Gray Television (GTN) said late Wednesday it reduced the principal amount of debt outstanding by $278 million since Oct. 1, bringing the total principal debt reduction to $519 million since the beginning of this year.

Gray Television expects that the substantial reduction in its outstanding debt this year will lead to a significant decrease in cash interest expenses moving forward.

The company said its board authorized an increase in its debt repurchase program, replenishing the authorization to $250 million of available liquidity to repurchase outstanding debt.

Shares of Gray Television were up 5% in after-hours activity.