		-			159,000
2020 Notes		675,000			675,000
Excalibur Loan		2,900			3,000
Other		3			48
Total outstanding principal		1,202,903			837,048
Plus unamortized premium on our 2020 Notes		5,395			5,826
Less current portion		(5,453	)		(224	)
Net carrying value	$	1,202,845		$	842,650

Borrowing availability under the 2014 Senior Credit Facility	$	40,000		$	-
Borrowing availability under the 2012 Senior Credit Facility	$	-		$	30,000

Senior Credit Facility

On June 13, 2014 (the “Closing Date”), Gray entered into an amendment and restatement of its then existing senior credit facility (the “2012 Senior Credit Facility”) in the form of a new agreement (the “2014 Senior Credit Facility”).

The 2014 Senior Credit Facility provides total commitments of $575.0 million, consisting of a $525.0 million term loan facility (the “2014 Term Loan”) and a $50.0 million revolving credit facility (the “ 2014 Revolving Credit Facility”).

On the Closing Date, we borrowed $525.0 million under the 2014 Term Loan. Proceeds from borrowings under the 2014 Term Loan were used to repay all amounts outstanding under the 2012 Senior Credit Facility, to fund the cash purchase price to complete the Hoak Acquisition and to pay related fees and expenses, as well as for general corporate purposes.

2014 Term Loan borrowings bear interest, at our option, at either the Base Rate (as defined below) plus 1.75% to 2.0% or the London Interbank Offered Rate (“LIBOR”) plus 2.75% to 3.0%, subject to a LIBOR floor of 0.75%, in each case based on a first lien leverage ratio test as set forth in the 2014 Senior Credit Facility (the “First Lien Ratio Test”). The 2014 Term Loan also requires us to make quarterly principal repayments equal to 0.25% of the outstanding principal amount of the 2014 Term Loan beginning September 30, 2014.

Borrowings under the 2014 Revolving Credit Facility bear interest, at our option, based on the Base Rate plus 1.0% to 1.5% or LIBOR plus 2.0% to 2.5%, in each case based on the First Lien Ratio Test. Base Rate is defined as the greatest of (i) the administrative agent’s prime rate, (ii) the overnight federal funds rate plus 0.50% and (iii) one-month LIBOR plus 1.0%. We are required to pay a commitment fee on the average daily unused portion of the 2014 Revolving Credit Facility, which rate may range from 0.375% to 0.50% on an annual basis, based on the First Lien Ratio Test.

The 2014 Revolving Credit Facility matures on June 13, 2019 and the 2014 Term Loan matures on June 13, 2021.

Excluding accrued interest, the amount outstanding under our 2014 Senior Credit Facility as of June 30, 2014 consisted solely of a 2014 Term Loan balance of $525.0 million. Our maximum borrowing availability was limited under the 2014 Senior Credit Facility by our required compliance with certain restrictive covenants, including a first lien net leverage ratio covenant. Also as of June 30, 2014, we had a $10.0 million letter of credit outstanding under the 2014 Revolving Credit Facility, which reduced our borrowing availability thereunder to $40.0 million as of that date. As of June 30, 2014, the interest rate on the balance outstanding under the 2014 Senior Credit Facility was 3.8%. Also, as of June 30, 2014, we had a deferred loan cost balance, net of accumulated amortization, of $5.8 million related to the 2014 Senior Credit Facility.

Prior to the amendment and restatement, the 2012 Senior Credit Facility consisted of a revolving loan (the “2012 Revolving Credit Facility”) and a term loan (the “2012 Term Loan”). Excluding accrued interest, the amount outstanding under our 2012 Senior Credit Facility as of December 31, 2013 consisted solely of a 2012 Term Loan balance of $159.0 million. Also as of December 31, 2013, we had a $10.0 million letter of credit outstanding under the 2012 Revolving Credit Facility, which reduced our borrowing availability thereunder to $30.0 million as of that date. As of December 31, 2013, the interest rate on the balance outstanding under the 2012 Senior Credit Facility was 4.8%. Also, as of December 31, 2013, we had a deferred loan cost balance, net of accumulated amortization, of $3.9 million related to the 2012 Senior Credit Facility.

In connection with the entry into the 2014 Senior Credit Facility, we incurred loan issuance costs of approximately $7.1 million, including bank fees and other professional fees.

The amendment and restatement of the 2012 Senior Credit Facility was determined to be a significant modification and, as a result, we recorded a related loss from early extinguishment of debt of $4.9 million in the six-month period ended June 30, 2014.

7½% Senior Notes due 2020 (the “2020 Notes”)

As of June 30, 2014 and December 31, 2013, we had $675.0 million of our 2020 Notes outstanding; the coupon interest rate and the yield on the 2020 Notes was 7.5% and 7.3%, respectively, on each date, and we had a deferred loan cost balance, net of accumulated amortization, of $12.3 million and $13.2 million, respectively, related to our 2020 Notes.

Excalibur Loan

The Excalibur Loan is a term loan between a third party and Excalibur, a VIE whose financial condition and results we consolidate with ours in accordance with U.S. GAAP. As of June 30, 2014 and December 31, 2013, the balance outstanding of the Excalibur Loan was $2.9 million and $3.0 million, respectively. As of each of June 30, 2014 and December 31, 2013, the interest rate on the balance outstanding under the Excalibur Loan was 4.75%. The deferred loan cost balance, net of accumulated amortization, of the Excalibur Loan as of June 30, 2014 and December 31, 2013 was $0.2 million.

Collateral, Covenants and Restrictions

Our obligations under the 2014 Senior Credit Facility are secured by substantially all of the assets, including real estate, of Gray and substantially all of its subsidiaries. In addition, substantially all of Gray’s subsidiaries are joint and several guarantors of those obligations and Gray’s ownership interests in those subsidiaries are pledged to collateralize its obligations under the 2014 Senior Credit Facility. Excalibur is not a guarantor of, and its assets are not pledged to secure our obligations under, the 2014 Senior Credit Facility. Gray Television, Inc. is a holding company with no independent assets or operations. For all periods presented, the 2020 Notes have been fully and unconditionally guaranteed, on a joint and several, senior unsecured basis, by substantially all of Gray Television, Inc.'s subsidiaries. Any subsidiaries that do not guarantee such notes are "minor" (as defined in Rule 3-10(h) of Regulation S-X). As of June 30, 2014, there were no significant restrictions on the ability of Gray Television, Inc.'s subsidiaries to distribute cash to Gray or to the guarantor subsidiaries. Excalibur is not a guarantor of the 2020 Notes. The Excalibur Loan is secured by substantially all of Excalibur’s assets, and we have jointly and severally guaranteed Excalibur’s obligations under the Excalibur Loan, including the payment of all unpaid principal and interest.

The 2014 Senior Credit Facility contains affirmative and restrictive covenants that Gray must comply with, including (a) limitations on additional indebtedness, (b) limitations on liens, (c) limitations on the sale of assets, (d) limitations on guarantees, (e) limitations on investments and acquisitions, (f) limitations on the payment of dividends, payments on certain other debt and share repurchases, (g) limitations on mergers, and (h) at all times at which amounts are outstanding under the 2014 Revolving Credit Facility, maintenance of a total leverage ratio not to exceed certain maximum limits, as well as other customary covenants for credit facilities of this type. The 2020 Notes include covenants with which we must comply and the Excalibur Loan includes covenants with which Excalibur must also comply, each of which are typical for borrowing transactions of their respective nature. As of June 30, 2014 and December 31, 2013, we and Excalibur were in compliance with all required covenants under our respective debt obligations.

See Note 1 “Basis of Presentation” for more information about Excalibur.

Fair Value Disclosures [Text Block]

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note 4 - Fair Value Measurement

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

4. Fair Value Measurement

To determine fair value, we utilize market data or assumptions that market participants would use in pricing an asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. We utilize valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. These inputs are prioritized into a hierarchy that gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (“Level 1”) and the lowest priority to unobservable inputs that require assumptions to measure fair value (“Level 3”). Level 2 inputs are those that are other than quoted prices on national exchanges included within Level 1 that are observable for the asset or liability either directly or indirectly (“Level 2”).

Fair Value of Other Financial Instruments

The estimated fair value of other financial instruments is determined using market information and appropriate valuation methodologies. Interpreting market data to develop fair value estimates involves considerable judgment. The use of different market assumptions may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts that we could realize in a current market exchange, or the value that ultimately will be realized upon maturity or disposition.

The carrying amounts of the following instruments approximate fair value due to their short term to maturity: (i) accounts receivable, (ii) prepaid and other current assets, (iii) accounts payable, (iv) accrued employee compensation and benefits, (v) accrued interest, (vi) other accrued expenses, (vii) acquisition-related liabilities and (viii) deferred revenue.

The carrying amount of our long-term debt was $1,208.3 million and $842.9 million, respectively, and the fair value was $1,257.2 million and $877.5 million, respectively, as of June 30, 2014 and December 31, 2013. We classify our long-term debt within Level 2 of the fair value hierarchy. Fair value of our long-term debt is based on observable estimates provided by third-party financial professionals as of June 30, 2014 and December 31, 2013.

Compensation and Retirement Disclosure [Abstract]

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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Note 5 - Retirement Plans

6 Months Ended

Jun. 30, 2014

Pension and Other Postretirement Benefits Disclosure [Text Block]

5. Retirement Plans

The following table provides the components of net periodic benefit cost for our pension plans for the three-month and six-month periods ended June 30, 2014 and 2013, respectively (in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Service cost	$	1,300		$	1,325		$	2,644		$	2,649
Interest cost		1,034			917			2,103			1,834
Expected return on plan assets		(1,057	)		(830	)		(2,151	)		(1,659	)
Loss amortization		244			742			496			1,484
Net periodic benefit cost	$	1,521		$	2,154		$	3,092		$	4,308

During the six-month period ended June 30, 2014, we contributed $2.7 million to our pension plans. During the remainder of the year ending December 31, 2014, we expect to contribute an additional $3.4 million to our pension plans.

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

The entire disclosure for pension and other postretirement benefits.

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Note 6 - Stock-based Compensation

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Text Block]

6. Stock-based Compensation

We recognize compensation expense for stock-based payment awards made to our employees and directors, including stock options and restricted shares under our 2007 Long-Term Incentive Plan, as amended (the “2007 Incentive Plan”) and our Directors’ Restricted Stock Plan. The following table provides our stock-based compensation expense and related income tax benefit for the three-month and six-month periods ended June 30, 2014 and 2013, respectively (in thousands).

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Stock-based compensation expense, gross	$	980		$	1,327		$	3,052		$	1,464
Income tax benefit at our statutory rate associated with stock-based compensation		(382	)		(518	)		(1,190	)		(571	)
Stock-based compensation expense, net	$	598		$	809		$	1,862		$	893

2007 Long-Term Incentive Plan

The 2007 Long-Term Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, restricted stock awards, stock appreciation rights, and performance awards to acquire shares of our Class A common stock or common stock, or the receipt of other awards based on our performance, to our employees and non-employee directors.

During the six-month period ended June 30, 2014, we granted 312,961 shares of restricted common stock to our employees, of which 68,991 shares vested on the date of grant; 127,316 shares will vest on January 17, 2015; and 58,327 shares will vest on each of January 17, 2016 and January 17, 2017. Also during the six-month period ended June 30, 2014, we granted 194,413 shares of restricted Class A common stock to an employee, of which 31,821 shares vested on the date of grant; 75,412 shares will vest on January 17, 2015; and 43,590 shares will vest on each of January 17, 2016 and January 17, 2017. Also during the six-month period ended June 30, 2014, we granted 41,881 shares of restricted Class A common stock to our non-employee directors, all of which will vest on January 1, 2015. During the six-month period ended June 30, 2013, we granted 318,852 shares of restricted common stock to our employees, of which 107,224 shares vested in the year ended December 31, 2013; 70,542 shares vested on March 19, 2014; and 70,542 will vest on each of March 19, 2015 and March 19, 2016. During the six-month period ended June 30, 2013, we granted 63,210 shares of restricted common stock to our non-employee directors. These shares vested on January 1, 2014.

Directors’ Restricted Stock Plan

The Directors’ Restricted Stock Plan authorizes the grant of restricted stock awards to our non-employee directors. During the six-month periods ended June 30, 2014 and 2013, we did not grant any restricted stock awards under the Directors’ Restricted Stock Plan.

A summary of restricted common stock activity for the six-month periods ended June 30, 2014 and 2013 is as follows:

	Six Months Ended
	June 30, 2014					June 30, 2013
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - common:
Outstanding - beginning of period		274,838		$	4.43		-		$	-
Granted		312,961		$	11.78		382,062		$	5.20
Vested		(202,743	)	$	6.93		(107,224	)	$	7.16
Outstanding - end of period		385,056		$	9.09		274,838		$	4.43

A summary of restricted Class A common stock activity for the six-month periods ended June 30, 2014 and 2013 is as follows:

	Six Months Ended
	June 30, 2014					June 30, 2013
				Weighted-average				Weighted-average
				Grant Date				Grant Date
	Number of			Fair Value		Number of		Fair Value
	Shares			Per Share		Shares		Per Share
Restricted stock - class A common:
Restricted stock - beginning of period		-		$	-		-	$	-
Granted		236,294		$	9.80		-	$	-
Vested		(31,821	)	$	9.75		-	$	-
Restricted stock - end of period		204,473		$	9.81		-	$	-

A summary of stock option activity related to our common stock for the six-month periods ended June 30, 2014 and 2013 is as follows:

	Six Months Ended
	June 30, 2014				June 30, 2013
	Number of Shares Underlying Options		Weighted- Average Exercise Price		Number of Shares Underlying Options			Weighted- Average Exercise Price
Stock options - common:
Outstanding - beginning of period		274,746	$	1.99		1,316,068		$	5.98
Options granted		-	$	-		-		$	-
Options exercised		-	$	-		(30,000	)	$	3.36
Options expired		-	$	-		(921,500	)	$	7.64
Options forfeited		-	$	-		-		$	-
Options outstanding - end of period		274,746	$	1.99		364,568		$	1.99

Exercisable at end of period		137,376	$	1.99		158,510		$	1.99

For the six-month period ended June 30, 2014, we did not have any stock options outstanding for our Class A common stock. The aggregate intrinsic value of our outstanding stock options was $3.1 million based on the closing market price of our common stock on June 30, 2014.

Commitments and Contingencies Disclosure [Abstract]

The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.

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Note 7 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2014

Commitments and Contingencies Disclosure [Text Block]

7. Commitments and Contingencies

Acquisition Commitments

As of June 30, 2014, we were party to various agreements to complete pending acquisitions pursuant to which we are obligated to pay an additional aggregate of approximately $4.2 million. Completion of these acquisitions is subject to various conditions, some of which are outside of our control, and which include, in some instances, the approval of the acquisition by the FCC. No assurances of the timing of such approvals can be provided.

Legal Proceedings and Claims

From time to time, we are or may become subject to legal proceedings and claims that arise in the normal course of our business. In our opinion, the amount of ultimate liability, if any, with respect to known actions, will not materially affect our financial position. However, the outcome of any one or more matters cannot be predicted with certainty, and the unfavorable resolution of any matter could have a material adverse effect on us.

Sports Marketing Agreement

On October 12, 2004, the University of Kentucky (“UK”) awarded a sports marketing agreement jointly to us and IMG Worldwide, Inc. (“IMG”) (the “UK Agreement”). The UK Agreement expires April 15, 2015.

The UK Agreement provides that we will share in profits in excess of certain amounts specified by the agreement, if any, but not losses. The agreement also provides that we will separately retain all local broadcast advertising revenue and pay all local broadcast expenses for activities under the agreement. Under the agreement, IMG agreed to make all license fee payments to UK. However, if IMG is unable to pay the license fee to UK, we will then be required to pay the unpaid portion of the license fee to UK. As of June 30, 2014, the aggregate license fee to be paid by IMG to UK over the remaining term of the agreement is approximately $9.0 million. If we make advances on behalf of IMG, IMG is required to reimburse us for the amount paid within 60 days after the close of each contract year, which ends on June 30th. IMG has also agreed to pay interest on any advance at a rate equal to the prime rate. During the six-month period ended June 30, 2014, we did not advance any amounts to UK on behalf of IMG under this agreement. As of June 30, 2014, we do not consider the risk of non-performance by IMG to be high.

Goodwill and Intangible Assets Disclosure [Abstract]

The entire disclosure for commitments and contingencies.

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Note 8 - Goodwill and Intangible Assets

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Text Block]

8. Goodwill and Intangible Assets

During the six months ended June 30, 2014, we acquired various television broadcast stations and broadcast licenses. As a result of these acquisitions, our goodwill and intangible balances increased during the six months ended June 30, 2014. See Note 2 “Acquisitions” for more information regarding these transactions. A summary of changes in our goodwill and other intangible assets, on a net basis, for the six months ended June 30, 2014 is as follows (in thousands):

	Net Balance at		Acquisitions							Net Balance at
	December 31,		And							June 30,
	2013		Adjustments		Impairments		Amortization			2014

Goodwill	$	184,409	$	135,718	$	-	$	-		$	320,127
Broadcast licenses		838,982		97,824		-		-			936,806
Definite lived intangible assets		2,644		39,796		-		(1,468	)		40,972
Total intangible assets net of accumulated amortization	$	1,026,035	$	273,338	$	-	$	(1,468	)	$	1,297,905

As of June 30, 2014 and December 31, 2013, our intangible assets and related accumulated amortization consisted of the following (in thousands):

	As of June 30, 2014							As of December 31, 2013
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not subject to amortization:
Broadcast licenses	$	990,505	$	(53,699	)	$	936,806	$	892,681	$	(53,699	)	$	838,982
Goodwill		320,127		-			320,127		184,409		-			184,409
	$	1,310,632	$	(53,699	)	$	1,256,933	$	1,077,090	$	(53,699	)	$	1,023,391

Intangible assets subject to amortization:
Network affiliation agreements	$	1,265	$	(1,265	)	$	-		1,264	$	(1,264	)	$	-
Other definite lived intangible assets		55,621		(14,649	)		40,972		15,826		(13,182	)		2,644
	$	56,886	$	(15,914	)	$	40,972	$	17,090	$	(14,446	)	$	2,644

Total intangibles	$	1,367,518	$	(69,613	)	$	1,297,905	$	1,094,180	$	(68,145	)	$	1,026,035

Upon renewal of intangible assets such as network affiliations and broadcast licenses, we expense all related fees as incurred.

Income Tax Disclosure [Text Block]

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

+ References+ Details

Note 9 - Income Taxes

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

9. Income Taxes

For the three-month and six-month periods ended June 30, 2014 and 2013, our income tax expense and effective income tax rates were as follows (dollars in thousands):

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Income tax expense	$	876		$	3,573		$	1,735		$	5,224
Effective income tax rate		35.5	%		41.0	%		37.7	%		46.5	%

We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory Federal income tax rate of 35.0% to our effective income tax rate.

For the six-month period ended June 30, 2014, these estimates increased or decreased our statutory Federal income tax rate of 35.0% to our effective income tax rate of 37.7% as follows: state income taxes added 1.7% and permanent differences between our U.S. GAAP income and taxable income added 1.2%, while adjustments to our reserve for uncertain tax positions resulted in a reduction of 0.2%.

For the six-month period ended June 30, 2013, these estimates increased or decreased our statutory Federal income tax rate of 35.0% to our effective income tax rate of 46.5% as follows: an adjustment resulting from the expiration of certain unexercised stock options added 5.5%, state income taxes added 4.7% and permanent differences between our U.S. GAAP income and taxable income added 1.7%, while adjustments to our reserve for uncertain tax positions resulted in a reduction of 0.4%.

Subsequent Events [Text Block]

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References+ Details

Note 10 - Subsequent Events

6 Months Ended

Jun. 30, 2014

Subsequent Events [Abstract]

10. Subsequent Events

WJRT-TV/WTVG-TV Acquisition

On July 24, 2014, we entered into an agreement to acquire all of the outstanding capital stock of WJRT Acquisition, Inc. and WTVG Acquisition, Inc. from SJL Holdings, LLC and SJL Holdings II, LLC, respectively, for an aggregate purchase price of approximately $128.0 million plus a working capital adjustment (the “WJRT-TV/WTVG-TV Acquisition”). WJRT Acquisition, Inc. and WTVG Acquisition, Inc. own and operate WJRT-TV and WTVG-TV, which are the ABC-affiliated television stations serving the Flint-Saginaw-Bay City, Michigan, and Toledo, Ohio, television markets, respectively. In addition, WTVG-TV expects to launch a multicast channel affiliated with the CW network on or about September 1, 2014. Gray expects to finance the WJRT-TV/WTVG-TV Acquisition through a combination of cash on hand and from one or more financing sources, depending on the cost and availability of any such financing. The WJRT-TV/WTVG-TV Acquisition is subject to receipt of regulatory and other approvals and is expected to close prior to December 31, 2014.

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2014

Accounting Policies [Abstract]

Revenue Recognition, Policy [Policy Text Block]

Seasonality and Cyclicality

Use of Estimates, Policy [Policy Text Block]

Use of Estimates

Consolidation, Variable Interest Entity, Policy [Policy Text Block]

Variable Interest Entity

	June 30,		December 31,
	2014		2013
Assets:
Current assets:
Cash	$	473	$	473
Accounts receivable, net		292		524
Current portion of program broadcast rights, net		11		42
Prepaid and other current assets		6		7
Total current assets		782		1,046

Property and equipment, net		790		883
Deferred loan costs, net		225		174
Broadcast licenses		4,161		4,161
Other intangible assets, net		459		575
Total assets	$	6,417	$	6,839

Liabilities:
Current liabilities:
Accounts payable	$	32	$	14
Employee compensation and benefits		56		8
Accrued interest		-		2
Other accrued expenses		18		13
Accrued expenses due to Gray		1,276		651
Current portion of program broadcast obligations		11		45
Current portion of long-term debt		200		200
Total current liabilities		1,593		933

Long-term debt, less current portion		2,700		2,800
Other long-term liabilities		2,124		3,106
Total liabilities	$	6,417	$	6,839

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

Comprehensive Income, Policy [Policy Text Block]

Accumulated Other Comprehensive Loss

Our accumulated other comprehensive loss balances as of June 30, 2014 and December 31, 2013 consist of adjustments to our pension liability and income tax benefit as follows (in thousands):

	June 30,			December 31,
	2014			2013

Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(17,064	)	$	(17,064	)
Income tax benefit		(6,655	)		(6,655	)
Accumulated other comprehensive loss	$	(10,409	)	$	(10,409	)

Consolidated Statement of Comprehensive Income

Property, Plant and Equipment, Policy [Policy Text Block]

Property and Equipment

Receivables, Policy [Policy Text Block]

Allowance for Doubtful Accounts

New Accounting Pronouncements, Policy [Policy Text Block]

Recent Accounting Pronouncements

Disclosure of accounting policy for consolidation to describe the significant judgments and assumptions made in determining whether a variable interest held by the entity requires the variable interest entity to be consolidated and (or) disclose information about its involvement with the variable interest entity; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; and the significant factors considered and judgments made in determining that the power to direct the activities that significantly impact the economic performance of the variable interest entity are shared (as defined).

+ References+ Details

Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

+ References+ Details

Disclosure of accounting policy for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, basis of assets, depreciation and depletion methods used, including composite deprecation, estimated useful lives, capitalization policy, accounting treatment for costs incurred for repairs and maintenance, capitalized interest and the method it is calculated, disposals and impairments.

+ References+ Details

Disclosure of accounting policy for trade and other accounts receivable, and finance, loan and lease receivables, including those classified as held for investment and held for sale. This disclosure may include (1) the basis at which such receivables are carried in the entity's statements of financial position (2) how the level of the valuation allowance for receivables is determined (3) when impairments, charge-offs or recoveries are recognized for such receivables (4) the treatment of origination fees and costs, including the amortization method for net deferred fees or costs (5) the treatment of any premiums or discounts or unearned income (6) the entity's income recognition policies for such receivables, including those that are impaired, past due or placed on nonaccrual status and (7) the treatment of foreclosures or repossessions (8) the nature and amount of any guarantees to repurchase receivables.

+ References+ Details

Schedule of Variable Interest Entities [Table Text Block]

Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.

+ References+ Details

Note 1 - Basis of Presentation (Tables)

6 Months Ended

Jun. 30, 2014

Disclosure Text Block [Abstract]

	June 30,		December 31,
	2014		2013
Assets:
Current assets:
Cash	$	473	$	473
Accounts receivable, net		292		524
Current portion of program broadcast rights, net		11		42
Prepaid and other current assets		6		7
Total current assets		782		1,046

Property and equipment, net		790		883
Deferred loan costs, net		225		174
Broadcast licenses		4,161		4,161
Other intangible assets, net		459		575
Total assets	$	6,417	$	6,839

Liabilities:
Current liabilities:
Accounts payable	$	32	$	14
Employee compensation and benefits		56		8
Accrued interest		-		2
Other accrued expenses		18		13
Accrued expenses due to Gray		1,276		651
Current portion of program broadcast obligations		11		45
Current portion of long-term debt		200		200
Total current liabilities		1,593		933

Long-term debt, less current portion		2,700		2,800
Other long-term liabilities		2,124		3,106
Total liabilities	$	6,417	$	6,839

Schedule of Weighted Average Number of Shares [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2014		2013		2014		2013

Weighted-average shares outstanding-basic		57,862		57,561		57,855		57,542
Common stock equivalents for stock options and restricted stock		449		378		443		278
Weighted-average shares outstanding-diluted		58,311		57,939		58,298		57,820

Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]

	June 30,			December 31,
	2014			2013

Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$	(17,064	)	$	(17,064	)
Income tax benefit		(6,655	)		(6,655	)
Accumulated other comprehensive loss	$	(10,409	)	$	(10,409	)

Property, Plant and Equipment [Table Text Block]

							Estimated
	June 30,			December 31,			Useful Lives
	2014			2013			(in years)
Property and equipment:
Land	$	30,821		$	25,656
Buildings and improvements		65,154			59,021			7 to 40
Equipment		365,051			323,603			3 to 20
		461,026			408,280
Accumulated depreciation		(269,578	)		(264,659	)
Total property and equipment, net	$	191,448		$	143,621

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References+ Details

Note 2 - Acquisitions (Tables)

6 Months Ended

Jun. 30, 2014

Business Combinations [Abstract]

	Hoak			KNDX			KEVN			WQCW
	Acquisition			Acquisition			Acquisition			Acquisition

Cash	$	-		$	-		$	615		$	-
Accounts receivable		10,732			-			565			-
Other current assets		511			39			96			45
Property and equipment		45,223			2,576			3,888			991
Broadcast licenses		91,958			500			1,675			3,691
Goodwill		130,342			1,839			2,767			802
Other intangible assets		35,411			2,584			1,786			15
Other non-current assets		-			15			29			-
Current liabilities		(3,595	)		(36	)		(265	)		(45	)
Other long-term liabilities		-			(17	)		(32	)		-
Deferred income tax liabilities		(12,134	)		-			(2,339	)		-

Total	$	298,448		$	7,500		$	8,785		$	5,499

Business Acquisition, Pro Forma Information [Table Text Block]

	Six Months Ended
	June 30,
	2014		2013

Revenue (less agency commissions)	$	232,123	$	195,138

Net income	$	10,581	$	2,348

Basic and diluted net income per share	$	0.18	$	0.04

Note 3 - Long-term Debt (Tables)

6 Months Ended

Jun. 30, 2014

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

	June 30,			December 31,
	2014			2013
Long-term debt including current portion:
2014 Senior Credit Facility	$	525,000		$	-
2012 Senior Credit Facility		-			159,000
2020 Notes		675,000			675,000
Excalibur Loan		2,900			3,000
Other		3			48
Total outstanding principal		1,202,903			837,048
Plus unamortized premium on our 2020 Notes		5,395			5,826
Less current portion		(5,453	)		(224	)
Net carrying value	$	1,202,845		$	842,650

Borrowing availability under the 2014 Senior Credit Facility	$	40,000		$	-
Borrowing availability under the 2012 Senior Credit Facility	$	-		$	30,000

Compensation and Retirement Disclosure [Abstract]

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

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-Name Regulation S-X (SX)

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+ Details

Note 5 - Retirement Plans (Tables)

6 Months Ended

Jun. 30, 2014

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Service cost	$	1,300		$	1,325		$	2,644		$	2,649
Interest cost		1,034			917			2,103			1,834
Expected return on plan assets		(1,057	)		(830	)		(2,151	)		(1,659	)
Loss amortization		244			742			496			1,484
Net periodic benefit cost	$	1,521		$	2,154		$	3,092		$	4,308

Note 6 - Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2014

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Stock-based compensation expense, gross	$	980		$	1,327		$	3,052		$	1,464
Income tax benefit at our statutory rate associated with stock-based compensation		(382	)		(518	)		(1,190	)		(571	)
Stock-based compensation expense, net	$	598		$	809		$	1,862		$	893

Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]

	Six Months Ended
	June 30, 2014					June 30, 2013
				Weighted-					Weighted-
				average					average
				Grant Date					Grant Date
	Number of			Fair Value		Number of			Fair Value
	Shares			Per Share		Shares			Per Share
Restricted stock - common:
Outstanding - beginning of period		274,838		$	4.43		-		$	-
Granted		312,961		$	11.78		382,062		$	5.20
Vested		(202,743	)	$	6.93		(107,224	)	$	7.16
Outstanding - end of period		385,056		$	9.09		274,838		$	4.43

	Six Months Ended
	June 30, 2014					June 30, 2013
				Weighted-average				Weighted-average
				Grant Date				Grant Date
	Number of			Fair Value		Number of		Fair Value
	Shares			Per Share		Shares		Per Share
Restricted stock - class A common:
Restricted stock - beginning of period		-		$	-		-	$	-
Granted		236,294		$	9.80		-	$	-
Vested		(31,821	)	$	9.75		-	$	-
Restricted stock - end of period		204,473		$	9.81		-	$	-

Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]

	Six Months Ended
	June 30, 2014				June 30, 2013
	Number of Shares Underlying Options		Weighted- Average Exercise Price		Number of Shares Underlying Options			Weighted- Average Exercise Price
Stock options - common:
Outstanding - beginning of period		274,746	$	1.99		1,316,068		$	5.98
Options granted		-	$	-		-		$	-
Options exercised		-	$	-		(30,000	)	$	3.36
Options expired		-	$	-		(921,500	)	$	7.64
Options forfeited		-	$	-		-		$	-
Options outstanding - end of period		274,746	$	1.99		364,568		$	1.99

Exercisable at end of period		137,376	$	1.99		158,510		$	1.99

Note 8 - Goodwill and Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Changes in Goodwill and Other Intangible Assets [Table Text Block]

	Net Balance at		Acquisitions							Net Balance at
	December 31,		And							June 30,
	2013		Adjustments		Impairments		Amortization			2014

Goodwill	$	184,409	$	135,718	$	-	$	-		$	320,127
Broadcast licenses		838,982		97,824		-		-			936,806
Definite lived intangible assets		2,644		39,796		-		(1,468	)		40,972
Total intangible assets net of accumulated amortization	$	1,026,035	$	273,338	$	-	$	(1,468	)	$	1,297,905

Schedule of Intangible Assets and Goodwill [Table Text Block]

	As of June 30, 2014							As of December 31, 2013
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not subject to amortization:
Broadcast licenses	$	990,505	$	(53,699	)	$	936,806	$	892,681	$	(53,699	)	$	838,982
Goodwill		320,127		-			320,127		184,409		-			184,409
	$	1,310,632	$	(53,699	)	$	1,256,933	$	1,077,090	$	(53,699	)	$	1,023,391

Intangible assets subject to amortization:
Network affiliation agreements	$	1,265	$	(1,265	)	$	-		1,264	$	(1,264	)	$	-
Other definite lived intangible assets		55,621		(14,649	)		40,972		15,826		(13,182	)		2,644
	$	56,886	$	(15,914	)	$	40,972	$	17,090	$	(14,446	)	$	2,644

Total intangibles	$	1,367,518	$	(69,613	)	$	1,297,905	$	1,094,180	$	(68,145	)	$	1,026,035

Note 9 - Income Taxes (Tables)

6 Months Ended

Jun. 30, 2014

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2014			2013			2014			2013
Income tax expense	$	876		$	3,573		$	1,735		$	5,224
Effective income tax rate		35.5	%		41.0	%		37.7	%		46.5	%

Note 1 - Basis of Presentation (Details) (USD $)	6 Months Ended
Note 1 - Basis of Presentation (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
Note 1 - Basis of Presentation (Details) [Line Items]
Number of Reportable Segments	1
Minimum Percentage of Receivable Balances for creating Allowance for Doubtful Accounts	85.00%
Period for Creating Allowance for Doubtful Accounts	120
Excalibur [Member]
Note 1 - Basis of Presentation (Details) [Line Items]
Variable Interest Entity, Measure of Activity, Revenues	$ 900,000	$ 0
Liabilities of Business Transferred under Contractual Arrangement, Noncurrent	2,100,000		3,100,000
Due to Related Parties, Current	$ 1,300,000		$ 700,000

Carrying amount as of the balance sheet date of obligations due all related parties. For classified balance sheets, represents the current portion of such liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

Note 1 - Basis of Presentation (Details) - Carrying Amounts and Classification of Assets and Liabilities of VIE (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012
Assets:
Cash	$ 66,070	$ 13,478	$ 23,404	$ 11,067
Accounts receivable, net	84,149	70,047
Prepaid and other current assets	11,744	5,293
Total current assets	198,975	130,587
Property and equipment, net	191,448	143,621
Deferred loan costs, net	18,269	17,293
Broadcast licenses	936,806	838,982
Liabilities:
Accounts payable	2,778	2,256
Employee compensation and benefits	17,240	16,759
Accrued interest	13,649	12,703
Current portion of long-term debt	5,453	224
Total current liabilities	69,600	63,085
Long-term debt, less current portion	1,202,845	842,650
Variable Interest Entity, Primary Beneficiary [Member] \| Syndicated Program Film Rights Current [Member]
Assets:
Current portion of program broadcast rights, net	11	42
Liabilities:
Current portion of program broadcast obligations	(11)	(42)
Variable Interest Entity, Primary Beneficiary [Member] \| Syndicated Program Film Obligations Current [Member]
Assets:
Current portion of program broadcast rights, net	(11)	(45)
Liabilities:
Current portion of program broadcast obligations	11	45
Variable Interest Entity, Primary Beneficiary [Member]
Assets:
Cash	473	473
Accounts receivable, net	292	524
Prepaid and other current assets	6	7
Total current assets	782	1,046
Property and equipment, net	790	883
Deferred loan costs, net	225	174
Broadcast licenses	4,161	4,161
Other intangible assets, net	459	575
Total assets	6,417	6,839
Liabilities:
Accounts payable	32	14
Employee compensation and benefits	56	8
Accrued interest		2
Other accrued expenses	18	13
Accrued expenses due to Gray	1,276	651
Current portion of long-term debt	200	200
Total current liabilities	1,593	933
Long-term debt, less current portion	2,700	2,800
Other long-term liabilities	2,124	3,106
Total liabilities	6,417	6,839
Syndicated Program Film Rights Current [Member]
Assets:
Current portion of program broadcast rights, net	2,900	7,656
Liabilities:
Current portion of program broadcast obligations	(2,900)	(7,656)
Syndicated Program Film Obligations Current [Member]
Assets:
Current portion of program broadcast rights, net	(3,148)	(9,707)
Liabilities:
Current portion of program broadcast obligations	$ 3,148	$ 9,707

Note 1 - Basis of Presentation (Details) - Reconciliation of Basic Weighted-average Shares Outstanding to Diluted Weighted-average Shares Outstanding In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Reconciliation of Basic Weighted-average Shares Outstanding to Diluted Weighted-average Shares Outstanding [Abstract]
Weighted-average shares outstanding-basic	57,862	57,561	57,855	57,542
Common stock equivalents for stock options and restricted stock	449	378	443	278
Weighted-average shares outstanding-diluted	58,311	57,939	58,298	57,820

Note 1 - Basis of Presentation (Details) - Accumulated Other Comprehensive Loss (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Accumulated balances of items included in accumulated other comprehensive loss:
Increase in pension liability	$ (17,064)	$ (17,064)
Income tax benefit	(6,655)	(6,655)
Accumulated other comprehensive loss	$ (10,409)	$ (10,409)

Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.

+ References+ Details

Note 1 - Basis of Presentation (Details) - Property and Equipment (USD $) In Thousands, unless otherwise specified							6 Months Ended				6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2014 Land [Member]	Dec. 31, 2013 Land [Member]	Jun. 30, 2014 Building and Building Improvements [Member]	Dec. 31, 2013 Building and Building Improvements [Member]	Jun. 30, 2014 Building and Building Improvements [Member] Minimum [Member]	Jun. 30, 2014 Building and Building Improvements [Member] Maximum [Member]	Jun. 30, 2014 Equipment [Member]	Dec. 31, 2013 Equipment [Member]	Jun. 30, 2014 Equipment [Member] Minimum [Member]	Jun. 30, 2014 Equipment [Member] Maximum [Member]
Property and equipment:
Property and Equipment	$ 461,026	$ 408,280	$ 30,821	$ 25,656	$ 65,154	$ 59,021			$ 365,051	$ 323,603
Estimated Useful Lives							7 years	40 years			3 years	20 years
Accumulated depreciation	(269,578)	(264,659)
Total property and equipment, net	$ 191,448	$ 143,621

Note 2 - Acquisitions (Details) (USD $)	6 Months Ended	1 Months Ended	6 Months Ended		3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended	0 Months Ended	6 Months Ended	1 Months Ended	6 Months Ended	1 Months Ended	6 Months Ended	1 Months Ended	6 Months Ended	3 Months Ended	6 Months Ended		0 Months Ended
Note 2 - Acquisitions (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2014 Operating Expense [Member] Hoak Acquisition [Member]	Dec. 31, 2014 Scenario, Forecast [Member] Parker Acquisitions [Member]	Jun. 30, 2014 Retransmission Agreements [Member] 2014 Acquisitions [Member]	Jun. 30, 2014 Advertising Contracts [Member] 2014 Acquisitions [Member]	Jun. 30, 2014 Advertising Contracts [Member] 2014 Acquisitions [Member]	Jun. 30, 2014 Advertising Relationships [Member] 2014 Acquisitions [Member]	Jun. 30, 2014 Advertising Relationships [Member] 2014 Acquisitions [Member]	Jun. 30, 2014 Off-Market Favorable Lease [Member] 2014 Acquisitions [Member]	Jun. 30, 2014 Off-Market Favorable Lease [Member] 2014 Acquisitions [Member]	Jun. 13, 2014 Hoak Acquisition [Member]	Jun. 30, 2014 Hoak Acquisition [Member]	May 31, 2014 KNDX Acquisition [Member]	Jun. 30, 2014 KNDX Acquisition [Member]	May 31, 2014 KEVN Acquisition [Member]	Jun. 30, 2014 KEVN Acquisition [Member]	Apr. 30, 2014 WQCW Acquisition [Member]	Jun. 30, 2014 WQCW Acquisition [Member]	Jun. 30, 2014 2014 Acquisitions [Member]	Jun. 30, 2014 2014 Acquisitions [Member] Minimum [Member]	Jun. 30, 2014 2014 Acquisitions [Member] Maximum [Member]	Jun. 13, 2014 Parker Acquisitions [Member]
Note 2 - Acquisitions (Details) [Line Items]
Number of Businesses Acquired	4		2
Business Acquisition, Percentage of Voting Interests Acquired											100.00%				100.00%
Payments to Acquire Businesses, Gross											$ 298,400,000		$ 7,500,000		$ 8,800,000		$ 5,500,000					$ 5,360,000
Business Combination, Consideration Transferred			6,700,000								290,800,000	298,448,000		7,500,000	7,800,000	8,785,000		5,499,000
Business Combination, Consideration Transferred, Working Capital Adjustment											7,600,000				1,000,000
Number of Television Stations											12
Accounts Receivable, Contractual Amounts in Excess of Fair Value																			200,000
Property, Plant and Equipment, Useful Life																				3 years	40 years
Finite-lived Intangible Assets Acquired				23,000,000		1,400,000		11,500,000		3,900,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life				4 years 73 days	1 year		5 years 36 days		8 years 73 days
Goodwill, Acquired During Period	135,718,000																		135,800,000
Business Acquisition, Goodwill, Expected Tax Deductible Amount																			85,700,000
Business Combination, Acquisition Related Costs		4,600,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual												3,300,000
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax												$ 1,000,000

Note 2 - Acquisitions (Details) - Preliminary Fair Value Estimates of Acquired Assets, Assumed Liabilities and Resulting Goodwill (USD $) In Thousands, unless otherwise specified			0 Months Ended	6 Months Ended		1 Months Ended	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 13, 2014 Hoak Acquisition [Member]	Jun. 30, 2014 Hoak Acquisition [Member]	Jun. 30, 2014 KNDX Acquisition [Member]	May 31, 2014 KEVN Acquisition [Member]	Jun. 30, 2014 KEVN Acquisition [Member]	Jun. 30, 2014 WQCW Acquisition [Member]
Note 2 - Acquisitions (Details) - Preliminary Fair Value Estimates of Acquired Assets, Assumed Liabilities and Resulting Goodwill [Line Items]
Cash							$ 615
Accounts receivable	84,149	70,047		10,732			565
Other current assets				511	39		96	45
Property and equipment				45,223	2,576		3,888	991
Broadcast licenses	936,806	838,982		91,958	500		1,675	3,691
Goodwill	320,127	184,409		130,342	1,839		2,767	802
Other intangible assets				35,411	2,584		1,786	15
Other non-current assets	2,943	3,289			15		29
Current liabilities	69,600	63,085		(3,595)	(36)		(265)	(45)
Other long-term liabilities	768	827			(17)		(32)
Deferred income tax liabilities	241,592	225,407		(12,134)			(2,339)
Total			$ 290,800	$ 298,448	$ 7,500	$ 7,800	$ 8,785	$ 5,499

Note 2 - Acquisitions (Details) - Unaudited Pro Forma Results (USD $) In Thousands, except Per Share data, unless otherwise specified	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Unaudited Pro Forma Results [Abstract]
Revenue (less agency commissions)	$ 232,123	$ 195,138
Net income	$ 10,581	$ 2,348
Basic and diluted net income per share (in Dollars per share)	$ 0.18	$ 0.04

Note 3 - Long-term Debt (Details) (USD $)	3 Months Ended	6 Months Ended		0 Months Ended		0 Months Ended														0 Months Ended		6 Months Ended
Note 3 - Long-term Debt (Details) (USD $)	Jun. 30, 2014	Jun. 30, 2014	Dec. 31, 2013	Jun. 13, 2014 2014 Senior Credit Facility [Member]	Jun. 30, 2014 2014 Senior Credit Facility [Member]	Jun. 13, 2014 2014 Term Loan [Member] Base Rate [Member] Minimum [Member]	Jun. 13, 2014 2014 Term Loan [Member] Base Rate [Member] Maximum [Member]	Jun. 13, 2014 2014 Term Loan [Member] London Interbank Offered Rate (LIBOR) [Member] Minimum [Member]	Jun. 13, 2014 2014 Term Loan [Member] London Interbank Offered Rate (LIBOR) [Member] Maximum [Member]	Jun. 13, 2014 2014 Term Loan [Member] Minimum LIBOR Floor [Member]	Jun. 13, 2014 2014 Term Loan [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member] Base Rate [Member] Minimum [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member] Base Rate [Member] Maximum [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member] London Interbank Offered Rate (LIBOR) [Member] Minimum [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member] London Interbank Offered Rate (LIBOR) [Member] Maximum [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member] Plus Overnight Federal Funds Rate [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member] Plus One-Month LIBOR [Member]	Jun. 30, 2014 2014 Revolving Credit Facility [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member] Minimum [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member] Maximum [Member]	Jun. 30, 2014 2012 Senior Credit Facility [Member]	Dec. 31, 2013 2012 Senior Credit Facility [Member]	Jun. 30, 2014 2020 Notes [Member]	Dec. 31, 2013 2020 Notes [Member]	Jun. 30, 2014 Excalibur Loan [Member]	Dec. 31, 2013 Excalibur Loan [Member]
Note 3 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity				$ 575,000,000															$ 50,000,000
Long-term Debt	1,208,300,000	1,208,300,000	842,900,000								525,000,000
Proceeds from Issuance of Long-term Debt		544,000,000									525,000,000
Debt Instrument, Basis Spread on Variable Rate						1.75%	2.00%	2.75%	3.00%	0.75%		1.00%	1.50%	2.00%	2.50%	0.50%	1.00%
Debt Instrument, Periodic Principal Payment, Principal											0.25%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage																				0.375%	0.50%
Long-term Line of Credit					525,000,000																		159,000,000
Letters of Credit Outstanding, Amount																		10,000,000					10,000,000
Line of Credit Facility, Remaining Borrowing Capacity					40,000,000																		30,000,000
Line of Credit Facility, Interest Rate at Period End					3.80%																		4.80%
Deferred Finance Costs, Net					5,800,000																		3,900,000	12,300,000	13,200,000	200,000
Debt Issuance Cost				7,100,000
Gains (Losses) on Extinguishment of Debt	(4,897,000)	(4,897,000)																				(4,900,000)
Unsecured Debt																								675,000,000	675,000,000
Debt Instrument, Interest Rate, Stated Percentage																								7.50%		4.75%	4.75%
Debt Instrument, Interest Rate, Effective Percentage																								7.30%
Long-term Debt, Gross																										$ 2,900,000	$ 3,000,000

Note 3 - Long-term Debt (Details) - Long-term Debt Summary (USD $) In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Long-term debt including current portion:
Total outstanding principal	$ 1,202,903	$ 837,048
Less current portion	(5,453)	(224)
Net carrying value	1,202,845	842,650
2014 Senior Credit Facility [Member]
Long-term debt including current portion:
Credit facility	525,000
Borrowing availability credit facility	40,000
2012 Senior Credit Facility [Member]
Long-term debt including current portion:
Credit facility		159,000
Borrowing availability credit facility		30,000
2020 Notes [Member]
Long-term debt including current portion:
2020 Notes	675,000	675,000
Plus unamortized premium on our 2020 Notes	5,395	5,826
Excalibur Loan [Member]
Long-term debt including current portion:
Outstanding principal	2,900	3,000
Other Long-term Debt [Member]
Long-term debt including current portion:
Outstanding principal	$ 3	$ 48

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

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Note 4 - Fair Value Measurement (Details) (USD $) In Millions, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Long-term Debt	$ 1,208.3	$ 842.9
Long-term Debt, Fair Value	$ 1,257.2	$ 877.5

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

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Note 5 - Retirement Plans (Details) (USD $) In Millions, unless otherwise specified	6 Months Ended
	Jun. 30, 2014
Compensation and Retirement Disclosure [Abstract]
Defined Benefit Plan, Contributions by Employer	$ 2.7
Defined Benefit Plans, Estimated Future Employer Contributions in Current Fiscal Year	$ 3.4

Note 5 - Retirement Plans (Details) - Components of Net Periodic Benefit Cost for Pension Plans (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Components of Net Periodic Benefit Cost for Pension Plans [Abstract]
Service cost	$ 1,300	$ 1,325	$ 2,644	$ 2,649
Interest cost	1,034	917	2,103	1,834
Expected return on plan assets	(1,057)	(830)	(2,151)	(1,659)
Loss amortization	244	742	496	1,484
Net periodic benefit cost	$ 1,521	$ 2,154	$ 3,092	$ 4,308

Note 6 - Stock-based Compensation (Details) (USD $) In Millions, except Share data, unless otherwise specified						6 Months Ended					6 Months Ended										1 Months Ended	6 Months Ended		12 Months Ended	6 Months Ended
	Jun. 30, 2014	Dec. 31, 2013	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2014 Director [Member] Common Class A [Member] Restricted Stock [Member] January 01, 2015 [Member]	Jun. 30, 2014 Director [Member] Restricted Stock [Member]	Jun. 30, 2013 Director [Member] Restricted Stock [Member]	Jun. 30, 2014 Common Class A [Member] Restricted Stock [Member] January 17, 2015 [Member] Employee [Member]	Jun. 30, 2014 Common Class A [Member] Restricted Stock [Member] January 17, 2016 [Member] Employee [Member]	Jun. 30, 2014 Common Class A [Member] Restricted Stock [Member] January 17, 2017 [Member] Employee [Member]	Jun. 30, 2014 Common Class A [Member] Restricted Stock [Member] Employee [Member]	Jun. 30, 2014 Common Class A [Member] Restricted Stock [Member] Director [Member]	Jun. 30, 2014 Common Class A [Member] Restricted Stock [Member]	Jun. 30, 2013 Common Class A [Member] Restricted Stock [Member]	Jun. 30, 2014 Common Class A [Member]	Jun. 30, 2014 Restricted Stock [Member] January 17, 2015 [Member] Employee [Member]	Jun. 30, 2014 Restricted Stock [Member] January 17, 2016 [Member] Employee [Member]	Jun. 30, 2014 Restricted Stock [Member] January 17, 2017 [Member] Employee [Member]	Jun. 30, 2014 Restricted Stock [Member] March 19, 2015 [Member] Employee [Member]	Jun. 30, 2014 Restricted Stock [Member] March 19, 2016 [Member] Employee [Member]	Mar. 19, 2014 Restricted Stock [Member] Employee [Member]	Jun. 30, 2014 Restricted Stock [Member] Employee [Member]	Jun. 30, 2013 Restricted Stock [Member] Employee [Member]	Dec. 31, 2013 Restricted Stock [Member] Employee [Member]	Jun. 30, 2014 Restricted Stock [Member]	Jun. 30, 2013 Restricted Stock [Member]
Note 6 - Stock-based Compensation (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							63,210				194,413	41,881	236,294	0								312,961	318,852		312,961	382,062
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period						63,210					31,821		31,821	0							70,542	68,991		107,224	202,743	107,224
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number					41,881			75,412	43,590	43,590						127,316	58,327	58,327	70,542	70,542
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	274,746	274,746	364,568	1,316,068											0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value (in Dollars)	$ 3.1

Note 6 - Stock-based Compensation (Details) - Stock-based Compensation Expense and Related Income Tax Benefit (USD $) In Thousands, unless otherwise specified	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Stock-based Compensation Expense and Related Income Tax Benefit [Abstract]
Stock-based compensation expense, gross	$ 980	$ 1,327	$ 3,052	$ 1,464
Income tax benefit at our statutory rate associated with stock-based compensation	(382)	(518)	(1,190)	(571)
Stock-based compensation expense, net	$ 598	$ 809	$ 1,862	$ 893

Note 6 - Stock-based Compensation (Details) - Summary of Restricted Common Stock Activity (Restricted Stock [Member], USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Note 6 - Stock-based Compensation (Details) - Summary of Restricted Common Stock Activity [Line Items]
Number of Shares, Beginning of Period	274,838	0
Weighted- Average Grant Date Fair Value Per Share, Beginning of Period	$ 4.43	$ 0
Number of Shares, Granted	312,961	382,062
Weighted- Average Grant Date Fair Value Per Share, Granted	$ 11.78	$ 5.20
Number of Shares, Vested	(202,743)	(107,224)
Weighted- Average Grant Date Fair Value Per Share, Vested	$ 6.93	$ 7.16
Number of Shares, End of Period	385,056	274,838
Weighted- Average Grant Date Fair Value Per Share, End of Period	$ 9.09	$ 4.43
Common Class A [Member]
Note 6 - Stock-based Compensation (Details) - Summary of Restricted Common Stock Activity [Line Items]
Number of Shares, Beginning of Period	0	0
Weighted- Average Grant Date Fair Value Per Share, Beginning of Period	$ 0	$ 0
Number of Shares, Granted	236,294	0
Weighted- Average Grant Date Fair Value Per Share, Granted	$ 9.80	$ 0
Number of Shares, Vested	(31,821)	0
Weighted- Average Grant Date Fair Value Per Share, Vested	$ 9.75	$ 0
Number of Shares, End of Period	204,473	0
Weighted- Average Grant Date Fair Value Per Share, End of Period	$ 9.81	$ 0

Note 6 - Stock-based Compensation (Details) - Summary of Stock Option Activity (USD $)	6 Months Ended
	Jun. 30, 2013	Jun. 30, 2014	Dec. 31, 2013
Stock options - common:
Outstanding - beginning of period	1,316,068	274,746	274,746
Outstanding - beginning of period	$ 5.98	$ 1.99	$ 1.99
Options exercised	(30,000)
Options exercised	$ 3.36
Options expired	(921,500)
Options expired	$ 7.64
Options outstanding - end of period	364,568	274,746	274,746
Options outstanding - end of period	$ 1.99	$ 1.99	$ 1.99
Exercisable at end of period	158,510	137,376
Exercisable at end of period	$ 1.99	$ 1.99