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Yellow Media Inc. announces Investment Canada Act approval in connection with sale of Trader Corporation

Montreal (Québec), June 29, 2011 – Yellow Media Inc. (TSX: YLO) announced today that the Federal Minister of Industry, under the Investment Canada Act, has approved the sale of Trader Corporation to funds advised by Apax Partners. Completion of the sale remains subject to satisfaction of other customary conditions. Yellow Media Inc. currently expects the transaction to close by the end of July 2011.

Under the terms of the definitive agreement announced on March 25, 2011, Yellow Media Inc. has agreed to sell Trader Corporation to funds advised by Apax Partners for a purchase price consideration of $745 million in cash, subject to working capital and other adjustments. For more information about this transaction, refer to the press release issued on March 25, 2011 at: http://corporate.yp.ca/en/newsroom/488-yellow-media-inc-announces-the-divestiture-of-trader-corporation .

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 .

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 June 29, 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.

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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

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