SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

HOWELL HILTON H JR

(Last)

(First)

(Middle)

546 EAST MAIN STREET

(Street)

LEXINGTON

40508

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
12/30/2005

3. Issuer Name and Ticker or Trading Symbol
Triple Crown Media, Inc. [ TCMI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
	Officer (give title below)	Other (specify below)

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock, par value $0.001 per share	25,099⁽¹⁾	D
Common Stock, par value $0.001 per share	1,414⁽²⁾	D
Common Stock, par value $0.001 per share	50⁽¹⁾	I	As Custodian for Child
Common Stock, par value $0.001 per share	5,857⁽¹⁾	I	By Spouse
Common Stock, par value $0.001 per share	6,875⁽³⁾	I	By Delta Fire and Casualty Insurance
Common Stock, par value $0.001 per share	2,101⁽²⁾	I	By Delta Fire and Casualty Insurance
Common Stock, par value $0.001 per share	22,170⁽⁴⁾	I	By Bankers Fidelity Ins. Co.
Common Stock, par value $0.001 per share	2,206⁽²⁾	I	By Bankers Fidelity Ins. Co.
Common Stock, par value $0.001 per share	13,835⁽⁵⁾	I	By Georgia Casualty & Surety Co.
Common Stock, par value $0.001 per share	1,772⁽²⁾	I	By Georgia Casualty & Surety Co.
Common Stock, par value $0.001 per share	14,579⁽⁶⁾	I	By Delta Life Insurance Co.
Common Stock, par value $0.001 per share	5,958⁽²⁾	I	By Delta Life Insurance Co.
Common Stock, par value $0.001 per share	9,700⁽⁷⁾	I	By Associated Casualty Insurance Co.
Common Stock, par value $0.001 per share	5,000⁽⁸⁾	I	By American Southern Insurance Company

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Option (right to buy)	12/30/2005	04/23/2006	Common Stock, par value $0.001 per share	216⁽⁹⁾	$843.43	D

Explanation of Responses:

1. Represents the shares issued in the spin-off of Triple Crown Media, Inc. from Gray Television, Inc. (the "Spin-Off").

2. Received in exchange for shares of Bull Run Corporation common stock in the merger of Bull Run Corporation into BR Acquisition Corp., a direct, wholly-owned subsidiary of Triple Crown Media, Inc. (the "Merger").

3. Represents the shares issued to Delta Fire and Casualty Insurance in the Spin-Off. Mr. Howell is an officer and a director of Delta Fire and Casualty Insurance.

4. Represents the shares issued to Bankers Fidelity Ins. Co. in the Spin-Off. Mr. Howell is an officer and a director of Bankers Fidelity Ins. Co.

5. Represents the shares issued to Georgia Casualty and Surety Co. in the Spin-Off. Mr. Howell is an officer and a director of Georgia Casualty and Surety Co.

6. Represents the shares issued to Delta Life Insurance Co. in the Spin-Off. Mr. Howell is an officer and a director of Delta Life Insurance Co.

7. Represents the shares issued to Associated Casualty Insurance Co. in the Spin-Off. Mr. Howell is an officer and a director of Associated Casualty & Surety Co.

8. Represents the shares issued to American Southern Insurance Company in the Spin-Off. Mr. Howell is an officer and a director of American Southern Insurance Company.

9. Received in the Merger in exchange for options to purchase Bull Run Corporation common stock.

	/s/ Hilton H. Howell, Jr.	12/30/2005
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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