GRAY
Television, Inc.                                                    EXHIBIT 99.2
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NEWS RELEASE                                                    OCTOBER 25, 2002

         GRAY TELEVISION, INC. COMPLETES ACQUISITION OF 15 TV STATIONS

         ATLANTA, GA. - Gray Television, Inc. (NYSE: GTN) today announced it
has completed its acquisition of Stations Holding Company, Inc. ("Stations
Holding"). With this transaction Gray has acquired 15 network affiliated
television stations serving 13 television markets. Eleven of the 15 television
stations are the leading news station in their market. Effective with the
merger Stations Holding has changed its name to Gray MidAmerica Television,
Inc.

         Aggregate cash consideration paid included a base purchase price of
$502.5 million plus certain net working capital adjustments and assumed
liabilities of approximately $4.5 million. Gray funded the acquisition and
related fees and expenses by issuing 30,000,000 shares of Gray Common Stock
(GTN) to the public for net proceeds of $232.7 million, issuing additional debt
totaling $275 million and cash on hand.

           Gray also reiterated that its previously announced transaction to
acquire KOLO-TV in Reno, Nevada for $41.5 million is expected to be completed
by December 31, 2002.

         Upon completion of the KOLO-TV acquisition mentioned above, Gray will
own a total of 29 stations serving 25 television markets. The stations will
include 15 CBS affiliates, seven NBC affiliates and seven ABC affiliates. The
combined station group will have 23 stations ranked #1 in local news audience
and 22 stations ranked #1 in overall audience within their respective markets.
The combined TV station group will reach approximately 5.3% of total U.S. TV
households. In addition, with 15 CBS affiliated stations, Gray is the largest
independent owner of CBS affiliates in the country.

         Gray Television, Inc. is a communications company headquartered in
Atlanta, Georgia, and currently operates 15 CBS-affiliated television stations,
seven NBC-affiliated television stations, six ABC-affiliated television
stations and four daily newspapers.

FOR INFORMATION CONTACT:
BOB PRATHER                                             JIM RYAN
PRESIDENT                                               CHIEF FINANCIAL OFFICER
(404) 266-8333                                          (404) 504-9828

                  4370 Peachtree Road, NE * Atlanta, GA 30319
                      (404) 504-9828 * Fax (404) 261-9607