Accounts receivable, less allowance for doubtful accounts of $707 and $730, respectively

Cash

$ 79,807

$ 13,478

95,934

70,047

Deferred tax asset

34,112

34,113

Prepaid and other current assets

11,129

5,293

Total current assets

233,749

130,587

Property and equipment, net

217,146

143,621

Deferred loan costs, net

19,489

17,293

Broadcast licenses

1,023,491

838,982

Goodwill

371,995

184,409

Investment in broadcasting company

13,599

Other

3,956

3,289

Total assets (1)

1,931,839

^[1]

1,334,424

^[1]

Employee compensation and benefits

Accounts payable

5,297

2,256

21,189

16,759

Accrued interest

30,459

12,703

Deferred revenue

12,095

2,522

Acquisition related liabilities

9,978

9,739

Current portion of long-term debt

6,453

224

Total current liabilities

113,712

63,085

Other accrued expenses

8,407

5,158

Federal and state income taxes

1,665

1,550

Long-term debt, less current portion

1,300,017

842,650

Deferred income taxes

293,488

225,407

Accrued pension costs

26,823

26,925

Other

930

827

Total liabilities (1)

1,737,262

^[1]

1,160,414

^[1]

Stockholders’ equity:

Common stock

485,717

483,055

Accumulated deficit

(234,192)

(251,000)

Accumulated other comprehensive loss, net of income tax benefit

(10,409)

257,825

236,967

Treasury stock

(40,850)

(40,559)

Total stockholders’ equity

194,577

174,010

Total liabilities and stockholders’ equity

1,931,839

1,334,424

Common Class A [Member]

Stockholders’ equity:

Common stock

16,709

15,321

Treasury stock

(22,398)

Syndicated Program Film Rights Current [Member]

12,767

7,656

(12,767)

(7,656)

Network Programming Obligations Current [Member]

(5,068)

(2,467)

5,068

2,467

Syndicated Program Film Obligations Current Current [Member]

(13,101)

(9,707)

13,101

9,707

Syndicated Program Film Obligations Non-Current [Member]

(2,292)

(1,520)

2,292

1,520

Other Intangible Assets [Member]

Other intangible assets, net

$ 48,414

$ 2,644

[1]

Our consolidated total assets as of September 30, 2014 and December 31, 2013 included total assets of $6.2 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 September 30, 2014 and December 31, 2013 included total liabilities of $3.0 million and $3.1 million, respectively, of the VIE. As of September 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	Sep. 30, 2014	Dec. 31, 2013
Allowance for doubtful accounts (in Dollars)	$ 707	$ 730
VIE assets (in Dollars)	6,200	6,800
VIE liabilities (in Dollars)	3,000	3,100
Recourse (in Dollars)	$ 2,850	$ 3,000
Common stock, par value (in Dollars per share)	$ 0	$ 0
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	57,325,421	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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenue (less agency commissions)	$ 131,702	$ 88,288	$ 330,248	$ 250,742
Operating expenses before depreciation, amortization and loss (gain) on disposal of assets, net:
Broadcast	73,218	53,516	199,604	158,817
Corporate and administrative	5,271	4,470	21,618	13,587
Depreciation	8,228	6,024	21,598	17,762
Amortization of intangible assets	3,823	9	5,291	40
Loss (gain) on disposals of assets, net	6	49	385	(56)
Operating expenses	90,546	64,068	248,496	190,150
Operating income	41,156	24,220	81,752	60,592
Other income (expense):
Miscellaneous income, net	11		14
Interest expense	(18,619)	(12,656)	(49,718)	(37,790)
Loss from early extinguishment of debt			(4,897)
Income before income taxes	22,548	11,564	27,151	22,802
Income tax expense	8,608	4,491	10,343	9,715
Net income	$ 13,940	$ 7,073	$ 16,808	$ 13,087
Basic per share information:
Net income (in Dollars per share)	$ 0.24	$ 0.12	$ 0.29	$ 0.23
Weighted-average shares outstanding (in Shares)	57,863	57,713	57,857	57,600
Diluted per share information:
Net income (in Dollars per share)	$ 0.24	$ 0.12	$ 0.29	$ 0.23
Weighted-average shares outstanding (in Shares)	58,394	58,078	58,330	57,907
Dividends declared per common share (in Dollars per share)	$ 0	$ 0	$ 0	$ 0

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, 2013		$ 15,321	$ (22,398)			$ 483,055	$ (251,000)		$ (40,559)	$ (10,409)			$ 174,010
Balance at December 31, 2013 (in Shares) at Dec. 31, 2013		7,331,574	(1,578,554)			57,010,878			(4,768,925)
Net income							16,808						16,808
Issuance of common stock:
Common shares issued, value				18				(291)			18	(291)
Common shares issued (in Shares)	236,294			1,582	312,961			(22,556)
Share-based compensation		1,388				2,644							4,032
Balance at September 30, 2014 at Sep. 30, 2014		$ 16,709	$ (22,398)			$ 485,717	$ (234,192)		$ (40,850)	$ (10,409)			$ 194,577
Balance at September 30, 2014 (in Shares) at Sep. 30, 2014		7,567,868	(1,578,554)			57,325,421			(4,791,481)

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	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Operating activities
Net income	$ 16,808	$ 13,087
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	21,598	17,762
Amortization of intangible assets	5,291	40
Amortization of deferred loan costs	2,158	1,235
Amortization of original issue (premium) or discount related to long-term debt	(647)	206
Amortization of restricted stock and stock option awards	4,032	1,719
Amortization of program broadcast rights	9,227	8,492
Payments on program broadcast obligations	(11,194)	(8,549)
Deferred income taxes	10,333	9,981
Loss (gain) on disposals of assets, net	385	(56)
Loss from early extinguishment of debt	4,897
Other	(214)	1,970
Changes in operating assets and liabilities:
Receivables	(7,300)	2,886
Other current assets	(772)	(2,016)
Accounts payable	2,881	(678)
Other current liabilities	13,166	(1,352)
Accrued interest	17,755	6,863
Net cash provided by operating activities	88,404	51,590
Investing activities
Purchases of property and equipment	(20,452)	(18,441)
Acquisitions of television businesses and broadcast licenses	(457,754)	(1,329)
Proceeds from asset sales	1,162	160
Other	(22)	7
Net cash used in investing activities	(477,066)	(19,603)
Financing activities
Proceeds from borrowings on long-term debt	644,000
Repayments of borrowings on long-term debt	(179,758)
Deferred and other loan costs	(9,251)	(14)
Proceeds from issuance of common stock		280
Net cash provided by financing activities	454,991	266
Net increase in cash	66,329	32,253
Cash at beginning of period	13,478	11,067
Cash at end of period	$ 79,807	$ 43,320

Note 1 - Basis of Presentation

9 Months Ended

Sep. 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 September 30, 2014 and for the periods ended September 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 nine-month period ended, September 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 nine months ended September 30, 2014 and 2013 is revenue of $1.4 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 September 30, 2014 and December 31, 2013 as follows (in thousands):

	September 30,		December 31,
	2014		2013
Assets:
Current assets:
Cash	$	266	$	473
Accounts receivable, net		428		524
Current portion of program broadcast rights, net		42		42
Prepaid and other current assets		-		7
Total current assets		736		1,046

Property and equipment, net		746		883
Deferred loan costs, net		202		174
Broadcast licenses		4,161		4,161
Other intangible assets, net		401		575
Total assets	$	6,246	$	6,839

Liabilities:
Current liabilities:
Accounts payable	$	13	$	14
Employee compensation and benefits		51		8
Accrued interest		1		2
Other accrued expenses		25		13
Accrued expenses due to Gray		1,376		651
Current portion of program broadcast obligations		34		45
Current portion of long-term debt		200		200
Total current liabilities		1,700		933

Long-term debt, less current portion		2,650		2,800
Other long-term liabilities		1,896		3,106
Total liabilities	$	6,246	$	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 $1.9 million and $3.1 million, representing the fair value of the KJCT-TV Option as of September 30, 2014 and December 31, 2013, respectively, and accrued expenses due to Gray of $1.4 million and $0.7 million as of September 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 September 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 nine-month periods ended September 30, 2014 and 2013 (in thousands):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013

Weighted-average shares outstanding - basic		57,863		57,713		57,857		57,600
Common stock equivalents for stock options and restricted stock		531		365		473		307
Weighted-average shares outstanding - diluted		58,394		58,078		58,330		57,907

Accumulated Other Comprehensive Loss

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

	September 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 nine-month periods ended September 30, 2014 and 2013 consisted 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
	September 30,			December 31,			Useful Lives
	2014			2013			(in years)
Property and equipment:
Land	$	32,021		$	25,656
Buildings and improvements		73,546			59,021		7	to	40
Equipment		387,235			323,603		3	to	20
		492,802			408,280
Accumulated depreciation		(275,656	)		(264,659	)
Total property and equipment, net	$	217,146		$	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

In May 2014, the Financial Accounting Standards Board issued new guidance on revenue recognition for revenue from contracts with customers. This guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers and will replace most existing revenue recognition guidance when it becomes effective. This new standard is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted and the standard permits the use of either the retrospective or cumulative effect transition method. We are currently evaluating the impact of this requirement on our financial statements.

Business Combination Disclosure [Text Block]

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

+ References+ Details

Note 2 - Acquisitions

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

2. Acquisitions

During the nine-month period ended September 30, 2014, we completed the six acquisitions described below (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, by increasing our scale and providing us with the ability to negotiate more favorable terms in our agreements with third parties.

KAQY Acquisition

On June 13, 2014, Gray entered into a stock purchase agreement with Parker Broadcasting, Inc. (“Parker”) pursuant to which we agreed to acquire two wholly owned subsidiaries of Parker: Parker Broadcasting of Dakota, LLC and Parker Broadcasting of Louisiana, LLC. Parker Broadcasting of Dakota, LLC owns certain non-license assets of KXJB-TV which is affiliated with the CBS network and serves the Fargo, North Dakota television market. Parker Broadcasting of Louisiana LLC owns certain non-license assets of KAQY-TV which is affiliated with the ABC network and serves the Monroe, Louisiana television market. On September 25, 2014, we completed the acquisition of the outstanding capital stock of Parker Broadcasting of Louisiana LLC (the “KAQY Acquisition”) and transferred the programing of KAQY-TV to KNOE-TV, a station owned by Gray which also serves the Monroe, Louisiana, television market. We currently anticipate that we will complete the acquisition of Parker Broadcasting of Dakota, LLC (the “KXJB Acquisition”) in 2014.

The total purchase price for the acquisition of the two Parker subsidiaries is $6.7 million, of which approximately $1.8 million has been allocated to the KAQY Acquisition. We have funded $6.0 million of the total purchase price and anticipate funding the remaining $0.7 million upon completing the KXJB Acquisition. Gray funded the KAQY Acquisition through a combination of cash from operations and borrowings under our 2014 Senior Credit Facility (as defined below).

SJL Acquisition

On September 15, 2014, we acquired 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 total cash consideration of $131.5 million, which consisted of a base purchase price of $128.0 million and a working capital adjustment of approximately $3.5 million (the “SJL Acquisition”). WJRT Acquisition, Inc. and WTVG Acquisition, Inc. own and operate WJRT-TV and WTVG-TV, respectively, which are the ABC-affiliated television stations serving the Flint-Saginaw-Bay City, Michigan, and Toledo, Ohio, television markets. Gray financed the SJL Acquisition through a combination of cash from operations and borrowings under our 2014 Senior Credit Facility.

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 $299.8 million, which included a base purchase price of $290.8 million and a working capital adjustment of $9.0 million (the “Hoak Acquisition”). The acquired Hoak 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 to fund the purchase price to complete the Hoak Acquisition.

The following stations were acquired in the Hoak Acquisition:

	Network
Station	Affiliation	Market

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

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 (each a “Parker Agreement”). The Parker Agreement with KAQY-TV terminated upon completion of the KAQY Acquisition. The Parker Agreement with KXJB-TV will terminate when the KXJB Acquisition is complete.

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 each of the 2014 Acquisitions are summarized as follows (in thousands):

	Acquisition
	KAQY			SJL			Hoak			KNDX			KEVN			WQCW

Cash	$	526		$	-		$	-		$	-		$	615		$	-
Accounts receivable		159			7,132			10,732			-			568			-
Other current assets		54			1,972			511			39			96			45
Property and equipment		515			23,518			45,382			2,576			3,888			991
Goodwill		-			50,753			131,531			1,839			2,715			802
Broadcast licenses		-			86,685			91,958			500			1,675			3,691
Other intangible assets		1,199			10,091			35,386			2,584			1,786			15
Other non-current assets		16			329			-			15			29			-
Current liabilities		(712	)		(5,111	)		(3,595	)		(36	)		(216	)		(45	)
Other long-term liabilities		(4	)		(379	)		-			(17	)		(32	)		-
Deferred income tax liabilities		-			(43,461	)		(12,135	)		-			(2,339	)		-

Total	$	1,753		$	131,529		$	299,770		$	7,500		$	8,785		$	5,499

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 receivable are recorded at their fair value which represents the amount that we expect to collect. Gross contractual amounts receivable are approximately $0.2 million more than their recorded fair value.

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

Amounts related to other intangible assets represent the estimated fair values of retransmission agreements of $32.0 million; advertising contracts of $2.0 million; advertising relationships of $13.0 million; and favorable leases of $4.1 million. These intangible assets are being amortized over their estimated useful lives of approximately 4.4 years for retransmission agreements; approximately 0.7 years for advertising contracts; approximately 5.5 years for advertising relationships; and approximately 8.1 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 $187.6 million of goodwill in connection with the 2014 Acquisitions. Of the goodwill recognized in connection with the 2014 Acquisitions, approximately $86.6 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 nine months ended September 30, 2014 and 2013 assuming that the Hoak Acquisition and the SJL Acquisition, along with transactions necessary to finance the Hoak Acquisition and the SJL Acquisition, occurred on January 1, 2013 (in thousands, except per share data):

	Nine Months Ended
	September 30,
	2014		2013

Revenue (less agency commissions)	$	387,365	$	322,376

Net income	$	22,375	$	11,790

Basic net income per share	$	0.39	$	0.20

Diluted net income per share	$	0.38	$	0.20

This pro forma financial information is based on each of Gray’s, Hoak’s and SJL’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 each of the Hoak Acquisition and the SJL 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 nine months ended September 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 each of the Hoak Acquisition and the SJL Acquisition, (iii) the loss from early extinguishment of debt as if the 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 and SJL Acquisition, in 2014 we incurred a total of $5.1 million of transaction related costs, primarily related to legal, consulting and other professional services. These costs were not included in the 2014 pro forma amounts presented above,but 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 and the SJL Acquisition.

Net revenues and operating income of the businesses acquired in the Hoak Acquisition and the SJL Acquisition included in our actual condensed consolidated statements of operations for the nine months ended September 30, 2014 were $25.0 million and $9.4 million, respectively.

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

Pending Acquisitions

As of September 30, 2014, our pending acquisitions were as follows: (1) the acquisition of the remaining outstanding equity interest in Yellowstone Television, LLC (“Yellowstone”), (2) the acquisition of KTVH-TV and KBGF-TV in Great Falls, Montana (the “Beartooth Acquisition”), (3) the acquisition of KMTF-TV in Helena, Montana, (the “KMTF Acquisition”), (4) the acquisition of KKHD-LD and the programming of KJCT-TV in Grand Junction, Colorado and (5) the KXJB Acquisition. As of September 30, 2014, the total consideration remaining to be paid for all of these acquisitions will be approximately $13.7 million. We completed the acquisition of Yellowstone on October 6, 2014 and we completed the Beartooth Acquisition on November 1, 2014. We anticipate closing the still pending acquisitions in the fourth quarter of 2014.

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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+ Details

Note 3 - Long-term Debt

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

3. Long-term Debt

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

	September 30,			December 31,
	2014			2013
Long-term debt including current portion:
2014 Senior Credit Facility	$	623,438		$	-
2012 Senior Credit Facility		-			159,000
2020 Notes		675,000			675,000
Excalibur Loan		2,850			3,000
Other		3			48
Total outstanding principal		1,301,291			837,048
Plus unamortized premium on our 2020 Notes		5,179			5,826
Less current portion		(6,453	)		(224	)
Net carrying value	$	1,300,017		$	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”).

As of the Closing Date, the 2014 Senior Credit Facility provided 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.

On September 15, 2014, we amended the 2014 Senior Credit Facility to increase the commitments under the 2014 Term Loan to $625.0 million and we borrowed an additional $100.0 million under the 2014 Term Loan. Proceeds from this borrowing were used to fund a portion of the cash purchase price to complete the SJL Acquisition.

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 September 30, 2014 consisted solely of a 2014 Term Loan balance of $623.4 million. As of September 30, 2014, the interest rate on the balance outstanding under the 2014 Senior Credit Facility was 3.8%. Our maximum borrowing availability is limited under the 2014 Senior Credit Facility by our required compliance with certain restrictive covenants, including a first lien net leverage ratio covenant. As of September 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. Also as of September 30, 2014, we had a deferred loan cost balance, net of accumulated amortization, of $7.5 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. As of December 31, 2013, the interest rate on the balance outstanding under the 2012 Senior Credit Facility was 4.8%.

In connection with the entry into the 2014 Senior Credit Facility on June 13, 2014, we incurred loan issuance costs of approximately $7.1 million, including bank fees and other professional fees. In connection with our amendment on September 15, 2014, we incurred loan issuance costs of approximately $2.0 million, including bank fees and other professional fees.

The amendment and restatement of the 2012 Senior Credit Facility on June 13, 2014 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 nine-month period ended September 30, 2014. The amendment of the 2014 Senior Credit Facility on September 15, 2014 was determined not to be a significant modification.

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

As of September 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 $11.8 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 September 30, 2014 and December 31, 2013, the balance outstanding on the Excalibur Loan was $2.9 million and $3.0 million, respectively. As of each of September 30, 2014 and December 31, 2013, the interest rate on the balance outstanding under the Excalibur Loan was 4.00% and 4.75%, respectively. The deferred loan cost balance, net of accumulated amortization, of the Excalibur Loan as of September 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 September 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 September 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

9 Months Ended

Sep. 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 $1,306.5 million and $842.9 million, respectively, and the fair value was $1,308.0 million and $877.5 million, respectively, as of September 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 September 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

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2014 and 2013, respectively (in thousands):

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Service cost	$	1,279		$	1,291		$	3,886		$	3,871
Interest cost		1,099			967			3,336			2,899
Expected return on plan assets		(1,123	)		(926	)		(3,410	)		(2,774	)
Loss amortization		263			824			799			2,468
Net periodic benefit cost	$	1,518		$	2,156		$	4,611		$	6,464

During the nine-month period ended September 30, 2014, we contributed $4.7 million to our pension plans. During the remainder of the year ending December 31, 2014, we expect to contribute an additional $1.3 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

9 Months Ended

Sep. 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 nine-month periods ended September 30, 2014 and 2013, respectively (in thousands).

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Stock-based compensation expense, gross	$	981		$	255		$	4,032		$	1,719
Income tax benefit at our statutory rate associated with stock-based compensation		(383	)		(99	)		(1,572	)		(670	)
Stock-based compensation expense, net	$	598		$	156		$	2,460		$	1,049

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 nine-month period ended September 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 nine-month period ended September 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 nine-month period ended September 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 nine-month period ended September 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 nine-month period ended September 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 nine-month periods ended September 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 nine-month periods ended September 30, 2014 and 2013 is as follows:

	Nine Months Ended
	September 30, 2014					September 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 nine-month periods ended September 30, 2014 and 2013 is as follows:

	Nine Months Ended
	September 30, 2014					September 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:
Outstanding - beginning of period		-		$	-		-	$	-
Granted		236,294		$	9.80		-	$	-
Vested		(31,821	)	$	9.75		-	$	-
Outstanding - end of period		204,473		$	9.81		-	$	-

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

	Nine Months Ended
	September 30, 2014				September 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		-	$	-		(119,822	)	$	2.34
Options expired		-	$	-		(921,500	)	$	7.64
Options forfeited		-	$	-		-		$	-
Options outstanding - end of period		274,746	$	1.99		274,746		$	1.99

Exercisable at end of period		137,376	$	1.99		68,688		$	1.99

For the nine-month period ended September 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 $1.6 million based on the closing market price of our common stock on September 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

9 Months Ended

Sep. 30, 2014

Commitments and Contingencies Disclosure [Text Block]

7. Commitments and Contingencies

Acquisition Commitments

As of September 30, 2014, our pending acquisitions were as follows: (1) the acquisition of the remaining outstanding equity interest in Yellowstone, (2) the Beartooth Acquisition, (3) the KMTF Acquisition, (4) the acquisition of KKHD-LD and the programming of KJCT-TV in Grand Junction, Colorado and (5) the KXJB Acquisition. As of September 30, 2014, the total consideration remaining to be paid for all of these acquisitions will be approximately $13.7 million. We completed the acquisition of Yellowstone on October 6, 2014 and we completed the Beartooth Acquisition on November 1, 2014. We anticipate closing the still pending acquisitions in the fourth quarter of 2014.

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”). Effective July 1, 2014, Gray and IMG assigned all rights and obligations under the UK Agreement to a third party and UK has consented to this assignment. As a result, Gray no longer has any further rights or obligations under the UK Agreement.

Goodwill and Intangible Assets Disclosure [Abstract]

The entire disclosure for commitments and contingencies.

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Note 8 - Goodwill and Intangible Assets

9 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Text Block]

8. Goodwill and Intangible Assets

During the nine months ended September 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 nine months ended September 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 nine months ended September 30, 2014 is as follows (in thousands):

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

Goodwill	$	184,409	$	187,586	$	-	$	-		$	371,995
Broadcast licenses		838,982		184,509		-		-			1,023,491
Definite lived intangible assets		2,644		51,061		-		(5,291	)		48,414
Total intangible assets net of accumulated amortization	$	1,026,035	$	423,156	$	-	$	(5,291	)	$	1,443,900

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

	As of September 30, 2014							As of December 31, 2013
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,077,190	$	(53,699	)	$	1,023,491	$	892,681	$	(53,699	)	$	838,982
Goodwill		371,995		-			371,995		184,409		-			184,409
	$	1,449,185	$	(53,699	)	$	1,395,486	$	1,077,090	$	(53,699	)	$	1,023,391

Intangible assets subject to amortization:
Network affiliation agreements	$	1,264	$	(1,264	)	$	-		1,264	$	(1,264	)	$	-
Other definite lived intangible assets		66,887		(18,473	)		48,414		15,826		(13,182	)		2,644
	$	68,151	$	(19,737	)	$	48,414	$	17,090	$	(14,446	)	$	2,644

Total intangibles	$	1,517,336	$	(73,436	)	$	1,443,900	$	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.

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Note 9 - Income Taxes

9 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

9. Income Taxes

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Income tax expense	$	8,608		$	4,491		$	10,343		$	9,715
Effective income tax rate		38.2	%		38.8	%		38.1	%		42.6	%

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 nine-month period ended September 30, 2014, these estimates increased or decreased our statutory Federal income tax rate of 35.0% to our effective income tax rate of 38.1% as follows: state income taxes added 3.8%, while permanent differences between our U.S. GAAP income and taxable income resulted in a reduction of 0.5% and adjustments to our reserve for uncertain tax positions resulted in a reduction of 0.2%.

For the nine-month period ended September 30, 2013, these estimates increased or decreased our statutory Federal income tax rate of 35.0% to our effective income tax rate of 42.6% as follows: an adjustment resulting from the expiration of certain unexercised stock options added 2.7%, state income taxes added 2.9%, permanent differences between our U.S. GAAP income and taxable income added 1.8%, an adjustment for the write off of stock options deferred under Section 162(m) of the internal revenue code added 0.6% and 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.

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Note 10 - Subsequent Events

9 Months Ended

Sep. 30, 2014

Subsequent Events [Abstract]

10. Subsequent Events

On October 31, 2013, we acquired 99% of the outstanding equity of Yellowstone. October 6, 2014, we exercised an option to acquire the remaining 1% of Yellowstone’s outstanding equity for $10.0 million. As of September 30, 2014, we had a letter of credit for $10.0 million outstanding under our 2014 Senior Credit Facility. As a result of the exercise of the option to acquire the remainder of Yellowstone’s outstanding equity, we cancelled the letter of credit on October 6, 2014.

On November 1, 2014, we paid $55,629 to complete the Beartooth Acquisition. Prior to September 30, 2014, we had funded $1.68 million of the $1.75 million purchase price.

Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 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

	September 30,		December 31,
	2014		2013
Assets:
Current assets:
Cash	$	266	$	473
Accounts receivable, net		428		524
Current portion of program broadcast rights, net		42		42
Prepaid and other current assets		-		7
Total current assets		736		1,046

Property and equipment, net		746		883
Deferred loan costs, net		202		174
Broadcast licenses		4,161		4,161
Other intangible assets, net		401		575
Total assets	$	6,246	$	6,839

Liabilities:
Current liabilities:
Accounts payable	$	13	$	14
Employee compensation and benefits		51		8
Accrued interest		1		2
Other accrued expenses		25		13
Accrued expenses due to Gray		1,376		651
Current portion of program broadcast obligations		34		45
Current portion of long-term debt		200		200
Total current liabilities		1,700		933

Long-term debt, less current portion		2,650		2,800
Other long-term liabilities		1,896		3,106
Total liabilities	$	6,246	$	6,839

Earnings Per Share, Policy [Policy Text Block]

Earnings Per Share

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013

Weighted-average shares outstanding - basic		57,863		57,713		57,857		57,600
Common stock equivalents for stock options and restricted stock		531		365		473		307
Weighted-average shares outstanding - diluted		58,394		58,078		58,330		57,907

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

Property and Equipment

							Estimated
	September 30,			December 31,			Useful Lives
	2014			2013			(in years)
Property and equipment:
Land	$	32,021		$	25,656
Buildings and improvements		73,546			59,021		7	to	40
Equipment		387,235			323,603		3	to	20
		492,802			408,280
Accumulated depreciation		(275,656	)		(264,659	)
Total property and equipment, net	$	217,146		$	143,621

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).

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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.

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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.

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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.

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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.

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Note 1 - Basis of Presentation (Tables)

9 Months Ended

Sep. 30, 2014

Disclosure Text Block [Abstract]

	September 30,		December 31,
	2014		2013
Assets:
Current assets:
Cash	$	266	$	473
Accounts receivable, net		428		524
Current portion of program broadcast rights, net		42		42
Prepaid and other current assets		-		7
Total current assets		736		1,046

Property and equipment, net		746		883
Deferred loan costs, net		202		174
Broadcast licenses		4,161		4,161
Other intangible assets, net		401		575
Total assets	$	6,246	$	6,839

Liabilities:
Current liabilities:
Accounts payable	$	13	$	14
Employee compensation and benefits		51		8
Accrued interest		1		2
Other accrued expenses		25		13
Accrued expenses due to Gray		1,376		651
Current portion of program broadcast obligations		34		45
Current portion of long-term debt		200		200
Total current liabilities		1,700		933

Long-term debt, less current portion		2,650		2,800
Other long-term liabilities		1,896		3,106
Total liabilities	$	6,246	$	6,839

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2014		2013		2014		2013

Weighted-average shares outstanding - basic		57,863		57,713		57,857		57,600
Common stock equivalents for stock options and restricted stock		531		365		473		307
Weighted-average shares outstanding - diluted		58,394		58,078		58,330		57,907

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

	September 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
	September 30,			December 31,			Useful Lives
	2014			2013			(in years)
Property and equipment:
Land	$	32,021		$	25,656
Buildings and improvements		73,546			59,021		7	to	40
Equipment		387,235			323,603		3	to	20
		492,802			408,280
Accumulated depreciation		(275,656	)		(264,659	)
Total property and equipment, net	$	217,146		$	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.

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Note 2 - Acquisitions (Tables)

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

	Acquisition
	KAQY			SJL			Hoak			KNDX			KEVN			WQCW

Cash	$	526		$	-		$	-		$	-		$	615		$	-
Accounts receivable		159			7,132			10,732			-			568			-
Other current assets		54			1,972			511			39			96			45
Property and equipment		515			23,518			45,382			2,576			3,888			991
Goodwill		-			50,753			131,531			1,839			2,715			802
Broadcast licenses		-			86,685			91,958			500			1,675			3,691
Other intangible assets		1,199			10,091			35,386			2,584			1,786			15
Other non-current assets		16			329			-			15			29			-
Current liabilities		(712	)		(5,111	)		(3,595	)		(36	)		(216	)		(45	)
Other long-term liabilities		(4	)		(379	)		-			(17	)		(32	)		-
Deferred income tax liabilities		-			(43,461	)		(12,135	)		-			(2,339	)		-

Total	$	1,753		$	131,529		$	299,770		$	7,500		$	8,785		$	5,499

Business Acquisition, Pro Forma Information [Table Text Block]

	Nine Months Ended
	September 30,
	2014		2013

Revenue (less agency commissions)	$	387,365	$	322,376

Net income	$	22,375	$	11,790

Basic net income per share	$	0.39	$	0.20

Diluted net income per share	$	0.38	$	0.20

Note 3 - Long-term Debt (Tables)

9 Months Ended

Sep. 30, 2014

Debt Disclosure [Abstract]

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

	September 30,			December 31,
	2014			2013
Long-term debt including current portion:
2014 Senior Credit Facility	$	623,438		$	-
2012 Senior Credit Facility		-			159,000
2020 Notes		675,000			675,000
Excalibur Loan		2,850			3,000
Other		3			48
Total outstanding principal		1,301,291			837,048
Plus unamortized premium on our 2020 Notes		5,179			5,826
Less current portion		(6,453	)		(224	)
Net carrying value	$	1,300,017		$	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.

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+ Details

Note 5 - Retirement Plans (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Net Benefit Costs [Table Text Block]

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Service cost	$	1,279		$	1,291		$	3,886		$	3,871
Interest cost		1,099			967			3,336			2,899
Expected return on plan assets		(1,123	)		(926	)		(3,410	)		(2,774	)
Loss amortization		263			824			799			2,468
Net periodic benefit cost	$	1,518		$	2,156		$	4,611		$	6,464

Note 6 - Stock-based Compensation (Tables)

9 Months Ended

Sep. 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						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Stock-based compensation expense, gross	$	981		$	255		$	4,032		$	1,719
Income tax benefit at our statutory rate associated with stock-based compensation		(383	)		(99	)		(1,572	)		(670	)
Stock-based compensation expense, net	$	598		$	156		$	2,460		$	1,049

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

	Nine Months Ended
	September 30, 2014					September 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

	Nine Months Ended
	September 30, 2014					September 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:
Outstanding - beginning of period		-		$	-		-	$	-
Granted		236,294		$	9.80		-	$	-
Vested		(31,821	)	$	9.75		-	$	-
Outstanding - end of period		204,473		$	9.81		-	$	-

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

	Nine Months Ended
	September 30, 2014				September 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		-	$	-		(119,822	)	$	2.34
Options expired		-	$	-		(921,500	)	$	7.64
Options forfeited		-	$	-		-		$	-
Options outstanding - end of period		274,746	$	1.99		274,746		$	1.99

Exercisable at end of period		137,376	$	1.99		68,688		$	1.99

Note 8 - Goodwill and Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2014

Goodwill and Intangible Assets Disclosure [Abstract]

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

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

Goodwill	$	184,409	$	187,586	$	-	$	-		$	371,995
Broadcast licenses		838,982		184,509		-		-			1,023,491
Definite lived intangible assets		2,644		51,061		-		(5,291	)		48,414
Total intangible assets net of accumulated amortization	$	1,026,035	$	423,156	$	-	$	(5,291	)	$	1,443,900

Schedule of Intangible Assets and Goodwill [Table Text Block]

	As of September 30, 2014							As of December 31, 2013
			Accumulated							Accumulated
	Gross		Amortization			Net		Gross		Amortization			Net
Intangible assets not currently subject to amortization:
Broadcast licenses	$	1,077,190	$	(53,699	)	$	1,023,491	$	892,681	$	(53,699	)	$	838,982
Goodwill		371,995		-			371,995		184,409		-			184,409
	$	1,449,185	$	(53,699	)	$	1,395,486	$	1,077,090	$	(53,699	)	$	1,023,391

Intangible assets subject to amortization:
Network affiliation agreements	$	1,264	$	(1,264	)	$	-		1,264	$	(1,264	)	$	-
Other definite lived intangible assets		66,887		(18,473	)		48,414		15,826		(13,182	)		2,644
	$	68,151	$	(19,737	)	$	48,414	$	17,090	$	(14,446	)	$	2,644

Total intangibles	$	1,517,336	$	(73,436	)	$	1,443,900	$	1,094,180	$	(68,145	)	$	1,026,035

Note 9 - Income Taxes (Tables)

9 Months Ended

Sep. 30, 2014

Income Tax Disclosure [Abstract]

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

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2014			2013			2014			2013
Income tax expense	$	8,608		$	4,491		$	10,343		$	9,715
Effective income tax rate		38.2	%		38.8	%		38.1	%		42.6	%

Note 1 - Basis of Presentation (Details) (USD $)	9 Months Ended
Note 1 - Basis of Presentation (Details) (USD $)	Sep. 30, 2014	Sep. 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 days
Excalibur [Member]
Note 1 - Basis of Presentation (Details) [Line Items]
Variable Interest Entity, Measure of Activity, Revenues	$ 1,400,000	$ 0
Liabilities of Business Transferred under Contractual Arrangement, Noncurrent	1,900,000		3,100,000
Due to Related Parties, Current	$ 1,400,000		$ 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	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Dec. 31, 2012
Current assets:
Cash	$ 79,807	$ 13,478	$ 43,320	$ 11,067
Accounts receivable, net	95,934	70,047
Prepaid and other current assets	11,129	5,293
Total current assets	233,749	130,587
Property and equipment, net	217,146	143,621
Deferred loan costs, net	19,489	17,293
Broadcast licenses	1,023,491	838,982
Total assets	6,200	6,800
Current liabilities:
Accounts payable	5,297	2,256
Employee compensation and benefits	21,189	16,759
Accrued interest	30,459	12,703
Current portion of long-term debt	6,453	224
Total current liabilities	113,712	63,085
Long-term debt, less current portion	1,300,017	842,650
Total liabilities	3,000	3,100
Variable Interest Entity, Primary Beneficiary [Member] \| Syndicated Program Film Rights Current [Member]
Current assets:
Current portion of program broadcast rights, net	42	42
Current liabilities:
Current portion of program broadcast obligations	(42)	(42)
Variable Interest Entity, Primary Beneficiary [Member] \| Syndicated Program Film Obligations Current [Member]
Current assets:
Current portion of program broadcast rights, net	(34)	(45)
Current liabilities:
Current portion of program broadcast obligations	34	45
Variable Interest Entity, Primary Beneficiary [Member]
Current assets:
Cash	266	473
Accounts receivable, net	428	524
Prepaid and other current assets		7
Total current assets	736	1,046
Property and equipment, net	746	883
Deferred loan costs, net	202	174
Broadcast licenses	4,161	4,161
Other intangible assets, net	401	575
Total assets	6,246	6,839
Current liabilities:
Accounts payable	13	14
Employee compensation and benefits	51	8
Accrued interest	1	2
Other accrued expenses	25	13
Accrued expenses due to Gray	1,376	651
Current portion of long-term debt	200	200
Total current liabilities	1,700	933
Long-term debt, less current portion	2,650	2,800
Other long-term liabilities	1,896	3,106
Total liabilities	6,246	6,839
Syndicated Program Film Rights Current [Member]
Current assets:
Current portion of program broadcast rights, net	12,767	7,656
Current liabilities:
Current portion of program broadcast obligations	$ (12,767)	$ (7,656)

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		9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Reconciliation of Basic Weighted-average Shares Outstanding to Diluted Weighted-average Shares Outstanding [Abstract]
Weighted-average shares outstanding - basic	57,863	57,713	57,857	57,600
Common stock equivalents for stock options and restricted stock	531	365	473	307
Weighted-average shares outstanding - diluted	58,394	58,078	58,330	57,907

Note 1 - Basis of Presentation (Details) - Accumulated Other Comprehensive Loss (USD $) In Thousands, unless otherwise specified	Sep. 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					9 Months Ended				9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014 Land [Member]	Dec. 31, 2013 Land [Member]	Sep. 30, 2014 Building and Building Improvements [Member] Minimum [Member]	Sep. 30, 2014 Building and Building Improvements [Member] Maximum [Member]	Sep. 30, 2014 Building and Building Improvements [Member]	Dec. 31, 2013 Building and Building Improvements [Member]	Sep. 30, 2014 Equipment [Member] Minimum [Member]	Sep. 30, 2014 Equipment [Member] Maximum [Member]	Sep. 30, 2014 Equipment [Member]	Dec. 31, 2013 Equipment [Member]
Property and equipment:
Property and Equipment	$ 492,802	$ 408,280	$ 32,021	$ 25,656			$ 73,546	$ 59,021			$ 387,235	$ 323,603
Estimated Useful Lives					7 years	40 years			3 years	20 years
Accumulated depreciation	(275,656)	(264,659)
Total property and equipment, net	$ 217,146	$ 143,621

Note 2 - Acquisitions (Details) (USD $)	9 Months Ended	4 Months Ended			9 Months Ended	6 Months Ended	9 Months Ended	6 Months Ended	9 Months Ended	6 Months Ended	9 Months Ended	4 Months Ended	0 Months Ended		4 Months Ended	9 Months Ended	1 Months Ended	9 Months Ended	1 Months Ended	9 Months Ended	1 Months Ended	9 Months Ended
Note 2 - Acquisitions (Details) (USD $)	Sep. 30, 2014	Sep. 30, 2014 Operating Expense [Member] Hoak Acquisition [Member]	Sep. 25, 2014 KAQY Acquisition [Member] Parker Acquisitions [Member]	Sep. 25, 2014 KXJB Acquisition [Member] Parker Acquisitions [Member]	Sep. 30, 2014 Retransmission Agreements [Member] 2014 Acquisitions [Member]	Sep. 30, 2014 Advertising Contracts [Member] 2014 Acquisitions [Member]	Sep. 30, 2014 Advertising Contracts [Member] 2014 Acquisitions [Member]	Sep. 30, 2014 Advertising Relationships [Member] 2014 Acquisitions [Member]	Sep. 30, 2014 Advertising Relationships [Member] 2014 Acquisitions [Member]	Sep. 30, 2014 Off-Market Favorable Lease [Member] 2014 Acquisitions [Member]	Sep. 30, 2014 Off-Market Favorable Lease [Member] 2014 Acquisitions [Member]	Sep. 25, 2014 Parker Acquisitions [Member]	Sep. 15, 2014 WJRT Acquisition, Inc. and WTVG Acquisition, Inc. [Member]	Jun. 13, 2014 Hoak Acquisition [Member]	Sep. 30, 2014 Hoak Acquisition [Member]	Sep. 30, 2014 Hoak Acquisition [Member]	May 31, 2014 KNDX Acquisition [Member]	Sep. 30, 2014 KNDX Acquisition [Member]	May 31, 2014 KEVN Acquisition [Member]	Sep. 30, 2014 KEVN Acquisition [Member]	Apr. 30, 2014 WQCW Acquisition [Member]	Sep. 30, 2014 WQCW Acquisition [Member]	Sep. 30, 2014 2014 Acquisitions [Member] Minimum [Member]	Sep. 30, 2014 2014 Acquisitions [Member] Maximum [Member]	Sep. 30, 2014 2014 Acquisitions [Member]
Note 2 - Acquisitions (Details) [Line Items]
Number of Businesses Acquired	6											2
Business Combination, Consideration Transferred			$ 1,800,000									$ 6,700,000	$ 128,000,000	$ 290,800,000		$ 299,770,000		$ 7,500,000	$ 7,800,000	$ 8,785,000		$ 5,499,000
Payments to Acquire Businesses, Gross												6,000,000	131,500,000	299,800,000			7,500,000		8,800,000		5,500,000
Business Combination, Contingent Consideration, Liability	13,700,000			700,000																					13,700,000
Business Combination, Consideration Transferred, Working Capital Adjustment													3,500,000	9,000,000					1,000,000
Business Acquisition, Percentage of Voting Interests Acquired														100.00%					100.00%
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					32,000,000		2,000,000		13,000,000		4,100,000
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life					4 years 146 days	255 days		5 years 6 months		8 years 36 days
Goodwill, Acquired During Period	187,586,000																								187,600,000
Business Acquisition, Goodwill, Expected Tax Deductible Amount																									86,600,000
Business Combination, Acquisition Related Costs		5,100,000
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual															25,000,000
Business Acquisition, Pro Forma Income (Loss) from Continuing Operations before Changes in Accounting and Extraordinary Items, Net of Tax																$ 9,400,000

Note 2 - Acquisitions (Details) - Preliminary Fair Value Estimates of Acquired Assets, Assumed Liabilities and Resulting Goodwill (USD $) In Thousands, unless otherwise specified			9 Months Ended		0 Months Ended	9 Months Ended		1 Months Ended	9 Months Ended
	Sep. 30, 2014	Dec. 31, 2013	Sep. 30, 2014 KAQY Acquisition [Member]	Sep. 30, 2014 SJL Acquisition [Member]	Jun. 13, 2014 Hoak Acquisition [Member]	Sep. 30, 2014 Hoak Acquisition [Member]	Sep. 30, 2014 KNDX Acquisition [Member]	May 31, 2014 KEVN Acquisition [Member]	Sep. 30, 2014 KEVN Acquisition [Member]	Sep. 30, 2014 WQCW Acquisition [Member]
Note 2 - Acquisitions (Details) - Preliminary Fair Value Estimates of Acquired Assets, Assumed Liabilities and Resulting Goodwill [Line Items]
Cash			$ 526						$ 615
Accounts receivable	95,934	70,047	159	7,132		10,732			568
Other current assets			54	1,972		511	39		96	45
Property and equipment	217,146	143,621	515	23,518		45,382	2,576		3,888	991
Goodwill	371,995	184,409		50,753		131,531	1,839		2,715	802
Broadcast licenses	1,023,491	838,982		86,685		91,958	500		1,675	3,691
Other intangible assets			1,199	10,091		35,386	2,584		1,786	15
Other non-current assets	3,956	3,289	16	329			15		29
Current liabilities	(113,712)	(63,085)	(712)	(5,111)		(3,595)	(36)		(216)	(45)
Other long-term liabilities	(930)	(827)	(4)	(379)			(17)		(32)
Deferred income tax liabilities	(293,488)	(225,407)		(43,461)		(12,135)			(2,339)
Total			$ 1,753	$ 131,529	$ 290,800	$ 299,770	$ 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	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2013
Unaudited Pro Forma Results [Abstract]
Revenue (less agency commissions)	$ 387,365	$ 322,376
Net income	$ 22,375	$ 11,790
Basic net income per share	$ 0.39	$ 0.20
Diluted net income per share	$ 0.38	$ 0.20

Note 3 - Long-term Debt (Details) (USD $)	9 Months Ended		0 Months Ended			0 Months Ended	3 Months Ended					0 Months Ended	3 Months Ended											6 Months Ended
Note 3 - Long-term Debt (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013	Sep. 15, 2014 Amended [Member] 2014 Revolving Credit Facility [Member]	Jun. 13, 2014 2014 Senior Credit Facility [Member]	Sep. 30, 2014 2014 Senior Credit Facility [Member]	Sep. 15, 2014 2014 Term Loan [Member] 2014 Revolving Credit Facility [Member]	Sep. 15, 2014 2014 Term Loan [Member] Base Rate [Member] Minimum [Member]	Sep. 15, 2014 2014 Term Loan [Member] Base Rate [Member] Maximum [Member]	Sep. 15, 2014 2014 Term Loan [Member] London Interbank Offered Rate (LIBOR) [Member] Minimum [Member]	Sep. 15, 2014 2014 Term Loan [Member] London Interbank Offered Rate (LIBOR) [Member] Maximum [Member]	Sep. 15, 2014 2014 Term Loan [Member] Minimum LIBOR Floor [Member]	Jun. 13, 2014 2014 Term Loan [Member]	Sep. 15, 2014 2014 Term Loan [Member]	Sep. 15, 2014 2014 Revolving Credit Facility [Member] Base Rate [Member] Minimum [Member]	Sep. 15, 2014 2014 Revolving Credit Facility [Member] Base Rate [Member] Maximum [Member]	Sep. 15, 2014 2014 Revolving Credit Facility [Member] London Interbank Offered Rate (LIBOR) [Member] Minimum [Member]	Sep. 15, 2014 2014 Revolving Credit Facility [Member] London Interbank Offered Rate (LIBOR) [Member] Maximum [Member]	Sep. 15, 2014 2014 Revolving Credit Facility [Member] Plus Overnight Federal Funds Rate [Member]	Sep. 15, 2014 2014 Revolving Credit Facility [Member] Plus One-Month LIBOR [Member]	Sep. 15, 2014 2014 Revolving Credit Facility [Member] Minimum [Member]	Sep. 15, 2014 2014 Revolving Credit Facility [Member] Maximum [Member]	Sep. 30, 2014 2014 Revolving Credit Facility [Member]	Jun. 13, 2014 2014 Revolving Credit Facility [Member]	Jun. 30, 2014 2012 Senior Credit Facility [Member]	Dec. 31, 2013 2012 Senior Credit Facility [Member]	Sep. 30, 2014 2020 Notes [Member]	Dec. 31, 2013 2020 Notes [Member]	Sep. 30, 2014 Excalibur Loan [Member]	Dec. 31, 2013 Excalibur Loan [Member]	Sep. 30, 2014 2014 Revolving Credit Facility [Member]
Note 3 - Long-term Debt (Details) [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 625,000,000	$ 575,000,000																			$ 50,000,000
Long-term Debt	1,306,500,000	842,900,000										525,000,000
Proceeds from Issuance of Long-term Debt	644,000,000											525,000,000
Proceeds from Lines of Credit						100,000,000
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					623,438,000																	623,400,000			159,000,000
Line of Credit Facility, Interest Rate at Period End																						3.80%			4.80%
Letters of Credit Outstanding, Amount																						10,000,000								10,000,000
Line of Credit Facility, Remaining Borrowing Capacity					40,000,000																				30,000,000
Deferred Finance Costs, Net					7,500,000																					11,800,000	13,200,000	200,000	200,000
Debt Issuance Cost			2,000,000	7,100,000
Gains (Losses) on Extinguishment of Debt	(4,897,000)																							(4,900,000)
Unsecured Debt																										675,000,000	675,000,000
Debt Instrument, Interest Rate, Effective Percentage																										7.50%	7.30%	4.00%	4.75%
Long-term Debt, Gross																												$ 2,850,000	$ 3,000,000

Note 3 - Long-term Debt (Details) - Long-term Debt Summary (USD $) In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Long-term debt including current portion:
Total outstanding principal	$ 1,301,291	$ 837,048
Less current portion	(6,453)	(224)
Net carrying value	1,300,017	842,650
2014 Senior Credit Facility [Member]
Long-term debt including current portion:
Credit facility	623,438
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	5,179	5,826
Excalibur Loan [Member]
Long-term debt including current portion:
Outstanding principal	2,850	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.

+ References+ Details

Note 4 - Fair Value Measurement (Details) (USD $) In Millions, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]
Long-term Debt	$ 1,306.5	$ 842.9
Long-term Debt, Fair Value	$ 1,308.0	$ 877.5