Young Broadcasting Inc. Announces Exchange Offer for Outstanding Stock Options

Young Broadcasting Inc. ("YBI" or the "Company")(NASDAQ: YBTVA) today announced that it had commenced an offer to alleligible employees to exchange all of their outstanding stock options.Under the terms of this offer, participating employees will be able toexchange their outstanding options that have an exercise price of lessthan $30.00 per share for new restricted shares that vest over aperiod of years. The number of restricted shares to be received willbe based upon certain exchange ratios. All options held byparticipating employees that have an exercise price of $30.00 pershare or more will be canceled and no restricted shares will be issuedfor such options. Options to purchase an aggregate of 949,776 sharesof common stock are eligible for exchange in the offer. If all ofthese options are exchanged in this offer, an aggregate of 160,194restricted shares will be issued.

All of the Company's outstanding options, whether or not they arecurrently vested and exercisable, have exercise prices that are higherthan the current market price of its common stock, thus substantiallyeliminating their value as a means to retain, reward and motivate itsemployees. By giving employees the opportunity to tender theiroutstanding and unexercised options for restricted shares, the Companybelieves that employee and stockholder interests will be betteraligned than with out-of-the-money options, thereby creating anincentive for employees to remain with the Company and contribute tomeeting its financial objectives, as well as to create value forstockholders. Additionally, the offer will enable the Company toreduce the number of shares of common stock subject to outstandingawards, thereby reducing potential dilution to stockholders andfreeing up additional shares for future equity awards.

"I believe that this exchange offer provides an appropriatebalance between the interests of shareholders and the need toincentivize management," said Vincent Young, Chairman of YoungBroadcasting Inc.

Young Broadcasting Inc. owns ten television stations and thenational television sales representation firm, Adam Young Inc. Fivestations are affiliated 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 withthe CBS Television Network (WLNS-TV - Lansing, MI, KLFY-TV -Lafayette, LA and KELO-TV - Sioux Falls, SD) and one is affiliatedwith the NBC Television Network (KWQC-TV - Davenport, IA). KRON-TV -San Francisco, CA is the largest independent station in the U.S. andthe only independent VHF station in its market.

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.