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BULL RUN CORPORATION AND DATASOUTH COMPUTER CORPORATION ANNOUNCE AGREEMENT TO PURCHASE SHARES OF GRAY COMMUNICATIONS SYSTEMS, INC.

 CHARLOTTE, N.C., May 6 /PRNewswire/ -- Bull Run Corporation (NASDAQ-NMS: BULL) along with its affiliated company, Datasouth Computer Corporation (NASDAQ-NMS: DSCC), today announced that it had entered into an agreement to acquire approximately 26 percent of the outstanding common stock of Gray Communications Systems, Inc. (NASDAQ: GCOM). The agreement provides that Bull Run and Datasouth together will acquire 794,500 Gray Communications shares now held by the Estate of James H. Gray, Sr., Gray's largest shareholder, for a purchase price of $17 per share, or $13,506,500. Datasouth's portion of this will be 647,140 shares at a total cost of $11,001,380. As a result, Datasouth will own approximately 21 percent of Gray's shares.
 The purchase transaction is subject to a number of conditions, including the approval of the Federal Communications Commission (FCC), and that no divestiture of any Gray Communications assets will be required by the FCC as a result of the purchase. The agreement contemplates that upon consummation of the purchase, the four directors of Gray Communications who are affiliated with the Estate will resign and Bull Run will name three representatives to the Gray Communications Board of Directors.
 Gray Communications, based in Albany, Ga., owns three VHF NBC- affiliated television stations; a daily newspaper, the Albany Herald; and a fixed-base operation at the Albany airport. Gray Communications is traded on NASDAQ under the symbol "GCOM".
 Robert S. Prather, Jr., president of Bull Run, commented, "We are very pleased that the purchase of these shares will allow us to begin an association with Gray Communications Systems, Inc. Gray is an excellent company with a long history of profitable operations. We are confident that its new management team, led by President and CEO John Williams, will continue its proven record of revenue and earnings growth. Gray Communications represents the type of investments we are looking for. It is a well managed company with a proven track record and a bright future ahead."
 Jim Busby, president of Datasouth, commented, "We regard this as a significant step in diversifying our business activities. While we will continue to focus on our core business of computer printers, this investment will allow us to employ our excess cash in other areas to grow shareholder value."
 -0- 5/6/93
 /CONTACT: Robert S. Prather Jr., President, Bull Run Corporation, 404-266-8333, or Jim Busby, President, Datasouth Computer Corporation, 704-523-8500/
 (BULL DSCC GCOM)


CO: Datasouth Computer Corporation; Bull Run Corporation; Gray
 Communications Systems, Inc. ST: North Carolina, Georgia IN: CPR SU: TNM


MM -- CH009 -- 5705 05/06/93 17:29 EDT
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Publication:PR Newswire
Date:May 6, 1993
Words:427
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