Yellow Media Inc. Announces Toronto Stock Exchange Approval for its Normal Course Issuer Bid in respect of its Common Shares and Series 1, Series 2, Series 3 and Series 5 Preferred Shares

Montreal (Quebec), May 11, 2011 – Yellow Media Inc. (TSX: YLO) announced today that it has received approval from the Toronto Stock Exchange on its notice of intention to make a normal course issuer bid for its common shares, first preferred shares, series 3 and first preferred shares, series 5 for the period from May 13, 2011 to no later than May 12, 2012, and on its notice of intention to renew its normal course issuer bid for its first preferred shares, series 1 and first preferred shares, series 2 for the period from June 13, 2011, to no later than May 12, 2012, through the facilities of the Toronto Stock Exchange, in accordance with applicable rules and regulations of the Toronto Stock Exchange.

Under its normal course issuer bids, Yellow Media Inc. intends to purchase for cancellation up to but not more than 51,782,537 of its outstanding common shares, 1,127,882 of its outstanding first preferred shares, series 1, 684,028 of its outstanding first preferred shares, series 2, 830,000 of its outstanding first preferred shares, series 3 and 500,000 of its outstanding first preferred shares, series 5, representing 10% of the public float of the common shares and of each such series of first preferred shares outstanding on May 5, 2011. Yellow Media Inc. currently has 525,441,839 issued and outstanding common shares, 11,278,820 first preferred shares, series 1, 6,840,284 first preferred shares, series 2, 8,300,000 first preferred shares, series 3 and 5,000,000 first preferred shares, series 5 issued and outstanding. The average daily trading volumes of Yellow Media Inc.’s securities were 2,567,396 common shares, 20,992 first preferred shares, series 1, 12,536 first preferred shares, series 2, 12,274 first preferred shares, series 3 and 5,542 first preferred shares, series 5 for the period between November 1, 2010 and April 30, 2011. In accordance with the rules of the Toronto Stock Exchange, the maximum numbers of securities that can be purchased on a daily basis by Yellow Media Inc. are 641,849 common shares, 5,248 first preferred shares, series 1, 3,134 first preferred shares, series 2, 3,068 first preferred shares, series 3 and 1,385 first preferred shares, series 5, subject to the block purchase exception.

Yellow Media Inc. believes that the trading price of its common shares and series 1, series 2, series 3 and series 5 first preferred shares may from time to time not adequately reflect the business fundamentals and future prospects for the business of Yellow Media Inc. Yellow Media Inc.'s directors have authorized these normal course issuer bids and, in their opinion, such purchases are in the best interest of Yellow Media Inc. and its securityholders and constitute an appropriate use of Yellow Media Inc.'s funds. Over the twelve month period ending May 5, 2011, Yellow Media Inc. had acquired 509,460 first preferred shares, series 1 and 359,716 first preferred shares, series 2 by means of open market transactions, at a weighted average price of $24.82 and $21.31, respectively.

About Yellow Media Inc.
Yellow Media Inc. (TSX: YLO) is Canada’s #1 Internet company through its network of companies that include Yellow Pages Group and Canpages. Yellow Media Inc. owns and operates some of Canada’s leading properties and publications including Yellow Pages™ directories, YellowPages.ca™, Canada411.ca™RedFlagDeals.com, and LesPAC.com. Its online destinations reach approximately 9.5M unique visitors monthly and its mobile applications for finding local businesses and deals have been downloaded over 2M times. Yellow Media Inc. is also a leader in national digital advertising through Mediative, a digital advertising and marketing solutions provider to national agencies and advertisers. For more information, visit corporate.yp.ca.

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Contacts:

Investor Relations
Anne-Sophie Roy
Director – Corporate Finance and Investor Relations
Tel.: (514) 934-2828
anne-sophie.roy@ypg.com

Media
Annie Marsolais
Director, Corporate Communications
Tel.: (514) 934-4016
annie.marsolais@ypg.com