Gray Television (NYSE:GTN) said it made a voluntary $65 million payment on an outstanding loan on June 26. The payment left the Atlanta media company owing $858 million, compared to $925 million, on the outstanding term loan .

A portion of the $69 million in proceeds from a previous $75 million Series D Stock liquidation was also used for a voluntary loan prepayment.

Gray has 36 TV stations in 30 markets. The company has posted net losses in four of the last five consecutive quarters. Shares of Gray have fallen from around $8 at the first of the year to less than $3 at market close July 2.