Atlanta-based Gray Television Inc., which operates 93 TV stations in 51 markets, said today it has underwritten a public offering of 15 million shares of common stock, TVNewsCheck reports.

“In addition, Gray said it expects to grant the underwriters an option for 30 days to purchase up to an additional 2.25 million shares,” the report adds.

Gray said it plans to use the money to buy additional shares for general corporate purposes.