Granite Broadcasting to Achieve High End of Fourth Quarter 2004 Guidance

Granite Broadcasting to Achieve High End of Fourth Quarter 2004 Guidance

To Present at the JPMorgan High Yield Conference

NEW YORK, Feb. 1 /PRNewswire-FirstCall/ -- Granite Broadcasting Corporation (BULLETIN BOARD: GBTVK) announced today that it will achieve the high end of its net revenue and broadcast cash flow guidance for the fourth quarter 2004. The Company provided fourth quarter 2004 guidance on Wednesday, November 10, 2004 for net revenue growth of 3 to 6 percent and Broadcast Cash Flow of $6.3 million to $7.4 million.

The Company also announced that W. Don Cornwell, Chairman and Chief Executive Officer, John Deushane, Chief Operating Officer, and Larry Wills, Chief Financial Officer, will present at the JPMorgan High Yield Conference, being held January 31st -- February 2nd at the Loews Miami Beach Hotel in Miami, Florida. Granite is scheduled to present today at 2:00 PM Eastern Standard Time.

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

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which represent the Company's expectations or beliefs concerning future events. The Company cautions that these statements are further 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 and innovation in the Broadcasting industry and proposed legislation. 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 Form 10Q and other documents filed with the Securities and Exchange Commission. 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) operates eight television stations in geographically diverse markets reaching over 6% of the nation's television households. Three stations are affiliated with the NBC Television Network (NBC), two with the ABC Television Network (ABC), one with the CBS Television Network (CBS), and two with the Warner Brothers Television Network (WB). The NBC affiliates are KSEE-TV, Fresno-Visalia, California, WEEK-TV, Peoria-Bloomington, Illinois, and KBJR-TV, Duluth, Minnesota and Superior, Wisconsin. The ABC affiliates are WKBW-TV, Buffalo, New York, and WPTA-TV, Fort Wayne, Indiana. The CBS affiliate is WTVH-TV, Syracuse, New York. The WB affiliates are KBWB-TV, San Francisco-Oakland-San Jose, California, and WDWB-TV, Detroit, Michigan. On April 23, 2004 Granite announced its intention to enter into a strategic arrangement with Malara Broadcast Group under which Granite will provide advertising sales, promotion and administrative services, and selected programming to Malara-owned stations in Fort Wayne, Indiana and Duluth, Minnesota-Superior, Wisconsin.


Source: Granite Broadcasting Corporation

CONTACT: Press, W. Don Cornwell, or Analysts, Larry Wills, both of
Granite Broadcasting Corporation, +1-212-826-2530

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


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