Granite Broadcasting Corporation to Present at the Jefferies & Company Communications and Media Conference

Granite Broadcasting Corporation to Present at the Jefferies & Company Communications and Media Conference

- Company Updates Third Quarter 2005 Guidance as per Pending Divestitures -

NEW YORK, Sept. 19 /PRNewswire-FirstCall/ -- Granite Broadcasting Corporation (BULLETIN BOARD: GBTVK) announced today that Larry Wills, Chief Financial Officer, will present at the Jefferies & Company Communications and Media Conference, being held September 19-20, 2005 at the Mandarin Oriental Hotel, New York, NY. Granite is scheduled to present today, Monday, September 19th at 2:10 p.m. Eastern Time.

A copy of the presentation slides will available for three weeks on the investor relations portion of Granite's website located at http://www.granitetv.com/. The presentation will not be webcast.

On Thursday, September 8, 2005 Granite announced it has entered into two separate definitive agreements to sell its two WB-affiliated stations serving the San Francisco, California and Detroit, Michigan markets. Beginning with the third quarter of 2005 in accordance with Statement of Financial Accounting Standards Board Number 144, "Accounting for the Impairment or Disposal of Long-Lived Assets," Granite will report the operating results of these two stations as discontinued operations on its income statement. As such, the Company has updated its third quarter 2005 guidance to exclude the operating results of these two stations. The Company expects net revenue to increase in the range of 7% to 8% and station operating expenses to increase between 8% and 9% percent. Depreciation and Amortization expense are expected to be approximately $1.4 million and $850,000, respectively, in the third quarter. Film Amortization and Film Payments are expected to be approximately $1.4 million and $1.6 million, respectively.

This press release and related statements by management contain forward-looking statements, which represent the Company's expectations or beliefs concerning future events. Forward-looking statements include information preceded by, followed by, or that includes the words "believe," "expect," "anticipate," "intend," "plan," "foresee," "likely," "will," "should" or other similar words or phrases. While we believe these judgments are reasonable, the Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. Such factors include, without limitation, general economic conditions, competition in the markets in which the Company's stations are located, technological change, pricing fluctuations in national and local advertising, innovation in the broadcasting industry, geopolitical factors and changes in laws, regulations and tax rates. Consequently, all forward-looking statements made herein are qualified by these cautionary statements and the cautionary language set forth in the Company's most recent Annual Report on Form 10K filed with the Securities and Exchange Commission ("SEC"), which may be revised or supplemented in subsequent reports on SEC Forms 10-Q and 8-K. There can be no assurance that the actual results, events or developments referenced herein will occur or be realized. The Company assumes no obligation to update these forward-looking statements to reflect actual results, changes in assumptions or changes in factors affecting such forward-looking statements.

Granite Broadcasting Corporation (BULLETIN BOARD: GBTVK) owns and operates, or provides programming, sales and other services to 13 channels in the following 8 markets: San Francisco, California; Detroit, Michigan; Buffalo, New York; Fresno, California; Syracuse, New York; Fort Wayne, Indiana; Peoria, Illinois; and Duluth, Minnesota-Superior, Wisconsin. The Company's station group includes affiliates of the NBC, CBS, ABC, WB and UPN networks, and reaches approximately 6% of all U.S. television households.

Source: Granite Broadcasting Corporation

CONTACT: Press Contact - W. Don Cornwell, or Analyst Contact - Larry Wills, +1-212/826-2530, both for Granite Broadcasting Corporation

Web site: http://www.granitetv.com/

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