FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * HOWELL HILTON H JR   2. Issuer Name and Ticker or Trading Symbol GRAY TELEVISION INC [GTN] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) __X__ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Vice Chairman (Last) (First) (Middle) 4370 PEACHTREE ROAD,NE 3. Date of Earliest Transaction (Month/Day/Year) 01/04/2006 (Street) ATLANTA, GA 30319 4. If Amendment, Date 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 (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock (GTN)               189,497 D   Common Class A Stock (GTN.A)               58,575 I Spouse Common Class A Stock (GTN.A)               500 I children Common Stock (GTN)               35,000 I Delta Fire & Casualty Insurance Co. Common Class A Stock (GTN.A)               33,750 I Delta Fire & Casualty Insurance Co. Common Stock (GTN)               10,000 I Delta Life Insurance Co. Common Class A Stock (GTN.A)               135,795 I Delta Life Insurance Co. Common Class A Stock (GTN.A)               221,706 I Bankers Fidelity Life Insurance Co. Common Stock (GTN)               6,000 I Georgia Casualty & Surety Co. Common Class A Stock (GTN.A)               132,354 I Georgia Casualty & Surety Co. Common Stock (GTN)               72,000 I Associated Casualty Insurance Co. Common Class A Stock (GTN.A)               25,000 I Associated Casualty Insurance Co. Common Stock (GTN)               50,000 I American Southern Insurance Co. Common Stock (GTN.A) 01/04/2006   P   3,970 A $ 8.4 65,470 D

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Nonqualified Stock Option

$ 11.1

09/20/2005

A

90,000

09/20/2007

09/20/2010

GTN

90,000

$ 11.1

90,000

D

Nonqualified Stock Option

$ 8.89

10/28/2004

10/28/2007

GTN

25,000

25,000

D

Nonqualified Stock Option

$ 11.23

01/07/2004

01/07/2007

GTN

6,700

6,700

D

Series C Preferred Stock

$ 14.39 (1)

04/22/2007

04/22/2012

GTN

121,612 (2)

175

I

Georgia Casualty & Surety Co.

Series C Preferred Stock

$ 14.39 (1)

04/22/2007

04/22/2012

GTN

121,612 (2)

175

I

Bankers Fidelity Life Insurance Co.

Series C Preferred Stock

$ 14.39 (1)

04/22/2007

04/22/2012

GTN

207,088 (2)

298

I

Delta Life Insurance Co.

Series C Preferred Stock

$ 14.39 (1)

04/22/2007

04/22/2012

GTN

34,746 (2)

50

I

Delta Fire & Casualty Insurance Co.

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
HOWELL HILTON H JR 4370 PEACHTREE ROAD,NE ATLANTA, GA 30319	X		Vice Chairman

Signatures

J. S. Cowart IV, by Power of Attorney		01/06/2006
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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).
(1)	In April of 2002, Gray Television, Inc. issued Series C Preferred Stock to certain affiliates of Mr. Howell and others unaffiliated with Mr. Howell or Gray. The Series C Preferred Stock is convertible into Gray's Common Stock ("GTN") at a conversion price of $14.39 per share. The Series C Preferred Stock is redeemable at Gray's option on or after April 22, 2007 and is subject to mandatory redemption on April 22, 2012 at a value of $10,000 per share.
(2)	Each share of Series C Preferred Stock is convertible into a number of shares of common stock determined by dividing the liquidation preference ($10,000) by the conversion price ($14.39).

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