American Spirit Media owns the license of all stations shown above, but leases their operations to Gray Television through joint sales and/or shared services agreements (except for WUPW, which is operated by Tegna.) 1Owned by Tougaloo College, American Spirit Media operates this station under a joint service agreement.
1Owned by Branson Visitors TV, Gray holds a 50.1% interest in the company. 2Owned by Schurz Communications, Gray operated KGHZ through an SSA. 3Gray operates this station owned by American Spirit Media. 4Gray operates this station owned by Tegna through an SSA. 5Gray operates this station owned by The E. W. Scripps Company through an SSA. 6Gray operates this station owned by Tougaloo College. 7Joint venture with Ryman Hospitality Properties. 8Gray operates this station owned by SagamoreHill Broadcasting through an SSA. 9Joint venture with Warner Bros. Discovery and Lionsgate. 10Swap of these stations to Marquee Broadcasting in exchange for Marquee's construction permit of KCBU in Salt Lake City pending FCC approval.