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Yellow Media Inc. Announces Completion of the Sale of Trader Corporation

Montreal (Québec), July 28, 2011 – Yellow Media Inc. (TSX: YLO) announces the successful completion of the sale of Trader Corporation’s automotive segment to Funds advised by Apax Partners. The transaction, previously announced on March 25, 2011, was completed for a net purchase consideration of $708 million, net of expenses and estimated working capital, fees and other adjustments.

This divestiture will enable the Company to strengthen its capital structure and focus all of its efforts on YPG’s digital transformation and organic execution in its core business. The proceeds from the sale will be largely used to reduce indebtedness and for general corporate purposes.

For more information about this transaction, refer to the press release issued on March 25, 2011 at: .

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,™ ,™ , and . 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 .

Caution Concerning Forward-Looking Statements
This press release contains forward-looking statements about the objectives, strategies, financial condition, results of operations and business and affairs of Yellow Media Inc. These statements are forward-looking as they are based on our current expectations, as at July 28, 2011, about our business and the markets we operate in, and on various estimates and assumptions. Our actual results could materially differ from our expectations if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. As a result, there is no assurance that any forward-looking statements will materialize. Risks that could cause our results to differ materially from our current expectations are discussed under “Risks and Uncertainties” in our May 5, 2011 and February 10, 2011 Management’s Discussion and Analysis. We disclaim any intention or obligation to update any forward-looking statements, except as required by law, even if new information becomes available, as a result of future events or for any other reason.

Investor Relations

Anne-Sophie Roy
Director – Corporate Finance and Investor Relations
Tel.: (514) 934-2828

Annie Marsolais
Director, Corporate Communications
Tel.: (514) 934-4016

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