SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO
RULES 13d-1(b), (c) AND (d) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13d-2(b)
GRAY TELEVISION, INC.
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(Name of Issuer)
Common Stock, no par value
--------------------------------------------------------------------------------
(Title of Class of Securities)
389375106
--------------------------------------------------------------------------------
(CUSIP Number)
October 22, 2002
--------------------------------------------------------------------------------
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[_] Rule 13d-1(b)
[X] Rule 13d-1(c)
[_] Rule 13d-1(d)
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 2 of 27 Pages
-------------------- ----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Capital Management
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON 2,424,242
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,424,242
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,424,242 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.23%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 3 of 27 Pages
-------------------- ----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Capital Partners V, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 1,730,657
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON -0-
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
1,730,657
------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,730,657 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
4.45%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 4 of 27 Pages
-------------------- ----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Capital Partners V FTE, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 630,011
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON -0-
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
630,011
------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
630,011 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
1.62%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
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CUSIP NO. 00169100 13G Page 5 of 27 Pages
-------------------- ----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Capital Partners V Germany, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 63,574
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON -0-
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
63,574
------------------------------------------------
8 SHARED DISPOSITIVE POWER
-0-
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
63,574 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
0.16%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
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CUSIP NO. 00169100 13G Page 6 of 27 Pages
-------------------- ----------------------
--------------------------------------------------------------------------------
1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Sandler Investment Partners, L.P.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON 2,424,242
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,424,242
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,424,242 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.23%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
PN
--------------------------------------------------------------------------------
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CUSIP NO. 00169100 13G Page 7 of 27 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
MJDM Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON 2,424,242
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,424,242
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,424,242 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.23%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
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CUSIP NO. 00169100 13G Page 8 of 27 Pages
-------------------- ----------------------
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Four JK Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON 2,424,242
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,424,242
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,424,242 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.23%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
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CUSIP NO. 00169100 13G Page 9 of 27 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
ALCR Corp.
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON 2,424,242
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,424,242
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,424,242 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.23%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
CO
--------------------------------------------------------------------------------
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CUSIP NO. 00169100 13G Page 10 of 27 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Andrew Sandler
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON 2,424,242
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,424,242
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,424,242 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.23%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 11 of 27 Pages
-------------------- ----------------------
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
Michael J. Marocco
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF -0-
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON 2,424,242
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
-0-
------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,424,242
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,424,242 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.23%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
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CUSIP NO. 00169100 13G Page 12 of 27 Pages
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1 NAME OF REPORTING PERSONS
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
John Kornreich
--------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) |_|
(b) |_|
--------------------------------------------------------------------------------
3 SEC USE ONLY
--------------------------------------------------------------------------------
4 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
--------------------------------------------------------------------------------
5 SOLE VOTING POWER
NUMBER OF 50,000
SHARES ------------------------------------------------
BENEFICIALLY OWNED 6 SHARED VOTING POWER
BY EACH REPORTING
PERSON 2,424,242
WITH ------------------------------------------------
7 SOLE DISPOSITIVE POWER
50,000
------------------------------------------------
8 SHARED DISPOSITIVE POWER
2,424,242
--------------------------------------------------------------------------------
9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
2,474,242 shares of Common Stock
--------------------------------------------------------------------------------
10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES |_|
--------------------------------------------------------------------------------
11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.36%
--------------------------------------------------------------------------------
12 TYPE OF REPORTING PERSON
IN
--------------------------------------------------------------------------------
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 13 of 27 Pages
-------------------- ----------------------
SCHEDULE 13G
------------
Item 1.
(a) Name of Issuer: Gray Television, Inc.
(b) Address of Issuer's Principal Executive Offices:
4370 Peachtree Road NE
Albany, Georgia 30319
Item 2.
1. (a) Name of Person Filing: Sandler Capital Management
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization:
Sandler Capital Management is a general partnership
organized under the laws of the State of New York.
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
2. (a) Name of Person Filing: Sandler Capital Partners V, L.P.
("Sandler V")
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization:
Sandler V is a limited partnership organized under the laws
of the State of Delaware.
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
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CUSIP NO. 00169100 13G Page 14 of 27 Pages
-------------------- ----------------------
3. (a) Name of Person Filing: Sandler Capital Partners V FTE, L.P.
("Sandler V FTE")
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization:
Sandler V FTE is a limited partnership organized under the
laws of the State of Delaware.
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
4. (a) Name of Person Filing: Sandler Capital Partners V Germany,
L.P. ("Sandler V Germany")
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization:
Sandler V Germany is a limited partnership organized under
the laws of the State of Delaware.
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
5. (a) Name of Person Filing: Sandler Investment Partners, L.P.
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization:
Sandler Investment Partners, L.P. is a limited partnership
organized under the laws of the State of Delaware.
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 15 of 27 Pages
-------------------- ----------------------
6. (a) Name of Person Filing: MJDM Corp.
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization:
MJDM Corp. is a corporation organized under the laws of the
State of New York.
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
7. (a) Name of Person Filing: Four JK Corp.
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization:
Four JK Corp. is a corporation organized under the laws of
the State of Delaware.
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
8. (a) Name of Person Filing: ALCR Corp.
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization:
ALCR Corp. is a corporation organized under the laws of the
State of New York.
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 16 of 27 Pages
-------------------- ----------------------
9. (a) Name of Person Filing: Andrew Sandler
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization: United States
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
10. (a) Name of Person Filing: Michael J. Marocco
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization: United States
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
11. (a) Name of Person Filing: John Kornreich
(b) Address of Principal Business Office, or, if none,
Residence:
767 Fifth Avenue
New York, New York 10153
(c) Citizenship or Place of Organization: United States
(d) Title of Class of Securities: Common Stock, no par value
(e) CUSIP Number: 389375106
Item 3. If This Statement is Filed Pursuant to Rule 13d-1(b), or
13d-2(b) or (c), Check Whether the Person Filing is a:
Not applicable.
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 17 of 27 Pages
-------------------- ----------------------
Item 4. Ownership.
Provide the following information regarding the aggregate
number and percentage of the class of securities of the
issuer identified in Item 1.
1. Sandler Capital Management:
(a) Amount beneficially owned: 2,424,242(1)(2)
shares of Common Stock, no par value, of Gray
Television, Inc. Reporting Person is managed
by a committee (the "Management Committee")
consisting of the principal stockholders of
ALCR Corp., MJDM Corp., and Four JK Corp.
(Andrew Sandler, Michael J. Marocco and John
Kornreich). All decisions regarding Sandler
V, Sandler V FTE and Sandler V Germany's
investment in the securities of the Issuer
require the consent of the Management
Committee. Sandler Capital Management is the
general partner of Sandler Investment
Partners, L.P., which is the general partner
of Sandler V, Sandler V FTE and Sandler V
Germany.
(b) Percent of class: 6.23%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 0 shares
(ii) Shared power to vote or to direct
the vote: 2,424,242(1) shares
(iii) Sole power to dispose or to direct
the disposition of: 0 shares
(iv) Shared power to dispose or to
direct the disposition of:
2,424,242(1) shares
2. Sandler Capital Partners V, L.P.:
(a) Amount beneficially owned: 1,730,657 shares
of Common Stock, no par value, of Gray
Television, Inc.
(b) Percent of class: 4.45%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 1,730,657 shares
(ii) Shared power to vote or to direct
the vote: 0 shares
(iii) Sole power to dispose or to direct
the disposition of: 1,730,657
shares
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 18 of 27 Pages
-------------------- ----------------------
(iv) Shared power to dispose or to
direct the disposition of: 0
shares
3. Sandler Capital Partners V FTE, L.P.:
(a) Amount beneficially owned: 630,011 shares of
Common Stock, no par value, of Gray
Television, Inc.
(b) Percent of class: 1.62%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 630,011 shares
(ii) Shared power to vote or to direct
the vote: 0 shares
(iii) Sole power to dispose or to direct
the disposition of: 630,011 shares
(iv) Shared power to dispose or to
direct the disposition of: 0
shares
4. Sandler Capital Partners V Germany, L.P.
(a) Amount beneficially owned: 63,574 shares of
Common Stock, no par value, of Gray
Television, Inc.
(b) Percent of class: 0.16%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 63,574 shares
(ii) Shared power to vote or to direct
the vote: 0 shares
(iii) Sole power to dispose or to direct
the disposition of: 63,574 shares
(iv) Shared power to dispose or to
direct the disposition of: 0
shares
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 19 of 27 Pages
-------------------- ----------------------
5. Sandler Investment Partners, L.P.:
(a) Amount beneficially owned: 2,424,242 (1)(2)
shares of Common Stock, no par value, of Gray
Television, Inc. Sandler Investment Partners,
L.P. is the general partner of Sandler V,
Sandler V FTE and Sandler V Germany.
(b) Percent of class: 6.23%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 0 shares
(ii) Shared power to vote or to direct
the vote: 2,424,242(1) shares
(iii) Sole power to dispose or to direct
the disposition of: 0 shares
(iv) Shared power to dispose or to
direct the disposition of:
2,424,242(1) shares
6. ALCR Corp.:
(a) Amount beneficially owned: 2,424,242(1)(2)
shares of Common Stock, no par value, of Gray
Television, Inc. Reporting Person is a
general partner of Sandler Capital
Management, which is the general partner of
Sandler Investment Partners, L.P., which is
the general partner of Sandler V, Sandler V
FTE and Sandler V Germany.
(b) Percent of class: 6.23%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 0 shares
(ii) Shared power to vote or to direct
the vote: 2,424,242(1) shares
(iii) Sole power to dispose or to direct
the disposition of: 0 shares
(iv) Shared power to dispose or to
direct the disposition of:
2,424,242(1) shares
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 20 of 27 Pages
-------------------- ----------------------
7. MJDM Corp.:
(a) Amount beneficially owned: 2,424,242(1)(2)
shares of Common Stock, no par value, of Gray
Television, Inc. Reporting Person is a
general partner of Sandler Capital
Management, which is the general partner of
Sandler Investment Partners, L.P., which is
the general partner of Sandler V, Sandler V
FTE and Sandler V Germany.
(b) Percent of class: 6.23%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 0 shares
(ii) Shared power to vote or to direct
the vote: 2,424,242(1) shares
(iii) Sole power to dispose or to direct
the disposition of: 0 shares
(iv) Shared power to dispose or to
direct the disposition of:
2,424,242(1) shares
8. Four JK Corp.:
(a) Amount beneficially owned: 2,424,242(1)(2)
shares of Common Stock, no par value, of Gray
Television, Inc. Reporting Person is a
general partner of Sandler Capital
Management, which is the general partner of
Sandler Investment Partners, L.P., which is
the general partner of Sandler V, Sandler V
FTE and Sandler V Germany.
(b) Percent of class: 6.23%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 0 shares
(ii) Shared power to vote or to direct
the vote: 2,424,242(1) shares
(iii) Sole power to dispose or to direct
the disposition of: 0 shares
(iv) Shared power to dispose or to
direct the disposition of:
2,424,242(1) shares
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 21 of 27 Pages
-------------------- ----------------------
9. Andrew Sandler:
(a) Amount beneficially owned: 2,424,242 (1)(2)
shares of Common Stock, no par value, of Gray
Television, Inc. Reporting Person is the sole
shareholder of ALCR Corp., a member of the
Management Committee of Sandler Capital
Management and a Managing Director of Sandler
Capital Management, which is the general
partner of Sandler Investment Partners, L.P.,
the general partner of Sandler V, Sandler V
FTE and Sandler V Germany.
(b) Percent of class: 6.23%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 0 shares
(ii) Shared power to vote or to direct
the vote: 2,424,242(1) shares
(iii) Sole power to dispose or to direct
the disposition of: 0 shares
(iv) Shared power to dispose or to
direct the disposition of:
2,424,242(1) shares
10. Michael J. Marocco:
(a) Amount beneficially owned: 2,424,242(1)(2)
shares of Common Stock, no par value, of Gray
Television, Inc. Reporting Person is the sole
shareholder of MJDM Corp., a member of the
Management Committee of Sandler Capital
Management and a Managing Director of Sandler
Capital Management, which is the general
partner of Sandler Investment Partners, L.P.,
the general partner of Sandler V, Sandler V
FTE and Sandler V Germany.
(b) Percent of class: 6.23%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 0 shares
(ii) Shared power to vote or to direct
the vote: 2,424,242(1) shares
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 22 of 27 Pages
-------------------- ----------------------
(iii) Sole power to dispose or to direct
the disposition of: 0 shares
(iv) Shared power to dispose or to
direct the disposition of:
2,424,242(1) shares
11. John Kornreich:
(a) Amount beneficially owned: 2,474,242(1)(2)(3)
shares of Common Stock, no par value, of Gray
Television, Inc. Reporting Person is the
majority shareholder of Four JK Corp., a
member of the Management Committee of Sandler
Capital Management and a Managing Director of
Sandler Capital Management, which is the
general partner of Sandler Investment
Partners, L.P., the general partner of
Sandler V, Sandler V FTE, and Sandler V
Germany. Reporting Person is also the sole
general partner of JK Media Limited
Partnership.
(b) Percent of class: 6.36%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct
the vote: 50,000(3) shares
(ii) Shared power to vote or to direct
the vote: 2,424,242(1) shares
(iii) Sole power to dispose or to direct
the disposition of: 50,000(3)
shares
(iv) Shared power to dispose or to
direct the disposition of:
2,424,242(1) shares
-----------------
(1) Includes 1,730,657, 630,011 and 63,574 shares of Common Stock beneficially
owned by Sandler V, Sandler V FTE and Sandler V Germany, respectively.
(2) The Reporting Person disclaims beneficial ownership of these securities
except to the extent of his/her/its equity interest therein.
(3) Includes 50,000 shares of Common Stock owned by JK Media Limited
Partnership, of which the Reporting Person is the sole general partner.
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CUSIP NO. 00169100 13G Page 23 of 27 Pages
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Item 5. Ownership of Five Percent or Less of a Class.
Not applicable.
Item 6. Ownership of More Than Five Percent on Behalf of Another
Person.
See Item 4.
Item 7. Identification and Classification of the Subsidiary which
Acquired the Security Being Reported on by the Parent
Holding Company or Control Person.
Not applicable.
Item 8. Identification and Classification of Members of the Group.
See Exhibit A for Joint Filing Agreement.
Item 9. Notice of Dissolution of Group.
Not applicable.
Item 10. Certifications.
By signing below each party certifies that, to the best of
his, her or its knowledge and belief, the securities
referred to above were not acquired and are not held for
the purpose of or with the effect of changing or
influencing the control of the issuer of the securities and
were not acquired and are not held in connection with or as
a participant in any transaction having that purpose or
effect.
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CUSIP NO. 00169100 13G Page 24 of 27 Pages
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SIGNATURE
---------
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: October 31, 2002 SANDLER CAPITAL MANAGEMENT
By: MJDM Corp., a general partner
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 SANDLER CAPITAL PARTNERS V, L.P.
By: Sandler Investment Partners, L.P.,
general partner
By: Sandler Capital Management,
general partner
By: MJDM Corp., a general partner
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 SANDLER CAPITAL PARTNERS V FTE, L.P.
By: Sandler Investment Partners, L.P.,
general partner
By: Sandler Capital Management,
general partner
By: MJDM Corp., a general partner
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 SANDLER CAPITAL PARTNERS V GERMANY, L.P.
By: Sandler Investment Partners, L.P.,
general partner
By: Sandler Capital Management,
general partner
By: MJDM Corp., a general partner
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 25 of 27 Pages
-------------------- ----------------------
Date: October 31, 2002 SANDLER INVESTMENT PARTNERS, L.P.
By: Sandler Capital Management,
general partner
By: MJDM Corp., a general partner
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 ALCR CORP.
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 MJDM CORP.
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 FOUR JK CORP.
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 By: /s/ Andrew Sandler
-------------------------------------
Name: Andrew Sandler
Date: October 31, 2002 By: /s/ Michael Marocco
-------------------------------------
Name: Michael J. Marocco
Date: October 31, 2002 By: /s/ John Kornreich
-------------------------------------
Name: John Kornreich
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CUSIP NO. 00169100 13G Page 26 of 27 Pages
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Exhibit A
JOINT FILING AGREEMENT
In accordance with Rule 13d-1(f) under the Securities Exchange Act of
1934, as amended, the undersigned hereby agree to the joint filing on behalf of
each of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Common Stock of Gray Television, Inc. and that this Agreement be
included as an Exhibit to such statement.
IN WITNESS WHEREOF, the undersigned hereby execute this Agreement
effective as of the 31st day of October, 2002.
Date: October 31, 2002 SANDLER CAPITAL MANAGEMENT
By: MJDM Corp., a general partner
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 SANDLER CAPITAL PARTNERS V, L.P.
By: Sandler Investment Partners, L.P.,
general partner
By: Sandler Capital Management,
general partner
By: MJDM Corp., a general partner
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 SANDLER CAPITAL PARTNERS V FTE, L.P.
By: Sandler Investment Partners, L.P.,
general partner
By: Sandler Capital Management,
general partner
By: MJDM Corp., a general partner
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
-------------------- ----------------------
CUSIP NO. 00169100 13G Page 27 of 27 Pages
-------------------- ----------------------
Date: October 31, 2002 SANDLER CAPITAL PARTNERS V GERMANY, L.P.
By: Sandler Investment Partners, L.P.,
general partner
By: Sandler Capital Management,
general partner
By: MJDM Corp., a general partner
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 SANDLER INVESTMENT PARTNERS, L.P.
By: Sandler Capital Management,
general partner
By: MJDM Corp., a general partner
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 ALCR Corp.
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 MJDM Corp.
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 Four JK Corp.
By: /s/ Moira Mitchell
-------------------------------------
Name: Moira Mitchell
Title: President
Date: October 31, 2002 By: /s/ Andrew Sandler
-------------------------------------
Name: Andrew Sandler
Date: October 31, 2002 By: /s/ Michael Marocco
-------------------------------------
Name: Michael J. Marocco
Date: October 31, 2002 By: /s/ John Kornreich
-------------------------------------
Name: John Kornreich