Gray Television, Inc. -- Moody's says Gray Television's planned acquisitions including stations from Hoak Media have no immediate impact on credit ratings or positive outlook

New York, November 22, 2013 -- Moody's Investors Service said that there is no immediate impact to the ratings or positive outlook of Gray Television ("Gray") after its recently announced acquisition plans. On November 20, 2013, Gray Television ("Gray") announced a series of transactions through which Gray and Excalibur Broadcasting, LLC (a planned variable interest entity) will acquire 15 network affiliated stations in seven markets for $335 million in cash, plus working capital adjustments. Separately, Excalibur Broadcasting, LLC agreed to acquire two Fox affiliated stations for $7.5 million. Moody's expects overall financial metrics and operating performance to remain within levels appropriate for its B3 Corporate Family Rating.

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