929144--3/13/2006--YOUNG_BROADCASTING_INC

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{debt, indebtedness, cash}

{capital, credit, financial}

{condition, economic, financial}

{personnel, key, retain}

{provision, law, control}

{competitive, industry, competition}

{regulation, change, law}

The Company has substantial debt and has significant interest payment requirements The Company depends on the cash flow of its subsidiaries to satisfy its obligations, including its debt obligations Covenant restrictions under the Company s Senior Credit Facility and its indentures may limit its ability to operate its business The Company s business in the past has been adversely affected by national and local economic conditions The Company is dependent on networks for its programming, and the loss of one or more of the Company s affiliations would disrupt its business and could have a material adverse effect on its financial condition and results of operations by reducing station revenue at the effected station(s) The Company may experience disruptions in it business if it acquires and integrates new television stations The departure of one or more of the Company s key personnel could impair its ability to effectively operate its business or pursue its business strategies The Company s business is subject to extensive governmental legislation and regulation, which may restrict its ability to pursue the Company s business strategy and/or increase its operating expenses The Company operates in a very competitive business environment Management, as major stockholders, possesses unequal voting rights and control

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929144--3/13/2006--YOUNG_BROADCASTING_INC_/DE/