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                                                                    EXHIBIT 10.1

                     SEPARATION AND DISTRIBUTION AGREEMENT

     This Separation and Distribution Agreement (this "Agreement") is entered
into as of August 2, 2005, by and between Gray Television, Inc., a Georgia
corporation ("Gray"), and Triple Crown Media, Inc., a Delaware corporation
("TCM"). Capitalized terms used in this Agreement and not otherwise defined
shall have the meanings ascribed to such terms in Section 9.18.

                                    RECITALS

     A. Gray owns all of the membership interests of Gray Publishing, LLC, a
Delaware limited liability company ("Gray Publishing").

     B. Gray through Gray Publishing operates six regional publications
comprising five daily newspapers and an advertising shopper (the "Newspaper
Publishing Business").

     C. Gray Publishing owns all of the membership interests of Graylink, LLC, a
Delaware limited liability company ("Graylink").

     D. Graylink is a provider of wireless services, primarily paging services,
in non-major metropolitan areas in Alabama, Florida, and Georgia and also owns
and operates 14 retail locations in Alabama, Florida and Georgia (the "Graylink
Wireless Business").

     E. The Board of Directors of Gray has determined that it would be advisable
and in the best interests of Gray and its shareholders for Gray to transfer to
TCM all of the membership interests of Gray Publishing.

     F. Gray has agreed to convey, assign and transfer to TCM all of the
membership interests of Gray Publishing (collectively, the "Separation").

     G. The Board of Directors of Gray has determined that it would be advisable
and in the best interests of Gray and its shareholders for Gray to distribute on
a pro-rata basis to the holders of record of Gray Class A common stock, no par
value ("Gray Class A Common Stock"), and Gray common stock, no par value ("Gray
Common Stock" and with the Gray Class A Common Stock, the "Gray Stock"), without
any consideration being paid by such holders, all of the outstanding shares of
TCM common stock, par value $.001 per share (the "TCM Common Stock") owned by
Gray (the "Distribution"), and this Agreement has been approved by the Board of
Directors of Gray.

     H. In reaching its decision to approve the Separation and Distribution, the
Board of Directors of Gray considered a variety of factors including the
following:

     - as a result of the Separation and Distribution, Gray and TCM will be
       better able to focus financial and operational resources on its own
       business and executing its own strategic plan;

     - as a result of the Separation and Distribution, Gray and TCM are expected
       to have greater strategic and financial flexibility to support future
       growth opportunities;

     - each business is in a different stage of development and therefore
       attracts different types of investors;

     - two separate public companies will enable financial markets to evaluate
       Gray and TCM more effectively, which is expected to maximize shareholder
       value over the long term for both Gray and TCM;

     - the Separation and Distribution will allow Gray and TCM to develop
       incentive programs for management and other professionals that are
       tailored to its own business and are tied to the market performance of
       its own common stock;

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     - after the Separation and Distribution, Gray and TCM should have greater
       capital planning flexibility and the Newspaper Publishing Business and
       Graylink Wireless Business will no longer have to compete with Gray's
       television broadcasting business to secure funding for investments; and

     - that TCM would possess sufficient scale and business fundamentals to
       operate as a stand-alone entity.

     I. This Agreement and the Separation and Distribution have been approved by
the special committee of the Board of Directors of TCM.

     J. This Agreement and the Separation and Distribution have been approved by
the Board of Directors of TCM, consistent with the approval and recommendation
of the special committee of the Board of Directors of TCM.

     K. For U.S. federal income tax purposes, the Separation and Distribution
are intended to qualify as a divisive reorganization described in Sections 355
and 368(a)(1)(D) of the Code.

     L. The Board of Directors has determined that conversion price relating to
the Series C preferred stock of Gray should be adjusted upon the consummation of
the Distribution.

     M. The parties desire to set forth the principal corporate transactions
required to effect the Separation and the Distribution and certain other
agreements that will govern the relationship of Gray and TCM following the
Distribution.

                                   AGREEMENT

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements set forth below, the parties agree as follows:

                                   SECTION 1

                                   SEPARATION

     1.1.  Transfer of Membership Interests and Assets.  Subject to the terms
and conditions of this Agreement, on the Separation Date, Gray shall convey,
assign and transfer to TCM, and TCM shall accept and receive, all right, title,
and interest of Gray in and to the following:

          (a) all of the membership interests of Gray Publishing;

          (b) all of the contracts, agreements and arrangements listed on
     Schedule 1.1(b) (collectively, the "Assigned Contracts"); and

          (c) all right, title and interest in or to the improved and unimproved
     land listed or described on Schedule 1.1(c), and all buildings, structures,
     erections, improvements, appurtenances, and fixtures situated on or forming
     part of such land, together with all privileges, easements and
     rights-of-way related thereto (the "Assigned Real Property").

     1.2.  Retained Assets.  Immediately prior to the Separation Date, Gray
shall cause Gray Publishing to convey, assign, transfer, contribute, and set
over, or cause to be conveyed, assigned, transferred, contributed, and set over
to Gray the following assets (the "Retained Assets"), and Gray shall assume the
Retained Assets:

          (a) Cash.  All cash and cash equivalents.

          (b) Tax Refunds.  Any right, title, or interest in any tax refund,
     credit, or benefit to which Gray or any of its Subsidiaries is entitled in
     accordance with the terms of this Agreement or of the Tax Sharing
     Agreement.

          (c) Intercompany Assets.  Any right, title, or interest in the
     intercompany assets set forth on Schedule 1.2(c).
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          (d) Contracts.  Gray Publishing's or any of its subsidiaries' rights
     under any agreement, commitment or order as to which consent to assignment
     is required but has not been obtained, subject to the provisions of Section
     6.1(b);

     1.3.  Assumed Liabilities.

     (a) Immediately prior to the Separation Date, Gray shall cause Gray
Publishing, to convey, assign, transfer, contribute, and set over, or cause to
be conveyed, assigned, transferred, contributed, and set over to Gray the
following liabilities (the "Assumed Liabilities"), and Gray shall assume the
Assumed Liabilities:

          (i) Taxes.  Any liability or obligation of Gray Publishing or
     Graylink, as applicable to pay taxes, as set forth in the Tax Sharing
     Agreement.

          (ii) Intercompany Debt.  Any liability or obligation of Gray
     Publishing or Graylink, as applicable, in respect of the intercompany debt
     set forth on Schedule 1.2(c).

     (b) Subject to the terms and conditions of this Agreement, TCM shall
assume, on the Separation Date, and pay, comply with, and discharge all
contractual and other liabilities of Gray arising out of or relating to the
Assigned Contracts and Assigned Real Property (all of such liabilities being
hereinafter referred to as the "TCM Assumed Liabilities").

     1.4.  Termination of Existing Intercompany Agreements.  Except as otherwise
contemplated by this Agreement, all agreements between Gray or its Subsidiaries
on one hand and Gray Publishing or its subsidiaries on the other hand relating
primarily to the Newspaper Publishing Business and Graylink Wireless Business,
whether or not in writing and whether or not binding, in effect immediately
prior to the Distribution Date, shall be terminated and be of no further force
and effect from and after the Distribution Date.

                                   SECTION 2

                           SEPARATION CLOSING MATTERS

     2.1.  Separation Date.  The effective time and date of the conveyance,
assignment, and transfer of the membership interests of Gray Publishing in
connection with the Separation shall be such date and time as shall be fixed by
the Board of Directors of Gray (the "Separation Date").

     2.2.  Closing of Transactions.  The closing of the transactions
contemplated by this Agreement shall take place at the offices of Proskauer Rose
LLP, 1585 Broadway, New York, New York 10036.

     2.3.  Documents to be Delivered by Gray.  On the Separation Date, Gray will
deliver, or will cause its appropriate Subsidiaries to deliver, to TCM all of
the following items and agreements (collectively, together with all agreements
and documents contemplated by such agreements, the "Ancillary Agreements"):

          (a) Secretary's Certificate.  A certificate executed by the Secretary
     of Gray substantially in the form attached to this Agreement as Exhibit A;

          (b) Assignment and Assumption Agreement.  A duly executed Assignment
     and Assumption Agreement substantially in the form attached hereto as
     Exhibit B (the "Assignment and Assumption Agreement");

          (c) Tax Sharing Agreement.  A duly executed Tax Sharing Agreement
     substantially in the form attached hereto as Exhibit C (the "Tax Sharing
     Agreement");

          (d) Real Property Lease.  A duly executed Real Property lease
     Agreement substantially in the form attached hereto as Exhibit D (the "Real
     Property Lease");

          (e) Contribution Agreement.  A duly executed contribution Agreement
     substantially in the form attached to this Agreement as Exhibit E (the
     "Contribution Agreement");
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          (f) Officer Resignations.  Resignations of each person who is an
     officer of Gray Publishing, Graylink or any of their respective
     subsidiaries, immediately prior to the Separation Date, and who will not be
     an employee of TCM from and after the Separation Date; and

          (g) Other Agreements.  Such other agreements, documents, or
     instruments as the parties may agree are necessary or desirable in order to
     achieve the purposes hereof, including, without limitation, those documents
     referred to in Section 6.1.

     2.4.  Documents to be Delivered by TCM.  On the Separation Date, TCM will
deliver, or will cause its appropriate Subsidiaries to deliver, to Gray all of
the following items and agreements:

          (a) Secretary's Certificate.  A certificate executed by the Secretary
     of TCM substantially in the form attached to this Agreement as Exhibit F;

          (b) Assignment and Assumption Agreement.  A duly executed Assignment
     and Assumption Agreement;

          (c) Tax Sharing Agreement.  A duly executed Tax Sharing Agreement;

          (d) Real Property Lease.  A duly executed Real Property Lease;

          (e) Contribution Agreement.  A duly executed Contribution Agreement;
     and

          (f) Other Agreements.  Such other agreements, documents, or
     instruments as the parties may agree are necessary or desirable in order to
     achieve the purposes hereof, including, without limitation, those documents
     referred to in Section 6.1.

     2.5.  Approvals and Required Consents.  To the extent that the Separation
requires any Governmental Approvals or other consents, the parties will use
their commercially reasonable efforts to obtain any such Governmental Approvals
or consents.

                                   SECTION 3

                                THE DISTRIBUTION

     3.1.  Share Distribution.

     (a) Delivery of Shares for Distribution.  Prior to the Distribution Date,
Gray shall deliver to TCM the certificate for 100 shares of TCM Common Stock
held by Gray and representing all of the outstanding TCM Common Stock, and TCM
shall cancel such certificate and issue and deliver to Gray in exchange therefor
an omnibus stock certificate representing that number of shares of TCM Common
Stock equal to the total number of shares distributable pursuant to Section
3.1(b). Gray shall then deliver such omnibus certificate to the Distribution
Agent.

     (b) Distribution of Shares.  Gray shall instruct the Distribution Agent to
distribute, beginning on the Distribution Date, to holders of Gray Stock on the
Record Date, the number of shares of TCM Common Stock equal to the number of
shares of Gray Stock owned by such holder on the Distribution Date, multiplied
by 0.10, and as soon thereafter as reasonably practicable, cash, if applicable,
in lieu of fractional shares of TCM Common Stock obtained in the manner provided
in Section 3.1(c) hereof. TCM agrees to provide to the Distribution Agent
sufficient certificates in such denominations as the Distribution Agent may
request in order to effect the Distribution. All of the shares of TCM Common
Stock issued in the Distribution shall be fully paid, nonassessable, and free of
preemptive rights. Gray shareholders shall not be required to pay cash or other
consideration for the TCM Common Stock received in the Distribution.

     (c) Fractional Shares.  No certificate or scrip representing fractional
shares of TCM Common Stock shall be issued as part of the Distribution. In lieu
of receiving fractional shares, each holder of Gray Stock who would otherwise be
entitled to receive a fractional share of TCM Common Stock pursuant to the
Distribution will receive cash for such fractional share. Gray shall instruct
the Distribution Agent to determine the number of whole shares and fractional
shares of TCM Common Stock allocable to each

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holder of record or beneficial owner of Gray Stock on the Distribution Date, to
aggregate all such fractional shares into whole shares, to sell the whole shares
obtained thereby in the open market at then prevailing prices on behalf of
holders of record or beneficial owners who otherwise would be entitled to
receive fractional shares of TCM Common Stock, and to distribute to each such
holder or for the benefit of each such beneficial owner such holder's or owner's
ratable share of the total proceeds (net of total selling expenses) of such
sale; provided, however, that the Distribution Agent shall have sole discretion
to determine when, how, through which broker-dealer, and at what price to make
its sales; provided, further, that the broker-dealer shall not be an affiliate
of Gray or TCM.

     (d) Obligation to Provide Information.  Gray and TCM, as the case may be,
will provide to the Distribution Agent all share certificates and any
information required in order to complete the Distribution on the basis
specified in Section 3.1.

     3.2.  Actions Prior to the Distribution.  On or before the Distribution
Date, Gray and TCM shall use their commercially reasonable efforts to do and
accomplish the following:

          (a) SEC Filings.  Gray and TCM shall prepare, and Gray shall mail,
     prior to the Distribution Date, to the holders of Gray Common Stock, a
     proxy statement/prospectus/information statement containing such
     information concerning TCM, the Newspaper Publishing Business and Graylink
     Wireless Business and the Separation and the Distribution and such other
     matters as Gray and TCM shall reasonably determine are necessary and as may
     be required by law. Gray and TCM shall prepare, and TCM shall file with the
     Securities and Exchange Commission (the "SEC") a registration statement on
     Form S-4 to register the shares of TCM Common Stock to be issued in the
     Distribution under the Securities Act. Gray and TCM shall use all
     commercially reasonable efforts to respond to any comments of the SEC and
     to cause such registration statement to be declared effective under the
     Securities Act as promptly as practicable after such registration statement
     is filed with the SEC. TCM shall prepare and file with the SEC a
     registration statement on Form 8-A to register the shares of TCM Common
     Stock under the Exchange Act.

          (b) Blue Sky.  Gray and TCM shall take and shall cause any of their
     Subsidiaries to take all such actions as may be necessary or appropriate
     under the securities or blue sky laws of any applicable states in
     connection with the Distribution.

          (c) Nasdaq National Market.  TCM shall prepare and file, and shall use
     its commercially reasonable efforts to have approved, an application for
     listing of the TCM Common Stock to be issued in the Distribution on the
     Nasdaq National Market, subject to official notice of issuance.

          (d) Advisors.  Gray and TCM shall participate in the preparation of
     materials and presentations as their respective advisors shall deem
     necessary or desirable.

          (e) Satisfaction of Conditions.  Gray and TCM shall take and shall
     cause all of their respective Subsidiaries to take all reasonable steps
     necessary and appropriate to cause the conditions set forth in Section 3.3
     to be satisfied and to effect the Distribution on the Distribution Date.

          (f) Termination of Letter Agreement.  Gray and TCM shall use their
     commercially reasonable efforts to cause the Letter Agreement, dated July
     20, 2004, by and between Gray Television, Inc. and Thomas Stultz to be
     terminated.

     3.3.  Conditions to Distribution.  The following are conditions to the
consummation of the Distribution. The conditions are for the sole benefit of
Gray and can be waived by Gray, but shall not give rise to or create any duty on
the part of Gray or the Board of Directors of Gray to waive or not waive any
such condition or in any way limit Gray's right to terminate this Agreement.

     (a) Filing and Effectiveness of Registration Statement; No Stop Order.  A
registration statement on Form S-4 and Form 8-A covering the TCM Common Stock to
be issued in the Distribution shall have been filed with the SEC and shall be
effective, and no stop order suspending the effectiveness of such registration
statements shall have been initiated or, to the knowledge of either TCM or Gray,
threatened by the SEC.
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     (b) Dissemination of Information to Gray Shareholders.  Prior to the
Distribution Date, the parties shall have prepared, and Gray shall have mailed
to the holders of Gray Stock a proxy statement/ prospectus/information statement
containing such information concerning TCM, the Newspaper Publishing Business
and Graylink Wireless Business and, the Separation and the Distribution, and
such other matters as Gray and TCM shall reasonably determine are necessary and
as may be required by law.

     (c) Nasdaq National Market.  The shares of TCM Common Stock to be issued in
the Distribution shall have been authorized for listing on the Nasdaq National
Market, upon official notice of issuance.

     (d) Compliance with State and Foreign Securities and Blue Sky Laws.  Gray
and TCM shall have taken all such action as may be necessary or appropriate
under state and foreign securities and blue sky laws in connection with the
Distribution.

     (e) Consents.

          (i) Governmental Approvals.  Any material governmental approvals and
     consents required to permit the valid consummation of the Distribution
     shall have been obtained without any conditions being imposed that would
     have a Material Adverse Effect on Gray or TCM.

          (ii) Consents.  Gray shall have obtained the consent, approval, or
     waiver of each Person set forth on Schedule 3.3(e)(ii).

     (f) No Actions.  No Actions shall have been instituted or threatened by or
before any Governmental Authority to restrain, enjoin, or otherwise prevent the
Distribution or the other transactions contemplated by this Agreement, and no
order, injunction, judgment, ruling, or decree issued by any Governmental
Authority of competent jurisdiction shall be in effect restraining the
Distribution or such other transactions.

     (g) Tax Opinion regarding the Separation and Distribution.  Gray and Bull
Run shall have received an opinion of King & Spalding LLP, special tax counsel
to Gray, to the effect that the Separation and Distribution will qualify as a
divisive reorganization described in Sections 368(a)(1)(D) and 355 of the Code.

     (h) Consummation of Separation.  The Separation transactions contemplated
by this Agreement shall have been consummated in all material respects.

     (i) Approval by the Special Committee of the Board of Directors of Gray of
the Merger Agreement and the Merger.  The Merger Agreement and the Merger shall
have been approved by the special committee of the Board of Directors of Gray in
accordance with applicable law and the articles of incorporation and bylaws of
Gray.

     (j) Approval by the Board of Directors of Gray of the Merger Agreement and
the Merger.  The Merger Agreement and the Merger shall have been approved by the
Board of Directors of Gray, consistent with the approval and recommendation of
the special committee of the Board of Directors of Gray, and in accordance with
applicable law and the articles of incorporation and bylaws of Gray.

     (k) Approval by the Special Committee of the Board of Directors of TCM of
the Merger Agreement and the Merger.  The Merger Agreement and the Merger shall
have been approved by the special committee of the Board of Directors of TCM in
accordance with applicable law and the certificate of incorporation and bylaws
of TCM.

     (l) Approval by the Board of Directors of TCM of the Merger Agreement and
the Merger.  The Merger Agreement and the Merger shall have been approved by the
Board of Directors of TCM, consistent with the approval and recommendation of
the special committee of the Board of Directors of TCM, and in accordance with
applicable law and the certificate of incorporation and bylaws of TCM.

     (m) Approval by the Special Committee of the Board of Directors of Bull Run
of the Merger Agreement and the Merger.  The Merger Agreement and the Merger
shall have been approved by the

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special committee of the Board of Directors of Bull Run in accordance with
applicable law and the articles of incorporation and bylaws of Bull Run.

     (n) Approval by the Board of Directors of Bull Run of the Merger Agreement
and the Merger.  The Merger Agreement and the Merger shall have been approved by
the Board of Directors of Bull Run, consistent with the approval and
recommendation of the special committee of the Board of Directors of Bull Run,
and in accordance with applicable law and the articles of incorporation and
bylaws of Bull Run.

     (o) Approval by the Shareholders of Bull Run of the Merger Agreement and
the Merger.  The shareholders of Bull Run shall have approved the Merger
Agreement and the Merger in accordance with applicable law and the articles of
incorporation and bylaws of Bull Run.

     (p) Opinion of Financial Advisor to the Special Committee of the Board of
Directors of TCM.  Each of the Boards of Directors of Gray and TCM and the
special committees of the Boards of Directors of Gray and TCM shall have
received the opinion of Houlihan Lokey Howard & Zukin Capital, Inc., the
financial advisor of the special committee of the Board of Directors of TCM, to
the effect that as of the date of such opinion, based upon and subject to the
assumptions and limitations set forth in such opinion, (A) the Distribution is
fair, from a financial point of view, to the holders (other than J. Mack
Robinson or any of his affiliates) of the Gray Class A Common Stock and the Gray
Common Stock that receive TCM Common Stock in the Distribution, (B) the
allocation of the consideration in the Distribution between the Gray Common
Stock and the Gray Class A Common Stock is fair, from a financial point of view,
to the holders (other than J. Mack Robinson or any of his affiliates) of each
such class of common stock and (C) the consideration to be paid to the
shareholders of Bull Run in the Merger is fair, from a financial point of view,
to TCM.

     (q) Opinion of a Nationally Recognized Independent Valuation Firm.  Each of
the Boards of Directors of Gray and TCM and the special committee of the Boards
of Directors of Gray and TCM shall have received the opinion of a nationally
recognized independent valuation firm that, as of the date of such opinion,
based upon and subject to the assumptions, factors and limitations set forth in
such opinion, assuming the Transaction and Refinancing have been consummated as
proposed, immediately after giving effect to the Transaction and the
Refinancing, and on a pro forma basis: (A) the fair value and present saleable
value of TCM's assets would exceed TCM's stated liabilities and identified
contingent liabilities, (B) TCM should be able to pay its debts as they become
absolute and mature and (C) the capital remaining in TCM would not be
unreasonably small for the business in which TCM is engaged, as management has
indicated it is proposed to be conducted following the consummation of the
Transaction and the Refinancing.

     (r) Opinion of Financial Advisor to the Special Committee of the Board of
Directors of Bull Run. The Board of Directors of Bull Run and the special
committee of the Board of Directors of Bull Run shall have received the written
opinion of SunTrust Robinson Humphrey that, as of the date of such opinion and
based upon and subject to certain matters stated therein, the exchange ratio to
be received by the common stockholders (other than J. Mack Robinson, the
majority stockholder, and other affiliated stockholders) of Bull Run is fair,
from a financial point of view, to such holders.

     (s) Tax Opinion rendered to TCM regarding the Merger.  TCM shall have
received an opinion of King & Spalding LLP, special tax counsel to TCM, to the
effect that the Merger will qualify as a reorganization under Section 368(a) of
the Code.

     (t) Tax Opinion rendered to Bull Run regarding the Merger.  Bull Run shall
have received an opinion of Troutman Sanders LLP, special tax counsel to Bull
Run, to the effect that the Merger will qualify as a reorganization under
Section 368(a) of the Code.

     (u) Other Events.  No other events or developments shall have occurred
subsequent to the date of this Agreement that, in the judgment of the Board of
Directors of Gray or the special committee of the Board of Directors of Gray,
would result in the Distribution having a Material Adverse Effect on Gray or a
material adverse effect on the shareholders of Gray.

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     3.4.  Modification.  Gray shall, in its sole and absolute discretion,
determine the date of the consummation of the Distribution. In addition, at any
time and from time to time until the completion of the Distribution, Gray with
the consent of the special committee of the Board of Directors of TCM may modify
or change the terms of the Distribution.

                                   SECTION 4

                     EMPLOYEES AND EMPLOYEE BENEFIT MATTERS

     4.1.  Employees.  Immediately prior to, and subject to the Separation, Gray
shall transfer to TCM each employee of the Newspaper Publishing Business and
Graylink Wireless Business (the "Transferred Employees") so that no such
employee who becomes employed by TCM experiences any termination or other
interruption in employment and Gray shall cause all such Transferred Employees
to resign from all positions as officers or employees of Gray and its
Subsidiaries. Except as otherwise provided herein, TCM shall be liable for all
obligations relating to all Transferred Employees for all periods, whether
arising prior to, on or after the Separation Date. All employees of Gray and its
Subsidiaries as of the Separation Date who are not Transferred Employees shall
be retained by Gray and its Subsidiaries (the "Retained Employees") and Gray
shall be liable for all obligations relating to all Retained Employees for all
periods, whether arising prior to, on or after the Separation Date. TCM and Gray
(and their respective Subsidiaries) shall use commercially reasonable efforts to
accomplish any transfers of employment required by this Section 4.1 in a timely
manner.

     4.2.  Prior Service Credit.  TCM shall give each Transferred Employee
credit for years of service with Gray or its Subsidiaries as if they were years
of service with TCM. TCM shall recognize such service for purposes of satisfying
any waiting period, evidence of insurability requirements or the application of
any preexisting condition limitation. TCM shall also give Transferred Employees
credit for amounts paid under a corresponding Gray plan during the same period
for purposes of applying deductibles, copayments and out-of-pocket maximums as
though such amounts had been paid in accordance with the terms and conditions of
the benefit plan sponsored or maintained by TCM.

     4.3.  401(k) Plan.  Immediately prior to, and subject to, the Separation,
Gray shall cause a "spin off" of the assets and liabilities of the Gray
Television, Inc. Capital Accumulation Plan (the "Gray 401(k) Plan") resulting in
the division of the Gray 401(k) Plan into two separate, identical, component
plans and trusts, in accordance with applicable law (including, without
limitation, Section 414(l) of the Code), covering, respectively, (i) the
Transferred Employees (and their beneficiaries) (the "TCM 401(k) Plan") and (ii)
all other Gray 401(k) Plan participants (and their beneficiaries). Immediately
prior to, and subject to, the Separation, Gray shall cause the TCM 401(k) Plan
to be transferred to TCM but shall retain the Gray 401(k) Plan. Prior to the
Separation, Gray shall draft the appropriate documents and use its commercially
reasonable efforts to take all actions necessary, to the extent possible, to
effectuate the intent of this Section 4.3.

     4.4.  Pension Plan.  Gray shall retain all liabilities and obligations in
respect of benefits accrued by Transferred Employees who participate in the Gray
Communications Systems, Inc. Retirement Plan (the "Retirement Plan"). Benefit
accruals in respect of Transferred Employees shall cease as of the Separation
Date and the Transferred Employees participating therein shall be considered to
have terminated employment for purposes of such plan. Gray shall fully vest the
accrued benefits of the Transferred Employees under the Retirement Plan as of
the Separation Date. No assets under the Retirement Plan shall be transferred to
TCM or to any plan of TCM.

     4.5.  Welfare Plans

     (a) Except as otherwise provided herein, immediately prior to, and subject
to, the Separation, Gray shall cause all of Gray's employee welfare benefit
plans, as defined in Section 3(1) of ERISA (the "Gray Welfare Plans"), to be
divided into separate, identical component plans covering, respectively, (i) the
Transferred Employees (and their beneficiaries) (the "TCM Welfare Plans") and
(ii) all other Gray Welfare Plan participants (and their beneficiaries),
including without limitation, participants (and their
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beneficiaries) who experienced a "qualifying event" for purposes of the group
health plan continuation coverage requirements of Section 4980 of the Code and
Title I, Subtitle B of ERISA prior to the Separation Date regardless of when an
election for continuation coverage is made by the participant. Immediately prior
to and subject to, the Separation, Gray shall cause the TCM Welfare Plans to be
transferred to TCM but shall retain the Gray Welfare Plans. Prior to the
Separation, Gray shall draft the appropriate documents and use its reasonable
best efforts to take all actions necessary, to the extent possible, to
effectuate the intent of this Section 4.5(a).

     (b) On and after the Separation Date, TCM shall pay, or cause to be paid,
all claims for health care benefits by the Transferred Employees (and their
beneficiaries), made after the Separation Date for post-Separation periods, and
shall pay, or cause to be paid, all claims for health care benefits by the
Transferred Employees (and their beneficiaries), made after the Separation for
all periods prior to the Separation Date.

     (c) TCM shall be responsible for any liabilities or obligations for
severance obligations relating to employees of the Newspaper Publishing Business
and Graylink Wireless Business whose employment terminates prior to, or on or
after the Separation Date.

     (d) Any Transferred Employee on short-term disability as of the Closing
Date that would have become eligible for long-term disability benefits under the
Gray Welfare Plans but for the consummation of the transactions contemplated by
this Agreement shall be covered by the Gray Welfare Plan that provides long-term
disability benefits and TCM shall have no obligation to provide such coverage.

     4.6.  Section 125 Plan.  Without limiting the generality of Section 4.5,
immediately prior to, and subject to, the Separation, Gray shall cause a "spin
off" of the assets and liabilities of the Gray Section 125 Plan (the "Gray Flex
Plan") (which contains premium, dependent care and medical health reimbursement
component parts) resulting in the division of the Gray Flex Plan into two,
separate, identical, component plans, in accordance with applicable law,
covering, respectively, (i) the Transferred Employees (and their beneficiaries)
(the "TCM Flex Plan") and (ii) all other Gray Flex Plan participants (and their
beneficiaries). Immediately prior to and subject to, the Separation, Gray shall
cause the TCM Flex Plan to be transferred to TCM but shall retain the Gray Flex
Plan. Prior to the Separation, Gray shall draft the appropriate documents and
use its reasonable best efforts to take all actions necessary, to the extent
possible, to effectuate the intent of this Section 4.6.

     4.7.  Accrued Vacation.  Gray and TCM agree that all accrued vacation for
Transferred Employees as of the Separation Date shall be TCM's obligation.

     4.8.  Stock Option Plan.  Immediately prior to, and subject to, the
Distribution, Gray shall cause each outstanding nonqualified option to purchase
shares of Gray Common Stock that was granted under the Gray 2002 Long Term
Incentive Plan on or before the Distribution Date to a Transferred Employee to
be become fully vested on the Distribution Date, and to continue to be
exercisable until the original expiration date. Prior to the Separation, Gray
shall prepare the appropriate documents and use its reasonable best efforts to
take all actions necessary, to the extent possible, to effectuate the intent of
this Section 4.8.

     4.9.  Workers' Compensation.  TCM shall assume the liability for any
workers' compensation or similar workers' protection claims with respect to any
employee of the Newspaper Publishing Business and Graylink Wireless Business,
whether incurred prior to, on, or after the Distribution Date, which are the
result of an injury or illness originating prior to or on the Distribution Date.

     4.10.  WARN Act.  TCM and its Subsidiaries agree that they shall not, at
any time during the 90-day period following the Distribution Date, (i)
effectuate a "plant closing" as defined in the Worker Adjustment and Retraining
Notification Act of 1988 (the "WARN Act") affecting any site of employment or
operating units within any site of employment of the Newspaper Publishing
Business and Graylink Wireless Business, or (ii) take any action to precipitate
a "mass layoff" as defined in the WARN Act affecting any site of employment of
the Newspaper Publishing Business and Graylink Wireless Business, except, in
either case, after complying fully with the notice and other requirements of
                                        9
<PAGE>

the WARN Act. TCM agrees to indemnify Gray and its Subsidiaries and their
respective officers and directors and to defend and hold harmless Gray and its
Subsidiaries and their respective officers and directors from and against any
and all claims, losses, damages, expenses, obligations and liabilities
(including attorney's fees and other costs of defense) that Gray and its
Subsidiaries and their respective officers and directors may incur in connection
with any suit or claim of violation brought against Gray under the WARN Act,
which relates in whole or in part to actions taken by TCM or its Subsidiaries
with regard to any site of employment of TCM or operating units within any site
of employment of the Newspaper Publishing Business and Graylink Wireless
Business.

     4.11.  Information to be Provided.  Each party and its Subsidiaries shall
provide any information that the other party may reasonably request, including,
but not limited to, information relating to dates of termination of employment,
in order to provide benefits to any eligible employee of TCM or any of its
Subsidiaries under the terms and conditions of this Agreement or under the
applicable Gray Plans.

     4.12.  No Right to Employment.  Nothing contained in this Agreement will
confer upon any Transferred Employees any rights or remedies, including, without
limitation, any right to employment for any specified period, of any nature or
kind whatsoever, under or by reason of this Agreement. Notwithstanding anything
to the contrary contained in this Agreement, any employee benefit plan or
program for the Transferred Employees established by TCM may be amended or
terminated by TCM in accordance with its terms and applicable law.

                                   SECTION 5

                               INSURANCE MATTERS

     5.1.  Insurance Prior to the Distribution Date.  Gray shall not have any
liability whatsoever to TCM as a result of the insurance policies and practices
of Gray in effect at any time at or prior to the Distribution Date, including as
a result of the level or scope of any such insurance, the creditworthiness of
any insurance carrier, the terms and conditions of any policy, and the adequacy
or timeliness of any notice to any insurance carrier with respect to any claim
or potential claim or otherwise.

     5.2.  Ownership of Existing Policies and Programs.  Gray or one or more of
its Subsidiaries shall continue to own all property, casualty and liability
insurance policies and programs, including, without limitation, primary and
excess general liability, errors and omissions, automobile, workers'
compensation, property, fire, crime and surety insurance policies, in effect on
or before the Distribution Date (collectively, the "Gray Policies" and
individually, a "Gray Policy"). Gray shall use commercially reasonable efforts
to maintain the Gray Policies in full force and effect up to and including the
Distribution Date, and, subject to the provisions of this Agreement, Gray and
its Subsidiaries shall retain all of their respective rights, benefits and
privileges, if any, under the Gray Policies. Nothing contained in this Agreement
shall be construed to be an attempted assignment, or to change the ownership, of
the Gray Policies.

     5.3.  Naming of TCM as Additional Insured.  To the extent not already
provided for by the terms of a Gray Policy, Gray shall use commercially
reasonable efforts to cause TCM to be named as an additional insured under the
Gray Policies whose effective policy periods include the Distribution Date, in
respect of claims arising out of or relating to periods prior to the
Distribution Date.

     5.4.  TCM Insurance Policies.  Commencing on and as of the Distribution
Date, TCM shall be responsible for establishing and maintaining separate
property, casualty and liability insurance policies and programs for activities
and claims involving TCM or any of its Subsidiaries. TCM will exercise
commercially reasonable efforts to secure liability insurance to avoid potential
gaps in coverage. TCM and each of its Subsidiaries, as appropriate, shall be
responsible for all administrative and financial matters relating to insurance
policies established and maintained by TCM and its Subsidiaries for claims
relating to any period on or after the Distribution Date involving TCM or any of
its Subsidiaries. Notwithstanding any other agreement or understanding to the
contrary, except as set forth in Section 5.6 with respect to claims
administration and financial administration of the Gray Policies, neither Gray
nor any of its
                                        10
<PAGE>

Subsidiaries shall have any responsibility for or obligation to TCM or any of
its Subsidiaries relating to property and casualty insurance matters for any
period, whether prior to, on, or after the Distribution Date.

     5.5.  TCM Directors' and Officers' Insurance.  Gray shall cause to be
maintained for a period of six years from the Distribution Date, Gray's current
directors' and officers' insurance and indemnification policies and fiduciary
liability policies ("D&O Insurance"), provided that, Gray may substitute
therefor, at is election, policies or financial guarantees with the same
carriers or other reputable and financially sound carriers of at least the same
coverage and amounts containing terms and conditions which are no less
advantageous that the existing D&O Insurance, to the extent that such insurance
policies provide coverage for events occurring at or prior to the Distribution
Date for all persons who are directors and officers of TCM on the date of this
Agreement (or were such prior to the date of this Agreement), so long as the
annual premium after the date of this Agreement for such D&O Insurance during
such six-year period would not exceed 300% of the annual premium as of the date
of this Agreement. If, during such six-year period, such insurance coverage can
only be obtained for an amount in excess of 300% of the annual premium therefor
as of the date of this Agreement, Gray shall use commercially reasonable efforts
to cause insurance coverage at a reduced face amount to be obtained for an
amount equal to 300% of the current annual premium therefore, on terms and
conditions substantially similar to the existing D&O Insurance. Set forth in
Schedule 5.5 is the amount of the annual premium currently paid by Gray for its
D&O Insurance. In the event Gray or any of its successors or assigns (i)
consolidates with or merges into any other Person and shall not be the
continuing or surviving corporation or entity of such consolidation or merger,
or (ii) transfers or conveys all or substantially all of its properties and
assets to any Person, then, and in each such case, to the extent necessary,
proper provision shall be made so that the successors and assigns of Gray assume
the obligations set forth in this Section 5.5. The provisions of this Section
5.5 are intended to be for the benefit of, and shall be enforceable by, each
officer and director of TCM on the date of this Agreement (or prior to the date
of this Agreement) and his or her heirs and representatives.

     5.6.  Post-Distribution Insurance Claims Administration.  Upon notification
by TCM or one of its Subsidiaries of a claim relating to TCM or one of its
Subsidiaries under one or more of the Gray Policies, Gray shall cooperate with
TCM in asserting and pursuing coverage and payment for such claim by the
appropriate insurance carrier(s). In asserting and pursuing such coverage and
payment, Gray and TCM shall jointly make all decisions, determinations,
commitments and stipulations concerning any such claims on its own behalf and on
behalf of TCM and its Subsidiaries, which decisions, determinations, commitments
and stipulations shall be final and conclusive if reasonably made to maximize
the overall economic benefit of the Gray Policies. TCM and its Subsidiaries
shall assume responsibility for, and shall pay to the appropriate insurance
carriers or otherwise, any premiums, defense costs, indemnity payments,
deductibles, retentions or other charges (collectively, "Insurance Charges")
whenever arising, which shall become due and payable under the terms and
conditions of any applicable Gray Policy in respect of any claims made by TCM or
one of its Subsidiaries under the Gray Policies, whether the same relate to the
period prior to, on, or after the Distribution Date. To the extent that the
terms of any applicable Gray Policy provide that Gray or any of its Subsidiaries
shall have an obligation to pay or guarantee the payment of any Insurance
Charges relating to TCM or any of its Subsidiaries, Gray shall be entitled to
demand that TCM make such payment directly to the Person or entity entitled
thereto. In connection with any such demand, Gray shall submit to TCM a copy of
any invoice received by Gray pertaining to such Insurance Charges together with
appropriate supporting documentation, to the extent available. In the event that
TCM fails to pay any such Insurance Charges when due and payable, whether at the
request of the Person entitled to payment or upon demand by Gray, Gray and its
Subsidiaries may (but shall not be required to) pay such Insurance Charges for
and on behalf of TCM and, thereafter, TCM shall forthwith reimburse Gray for
such payment. Subject to the other provisions of this Section 5, the retention
by Gray of the Gray Policies and the responsibility for claims administration
and financial administration of such policies are in no way intended to limit,
inhibit or preclude any right of TCM, Gray or any other insured to insurance
coverage for any insured claims under the Gray Policies.

     5.7.  Non-Waiver of Rights to Coverage.  An insurance carrier that would
otherwise be obligated to pay any claim shall not be relieved of the
responsibility with respect thereto, or, solely by virtue of the

                                        11
<PAGE>

provisions of this Section 5, have any subrogation rights with respect thereto,
it being expressly understood and agreed that no insurance carrier nor any third
party shall be entitled to a benefit that they would not be entitled to receive
had no Distribution occurred or in the absence of the provisions of this Section
5.

     5.8.  Scope of Affected Policies of Insurance.  The provisions of this
Section 5 relate solely to matters involving liability, casualty and workers'
compensation insurance and shall not be construed to affect any obligation of or
impose any obligation on the parties with respect to any life, health and
accident, dental or medical insurance policies applicable to any of the
officers, directors, employees or other representatives of the parties or their
Subsidiaries.

                                   SECTION 6

                               CERTAIN COVENANTS

     6.1.  Further Instruments; Consents.

     (a) In addition to the specific agreements, documents, and instruments
attached to this Agreement, Gray and TCM shall execute or cause to be executed
by the appropriate parties and deliver, as appropriate, such other agreements,
instruments and documents as may be necessary or desirable in order to effect
the purposes of this Agreement and the Ancillary Agreements. Neither Gray nor
TCM shall be obligated, in connection with the foregoing, to expend money other
than reasonable out-of-pocket expenses, attorneys' fees, and recording or
similar fees. Furthermore, each party, at the request of the other party hereto,
shall do and perform such other acts and things as may be necessary or desirable
for effecting completely the consummation of the transactions contemplated by
this Agreement.

     (b) Gray shall use reasonable efforts (but Gray shall not be required to
make any payment), to obtain at the earliest practicable date all consents and
approvals referred to in Section 3.3(e)(ii). If, with respect to any Assigned
Contract or any agreement, lease or commitment of Gray Publishing and its
Subsidiaries, a required consent to the transfer of the membership interests of
Gray Publishing is not obtained (and, accordingly, pursuant to section 1.2(d),
the agreement, lease or commitment is excluded from the contribution to TCM),
Gray shall use reasonable efforts (but Gray shall not be required to make any
payment), to keep it in effect and give TCM the benefit of it to the same extent
as if it had been assigned, without any additional cost to TCM in excess of the
amount for which it would have been responsible had such contract been assigned.
Nothing in this Agreement shall be construed as an attempt to assign any
agreement or other instrument that is by its terms nonassignable without the
consent of the other party.

     6.2.  Exchange of Information.

     (a) General.  Each of Gray and TCM, for itself and on behalf of its
Subsidiaries, agrees to provide, or cause to be provided, to the other, at any
time before or after the Distribution Date, as soon as reasonably practicable
after written request therefor, any Information in the possession or under the
control of such party that the requesting party reasonably needs (i) to comply
with reporting, disclosure, filing or other requirements imposed on the
requesting party (including under applicable securities laws) by any
Governmental Authority having jurisdiction over the requesting party, (ii) for
use in any other judicial, regulatory, administrative or other proceeding or in
order to satisfy audit, accounting, claims, regulatory, litigation or other
similar requirements, (iii) to comply with its obligations under this Agreement
or any Ancillary Agreement or (iv) in connection with the ongoing businesses of
Gray or TCM, as the case may be; provided, however, that in the event that any
party determines that any such provision of Information could be commercially
detrimental, violate any law or agreement, or waive any attorney-client
privilege, the parties shall take all reasonable measures to permit the
compliance with such obligations in a manner that avoids any such harm or
consequence.

     (b) Internal Accounting Controls; Financial Information.  After the
Separation Date, (i) each party shall maintain in effect at its own cost and
expense adequate systems and controls for its business to the extent necessary
to enable the other party to satisfy its reporting, accounting, audit and other
obligations,

                                        12
<PAGE>

and (ii) each party shall provide, or cause to be provided, to the other party
and its Subsidiaries in such form as such requesting party shall request, at no
charge to the requesting party, all financial and other data and Information as
the requesting party determines necessary or advisable in order to prepare its
financial statements and reports or filings with any Governmental Authority.

     (c) Ownership of Information.  Any Information owned by a party that is
provided to a requesting party pursuant to this Section 6.2 shall be deemed to
remain the property of the providing party. Unless specifically set forth in
this Agreement, nothing contained in this Agreement shall be construed as
granting or conferring rights of license or otherwise in any such Information.

     (d) Record Retention.  To facilitate the possible exchange of Information
pursuant to this Section 6.2 and other provisions of this Agreement after the
Distribution Date, the parties agree to use commercially reasonable efforts to
retain all Information in their respective possession or control on the
Distribution Date in accordance with the policies of Gray as in effect on the
Distribution Date or such other policies as may be reasonably adopted by the
applicable party after the Distribution Date. No party will destroy, or permit
any of its affiliates to destroy, any Information which the other party may have
the right to obtain pursuant to this Agreement prior to the third anniversary of
the date of this Agreement without first using its commercially reasonable
efforts to notify the other party of the proposed destruction and giving the
other party the opportunity to take possession of such Information prior to such
destruction; provided, however, that in the case of any Information relating to
taxes, employee benefits or environmental liabilities, such period shall be
extended to the expiration of the applicable statute of limitations (giving
effect to any extensions thereof); provided further, however, that in the event
that any such Information is also subject to a retention requirement contained
in any Ancillary Agreement that is longer than the requirement set forth in this
Section 6.2, then the requirement in such Ancillary Agreement shall control.

     (e) Limitation of Liability.  No party shall have any liability to any
other party in the event that any Information exchanged or provided pursuant to
this Section 6.2 is found to be inaccurate, in the absence of willful misconduct
by the party providing such Information. No party shall have any liability to
any other party if any Information is destroyed or lost after commercially
reasonable efforts by such party to comply with the provisions of Section
6.2(d).

     (f) Other Agreements Providing for Exchange of Information.  The rights and
obligations granted under this Section 6.2 are subject to any specific
limitations, qualifications, or additional provisions on the sharing, exchange,
or confidential treatment of Information set forth in this Agreement and any
Ancillary Agreement.

     (g) Production of Witnesses; Records; Cooperation.  After the Distribution
Date, except in the case of a legal or other proceeding by one party against
another party (which shall be governed by such discovery rules as may be
applicable under Section 8 or otherwise), each party shall use its commercially
reasonable efforts to make available to the other party, upon written request,
the former, current, and future directors, officers, employees, other personnel,
and agents of such party as witnesses and any books, records, or other documents
within its control or which it otherwise has the ability to make available, to
the extent that any such person (giving consideration to business demands of
such directors, officers, employees, other personnel, and agents) or books,
records, or other documents may reasonably be required in connection with any
legal, administrative, or other proceeding in which the requesting party may
from time to time be involved, regardless of whether such legal, administrative,
or other proceeding is a matter with respect to which indemnification may be
sought. The requesting party shall bear all costs and expenses in connection
therewith.

     6.3.  Privileged Matters.

     (a) Preservation of Privileges.  The parties each agree that they will
maintain, preserve, and assert all privileges, including, without limitation,
privileges arising under or relating to the attorney-client relationship (which
shall include, without limitation, the attorney-client and work product
privileges), that relate directly or indirectly to such party for any period
prior to the Distribution Date ("Privilege" or

                                        13
<PAGE>

"Privileges"). Neither party shall waive any Privilege that could be asserted
under applicable law without the prior written consent of the other party. The
rights and obligations created by this Section 6.3 shall apply to all
Information as to which, but for the Distribution, a party would have been
entitled to assert or did assert the protection of a Privilege ("Privileged
Information"), including, but not limited to, (i) any and all Information
generated prior to the Distribution Date but which, after the Distribution, is
in the possession of the other party; (ii) all communications subject to a
Privilege occurring prior to the Distribution Date between counsel for such
party and any person who, at the time of the communication, was an employee of
such party, regardless of whether such employee is or becomes an employee of the
other party; and (iii) all Information generated, received, or arising after the
Distribution Date that refers or relates to Privileged Information generated,
received, or arising prior to the Distribution Date.

     (b) Notices.  Upon receipt by a party or any of its Subsidiaries of any
subpoena, discovery, or other request that arguably calls for the production or
disclosure of Privileged Information or if such party or any of its Subsidiaries
obtains knowledge that any current or former employee of such party or any of
its Subsidiaries has received any subpoena, discovery, or other request that
arguably calls for the production or disclosure of Privileged Information, such
party shall promptly notify the other party of the existence of the request and
shall provide the other party a reasonable opportunity to review the Information
and to assert any rights it may have under this Section 6.3 or otherwise to
prevent the production or disclosure of Privileged Information. Neither party
will produce or disclose any Information arguably covered by a Privilege under
this Section 6.3 unless (i) the other party has provided its express written
consent to such production or disclosure, or (ii) unless compelled to disclose
by judicial or administrative process or, in the opinion of its independent
legal counsel, by other requirements of law.

     (c) Access Not a Waiver.  The access to Information being granted pursuant
to Section 6.2, the agreement to provide witnesses and individuals pursuant to
Section 6.2, and the transfer of Privileged Information pursuant to this
Agreement shall not be deemed a waiver of any Privilege that has been or may be
asserted under this Section 6.3 or otherwise.

     6.4.  Certain Business Matters.  No party shall have any duty to refrain
from (i) engaging in the same or similar activities or lines of business as the
other party, (ii) doing business with any potential or actual supplier or
customer of the other party or (iii) engaging in, or refraining from, any other
activities whatsoever relating to any potential or actual suppliers or customers
of the other party.

     6.5.  Payment Obligations.  On the Separation Date, TCM shall pay, or shall
cause Gray Publishing to pay, the balance due as of the Separation Date under
that certain promissory note dated as of December 31, 2004, by and between Gray
Publishing and Gray Television Group, Inc. (the "Promissory Note") to Gray
Television Group, Inc., which payment shall be in complete satisfaction of Gray
Publishing's obligations under the Promissory Note. In addition, on the
Separation Date, in partial consideration of the transfer of the membership
interests and other assets to TCM under Section 1.1, TCM shall distribute to
Gray an amount equal to the difference between (i) $40.0 million and (ii) the
amount paid to Gray Television Group, Inc. pursuant to the Promissory Note.

     6.6.  Reimbursement Obligations.  Following the Distribution, TCM shall
promptly reimburse Gray for any amounts paid, from time to time, by Gray
pursuant to the terms of the Guarantee and Acknowledgment dated June 9, 2005
made by Gray and the special committee of the Board of Directors of Gray in
favor of Houlihan Lokey Howard & Zukin Capital, Inc. and its affiliates.

                                   SECTION 7

                                INDEMNIFICATION

     7.1.  Indemnification by Gray.  Gray shall indemnify, defend, and hold
harmless TCM and its Subsidiaries, and each of their respective directors,
officers, employees, counsel, and agents (the "TCM Indemnitees") from and
against any and all Indemnifiable Losses incurred or suffered by any TCM
Indemnitee in connection with any Action or threatened Action and arising out of
or due to, directly or indirectly, (i) any of the Retained Assets, (ii) any of
the Assumed Liabilities or (iii) any failure to
                                        14
<PAGE>

perform, or violation of, any provision of this Agreement or any Ancillary
Agreement that is to be performed or complied with by Gray or its Subsidiaries
(other than TCM and its Subsidiaries).

     7.2.  Indemnification by TCM.  TCM shall indemnify, defend, and hold
harmless Gray and its Subsidiaries, and each of their respective directors,
officers, employees, counsel, and agents (the "Gray Indemnitees") from and
against any and all Indemnifiable Losses incurred or suffered by any Gray
Indemnitee in connection with any Action or threatened Action and arising out of
or due to, directly or indirectly, (i) the Newspaper Publishing Business, (ii)
Graylink Wireless Business, (iii) the Assigned Contracts, (iv) the Assigned Real
Property, or (v) any failure to perform, or violation of, any provision of this
Agreement or any Ancillary Agreement that is to be performed or complied with by
TCM or its Subsidiaries.

     7.3.  Procedure for Indemnification.

     (a) General.  The following procedures shall apply to any claim for
indemnification made pursuant to Section 7.1 and Section 7.2 and pursuant to any
indemnities provided in any Ancillary Agreement.

     (b) Notices.  If a Gray Indemnitee or TCM Indemnitee shall receive notice
of any Action by any third party, or any fact or allegation upon which such
Action could be based (hereinafter a "Third Party Claim"), with respect to which
an Indemnifying Party is or may be obligated to make an Indemnity Payment, it
shall give the Indemnifying Party prompt notice thereof (including any pleadings
relating thereto), specifying in reasonable detail the nature of such Third
Party Claim and the amount or estimated amount thereof to the extent then
feasible (which estimate shall not be conclusive of the final amount of such
Indemnity Payment); provided, however, that the failure of an Indemnitee to give
notice as provided in this Section 7.3 shall not relieve the Indemnifying Party
of its indemnification obligations under this Section 7, except to the extent
that such Indemnifying Party is actually prejudiced by such failure to give
notice.

     (c) Defense.  For any Third Party Claim upon which notice is required to be
given under Section 7.3(b), the Indemnifying Party shall defend such Third Party
Claim at its sole cost and expense and through counsel employed by the
Indemnifying Party and reasonably acceptable to the Indemnitee. Within 30 days
of receipt of the notice of the Third Party Claim received under Section 7.3(b),
the Indemnifying Party shall give notice of its intent to defend or objection to
the claim of indemnification specifying in reasonable detail the grounds
therefor. Failure to provide such notice within such 30-day period shall be
deemed an acknowledgment by the Indemnifying Party of its indemnity obligation
for the Third Party Claim.

     (d) Settlement.  The Indemnifying Party's right to defend any Third Party
Claim includes the right to control, manage, and direct the defense of the Third
Party Claim and to compromise, settle, or consent to the entry of any judgment
or determination of liability concerning such Third Party Claim; provided,
however, that the Indemnifying Party shall not compromise, settle, or consent to
the entry of judgment or determination of liability against the Indemnitee
without prior written approval by the Indemnitee, which approval shall not be
unreasonably withheld or delayed; provided, however, that if the Indemnifying
Party shall seek the approval of the Indemnitee to a settlement for monetary
damages for which the Indemnifying Party accepts responsibility and if the
Indemnitee shall withhold or unreasonably delay approval of such settlement,
then the obligation of the Indemnifying Party shall be limited to the amount of
the proposed and unapproved settlement, plus attorney's fees and costs to the
date of the proposed settlement, and the Indemnitee shall be solely responsible
for any additional amount.

     (e) Participation.  The Indemnitee may participate in the Indemnifying
Party's defense of any Third Party Claim in which the Indemnitee has an interest
and be represented by counsel of its own choosing at the Indemnitee's sole cost
and expense.

     (f) Failure to Defend.  If the Indemnifying Party fails to defend a Third
Party Claim, the Indemnitee may defend and may compromise and settle or consent
to an entry of judgment or a determination of liability concerning such Third
Party Claim at the sole cost and expense of the Indemnifying Party; provided,
however, that the Indemnitee shall not compromise, settle, or consent to the
                                        15
<PAGE>

entry of judgment or determination of liability against the Indemnitee without
prior written approval by the Indemnifying Party, unless such approval is
unreasonably withheld or delayed.

     (g) Access to Information.  Regardless of the party that defends a Third
Party Claim, the other shall make available to the Indemnifying Party all
employees, Information, books and records, communications, and documents, within
its possession or control, that are necessary, appropriate or reasonably deemed
relevant with respect to such defense, and otherwise shall reasonably cooperate
in the defense of the Third Party Claim.

     (h) Release of Liability.  With respect to any Third Party Claim, no
Indemnifying Party or Indemnitee shall enter into any compromise, settlement, or
consent to the entry of any judgment that does not include as an unconditional
term thereof the giving by the third party of a release of the Indemnitee from
all further liability concerning such Third Party Claim.

     (i) Payment.  Upon final judgment after exhaustion of all appeals,
settlement, compromise, or other final resolution of any Third Party Claim, and
unless otherwise agreed by the parties in writing, the Indemnifying Party shall
pay promptly on behalf of the Indemnitee, or to the Indemnitee in reimbursement
of any amount theretofore required to be paid by it, the amount so determined by
final judgment after exhaustion of all appeals, settlement, compromise, or final
resolution. Upon the payment in full by the Indemnifying Party of such amount,
the Indemnifying Party shall succeed to the rights of such Indemnitee, to the
extent not waived in settlement, against any third party.

     7.4.  Direct Claims.  Any claim for indemnity pursuant to Section 7.1 or
Section 7.2 on account of an Indemnifiable Loss made directly by the Indemnitee
against the Indemnifying Party that does not result from a Third Party Claim
shall be asserted by written notice from the Indemnitee to the Indemnifying
Party. Such Indemnifying Party shall have a period of 90 days (or such shorter
time period as may be required by law as indicated by the Indemnitee in the
written notice) within which to respond thereto. If such Indemnifying Party does
not respond within such 90-day (or lesser) period, such Indemnifying Party shall
be deemed to have accepted responsibility to make payment and shall have no
further right to contest the validity of such claim. If such Indemnifying Party
does respond within such 90-day (or lesser) period and rejects such claim in
whole or in part, such Indemnitee shall be free to pursue resolution as provided
in Section 8.

     7.5.  Adjustment of Indemnifiable Losses.  The amount that an Indemnifying
Party is required to pay to an Indemnitee pursuant to Section 7.1 or Section 7.2
shall be reduced (including, without limitation, retroactively) by any insurance
proceeds and other amounts actually recovered by such Indemnitee in reduction of
the related Indemnifiable Loss. If an Indemnitee shall have received an
Indemnity Payment in respect of an Indemnifiable Loss and shall subsequently
actually receive insurance proceeds or other amounts in respect of such
Indemnifiable Loss, then such Indemnitee shall pay to such Indemnifying Party a
sum equal to the lesser of the amount of such insurance proceeds or other
amounts actually received or the net amount of Indemnity Payments actually
received previously.

     7.6.  No Third Party Beneficiaries.  Except to the extent expressly
provided otherwise in this Section 7, the indemnification provided for by this
Section 7 shall not inure to the benefit of any third party or parties and shall
not relieve any insurer or other third party that would otherwise be obligated
to pay any claim of the responsibility with respect thereto or, solely by virtue
of the indemnification provisions hereof, provide any subrogation rights with
respect thereto, and each party agrees to waive such rights against the other to
the fullest extent permitted.

                                   SECTION 8

                               DISPUTE RESOLUTION

     8.1.  General.  The resolution of any and all disputes arising from or in
connection with this Agreement, whether based on contract, tort or otherwise
(collectively, "Disputes"), shall be exclusively governed by and settled in
accordance with the provisions of this Section 8.

                                        16
<PAGE>

     8.2.  Negotiation.  The parties shall make a good faith attempt to resolve
any Dispute through negotiation. Within 30 days after notice of a Dispute is
given by either party to the other party, each party shall select a negotiating
team comprised of two or more vice president-level employees of such party and
shall meet within 30 days after the end of the first 30-day negotiating period
to attempt to resolve the matter. During the course of negotiations under this
Section 8.2, all reasonable requests made by one party to the other for
Information, including requests for copies of relevant documents, will be
honored. The specific format for such negotiations will be left to the
discretion of the designated negotiating teams but may include the preparation
of agreed-upon statements of fact or written statements of position furnished to
the other party.

     8.3.  Non-Binding Mediation.  In the event that any Dispute is not settled
by the parties within 30 days after the first meeting of the negotiating teams
under Section 8.2, the parties will attempt in good faith to resolve such
Dispute by non-binding mediation in accordance with the American Arbitration
Association Commercial Mediation Rules. The mediation shall be held within 60
days of the end of such 30-day negotiation period of the negotiating teams.
Except as provided below in Section 8.4, no litigation for the resolution of
such dispute may be commenced until the parties attempt in good faith to settle
the dispute by such mediation in accordance with such rules and either party has
concluded in good faith that amicable resolution through continued mediation of
the matter does not appear likely. The costs of mediation shall be shared
equally by the parties to the mediation. Any settlement reached by mediation
shall be recorded in writing, signed by the parties, and shall be binding on
them.

     8.4.  Proceedings.  Nothing in this Agreement shall prohibit either party
from initiating litigation or other judicial or administrative proceedings if
such party would be substantially harmed by a failure to act during the time
that such good faith efforts are being made to resolve the Dispute through
negotiation or mediation. In the event that litigation is commenced under this
Section 8.4, the parties agree to continue to attempt to resolve any Dispute
according to the terms of Section 8.2 and Section 8.3 during the course of such
litigation proceedings under this Section 8.4.

     8.5.  Pay and Dispute.  Except as provided in this Agreement, in the event
of any dispute regarding payment of a third-party invoice (subject to standard
verification of receipt of products or services), the party named in a third
party's invoice must make timely payment to such third party, even if the party
named in the invoice desires to pursue the dispute resolution procedures
outlined in this Section 8. If the party that paid the invoice is found pursuant
to this Section 8 to not be responsible for such payment, such paying party
shall be entitled to reimbursement, with interest accrued at a compound annual
rate of the Prime Rate, from the party found responsible for such payment.

                                   SECTION 9

                                 MISCELLANEOUS

     9.1.  Representations and Warranties of Gray.  (a) Gray represents and
warrants that immediately following the Separation, TCM shall have all of the
assets (tangible and intangible) necessary for the conduct of the Newspaper
Publishing Business and Graylink Wireless Business in the manner in which it was
conducted by Gray on the date of this Agreement and as such businesses are
proposed to be conducted by TCM following the Distribution, except for the
assets referred to in Section 1.2.

     (b) TCM acknowledges that the assets of the Newspaper Publishing Business
and Graylink Wireless Business are being transferred "as is, where is" and that
Gray is not, in this Agreement, the Ancillary Agreements or in any other
agreement or document contemplated by this Agreement or the Ancillary
Agreements, including without limitation, registration statement on Form S-4 and
the proxy statement/ prospectus/information statement representing or warranting
in any way the value or freedom from encumbrance of, or any other matter
concerning, any assets of the Newspaper Publishing Business or Graylink Wireless
Business. TCM acknowledges that Gray is not in this Agreement or the Ancillary
Agreements, nor in any other agreement or document contemplated by this
Agreement or the Ancillary Agreements, including without limitation,
registration statement on Form S-4 and proxy statement/

                                        17
<PAGE>

prospectus/information statement representing or warranting in any way that the
obtaining of the consents or approvals, the execution and delivery of any
amendatory agreements, or the making of the filings contemplated by this
Agreement shall satisfy the provisions of all applicable agreements or the
requirements of all applicable laws or judgments, and except as otherwise
provided in Section 6.1(b) that TCM shall bear the economic and legal risk that
any necessary consents or approvals are not obtained or that any requirements of
law or judgments are not complied with.

     9.2.  LIMITATION OF LIABILITY.  IN NO EVENT SHALL GRAY OR TCM BE LIABLE TO
THE OTHER PARTY FOR ANY SPECIAL, CONSEQUENTIAL, INDIRECT, INCIDENTAL, OR
PUNITIVE DAMAGES OR LOST PROFITS, HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY
(INCLUDING NEGLIGENCE) ARISING IN ANY WAY OUT OF THIS AGREEMENT, WHETHER OR NOT
SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES; PROVIDED,
HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT EACH PARTY'S
INDEMNIFICATION OBLIGATIONS FOR LIABILITIES TO THIRD PARTIES AS SET FORTH IN
THIS AGREEMENT.

     9.3.  Survival.  Except as expressly set forth in any Ancillary Agreement,
the covenants, representations and warranties contained in this Agreement and
each Ancillary Agreement, and liability for the breach of any obligations
contained in this Agreement, shall survive the Separation and Distribution and
shall remain in full force and effect.

     9.4.  Expenses.  Except as otherwise provided in this Agreement, the
Ancillary Agreements, or any other agreement between the parties relating to the
Transaction, all costs and expenses of the parties hereto in connection with the
Transaction shall be paid by TCM (other than 50% of the fees and expenses of
Banc of America Securities, 50% of the fees and expenses of Proskauer Rose LLP,
50% of the fees and expenses of King & Spalding LLP, 34% of the printing fees
and expenses and SEC filing fees, and 50% of all incidental services related to
the Transaction, which shall be paid by Gray). TCM shall promptly, on or after
the Distribution Date, reimburse Gray for any fees and expenses paid by Gray, on
behalf of TCM.

     9.5.  Entire Agreement.  This Agreement, the Ancillary Agreements, and the
Exhibits and Schedules referenced or attached hereto and thereto, constitute the
entire agreement between the parties with respect to the subject matter hereof
and shall supersede all prior written and oral and all contemporaneous oral
agreements and understandings with respect to the subject matter hereof.

     9.6.  Amendment.  No change or amendment will be made to this Agreement
except by an instrument in writing signed on behalf of each of the parties to
this Agreement.

     9.7.  No Third-Party Beneficiaries.  Except as specifically provided in
Section 5.5, and Section 7.1 and Section 7.2 (to the extent set forth in Section
7.6), this Agreement is solely for the benefit of the parties to this Agreement
and their respective Subsidiaries and successors, and shall not confer upon any
other Person any rights or remedies hereunder.

     9.8.  Governing Law.  This Agreement shall be governed, construed, and
enforced in accordance with the laws of the state of Delaware as to all matters
regardless of the laws that might otherwise govern under the principles of
conflict of laws applicable thereto.

     9.9.  Termination.  This Agreement may be terminated at any time prior to
the Distribution by and in the sole discretion of Gray without the approval of
TCM or the shareholders of Gray. After the Distribution, this Agreement may not
be terminated except by an agreement in writing signed by Gray and TCM. In the
event of termination pursuant to this Section 9.9, no party shall have any
liability of any kind to the other party.

     9.10.  Notices.  Any notice, demand, offer, request or other communication
required or permitted to be given by either party pursuant to the terms of this
Agreement shall be in writing and shall be deemed effectively given the earlier
of (a) when received, (b) when delivered personally, (c) one business day after
being delivered by facsimile (with receipt of appropriate confirmation), (d) one
business day after being deposited with an overnight courier service, or (e)
four days after being deposited in the U.S. mail,

                                        18
<PAGE>

First Class with postage prepaid, and addressed to the attention of the party's
Chief Executive Officer at the address of its principal executive office or such
other address as a party may request by notifying the other in writing.

     9.11.  Counterparts.  This Agreement may be executed in counterparts, each
of which shall be deemed to be an original but all of which shall constitute one
and the same agreement.

     9.12.  Binding Effect and Assignment.  This Agreement shall inure to the
benefit of and be binding upon the parties hereto and their respective legal
representatives and successors. This Agreement may not be assigned by any party
hereto.

     9.13.  Severability.  If any term or other provision of this Agreement is
determined by a nonappealable decision by a court, administrative agency, or
arbitrator to be invalid, illegal, or incapable of being enforced by any rule of
law or public policy, all other conditions and provisions of this Agreement
shall nevertheless remain in full force and effect so long as the economic or
legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to either party. Upon such determination that any term
or other provision is invalid, illegal, or incapable of being enforced, the
parties hereto shall negotiate in good faith to modify this Agreement so as to
effect the original intent of the parties as closely as possible in an
acceptable manner to the end that transactions contemplated hereby are fulfilled
to the fullest extent possible.

     9.14.  Failure and Remedies.  No failure or delay on the part of either
party in the exercise of any right hereunder shall impair such right or be
construed to be a waiver of, or acquiescence in, any breach of any
representation, warranty, or agreement in this Agreement, nor shall any single
or partial exercise of any such right preclude other or further exercise thereof
or of any other right. All rights and remedies existing under this Agreement are
cumulative to, and not exclusive of, any rights or remedies otherwise available.

     9.15.  Authority.  Each of the parties hereto represents to the other that
(a) it has the corporate power and authority to execute, deliver, and perform
this Agreement, (b) the execution, delivery, and performance of this Agreement
by it has been duly authorized by all necessary corporate actions, (c) it has
duly and validly executed and delivered this Agreement, and (d) this Agreement
is a legal, valid, and binding obligation, enforceable against it in accordance
with its terms.

     9.16.  Interpretation.  The headings contained in this Agreement, in any
Exhibit or Schedule hereto, and in the table of contents to this Agreement are
for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement.

     9.17.  Conflicting Agreements.  In the event of conflict between this
Agreement and any Ancillary Agreement or other agreement executed in connection
herewith, the provisions of such other agreement shall prevail.

     9.18.  Definitions.

     (a) "Action" means any action, claim, suit, arbitration, inquiry, subpoena,
discovery request, proceeding, or investigation by or before any court or grand
jury, any governmental or other regulatory or administrative agency or
commission, or any arbitration tribunal.

     (b) "Agreement" has the meaning set forth in the prelude of this Agreement.

     (c) "Ancillary Agreements" means the Assignment and Assumption Agreement,
Real Property Lease, Tax Sharing Agreement and Confidentiality Agreement.

     (d) "Assigned Contract" has the meaning set forth in Section 1.1(b).

     (e) "Assigned Real Property" has the meaning set forth in Section 1.1(c).

     (f) "Assignment Agreement" has the meaning set forth in Section 2.3(b).

     (g) "Assumed Liabilities" has the meaning set forth in Section 1.3.

                                        19
<PAGE>

     (h) "Bull Run" means Bull Run Corporation, a Georgia corporation.

     (i) "Code" means the Internal Revenue Code of 1986, as amended from time to
time.

     (j) "Confidentiality Agreement" means the confidentiality agreement dated
June 1, 2005 by and among Bull Run, TCM and Gray.

     (k) "Contracts" has the meaning set forth in Section 1.1(g).

     (l) "Contribution Agreement" has the meaning set forth in Section 2.3(e).

     (m) "D&O Insurance" has the meaning set forth in Section 5.5.

     (n) "Disputes" has the meaning set forth in Section 8.1.

     (o) "Distribution" has the meaning set forth in the Recitals to this
Agreement.

     (p) "Distribution Agent" means Mellon Investor Services, LLC.

     (q) "Distribution Date" means such date as shall be fixed by the Board of
Directors of Gray for the Distribution.

     (r) "Exchange Act" means the Securities Exchange Act of 1934, as amended.

     (s) "Governmental Approvals" means any notices, reports, or other filings
to be made, or any consents, registrations, approvals, permits, or
authorizations to be obtained from, any Governmental Authority.

     (t) "Governmental Authority" shall mean any federal, state, local, foreign,
or international court, government, department, commission, board, bureau,
agency, official, or other regulatory, administrative, or governmental
authority.

     (u) "Gray" has the meaning set forth in the prelude to this Agreement.

     (v) "Gray 401(k) Plan" has the meaning set forth in Section 4.3.

     (w) "Gray Class A Common Stock" has the meaning set forth in the Recitals
to this Agreement.

     (x) "Gray Common Stock" has the meaning set forth in the Recitals to this
Agreement.

     (y) "Gray Flex Plan" has the meaning set forth in Section 4.6.

     (z) "Gray Indemnitee" has the meaning set forth in Section 7.2.

     (aa) "Gray Policy" has the meaning set forth in Section 5.2.

     (bb) "Gray Publishing" has the meaning set forth in the Recitals.

     (cc) "Gray Stock" has the meaning set forth in the Recitals.

     (dd) "Gray Welfare Plans" has the meaning set forth in Section 4.5(a).

     (ee) "Graylink" has the meaning set forth in the Recitals.

     (ff) "Graylink Wireless Business" has the meaning set forth in the Recitals
to this Agreement.

     (gg) "Indemnifiable Losses" means, with respect to any claim by an
Indemnitee for indemnification authorized pursuant to Section 7, any and all
losses, liabilities, claims, damages, obligations, payments, costs, and expenses
(including, without limitation, the costs and expenses of any and all Actions,
demands, assessments, judgments, settlements, and compromises relating thereto
and reasonable attorneys' fees and expenses in connection therewith) suffered by
such Indemnitee with respect to such claim.

     (hh) "Indemnifying Party" means any party who is required to pay any other
Person pursuant to Section 7.

                                        20
<PAGE>

     (ii) "Indemnitee" means any party who is entitled to receive payment from
an Indemnifying Party pursuant to Section 7.

     (jj) "Indemnity Payment" means the amount an Indemnifying Party is required
to pay an Indemnitee pursuant to Section 7.

     (kk) "Information" means information, whether or not patentable or
copyrightable, in written, oral, electronic, or other tangible or intangible
form, stored in any medium, including studies, reports, records, books,
contracts, instruments, surveys, discoveries, ideas, concepts, know-how,
techniques, designs, specifications, drawings, blueprints, diagrams, models,
prototypes, samples, flow charts, data, computer data, disks, diskettes, tapes,
computer programs or other software, marketing plans, customer names,
communications by or to attorneys (including attorney-client privileged
communications), memos and other materials prepared by attorneys or under their
direction (including attorney work product), and other technical, financial,
employee, or business information or data.

     (ll) "Insurance Charges" has the meaning set forth in Section 5.6.

     (mm) "Material Adverse Effect" means a material and adverse effect on the
operation of the applicable company taken as a whole; provided, however, that
the following shall not be taken into account in determining whether there has
been or would be a "Material Adverse Effect": (i) any adverse changes or
developments resulting from conditions affecting the United States economy
generally; (ii) any acts of war, insurrection, sabotage or terrorism; and (iii)
any adverse changes or developments arising primarily out of, or resulting
primarily from, actions taken by any party in connection with (but not in breach
of) this Agreement and the transactions contemplated hereunder, or which are
primarily attributable to the announcement of this Agreement and the
transactions contemplated hereby.

     (nn) "Merger" means the merger of Bull Run with and into BR Acquisition
Corp. pursuant to the terms of the Merger Agreement.

     (oo) "Merger Agreement" means the Agreement and Plan of Merger dated August
2, 2005 by and among TCM, BR Acquisition Corp. and Bull Run.

     (pp) "Newspaper Publishing Business" has the meaning set forth in the
Recitals to this Agreement.

     (qq) "Person" means an individual, a partnership, a corporation, a limited
liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, or a governmental entity or any
department, agency, or political subdivision thereof.

     (rr) "Prime Rate" means the prime rate as published in The Wall Street
Journal on the date of determination.

     (ss) "Privilege" has the meaning set forth in Section 6.4(a).

     (tt) "Privileged Information" has the meaning set forth in Section 6.4(a).

     (uu) "Promissory Note" has the meaning set forth in Section 6.5.

     (vv) "Real Property Lease" has the meaning set forth in Section 2.3(d).

     (ww) "Record Date" means such date as shall be fixed by the Board of
Directors of Gray to determine the holders of Gray Common Stock that shall be
entitled to the Distribution.

     (xx) "Refinancing" means a financing in which TCM receives gross proceeds
of at least $125.0 million.

     (yy) "Retained Assets" has the meaning set forth in Section 1.2.

     (zz) "Retained Employees" has the meaning set forth in Section 4.1.

     (aaa) "Retirement Plan" has the meaning set forth in Section 4.4.

     (bbb) "SEC" has the meaning set forth in Section 3.2(a).

                                        21
<PAGE>

     (ccc) "Securities Act" means the Securities Act of 1933, as amended.

     (ddd) "Separation" has the meaning set forth in the Recitals to this
Agreement.

     (eee) "Separation Date" has the meaning set forth in Section 2.1.

     (fff) "Subsidiary" means with respect to any specified Person, any
corporation, any limited liability company, any partnership, or any other legal
entity of which such Person or its Subsidiaries owns, directly or indirectly,
more than 50% of the stock or other equity interest entitled to vote on the
election of the members of the board of directors or similar governing body.
Unless the context otherwise requires, reference to Gray and its Subsidiaries
shall not include Gray Publishing and its Subsidiaries, and those subsidiaries
will be treated as Subsidiaries of TCM.

     (ggg) "Tax Sharing Agreement" has the meaning set forth in Section 2.3(c).

     (hhh) "TCM" has the meaning set forth in the prelude to this Agreement.

     (iii) "TCM 401(k) Plan" has the meaning set forth in Section 4.3.

     (jjj) "TCM Assumed Liability" has the meaning set forth in Section 1.3(b).

     (kkk) "TCM Common Stock" has the meaning set forth in the Recitals to this
Agreement.

     (lll) "TCM Flex Plan" has the meaning set forth in Section 4.6.

     (mmm) "TCM Indemnitee" has the meaning set forth in Section 7.1.

     (nnn) "TCM Welfare Plans" has the meaning set forth in Section 4.5(a).

     (ooo) "Third Party Claim" has the meaning set forth in Section 7.3(b).

     (ppp) "Transaction" means the Separation, Distribution and Merger.

     (qqq) "Transferred Employees" has the meaning set forth in Section 4.1.

     (rrr) "WARN Act" has the meaning set forth in Section 4.10.

                  [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

                                        22
<PAGE>

     IN WITNESS WHEREOF, the parties have executed and delivered this Master
Separation and Distribution Agreement effective as of the date first written
above.

                                          GRAY TELEVISION, INC.

                                          By: /s/ Robert S. Prather, Jr.
                                            ------------------------------------
                                              Name: Robert S. Prather, Jr.
                                              Title:   President and Chief
                                                       Operating Officer

                                          TRIPLE CROWN MEDIA, INC.

                                          By: /s/ James C. Ryan
                                            ------------------------------------
                                              Name: James C. Ryan
                                              Title:   Chief Financial Officer
                                                       and Secretary

                                        23<PAGE>

                                                                    EXHIBIT 10.2

                             TAX SHARING AGREEMENT

     This Tax Sharing Agreement (this "Agreement") is entered into as of August
2, 2005, by and between Gray Television, Inc., a Georgia corporation ("Gray"),
and Triple Crown Media, Inc., a Delaware corporation ("TCM"). Capitalized terms
used in this Agreement and not otherwise defined in Article I or otherwise
herein shall have the meanings ascribed to such terms in the Separation and
Distribution Agreement, dated as of August 2, 2005, by and between Gray and TCM
(the "Separation and Distribution Agreement").

                                    RECITALS

     A. Gray is the common parent of an "affiliated group" of corporations
within the meaning of Section 1504(a) of the Internal Revenue Code of 1986, as
amended (the "Code"), that has filed consolidated federal income tax returns.

     B. TCM is a wholly owned subsidiary of Gray.

     C. Pursuant to the Separation and Distribution Agreement, among other
things, (i) Gray agreed to convey, assign and transfer to TCM the sole
membership interest in Gray Publishing and (ii) TCM agreed to distribute $40
million to Gray on the Separation Date (collectively, the "Separation").

     D. Immediately after the Separation, Gray shall make a pro rata
distribution of all of the TCM Common Stock to the holders of the Gray Common
Stock (the "Distribution" and, together with the Separation, the
"Reorganization").

     E. Gray and TCM intend that the Reorganization will qualify as a divisive
reorganization described in Sections 368(a)(1)(D) and that the Distribution will
qualify for nonrecognition treatment under Section 355 of the Code.

     F. Gray and TCM desire to set forth their rights and obligations with
respect to Taxes (as defined herein) due for periods before and after the
Distribution Date.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

                                   ARTICLE I.

                                  Definitions

     1.01  "Affiliate" shall mean any Person that directly or indirectly through
one or more intermediaries Controls, is Controlled by, or is under common
Control with a specified Person.

     1.02  "Agreement" shall mean this Tax Sharing Agreement between Gray and
TCM, as the same may be amended from time to time.

     1.03  "Applicable Federal Rate" shall have the meaning set forth in Section
1274(d) of the Code, compounded quarterly.

     1.04  "Code" shall have the meaning set forth in the Recitals.

     1.05  "Control" or "Controlled" shall mean, with respect to any Person, the
presence of one of the following: (i) the legal, beneficial or equitable
ownership, directly or indirectly, of more than 50% (by vote or value) of the
capital or voting stock (or other ownership or voting interest, if not a
corporation) of such Person or (ii) the ability, directly or indirectly, to
direct the voting of a majority of the directors of such

                                        1
<PAGE>

Person's board of directors or, if the Person does not have a board of
directors, a majority of the positions on any similar body, whether through
appointment, voting agreement or otherwise.

     1.06  "Controlling Party" shall have the meaning set forth in Section 5.01.

     1.07  "Distribution" shall have the meaning set forth in the Recitals.

     1.08  "Final Determination" shall mean with respect to any issue (a) a
decision, judgment, decree or other order by any court of competent
jurisdiction, which decision, judgment, decree or other order has become final
and not subject to further appeal, (b) a closing agreement whether or not
entered into under Section 7121 of the Code or any other binding settlement
agreement (whether or not with the Internal Revenue Service) entered into in
connection with or in contemplation of an administrative or judicial proceeding,
or (c) the completion of the highest level of administrative proceedings if a
judicial contest is not or is no longer possible.

     1.09  "Gray" shall have the meaning set forth in the preamble to this
Agreement.

     1.10  "Gray Group" shall mean Gray and all Subsidiaries of Gray at any time
following the Separation but shall not include any member of the TCM Group.

     1.11  "Gray Publishing" shall mean Gray Publishing LLC, a Delaware limited
liability company, which is a member of the TCM Group.

     1.12  "Gray Tainting Act" shall mean (a) any breach of any written
representation relating to the qualification of the Reorganization as a
reorganization described in Section 368(a)(1)(D) of the Code, relating to the
qualification of the Distribution as a transaction described in Section 355 of
the Code, or relating to the treatment of the stock of TCM as "qualified
property" within the meaning of Sections 355(c)(2) and 361(c)(2) of the Code,
which representation is made by Gray in that certain officer's certificate of
even date herewith that was provided to King & Spalding LLP in connection with
the tax opinion of King & Spalding LLP described in Section 3.3(g) of the
Separation and Distribution Agreement, or (b) any action, failure to act or
omission by or involving any Person (other than TCM or any other Person that is
an Affiliate of TCM immediately before or immediately after such action, failure
to act, or omission) after the Distribution Date, if such breach, action,
failure to act, or omission contributes to a Final Determination that (i) the
Reorganization failed to qualify as a reorganization under Section 368(a)(1)(D)
of the Code, (ii) the Distribution failed to qualify as a transaction described
in Section 355 of the Code or (iii) the stock of TCM distributed to Gray's
shareholders failed to qualify as "qualified property" within the meaning of
Sections 355(c)(2) and 361(c)(2) of the Code, including by reason of the
application of Section 355(e) of the Code.

     1.13  "Indemnitor" shall have the meaning set forth in Section 5.02.

     1.14  "Person" shall mean any individual, partnership, joint venture,
corporation, limited liability company, trust, unincorporated organization,
government or department or agency of a government.

     1.15  "Post-Distribution Period" shall mean any taxable year or other
taxable period beginning on or after the Distribution Date and, in the case of
any taxable year or other taxable period that begins before and ends after the
Distribution Date, that part of the taxable year or other taxable period that
begins after the close of the Distribution Date.

     1.16  "Pre-Distribution Period" shall mean any taxable year or other
taxable period that ends on or before the Distribution Date and, in the case of
any taxable year or other taxable period that begins before and ends after the
Distribution Date, that part of the taxable year or other taxable period through
the close of the Distribution Date.

     1.17  "Reorganization" shall have the meaning set forth in the Recitals.

     1.18  "Restructuring Taxes" shall mean any Taxes resulting from or caused
by the Reorganization including, but not limited to, any income Taxes imposed
pursuant to or as a result of Sections 311, 355(c)(2), 357(c), 361(b)(1)(B),
361(b)(3), 361(c)(2), or 455(b)(1) of the Code, Sections 1.1502-13

                                        2
<PAGE>

or 1.1502-19 of the Treasury Regulations, or Section 5.02(5) of Revenue
Procedure 2004-23, 2004-22 I.R.B. 991 (or any corresponding or similar
provisions of state, local or non-U.S. income Tax law) and any sales or other
transfer Taxes or similar charges imposed with respect to or as a result of the
Reorganization.

     1.19  "Separation" shall have the meaning set forth in the Recitals.

     1.20  "Separation and Distribution Agreement" shall have the meaning set
forth in the preamble to this Agreement.

     1.21  "Subsidiary" shall mean a corporation, limited liability company,
partnership, joint venture or other business entity if 50% or more of the
outstanding equity or voting power of such entity is owned directly or
indirectly by the corporation with respect to which such term is used.

     1.22  "Tax" or "Taxes", whether used in the form of a noun or adjective,
shall mean all forms of taxation, whenever created or imposed, including, but
not limited to, taxes on or measured by income, franchise, gross receipts,
sales, use, excise, payroll, personal property (tangible or intangible), real
property, ad valorem, value-added, leasing, leasing use or other taxes, levies,
imposts, duties, charges or withholdings of any nature whether imposed by a
nation, locality, municipality, government, state, federation, or other
governmental body (a "Taxing Authority"). Whenever the term "tax" or "taxes" is
used (including, without limitation, in the context of any duty to reimburse
another party or indemnify for taxes or refunds or credits of taxes) it shall
include penalties, fines, additions to tax and interest thereon.

     1.23  "Taxing Authority" shall have the meaning set forth in the foregoing
definition of the term "Tax."

     1.24  "Tax Returns" shall mean all reports, returns, information
statements, questionnaires or other documents required to be filed or that may
be filed for any period with any Taxing Authority (whether domestic or foreign)
in connection with any Tax or Taxes (whether domestic or foreign).

     1.25  "TCM" shall have the meaning set forth in the preamble to this
Agreement.

     1.26  "TCM Business" shall mean the Newspaper Publishing Business, or the
Graylink Wireless Business, or both businesses.

     1.27  "TCM Group" shall mean TCM and all entities that are Subsidiaries of
TCM at any time following the Separation, including without limitation Gray
Publishing, Graylink LLC, and Porta-Phone Paging Licensee Corp.

     1.28  "TCM Tainting Act" shall mean (a) any breach of any written
representation relating to the qualification of the Reorganization as a
reorganization described in Section 368(a)(1)(D) of the Code, relating to the
qualification of the Distribution as a transaction described in Section 355 of
the Code, or relating to the treatment of the stock of TCM as "qualified
property" within the meaning of Sections 355(c)(2) and 361(c)(2) of the Code,
which representation is made by TCM in that certain officer's certificate of
even date herewith that was provided to King & Spalding LLP in connection with
the tax opinion of King & Spalding LLP described in Section 3.3(g) of the
Separation and Distribution Agreement, or (b) any action, failure to act or
omission by or involving any Person (other than Gray or any other Person that is
an Affiliate of Gray immediately before or immediately after such action,
failure to act, or omission) after the Distribution Date, if such breach,
action, failure to act, or omission contributes to a Final Determination that
(i) the Reorganization failed to qualify as a reorganization under Section
368(a)(1)(D) of the Code, (ii) the Distribution failed to qualify as a
transaction described in Section 355 of the Code or (iii) the stock of TCM
distributed to Gray's shareholders failed to qualify as "qualified property"
within the meaning of Sections 355(c)(2) and 361(c)(2) of the Code, including by
reason of the application of Section 355(e) of the Code.

                                        3
<PAGE>

                                  ARTICLE II.

              Tax Returns, Tax Payments and Tax Sharing Obligation

     2.01  OBLIGATIONS TO FILE TAX RETURNS.  Gray shall timely file or cause to
be filed all Tax Returns that are required to be filed after the Distribution
Date by or with respect to the TCM Group that (a) are filed on a consolidated,
combined or unitary basis, (b) include both one or more members of the Gray
Group and one or more members of the TCM Group, and (c) are for a taxable period
that includes the Pre-Distribution Period. Gray also shall timely file or cause
to be filed all other Tax Returns required to be filed by one or more members of
the TCM Group for any taxable period that includes the Pre-Distribution Period,
other than any such Tax Returns relating to sales, use, personal property
(tangible or intangible), real property, and ad valorem Taxes arising in the
Pre-Distribution Period and attributable to a member of the TCM Group or to the
assets, employees, or transactions of the TCM Business. TCM shall timely file or
cause to be filed all other Tax Returns that are required to be filed after the
Distribution Date by or with respect to the members of the TCM Group.

     2.02  OBLIGATION TO REMIT TAXES.  Gray and TCM shall each remit or cause to
be remitted to the applicable Taxing Authority any Taxes due in respect of any
Tax for which such party is required to file a Tax Return (or, in the case of a
Tax for which no Tax Return is required to be filed, which is otherwise payable
by such party or a member of such party's group (the Gray Group or the TCM
Group) to any Taxing Authority) and shall be entitled to reimbursement for such
payments only to the extent provided in Sections 2.03 and 2.04.

     2.03  TAX SHARING OBLIGATIONS AND PRIOR AGREEMENTS.

     (a) TCM shall be liable for and shall indemnify and hold the Gray Group
harmless against, on a net after Tax basis, (i) any liability for sales, use,
personal property (tangible or intangible), real property, and ad valorem Taxes
arising in the Pre-Distribution Period and attributable to a member of the TCM
Group or to the assets or transactions of the TCM Business, and (ii) any
liability for Taxes of any kind arising in the Post-Distribution Period and
attributable to a member of the TCM Group or to the assets, employees, or
transactions of the TCM Business.

     (b) Except for Taxes specifically allocated to TCM under Section 2.03(a) or
Section 2.04(b), Gray shall be liable for and shall indemnify and hold the TCM
Group harmless against, on a net after Tax basis, any Tax liability of the Gray
Group or of the TCM Group.

     (c) Except as set forth in this Agreement and in consideration of the
mutual indemnities and other obligations of this Agreement, any and all prior
Tax sharing or allocation agreements or practices between any member of the Gray
Group and any member of the TCM Group shall be terminated with respect to the
TCM Group as of the Distribution Date.

     (d) TCM shall be entitled to any refund of or credit for Taxes for which
TCM is responsible under this Agreement, and Gray shall be entitled to any
refund of or credit for Taxes for which Gray is responsible under this
Agreement.

     2.04  RESTRUCTURING TAXES; OTHER TAXES RELATING TO THE REORGANIZATION.

     (a) RESTRUCTURING TAXES.  Notwithstanding any other provision of this
Agreement to the contrary, but subject to Section 2.04(b) below, Gray shall pay,
and shall indemnify and hold harmless TCM and any member of the TCM Group from
and against, on a net after Tax basis, any Restructuring Taxes and any
reasonable expenses (including, but not limited to, attorney's fees) incurred in
defending any audit or examination with respect to Restructuring Taxes.

     (b) INDEMNIFICATION FOR TCM TAINTING ACTS.  TCM covenants that neither TCM
nor any member of the TCM Group shall commit or be party to or the subject of
any TCM Tainting Act. To the extent that any member of the Gray Group would not
have been liable for the following amounts but for a TCM Tainting Act, TCM shall
pay, and shall indemnify and hold harmless the Gray Group from and against, on a
net after Tax basis, any liability of any member of the Gray Group attributable
to Taxes

                                        4
<PAGE>

imposed upon any member of the Gray Group or any other Person (together with any
reasonable expenses (including, but not limited to, attorney's fees) incurred in
defending against any such liability) resulting from a Final Determination that
(i) the Reorganization failed to qualify as a reorganization under Section
368(a)(1)(D) of the Code, (ii) the Distribution failed to qualify as a
transaction described in Section 355 of the Code or (iii) the stock of TCM
distributed to Gray's shareholders failed to constitute "qualified property"
within the meaning of Sections 355(c)(2) and 361(c)(2) of the Code, including by
reason of the application of Section 355(e) of the Code.

     (c) INDEMNIFICATION FOR GRAY TAINTING ACTS.  Gray covenants that neither
Gray nor any member of the Gray Group shall commit or be party to or the subject
of any Gray Tainting Act. To the extent that any member of the TCM Group would
not have been liable for the following amounts but for a Gray Tainting Act, Gray
shall pay, and shall indemnify and hold harmless the TCM Group from and against,
on a net after Tax basis, any liability of any member of the Gray Group or the
TCM Group attributable to Taxes imposed upon any member of the Gray Group, any
member of the TCM Group, or any other Person (together with any reasonable
expenses (including, but not limited to, attorney's fees) incurred in defending
against any such liability) resulting from a Final Determination that (i) the
Reorganization failed to qualify as a reorganization under Section 368(a)(1)(D)
of the Code, (ii) the Distribution failed to qualify as a transaction described
in Section 355 of the Code or (iii) the stock of TCM distributed to Gray's
shareholders failed to constitute "qualified property" within the meaning of
Sections 355(c)(2) and 361(c)(2) of the Code, including by reason of the
application of Section 355(e) of the Code.

     2.05  PERIOD THAT INCLUDES THE DISTRIBUTION DATE.

     (a) To the extent permitted by law or administrative practice, the taxable
year of each member of the TCM Group shall be treated as closing at the close of
the Distribution Date.

     (b) If it is necessary for purposes of this Agreement to determine the Tax
liability of any member of the TCM Group for a taxable year or period that
begins on or before and ends after the Distribution Date and is not treated
under Section 2.05(a) as closing at the close of the Distribution Date, the
determination shall be made, in the case of Taxes that are based upon income or
receipts, by assuming that the relevant taxable period ended at the close of the
Distribution Date, except that any exemptions, allowances or deductions that are
calculated on an annual basis shall be apportioned on a time basis. In the case
of Taxes that are imposed on a periodic basis, are payable for a taxable period
that includes (but does not end on) the Distribution Date, and are not based
upon or related to income or receipts, the portion of such Tax that relates to
the Pre-Distribution Period shall be deemed to be the amount of such Tax for the
entire taxable period multiplied by a fraction the numerator of which is the
number of days in the taxable period ending on the Distribution Date and the
denominator of which is the number of days in the entire taxable period.

                                  ARTICLE III.

                                   Carrybacks

     Without the consent of Gray, which shall not be withheld or delayed
unreasonably, no member of the TCM Group shall carry back any net operating loss
or other Tax attribute (unless required to carry back such loss or Tax attribute
by law) from a Post-Distribution Period to a Pre-Distribution Period. Provided
that Gray consents to the carryback or if the carryback is required by law, Gray
(or any other member of the Gray Group receiving such refund) shall promptly
remit to TCM any refunds it receives with respect to any such carryback. Any
refund of Taxes resulting from any such carryback by a member of the TCM Group
shall be payable to TCM. For purposes of this Article III, it shall be deemed
reasonable for Gray to withhold its consent to any carryback, or alternatively
to require reasonable monetary compensation for granting such consent, to the
extent that Gray determines in good faith that such carryback will cause (i) an
actual increase in the Taxes for which the Gray Group is responsible, or (ii) an
actual reduction in

                                        5
<PAGE>

the amount of any refund of Taxes payable to the Gray Group or in the amount of
any Tax attribute of the Gray Group.

                                  ARTICLE IV.

                                    Payments

     4.01  PAYMENTS.  Payments due under this Agreement shall be made no later
than thirty (30) days after the receipt or crediting of a refund, the delivery
of notice of payment of a Tax for which the other party is responsible under
this Agreement, or the delivery of notice of a Final Determination which results
in such other party becoming obligated to make a payment hereunder to the other
party hereto. Payments due hereunder, but not made within such 30-day period,
shall be accompanied with interest at a rate equal to the Applicable Federal
Rate from the due date of such payment.

     4.02  NOTICE.  Gray and TCM shall give each other prompt written notice of
any payment that may be due to the provider of such notice under this Agreement.

                                   ARTICLE V.

                                   Tax Audits

     5.01  GENERAL.  Except as provided in Section 5.02, each of TCM and Gray
shall have sole responsibility for all audits or other proceedings ("Tax
Controversies") with respect to Tax Returns that it is required to file under
Section 2.01 (the "Controlling Party"). Except as provided in Section 5.02(c) or
Section 5.02(d), the Controlling Party shall have the sole right to contest the
audit or proceeding and to employ advisors of its choice.

     5.02  INDEMNIFIED CLAIMS.

     (a) Gray or TCM shall promptly notify the other in writing as soon as
practicable after receipt by such party of any written communication from a
relevant Taxing Authority that proposes adjustment to a Tax Return that may
result in liability of the other party (the "Indemnitor") under this Agreement
(a "Proposed Tax Adjustment"). If the Indemnitor is not also the Controlling
Party, the Controlling Party shall provide the Indemnitor with information about
the nature and amounts of the Proposed Tax Adjustments.

     (b) The Indemnitor shall have 30 days after receipt of such notice from the
Controlling Party within which to object to the Proposed Tax Adjustment. If the
Indemnitor does not notify the Controlling Party within such 30 day period that
it objects to the Proposed Tax Adjustment, Section 5.02(c) and Section 5.02(d)
below shall not apply, and the Controlling Party shall have exclusive control
over all stages of the Tax Controversy, including full authority to determine
whether and in what manner to contest or compromise the Proposed Tax Adjustment.

     (c) If the Indemnitor notifies the Controlling Party that it objects to a
Proposed Tax Adjustment, then the Controlling Party shall not thereafter consent
to the adjustment or compromise of such Proposed Tax Adjustment without the
consent of the Indemnitor, but shall cooperate with the Indemnitor to resolve
the Proposed Tax Adjustment on a reasonable basis acceptable to the Indemnitor.
Prior to the issuance of any notice raising a Proposed Tax Adjustment or similar
stage in the proceedings, however, the Controlling Party shall be responsible
for the conduct of the audit, including matters pertaining to such Proposed Tax
Adjustment. The Controlling Party shall notify the Indemnitor in advance of any
conferences, meetings, and proceedings pertaining to the audit and, at its own
expense, the Indemnitor shall have the right to attend all such proceedings with
any Taxing Authority, the subject matter of which is or includes such Proposed
Tax Adjustment.

          (i) Upon the issuance of a notice of proposed adjustment or similar
     stage in the proceedings, the Indemnitor shall assume the conduct of all
     further proceedings, with counsel selected by it, at the Indemnitor's sole
     expense, insofar as the proceedings relate to a Proposed Tax Adjustment,
     and
                                        6
<PAGE>

     thereafter the Indemnitor and the Controlling Party shall jointly be
     responsible for the conduct of proceedings to contest such Proposed Tax
     Adjustment.

          (ii) In the event that the Controlling Party receives a notice of
     deficiency from the Internal Revenue Service, or a similar notice from any
     other Taxing Authority, and such notice includes one or more Proposed Tax
     Adjustments, then:

             (A) upon receiving a written request from the Indemnitor, given no
        later than a date reasonably necessary to permit preparation and timely
        filing of a petition in the United States Tax Court for redetermination
        of the deficiency relating to the Proposed Tax Adjustment, or a court of
        similar jurisdiction with respect to a Proposed Tax Adjustment imposed
        by any other Taxing Authority, the Controlling Party shall timely file
        such petition (at the Indemnitor's sole expense); or

             (B) If (1) the Indemnitor does not request the Controlling Party to
        file a petition for redetermination of the deficiency pursuant to
        subsection 5.02(c)(ii)(A) hereof, (2) the Indemnitor requests that the
        Controlling Party file a claim for refund of Taxes relating to a
        Proposed Tax Adjustment, and (3) the Indemnitor provides the Controlling
        Party with sufficient funds to pay the deficiency relating to the
        Proposed Tax Adjustment, then the Controlling Party (at the Indemnitor's
        sole expense) shall file a claim for refund thereof and, if the claim is
        denied, bring an action in a court of competent jurisdiction seeking
        such refund.

             (C) In the event that a judgment of the United States Tax Court or
        other court of competent jurisdiction results in an adverse
        determination with respect to the Proposed Tax Adjustment, then the
        Indemnitor shall have the right to cause the Controlling Party to appeal
        from such adverse determination at the Indemnitor's sole expense.

             (D) The Indemnitor and its representatives, at the Indemnitor's
        sole expense, shall be entitled to the extent permitted by law to
        participate in (1) all conferences, meetings, or proceedings with any
        Taxing Authority, the subject matter of which is a Proposed Tax
        Adjustment, and (2) all appearances before any court, the subject matter
        of which is a Proposed Tax Adjustment. The right to participate referred
        to in this subsection 5.02(c)(ii)(D) hereof shall include matters such
        as the submission and content of documentation, memoranda of fact and
        law and briefs, the conduct of oral arguments or presentations, the
        selection of witnesses, and the negotiation of stipulations of fact with
        respect to a Proposed Tax Adjustment.

     (d) If a notice of proposed adjustment raises both one or more issues that
would result in Taxes for which the Controlling Party is liable under this
Agreement in addition to one or more issues that constitute Proposed Tax
Adjustments for which any other party is liable under this Agreement, then the
Controlling Party and the Indemnitor shall cooperate with each other to allow
each party to conduct the Tax Controversy with respect to those issues that
would result in Taxes for which such party is liable under this Agreement. Each
party shall bear the expense of conducting the Tax Controversy with respect to
the issues that would result in Taxes for which such party is liable under this
Agreement.

                                  ARTICLE VI.

                                  Cooperation

     Gray and TCM shall cooperate with each other in the filing of any Tax
Returns and the conduct of any audit or other proceeding and each shall execute
and deliver such powers of attorney and make available such other documents as
are reasonably necessary to carry out the intent of this Agreement. Each party
agrees to notify the other party in writing of any audit adjustments which do
not result in Tax liability but can be reasonably expected to affect Tax Returns
of the other party, or any of its Subsidiaries, for a Post-Distribution Period.
Unless and until there has been a Final Determination to the contrary, each
party agrees to treat the Reorganization as a reorganization qualifying under
Section 368(a)(1)(D) of the Code and the Distribution as a transaction
qualifying under Section 355 of the Code.

                                        7
<PAGE>

                                  ARTICLE VII.

                          Retention of Records; Access

     The Gray Group and the TCM Group shall (a) in accordance with their then
current record retention policy, retain records, documents, accounting data and
other information (including computer data) necessary for the preparation and
filing of all Tax Returns in respect of Taxes of the Gray Group or the TCM Group
for any Pre-Distribution Period or for the audit of such Tax Returns; and (b)
give to the other reasonable access to such records, documents, accounting data
and other information (including computer data) and to its personnel (insuring
their cooperation) and premises, for the purpose of the review or audit of such
Tax Returns to the extent relevant to an obligation or liability of a party
under this Agreement. At any time after the Distribution Date that the TCM Group
proposes to destroy such material or information, they shall first notify the
Gray Group in writing and the Gray Group shall be entitled to receive such
materials or information proposed to be destroyed. At any time after the
Distribution Date that the Gray Group proposes to destroy such material or
information, they shall first notify the TCM Group in writing and the TCM Group
shall be entitled to receive such materials or information proposed to be
destroyed.

                                 ARTICLE VIII.

                           Termination of Liabilities

     Notwithstanding any other provision in this Agreement, any liabilities
determined under this Agreement shall not terminate any earlier than the
expiration of the applicable statute of limitation for such liability. All other
covenants under this Agreement shall survive indefinitely.

                                  ARTICLE IX.

                  Dispute Resolution; Miscellaneous Provisions

     To the extent not inconsistent with any specific term of this Agreement,
the following sections of the Separation and Distribution Agreement shall apply
in relevant part to this Agreement: 6.3 (Privileged Matters), 8 (Dispute
Resolution), 9.6 (Amendment), 9.7 (No Third-Party Beneficiaries), 9.8 (Governing
Law), 9.10 (Notices), 9.11 (Counterparts), 9.12 (Binding Effect and Assignment),
9.13 (Severability), 9.14 (Failure and Remedies), 9.15 (Authority), 9.16
(Interpretation).

                                        8
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as
of the day and year first above written.

                                          GRAY TELEVISION, INC.

                                          By: /s/ Robert S. Prather, Jr.
                                            ------------------------------------
                                              Name: Robert S. Prather, Jr.
                                              Title:   President and Chief
                                                       Operating
                                                       Officer

                                          TRIPLE CROWN MEDIA, INC.

                                          By: /s/ James C. Ryan
                                            ------------------------------------
                                              Name: James C. Ryan
                                              Title:   Chief Financial Officer
                                                       and
                                                       Secretary

                                        9

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