Young Broadcasting Inc. Announces Second Quarter and Six Month Results; Local Revenues Increased 12.5% in Quarter for Company's Affiliate Stations

For the three months ended June 30, 2005, local revenues, whichremain the fastest growing and most important revenue component,increased 12.5% at the Company's nine core affiliate stations over thesame prior year period. Combined national and local affiliaterevenues, despite a sluggish national market, rose 6.9% for the secondquarter. These gains were achieved in a quarter that had no majorelections, resulting in a significant drop in political advertising.

The second quarter of 2005 was particularly strong for theCompany's local affiliates compared to the second quarter of 2004, asevidenced by the following examples:

-- WATE-TV, Knoxville, TN, saw its net revenue increase over 8% with the station's local sales soaring over 25% -- the highest gain in the Company.

-- WRIC-TV, Richmond, VA, also experienced an 8%-plus gain in net revenue with local up in the mid teens.

-- WBAY-TV, Green Bay, WI, posted a double digit gain in local revenue. The station managed to achieve the same total net revenue as the prior year quarter despite a loss of $318,000 political net revenue.

Local advertising sales growth was once again propelled by theCompany's recently instituted local sales initiatives targeting newadvertisers. The "Third Leg Program" (local and national revenue fromlong time customers being the other two legs) has been attracting newclients to the stations while increasing existing client accountspending. As an example of the success of these campaigns in thehighly competitive local markets, WRIC-TV, the Company's ABC affiliatein Richmond, VA, saw these "Third Leg Programs" represent 30% of itstotal local revenue for the quarter.

Second Quarter and Six Month Results

The Company reported net revenues of $50.9 million and a net lossof $36.2 million for the quarter ended June 30, 2005. Stationoperating performance, a non-GAAP measure as described below, was$11.1 million for the quarter. For the six month period ended June 30,2005, net revenues were $96.4 million. The Company posted a net lossof $55.5 million for the six months ended June 30, 2005. Stationoperating performance, a non-GAAP measure as described below, was$16.1 million for the six month period ended June 30, 2005.

Vincent Young's Comments

"We are very encouraged by the continued success our stations haveexperienced as a result of our new local sales initiatives," saidVincent Young, Chairman of Young Broadcasting. "We have also benefitedfrom the improved programming line-ups of ABC and CBS but continue tobe adversely affected by the weakness in the San Francisco market andgeneral softness in the national market as well."

Financing Activities

On May 3, 2005, the Company announced the closing of an amendedcredit facility and the purchase of all of its 8 1/2% Senior Notes duein 2008. The credit facility provides for interest based upon LIBORplus 2.25%. The facility matures in 2012 with minimal (1% per year)amortization before this date.

At June 30, 2005, the Company's total long term debt was $784.6million. As of that date, cash on hand totaled $106 million. Net debtat June 30, 2005 was $678.6 million. In addition, the credit facilityprovides for a $20 million revolving credit facility that matures in2010.

Outlook

(The following contains forward-looking statements that should beread in conjunction with the warning regarding such information at theend of the press release.)

On July 1, 2005, the Company updated its 2005 revenue and stationoperating performance guidance by estimating that 2005 net revenuewill be between $200-$204 million and that 2005 station operatingperformance (a non-GAAP measure) will be between $40-$42 million. TheCompany is making no change in these estimates for 2005 and continuesto be optimistic in its view of 2006 performance.

Use of Non-GAAP Measures

Station operating performance ("SOP") is not a financial measurecalculated in accordance with generally accepted accounting principles(GAAP) in the United States. The Company defines SOP as operatingincome, plus non-cash compensation to employees, corporate overhead,depreciation and amortization. The Company believes that SOP is usefulinformation for investors because it enables them to assess theCompany's television stations' performance in a manner similar to themethod used by management and it provides a measure that can be usedto analyze, value and compare companies in the television industry. Alimitation of this measure, however, is that it excludes depreciationand amortization, which represent the periodic costs of capitalizedtangible and intangible assets used in the Company's business. It alsoexcludes the cost of corporate overhead required to manage the groupof stations owned by the Company and non-cash compensation ofemployees which principally represents the Company's contribution ofstock to the 401(k) plan offered to employees and the costs recognizedfrom certain stock compensation transactions.

SOP should not be regarded as an alternative to either operatingincome or net loss as an indicator of operating performance or to thestatement of cash flows as a measure of liquidity, nor should it beconsidered in isolation or as a substitute for financial measuresprepared in accordance with GAAP. The Company believes that operatingincome (loss) is the most directly comparable GAAP financial measureto the SOP financial measure. Reconciliations of historicalpresentations of SOP to operating loss, its most directly comparableGAAP financial measure, are provided in the attachment to thisrelease. The Company is unable to reconcile non-GAAP measures to theirmost directly comparable GAAP measures on a forward-looking basis,primarily because it is impractical to project the timing of certaintransactions.

Second Quarter Conference Call

Young Broadcasting Inc. ("YBI") (NASDAQ:YBTVA) will hold aconference call on Monday, August 8, 2005 at 11:00 AM (ET). You mayparticipate in the conference call by dialing 888-552-9135 (Passcode:YOUNG, Leader: Vincent Young). This will enable you to listen to thepresentation. At the end of the presentation you will have theopportunity to participate in a Q&A session with Vincent Young, CEO ofYoung Broadcasting Inc. and with James Morgan, the company's CFO.

You may listen to a live webcast of the call by going towww.youngbroadcasting.com. The archive will be available for replaythrough September 8, 2005. The webcast is also being distributed overCCBN's Investor Distribution Network to both institutional andindividual investors. Individual investors can listen to the callthrough CCBN's individual investor center at www.companyboardroom.comor by visiting any of the investor sites in CCBN's Individual InvestorNetwork. Institutional investors can access the call via CCBN'spassword-protected event management site, StreetEvents(www.streetevents.com). You may listen to a telephone replay of theentire call by dialing 866-442-2154 through August 12, 2005.

About Young Broadcasting

Young Broadcasting owns ten television stations and the nationaltelevision representation firm, Adam Young Inc. Five stations areaffiliated with the ABC Television Network (WKRN-TV - Nashville, TN,WTEN-TV - Albany, NY, WRIC-TV - Richmond, VA, WATE-TV - Knoxville, TN,and WBAY-TV - Green Bay, WI), three are affiliated with the CBSTelevision Network (WLNS-TV - Lansing, MI, KLFY-TV - Lafayette, LA andKELO-TV - Sioux Falls, SD) and one is affiliated with the NBCTelevision Network (KWQC-TV - Davenport, IA). KRON-TV - San Francisco,CA is the largest independent station in the U.S. and the onlyindependent VHF station in its market. The Company also operates aseparate UPN Network station using its digital broadcast facilities inSioux Falls, South Dakota.

Any statements in this press release that are not historical factsare forward-looking statements within the meaning of Section 21E ofthe Securities Exchange Act of 1934, as amended. Readers are advisedthat such forward-looking statements are subject to risks anduncertainties that could significantly affect actual results fromthose expressed in any such statements. Readers are directed to YoungBroadcasting's Annual Report on Form 10-K for the year ended December31, 2004, as well as its other filings from time to time with theSecurities and Exchange Commission, for a discussion of such risks anduncertainties. Such risks and uncertainties include, among otherthings, the impact of changes in national and regional economies, theability to successfully integrate acquired television stations(including achievement of synergies and cost reductions), pricingfluctuations in local and national advertising, volatility inprogramming costs and geopolitical factors. Statements included inthis press release are based upon information known to the Company asof the date of this press release, and the Company assumes noobligation to update or revise the forward-looking statementscontained in this press release, except as otherwise required byapplicable federal securities laws.

YOUNG BROADCASTING INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)



Six Months Ended Three Months Ended
June 30, June 30,
----------------------- -----------------------

2004 2005 2004 2005
----------- ----------- ----------- -----------
(dollars in thousands, (dollars in thousands,
except per share data) except per share data)

Net revenue $106,432 $96,375 $56,862 $50,866
Operating expenses 85,230 88,033 41,702 43,174
Depreciation and
amortization 12,564 12,436 6,239 6,044
----------- ----------- ----------- -----------
Operating loss 8,638 (4,094) 8,921 1,648
----------- ----------- ----------- -----------

Interest expense, net (32,857) (31,237) (15,871) (15,413)
Non-cash change in
market valuation of
swaps (1,277) (659) (2,538) 1,164
Loss on
extinguishments of
debt (5,323) (18,626) - (18,626)
Other (expenses)
income, net (158) (303) (207) (148)
----------- ----------- ----------- -----------
(39,615) (50,825) (18,616) (33,023)

----------- ----------- ----------- -----------
Loss from continuing
operations before
provision for income
taxes (30,977) (54,919) (9,695) (31,375)
Provision for deferred
income taxes - (11,793) - (4,778)
----------- ----------- ----------- -----------
Loss from continuing
operations (30,977) (66,712) (9,695) (36,153)

Income (loss) from
discontinued
operations, net of
taxes including gain
of 11.2 million in
2005 111 11,207 131 (1)
----------- ----------- ----------- -----------
Net loss $(30,866) $(55,505) $(9,564) $(36,154)
=========== =========== =========== ===========

Net loss per common
share - basic $(1.55) $(2.78) $(0.48) $(1.81)
=========== =========== =========== ===========
Weighted average
shares - basic 19,853,917 19,976,706 19,863,843 19,997,889
=========== =========== =========== ===========

Other Financial Data:

Amortization of
program license
rights (1) 9,109 $10,606 4,421 5,271
Payments for
program license
liabilities (1) 8,971 10,803 4,456 5,351
Capital
expenditures (1) 7,483 2,458 4,258 1,231

Reconciliation of
Station Operating
Performance to
Operating Loss:

Operating loss 8,638 (4,094) 8,921 1,648
Plus:
Non-cash
compensation 586 632 274 298
Depreciation and
amortization 12,564 12,436 6,239 6,044
Corporate overhead 9,618 7,154 3,793 3,064
----------- ----------- ----------- -----------
Station Operating
Performance $31,406 $16,128 $19,227 $11,054
=========== =========== =========== ===========

1) Eliminates WTVO-TV data for 2004.