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GRAY COMMUNICATIONS' BID TO PURCHASE KENTUCKY TV STATIONS ACCEPTED

 ALBANY, Ga., Oct. 5 /PRNewswire/ -- Gray Communications Systems, Inc. (NASDAQ: GCOM) of Albany, announced today that its bid to purchase the assets of WKYT-TV and WYMT-TV had been accepted by the Insurance Commissioner of Kentucky, Don W. Stephens in his capacity as Rehabilitator for Kentucky Central Life Insurance Co.
 The two broadcast operations are owned by Kentucky Central Television, Inc., a subsidiary ultimately wholly owned by Kentucky Central Life Insurance Co.
 Both stations are CBS-affiliated and located in Kentucky -- WKYT-TV is in Lexington, and WYMT-TV is in Hazard. The amount of the bid is undisclosed and consummation of the sale is conditioned upon the approval or consent of the Federal Communications Commission, the Commissioner of the Kentucky Department of Insurance, as Rehabilitator of KCL, and the Kentucky Circuit Court having jurisdiction of the rehabilitation of KCL.
 Gray Communications Systems, Inc., is a holding company which operates three VHF NBC-affiliated television stations, WALB-TV in Albany, WJHG-TV in Panama City, Fla., and KTVE in El Dorado, Arkansas/Monroe, La.; a daily newspaper, The Albany Herald, in Albany, and a fixed-base operation at the Albany airport.
 -0- 10/5/93
 /CONTACT: John Williams, president and CEO of Gray Communications Systems, 912-888-9302/
 (GCOM)


CO: Gray Communications Systems, Inc.; WKYT-TV; WYMT-TV; Kentucky
 Central Television, Inc. ST: Georgia, Kentucky IN: SU: TNM


BR-TG -- AT014 -- 9106 10/05/93 18:00 EDT
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Publication:PR Newswire
Date:Oct 5, 1993
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