Document:

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                                                                    Exhibit 4.52

                                                                  EXECUTION COPY

                                SERIES B WARRANT

                           TO PURCHASE COMMON STOCK OF

                        GRANITE BROADCASTING CORPORATION

                           ISSUANCE DATE: MAY 31, 2000

                                        NO. OF SHARES OF COMMON STOCK: 2,000,000

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NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES
LAWS AND MAY NOT BE TRANSFERRED IN VIOLATION OF SUCH ACT OR LAWS, THE RULES AND
REGULATIONS THEREUNDER OR THE PROVISIONS OF THIS WARRANT.

THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF ARE SUBJECT TO A
REGISTRATION RIGHTS AGREEMENT (A COPY OF WHICH IS ON FILE WITH THE SECRETARY OF
THE COMPANY). NO TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
DISPOSITION OF THIS WARRANT OR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF MAY
BE MADE EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS
AGREEMENT. THE HOLDER OF THIS WARRANT AGREES TO BE BOUND BY ALL OF THE
PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT.

NO. OF SHARES OF COMMON STOCK: 2,000,000

                                SERIES B WARRANT

                           TO PURCHASE COMMON STOCK OF

                        GRANITE BROADCASTING CORPORATION

                  This is to certify that NATIONAL BROADCASTING COMPANY, INC., a
Delaware corporation ("NBC"), or registered assigns, is entitled at any time on
or after the Effective Date (as hereinafter defined) and on or prior to the
Expiration Date (as hereinafter defined), to purchase from GRANITE BROADCASTING
CORPORATION, a Delaware corporation (the "COMPANY"), TWO MILLION (2,000,000)
shares of Common Stock (as hereinafter defined and subject to adjustment as
provided herein), in whole or in part, including fractional parts, at the
Exercise Price per share (subject to adjustment as set forth herein), all on the
terms and conditions and pursuant to the provisions hereinafter set forth.

                                   ARTICLE 1.

                                  DEFINED TERMS

                  SECTION 1.1 DEFINITIONS. Capitalized terms used and not
defined herein shall have the meanings assigned to them in the Supplemental
Agreement. As used herein, the following terms shall have the following
meanings:

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                  "AFFILIATE" means, with respect to any Person, any other
Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with, such specified
Person, for so long as such Person remains so associated to the specified
Person.

                  "AFFILIATION AGREEMENT" means that certain Affiliation
Agreement, dated as of May 31, 2000 (as amended, restated or otherwise modified
from time to time), between the Company and NBC.

                  "BOARD" means the Board of Directors of the Company.

                  "BUSINESS DAY" means any day that is not a Saturday, a Sunday
or other day on which banks are required or authorized by law to be closed in
The City of New York.

                  "CASHLESS EXERCISE RATIO" means a fraction, the numerator of
which is the excess of the Market Value per share of Common Stock on the date of
exercise over the Exercise Price per share as of the date of exercise and the
denominator of which is the Market Value per share of the Common Stock on the
date of exercise.

                  "CHANGE OF CONTROL" shall mean (a) the failure of the
Permitted Holders to own collectively, directly, beneficially and of record,
more than 50% of the issued and outstanding voting stock of the Company or (b)
the occurrence of a "change of control" under and as defined in any indenture or
agreement in respect of Company indebtedness as in effect from time to time.

                  "COMMON STOCK" means the non-voting common stock, par value
$.01 per share, of the Company, together with any other equity securities that
may be issued by the Company in substitution therefor.

                  "COMPANY LIQUIDATION" means any transaction that effects a
voluntary or involuntary liquidation, dissolution, recapitalization,
reorganization or winding up of the Company.

                  "COMPANY SALE" means any transaction that (i) involves a sale
by the Company of all or substantially all of its assets to another Person, (ii)
effects any merger, consolidation or business combination of the Company with
another Person where such other Person shall be the surviving entity and that
results in a Change of Control of the Company or (iii) results in a Change of
Control of the Company.

                  "CONTROL" (including the terms "CONTROLLED BY" and "UNDER
COMMON CONTROL WITH"), with respect to the relationship between or among two or
more Persons, means the possession, directly or indirectly, of the power to
direct or cause the direction of the affairs or management of a Person, whether
through the ownership of voting securities, as trustee or executor, by contract
or otherwise.

                  "EFFECTIVE DATE" means the earlier of (i) January 1, 2002,
(ii) a Company Sale and (iii) a Company Liquidation.

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                  "EXCHANGE ACT" means the Securities Exchange Act of 1934, as
amended and the rules and regulations thereunder.

                  "EXERCISE PRICE" means, at any date herein, the price at which
a share of Common Stock may be purchased pursuant to this Warrant on such date.
On the date of original issuance of this Warrant, the Exercise Price is $15.00
per share of Common Stock.

                  "EXPIRATION DATE" means December 31, 2011 or any date prior to
January 1, 2007 on which the Affiliation Agreement is terminated pursuant to the
terms thereof.

                  "GROUP" has the meaning assigned to it in Section 13(d)(3) of
the Exchange Act.

                  "HOLDER" means the duly registered holder of this Warrant
under the terms hereof.

                  "INDEPENDENT INVESTMENT BANKING FIRM" means an investment
banking firm of nationally recognized standing that is, in the reasonable
judgment of the Person engaging such firm, qualified to perform the task for
which it has been engaged.

                  "MAJORITY HOLDERS" means the Holders of Warrants exercisable
for in excess of 50% of the aggregate number of shares of Common Stock then
purchasable upon exercise of all Warrants, whether or not then exercisable.

                  "MARKET VALUE" means, with respect to capital stock or other
equity securities, the last reported sales price on the date of determination
or, in case no such sale takes place on such day, the average of the closing bid
and asked prices regular way for such day, in each case (i) on the principal
national securities exchange on which the shares of such capital stock or other
equity interest are listed or to which such shares are admitted for trading or
(ii) if such capital stock or other equity interest is not listed or admitted
for trading on a national securities exchange, in the over-the-counter market as
reported by the National Association of Securities Dealers, Inc. National Market
System ("NASDAQ") or any comparable system, or (iii) if such capital stock or
other equity interest is not listed on NASDAQ or a comparable system, as
furnished by two members of the National Association of Securities Dealers, Inc.
("NASD") selected from time to time in good faith by the Board for that purpose.
In the absence of all of the foregoing, or if for any other reason the Market
Value per share cannot be determined pursuant to the foregoing provisions or if
the consideration to be received by the holders of Common Stock consists of
evidences of indebtedness, other property, warrants, options or subscription of
purchase rights, the Market Value shall be the fair market value thereof as
determined by an Independent Investment Banking Firm selected by the Company and
reasonably acceptable to NBC and its Permitted Transferees holding a majority of
the applicable capital stock or equity securities. The reasonable fees and
expenses of any Independent Investment Banking Firm involved in the
determination of Market Value shall be borne equally by the Company and the
Holder. For the purpose of any computation of Market Value under Section 2.5 and
Article 3, the "MARKET VALUE" per share of Common Stock (in cases where the
Market Value is determined based on a trading price in accordance with clauses
(i) through (iii) above) at any date shall be (x) for purposes of Section 2.5,
the last reported sales price on the

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Business Day immediately prior to the date of the exercise of this Warrant
pursuant to Article 2 and (y) for purposes of Article 3, the average of the last
reported sales prices for the shorter of (i) the 5 consecutive trading days
ending seven trading days prior to the Time of Determination (as defined below)
on the exchange or market specified in the first sentence of this definition and
(ii) the period commencing on the date next succeeding the first public
announcement of the issuance, sale, distribution or granting in question through
such last full trading day prior to the Time of Determination. The term "TIME OF
DETERMINATION" as used herein shall be the time and date of the earlier to occur
of (A) the date as of which the Market Value is to be computed and (B) the last
full trading day on such exchange or market before the commencement of
"ex-dividend" trading in the Common Stock relating to the event giving rise to
the adjustment required by Article 3.

                  "PERMITTED HOLDER" means (i) W. Don Cornwell and Stuart J.
Beck, (ii) the members of the immediate family of either of the persons referred
to in clause (i) above, (iii) any trust or other Person created for the benefit
of the persons described in clause (i) or (ii) above or any of their estates or
(iv) any corporation or other Person that is controlled by any person described
in clause (i), (ii) or (iii) above.

                  "PERMITTED TRANSFEREE" has the meaning set forth in the
Registration Rights Agreement.

                  "PERSON" means any individual, corporation, limited liability
company, limited or general partnership, joint venture, association, joint-stock
company, trust, unincorporated organization, government or any agency or
political subdivisions thereof or any Group comprised of two or more of the
foregoing.

                  "REGISTRATION RIGHTS AGREEMENT" means the Registration Rights
Agreement, dated as of the date of original issuance of this Warrant between the
Company and NBC, as the same may be amended, supplemented or modified from time
to time.

                  "SEC" means the U.S. Securities and Exchange Commission.

                  "SECURITIES ACT" means the Securities Act of 1933, as amended
and the rules and regulations thereunder.

                  "SUPPLEMENTAL AGREEMENT" means the Supplemental Agreement,
dated as of May 31, 2000, between the Company and NBC, as the same may be
amended, supplemented or modified from time to time.

                  "WARRANT SHARES" means the shares of Common Stock of the
Company received, or issued and received, as the case may be, upon exercise of
the Warrants.

                  "WARRANTS" means this Warrant and all Warrants issued upon
transfer, division or combination of, or in substitution for, any thereof. All
Warrants shall at all times be identical as to terms and conditions and date,
except as to the number of shares of Common Stock for which they may be
exercised.

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                                   ARTICLE 2.

                                 EXERCISE TERMS

                  SECTION 2.1 EXERCISE PERIODS. At any time from and after the
Effective Date (PROVIDED that on the Effective Date the Affiliation Agreement is
in effect and has not been terminated) and until 5:00 p.m., New York City time,
on the Expiration Date, the Holder may exercise this Warrant, on any Business
Day, for all or any part of the number of shares of Common Stock purchasable
hereunder.

                  SECTION 2.2 EXPIRATION. This Warrant shall terminate and
become void as of the earlier of (i) 5:00 p.m., New York City time, on the
Expiration Date, (ii) the time and date this Warrant is exercised in full and
(iii) the date of termination of the Affiliation Agreement if such date is prior
to the Effective Date. The Company shall give notice not less than 90, and not
more than 120, days prior to the Expiration Date to the Holder hereof to the
effect that this Warrant will terminate and become void as of the close of
business on the Expiration Date. This Warrant shall terminate and become void
after the Expiration Date, notwithstanding the Company's failure to give such
notice.

                  SECTION 2.3 MANNER OF EXERCISE. (a) In order to exercise this
Warrant, in whole or in part, Holder shall deliver to the Company at its
principal office at 767 Third Avenue, 34th Floor, New York, New York 10017 or at
the office or agency designated by the Company pursuant to Article 6, (i) a
written notice of Holder's election to exercise this Warrant, which notice shall
specify the number of Warrant Shares to be purchased and shall be substantially
in the form of the subscription form appearing at the end of this Warrant as
Exhibit A, (ii) payment of the Exercise Price for the number of Warrant Shares
in respect of which such Warrant is then exercised; PROVIDED that no such
payment need be delivered if the Holder elects to exercise the Warrant pursuant
to the Cashless Exercise provided in subsection (b) below, and (iii) this
Warrant. Payment of the Exercise Price shall be made in cash or by certified or
official bank check payable to the order of the Company or by wire transfer of
funds to an account designated by the Company for such purpose. The rights
represented by this Warrant shall be exercisable at the election of the Holders
thereof either in full at any time or in part from time to time and, in the
event that this Warrant is surrendered for exercise in respect of less than all
the Warrant Shares purchasable on such exercise at any time prior to the
Expiration Date, the Company shall, at the time of delivery of the certificate
or certificates representing the Warrant Shares, deliver to the Holder a new
Warrant evidencing the rights of Holder to purchase the unpurchased shares of
Common Stock called for by this Warrant, which new Warrant shall in all other
respects be identical with this Warrant, or at the request of the Holder,
appropriate notation may be made on this Warrant and the same returned to the
Holder.

                  (b) In lieu of payment of the Exercise Price in cash, at the
option of the Holder, as indicated on the subscription form appearing at the end
of this Warrant as Exhibit A, the Holder may demand that the Company reduce the
number of shares of Common Stock to be delivered to such Holder upon exercise of
the Warrants then being exercised so that the Holder receives a number of shares
of Common Stock equal to the product of (1) the number of shares

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of Common Stock for which such Warrant would otherwise then be nominally
exercised if payment of the Exercise Price as of the date of exercise were being
made in cash and (2) the Cashless Exercise Ratio. An exercise of a Warrant in
accordance with this clause (b) is herein called a "CASHLESS EXERCISE". The
Holder may use the Cashless Exercise option whether this Warrant is being
exercised in full or in part.

                  SECTION 2.4 ISSUANCE OF WARRANT SHARES. Subject to Section
2.5, upon the surrender of this Warrant and payment of the per share Exercise
Price (or in accordance with Section 2.3(b)), as set forth in Section 2.3, the
Company shall, as promptly as practicable, and in any event within five (5)
Business Days thereafter, issue or cause there to be issued and deliver or cause
to be delivered to or upon the written order of the Holder and in such name or
names as the Holder may designate in the notice provided pursuant to Section
2.3, a certificate or certificates for the number of full Warrant Shares so
purchased upon the exercise of such Warrants or other securities or property to
which it is entitled, registered or otherwise to the Person or Persons entitled
to receive the same, together with cash as provided in Section 2.5 in respect of
any fractional Warrant Shares otherwise issuable upon such exercise. Such
certificate or certificates shall be deemed to have been issued and any Person
so designated to be named therein shall be deemed to have become a holder of
record of such Warrant Shares as of the date of the delivery of the notice
provided pursuant to Section 2.3, the surrender of this Warrant and, subject to
Section 2.3(b), payment of the per share Exercise Price.

                  SECTION 2.5 FRACTIONAL WARRANT SHARES. The Company shall not
be required to issue fractional Warrant Shares on the exercise of Warrants. If
any fraction of a Warrant Share would, except for the provisions of this Section
2.5, be issuable on the exercise of this Warrant (or specified portion thereof),
the Company shall pay an amount in cash equal to the Market Value for one
Warrant Share on the Business Day immediately preceding the date the Warrant is
exercised, multiplied by such fraction, computed to the nearest whole cent. For
purposes of determining the Market Value, if in accordance with such term, an
Independent Investment Banking Firm would be required to be hired to determine
the Market Value and but for this Section 2.5, an Independent Investment Banking
Firm is not otherwise required to be retained to determine Market Value at such
time, then Market Value shall be determined in good faith by the Board.

                  SECTION 2.6 RESERVATION OF WARRANT SHARES. (a) The Company
shall at all times on and following the Closing Date keep reserved out of its
authorized shares of Common Stock a number of shares of Common Stock sufficient
to provide for the exercise in full of all outstanding Warrants. The registrar
for the Common Stock shall at all times on and following the Closing Date and
until the Expiration Date, or the time at which all Warrants have been exercised
or canceled, reserve such number of authorized shares as shall be required for
such purpose. All Warrant Shares which may be issued upon exercise of this
Warrant shall be duly and validly authorized, validly issued, fully paid,
nonassessable, free of preemptive rights and free from all Liens (as defined in
the Supplemental Agreement) other than those created by or through the Holders.

                  (b) Before taking any action which would cause an adjustment
pursuant to Article 3 to reduce the Exercise Price below the then par value (if
any) of the Common Stock,

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the Company shall take any and all corporate action which may, in the opinion of
its counsel, be necessary in order that the Company may validly and legally
issue fully paid and nonassessable shares of Common Stock at the Exercise Price
as so adjusted.

                  SECTION 2.7 COMPLIANCE WITH LAW. If any shares of Common Stock
required to be reserved for purposes of exercise of Warrants would require,
under any other federal or state law or applicable governing rule or regulation
of any national securities exchange, registration with or approval of any
governmental authority, or listing on any such national securities exchange
before such shares may be issued upon exercise, the Company will cause such
shares to be duly registered or approved by such governmental authority or
listed on the relevant national securities exchange, at its expense.

                  SECTION 2.8 CONTINUED VALIDITY. A Holder of Warrant Shares
shall continue to be entitled with respect to such shares to all rights and
subject to all obligations to which it would have been entitled or subject as
Holder under Section 4.5 and Article 8 of this Warrant. The Company will, at the
time of each exercise of this Warrant, in whole or in part, upon the request of
the Holder of the Warrant Shares issued upon such exercise hereof, acknowledge
in writing in form reasonably satisfactory to such Holder, its continuing
obligation to afford to such Holder all such rights; PROVIDED, HOWEVER, that if
such Holder shall fail to make any such request, such failure shall not affect
the continuing obligation of the Company to afford to such Holder all such
rights.

                  SECTION 2.9 LISTING OF WARRANT SHARES. The Company shall cause
the Warrant Shares to be (a) listed on each securities exchange, if any, on
which similar securities issued by the Company are then listed, or (b)
authorized to be quoted and/or listed (to the extent applicable) on the NASDAQ
National Market if the Warrant Shares so qualify.

                                   ARTICLE 3.

                              ADJUSTMENT PROVISIONS

                  SECTION 3.1 CHANGES IN COMMON STOCK. In the event that at any
time or from time to time after the date hereof, the Company shall (i) pay a
dividend or make a distribution on its Common Stock in shares of its Common
Stock or other shares of capital stock, (ii) subdivide its outstanding shares of
Common Stock into a larger number of shares of Common Stock, (iii) combine its
outstanding shares of Common Stock into a smaller number of shares of Common
Stock or (iv) increase or decrease the number of shares of Common Stock
outstanding by reclassification of its Common Stock (in each case, other than a
transaction to which Section 3.3 or 3.4 is applicable), then the number of
shares of Common Stock purchasable upon exercise of this Warrant immediately
after the happening of such event shall be adjusted so that, after giving effect
to such adjustment, the Holder of this Warrant shall be entitled to receive the
number of shares of Common Stock upon exercise that such Holder would have owned
or have been entitled to receive had this Warrant been exercised immediately
prior to the happening of the events described above (or, in the case of a
dividend or distribution of Common Stock, immediately prior to the record date
therefor), and the Exercise Price shall be adjusted in inverse

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proportion. An adjustment made pursuant to this Section 3.1 shall become
effective immediately after the effective date, retroactive to the record date
therefor in the case of a dividend or distribution in shares of Common Stock,
and shall become effective immediately after the effective date in the case of a
subdivision, combination or reclassification.

                  SECTION 3.2 CASH DIVIDENDS AND OTHER DISTRIBUTIONS. In case at
any time or from time to time after the date hereof, the Company shall
distribute to all holders of Common Stock (i) any dividend or other distribution
of cash, evidences of its indebtedness, shares of its capital stock or any other
properties or securities or (ii) any options, warrants or other rights to
subscribe for or purchase any of the foregoing (other than, in each case set
forth in (i) and (ii), (x) any dividend or distribution described in Section 3.1
or 3.4 or (y) any rights, options, warrants or securities described in Section
3.3 or 3.4), then (i) the number of shares of Common Stock purchasable upon the
exercise of this Warrant shall be increased to a number determined by
multiplying the number of shares of Common Stock purchasable upon the exercise
of this Warrant immediately prior to the record date for any such dividend or
distribution by a fraction, (A) the numerator of which shall be the Market Value
per share of Common Stock on the record date for such distribution, and (B) the
denominator of which shall be such Market Value per share of Common Stock less
the sum of (x) any cash distributed per share of Common Stock and (y) the fair
value (the "FAIR VALUE") (as determined in good faith by the Board, whose
determination shall be evidenced by a Board resolution, a certified copy of
which will be sent to Holders) of the portion, if any, of the distribution
applicable to one share of Common Stock consisting of evidences of indebtedness,
shares of stock, securities, other property, warrants, options or subscription
or purchase rights and (ii) the Exercise Price shall be adjusted to a number
determined by dividing the Exercise Price immediately prior to such record date
by the above fraction. Such adjustments shall be made whenever any distribution
is made and shall become effective as of the date of distribution, retroactive
to the record date for any such distribution; PROVIDED, HOWEVER, that the
Company is not required to make an adjustment pursuant to this Section 3.2 if at
the time of such distribution the Company makes the same distribution to Holders
of Warrants as it makes to holders of Common Stock pro rata based on the number
of shares of Common Stock for which such Warrants are exercisable. No adjustment
shall be made pursuant to this Section 3.2 which shall have the effect of
decreasing the number of shares of Common Stock purchasable upon exercise of
each Warrant or increasing the Exercise Price.

                  SECTION 3.3 RIGHTS ISSUE. In the event that at any time or
from time to time after the date hereof, the Company shall issue, sell,
distribute or otherwise grant any rights to subscribe for or to purchase, or any
options or warrants for the purchase of, or any securities convertible or
exchangeable into, Common Stock to all holders of Common Stock, entitling such
holders to subscribe for or purchase shares of Common Stock or stock or
securities convertible into Common Stock (other than pursuant to a transaction
described in Section 3.4), whether or not immediately exercisable, convertible
or exchangeable, as the case may be, and the subscription or purchase price per
share of Common Stock or the price per share of Common Stock issuable upon
exercise, conversion or exchange thereof is lower at the record date for such
issuance than the then Market Value per share of Common Stock, the number of
shares of Common Stock thereafter purchasable upon the exercise of this Warrant
shall be determined by multiplying the number of shares of Common Stock
purchasable upon the exercise of this

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Warrant prior to the record date by a fraction, (A) the numerator of which shall
be the number of shares of Common Stock outstanding on the date of issuance of
such rights, options, warrants or securities plus the number of additional
shares of Common Stock offered for subscription or purchase or into or for which
such securities are convertible or exchangeable, and (B) the denominator of
which shall be the number of shares of Common Stock outstanding on the date of
issuance of such rights, options, warrants or securities plus the total number
of shares of Common Stock which could be purchased at the Market Value with the
aggregate consideration received through the issuance of such rights, warrants,
options, or convertible securities. In the event of any such adjustment, the
Exercise Price shall be adjusted to a number determined by dividing the Exercise
Price immediately prior to such date of issuance by the above fraction. Such
adjustment shall be made whenever such rights, options or warrants are issued
and shall become effective retroactively immediately after the record date for
the determination of stockholders entitled to receive such rights, options,
warrants or securities.

                  If the Company at any time shall issue two or more securities
as a unit and one or more of such securities shall be rights, options or
warrants for or securities convertible or exchangeable into, Common Stock
subject to this Section 3.3, the consideration allocated to each such security
shall be determined in good faith by a Board resolution, a certified copy of
which shall be delivered to the Holder.

                  SECTION 3.4 REORGANIZATION, RECLASSIFICATION, MERGER,
CONSOLIDATION OR DISPOSITION OF ASSETS. In case the Company shall reorganize its
capital, reclassify its capital stock, consolidate or merge with or into another
Person (where the Company is not the surviving entity or where there is a change
in or distribution with respect to the Common Stock of the Company), or sell,
transfer or otherwise dispose of all or substantially all its property, assets
or business to another Person and, pursuant to the terms of such reorganization,
reclassification, merger, consolidation or disposition of assets (each, a
"REORGANIZATION TRANSACTION"), shares of common stock of the successor or
acquiring Person, or any cash, shares of stock or other securities or property
of any nature whatsoever (including warrants or other subscription or purchase
rights) in addition to or in lieu of common stock of the successor or acquiring
Person ("OTHER PROPERTY"), are to be received by or distributed to the holders
of Common Stock of the Company, then each Holder shall have the right thereafter
to receive, upon exercise of such Warrant, the number of shares of common stock
of the successor or acquiring Person or of the Company, if it is the surviving
entity, and Other Property receivable upon or as a result of such Reorganization
Transaction by a holder of the number of shares of Common Stock for which this
Warrant is exercisable immediately prior to such event. In the event that any
such Reorganization Transaction results in a Change of Control, the Company may
require that all Holders exercise their Warrants upon consummation of such event
giving rise to such adjustment. In case of any Reorganization Transaction in
which the Warrants are not required to be exercised pursuant to the preceding
sentence, the successor or acquiring Person (if other than the Company) shall
expressly assume the due and punctual observance and performance of each and
every covenant and condition of this Warrant to be performed and observed by the
Company and all the obligations and liabilities hereunder, subject to such
modifications as may be deemed appropriate (as determined by resolution of the
Board) in order to provide for adjustments of shares of the Common Stock for
which this Warrant is exercisable which shall be as nearly equivalent as
practicable to the adjustments provided for in this Article 3. For purposes of
this

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Section 3.4 "common stock of the successor or acquiring Person" shall include
stock of such Person of any class which is not preferred as to dividends or
assets over any other class of stock of such Person and which is not subject to
redemption and shall also include any evidences of indebtedness, shares of stock
or other securities which are convertible into or exchangeable for any such
stock, either immediately or upon the arrival of a specified date or the
happening of a specified event and any warrants or other rights to subscribe for
or purchase any such stock. The foregoing provisions of this Section 3.4 shall
similarly apply to successive Reorganization Transactions.

                  SECTION 3.5 OTHER EVENTS. If any event occurs as to which the
foregoing provisions of this Article 3 are not strictly applicable or, if
strictly applicable, would not, in the good faith judgment of the Board, fairly
and adequately protect the purchase rights of the Warrants in accordance with
the essential intent and principles of such provisions, then the Board shall
make such adjustments in the application of such provisions, in accordance with
such essential intent and principles, as shall be reasonably necessary, in the
good faith opinion of the Board, to protect such purchase rights as aforesaid.

                  SECTION 3.6 SUPERSEDING ADJUSTMENT. Upon the expiration of any
rights, options, warrants or conversion or exchange privileges which resulted in
the adjustments pursuant to this Article 3, if any thereof shall not have been
exercised, the number of Warrant Shares purchasable upon the exercise of each
Warrant shall be readjusted as if (A) the only shares of Common Stock issuable
upon exercise of such rights, options, warrants, conversion or exchange
privileges were the shares of Common Stock, if any, actually issued upon the
exercise of such rights, options, warrants or conversion or exchange privileges
and (B) shares of Common Stock actually issued, if any, were issuable for the
consideration actually received by the Company upon such exercise plus the
aggregate consideration, if any, actually received by the Company for the
issuance, sale or grant of all such rights, options, warrants or conversion or
exchange privileges whether or not exercised and the Exercise Price shall be
readjusted inversely; PROVIDED, HOWEVER, that no such readjustment shall (except
by reason of an intervening adjustment under Section 3.1 or, if applicable,
Section 3.5) have the effect of decreasing the number of Warrant Shares
purchasable upon the exercise of each Warrant or increasing the Exercise Price
by an amount in excess of the amount of the adjustments to the number of Warrant
Shares purchasable and the Exercise Price initially made in respect of the
issuance, sale or grant of such rights, options, warrants or conversion or
exchange privileges.

                  SECTION 3.7 MINIMUM ADJUSTMENT. The adjustments required by
the preceding Sections of this Article 3 shall be made whenever and as often as
any specified event requiring an adjustment shall occur, except that no
adjustment of the Exercise Price or the number of shares of Common Stock
purchasable upon exercise of the Warrants that would otherwise be required shall
be made (except in the case of a subdivision or combination of shares of Common
Stock, as provided for in Section 3.1) unless and until such adjustment either
by itself or with other adjustments not previously made increases or decreases
by at least 1% the Exercise Price or the number of shares of Common Stock
purchasable upon exercise of the Warrants immediately prior to the making of
such adjustment. Any adjustment representing a change of less than such minimum
amount shall be carried forward and made as soon as such adjustment, together
with other adjustments required by this Article 3 and not previously made,

<PAGE>

                                                                              11

would result in a minimum adjustment. For the purpose of any adjustment, any
specified event shall be deemed to have occurred at the close of business on the
date of its occurrence. In computing adjustments under this Article 3,
fractional interests in Common Stock shall be taken into account to the nearest
one-hundredth of a share.

                  SECTION 3.8 OTHER PROVISIONS REGARDING ADJUSTMENTS. In the
event that at any time, as a result of an adjustment made pursuant to Section
3.1 hereof, the holder of this Warrant shall become entitled to receive any
shares of capital stock of the Company other than shares of Common Stock,
thereafter the number of such other shares of capital stock so receivable upon
exercise of this Warrant shall be subject to adjustment from time to time in a
manner and on terms as nearly equivalent as practicable to the provisions with
respect to the Common Stock contained in Article 3 and the provisions contained
elsewhere herein with respect to Common Stock shall apply on like terms to any
such other shares.

                  SECTION 3.9 CHALLENGE TO GOOD FAITH DETERMINATION. Whenever
the Board shall be required to make a determination in good faith of the Fair
Value of any item under this Article 3, the Majority Holders may challenge such
determination in good faith by notifying the Board in writing of the Majority
Holders' determination of the Fair Value of such item. Any such dispute shall be
resolved by an Independent Investment Banking Firm selected by the Majority
Holders and reasonably acceptable to the Company. The expenses of any challenge
made by the Majority Holders hereunder to be paid by the Company shall be the
amount obtained by multiplying (a) the aggregate amount of such expenses and (b)
the percentage up to 100% obtained by dividing (i) the difference between the
Fair Value determined by the Independent Investment Banking Firm and the Fair
Value claimed by the Company by (ii) the difference between the Fair Value
claimed by the Majority Holders and the Fair Value claimed by the Company. Any
remaining amounts will be paid by the Majority Holders.

                  SECTION 3.10 NOTICE OF ADJUSTMENT. Whenever the Exercise Price
or the number of shares of Common Stock and other property, if any, purchasable
upon exercise of Warrants is adjusted, as herein provided, the Company shall
deliver to the Holders a certificate of a firm of independent accountants (who
may be the regular accountants employed by the Company) or the Chief Financial
Officer of the Company setting forth, in reasonable detail, the event requiring
the adjustment and the method by which such adjustment was calculated (including
a description of the basis on which the Board determined the fair market value
of any evidences of indebtedness, other securities or property or warrants or
other subscription or purchase rights), and specifying the Exercise Price and
the number of shares of Common Stock purchasable upon exercise of Warrants after
giving effect to such adjustment.

                  SECTION 3.11 NOTICE OF CERTAIN TRANSACTIONS. In the event that
the Company shall resolve or agree (a) to pay any dividend payable in securities
of any class to the holders of its Common Stock or to make any other
distribution to the holders of its Common Stock, (b) to offer the holders of its
Common Stock rights to subscribe for or to purchase any securities convertible
into shares of Common Stock or shares of Common Stock or shares of stock of any
class or any other securities, rights or options, (c) to effect any
reclassification of its Common Stock, capital reorganization, merger,
consolidation or disposition of assets or (d) to effect any of the transactions
described in Sections 3.1, 3.2, 3.3 and 3.4 above, the Company shall within 10

<PAGE>

                                                                              12

business days send to the Holders, a notice of such proposed action or offer,
such notice to be mailed to the Holders, which shall specify the record date for
the purposes of such dividend, distribution or rights, or the date such issuance
or event is to take place and the date of participation therein by the holders
of Common Stock, if any such date is to be fixed, and shall briefly indicate the
effect of such action on the Common Stock and on the number and kind of any
other shares of stock and on other property, if any, and the number of shares of
Common Stock and other property, if any, purchasable upon exercise of each
Warrant and the Exercise Price after giving effect to any adjustment which will
be required as a result of such action. Such notice shall be given by the
Company as promptly as possible.

                                   ARTICLE 4.

                       TRANSFER, DIVISION AND COMBINATION

                  SECTION 4.1 TRANSFER. Subject to compliance with Section 4.5,
transfer of this Warrant and all rights hereunder, in whole or in part, shall be
registered on the books of the Company to be maintained for such purpose, upon
surrender of this Warrant at the principal office of the Company referred to in
Section 2.3 or the office or agency designated by the Company pursuant to
Article 6, together with a written assignment of this Warrant substantially in
the form of Exhibit B hereto duly executed by Holder or its agent or attorney
and funds sufficient to pay any transfer taxes payable upon the making of such
transfer. Upon such surrender and, if required, such payment, the Company shall,
subject to Section 4.5, execute and deliver a new Warrant or Warrants in the
name of the assignee or assignees and in the denomination specified in such
instrument of assignment, and shall issue to the assignor a new Warrant
evidencing the portion of this Warrant not so assigned, and this Warrant shall
promptly be canceled. A Warrant, if properly assigned in compliance with Section
4.5, may be exercised by a new Holder for the purchase of shares of Common Stock
without having a new Warrant issued. If requested by the Company, a new Holder
shall acknowledge in writing, in form reasonably satisfactory to the Company,
such Holder's continuing obligations under Section 4.5 and Article 8.

                  SECTION 4.2 DIVISION AND COMBINATION. Subject to Section 4.5,
this Warrant may be divided or combined with other Warrants upon presentation
hereof at the aforesaid office or agency of the Company, together with a written
notice specifying the names and denominations in which new Warrants are to be
issued, signed by Holder or its agent or attorney. Subject to compliance with
Section 4.1 and with Section 4.5, as to any transfer which may be involved in
such division or combination, the Company shall execute and deliver a new
Warrant or Warrants in exchange for the Warrant or Warrants to be divided or
combined in accordance with such notice.

                  SECTION 4.3 EXPENSES. The Company shall prepare, issue and
deliver at its own expense (other than transfer taxes) the new Warrant or
Warrants under this Article 4.

                  SECTION 4.4 MAINTENANCE OF BOOKS. The Company agrees to
maintain, at its aforesaid office or agency, books for the registration or
transfer of the Warrants.

<PAGE>

                                                                              13

                  SECTION 4.5 RESTRICTION ON TRANSFER. (a) This Warrant and the
Warrant Shares issuable upon exercise hereof are subject in all respects to the
terms and conditions of the Registration Rights Agreement. No transfer, sale,
assignment, hypothecation or other disposition of this Warrant or the Warrant
Shares issuable upon exercise hereof may be made except in accordance with the
provisions of the Registration Rights Agreement (it being understood that any
transfer of Common Stock permitted under the provisions of the Registration
Rights Agreement shall be a permitted transfer with respect to this Warrant and
the Warrant Shares). The Holder, by acceptance of this Warrant, agrees to be
bound by the applicable provisions of the Registration Rights Agreement and all
applicable benefits of the Registration Rights Agreement shall inure to such
Holder.

                  (b) (i) Except as otherwise provided in this Section 4.5, each
certificate for Warrant Shares initially issued upon the exercise of this
Warrant, and each certificate for Warrant Shares issued to any transferee of any
such certificate, shall be stamped or otherwise imprinted with a legend in
substantially the following form:

                  THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
                  REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
                  ANY STATE SECURITIES LAWS AND MAY NOT BE TRANSFERRED IN
                  VIOLATION OF SUCH ACT OR LAWS OR THE RULES AND REGULATIONS
                  THEREUNDER.

                  THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO A
                  REGISTRATION RIGHTS AGREEMENT (A COPY OF WHICH IS ON FILE WITH
                  THE SECRETARY OF THE COMPANY). NO TRANSFER, SALE, ASSIGNMENT,
                  PLEDGE, HYPOTHECATION OR OTHER DISPOSITION OF THE SHARES
                  REPRESENTED BY THIS CERTIFICATE MAY BE MADE EXCEPT IN
                  ACCORDANCE WITH THE PROVISIONS OF SUCH REGISTRATION RIGHTS
                  AGREEMENT. THE HOLDER OF THESE SECURITIES AGREES TO BE BOUND
                  BY ALL OF THE PROVISIONS OF SUCH REGISTRATION RIGHTS
                  AGREEMENT.

                  (ii) Except as otherwise provided in this Section 4.5, each
Warrant shall be stamped or otherwise imprinted with a legend in substantially
the following form:

                  NEITHER THIS WARRANT NOR THE SECURITIES ISSUABLE UPON EXERCISE
                  HEREOF HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
                  AS AMENDED, OR ANY STATE SECURITIES LAWS AND MAY NOT BE
                  TRANSFERRED IN VIOLATION OF SUCH ACT OR

<PAGE>

                                                                              14

                  LAWS, THE RULES AND REGULATIONS THEREUNDER OR THE PROVISIONS
                  OF THIS WARRANT.

                  THIS WARRANT AND THE SECURITIES ISSUABLE UPON EXERCISE HEREOF
                  ARE SUBJECT TO A REGISTRATION RIGHTS AGREEMENT (A COPY OF
                  WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY). NO
                  TRANSFER, SALE, ASSIGNMENT, PLEDGE, HYPOTHECATION OR OTHER
                  DISPOSITION OF THIS WARRANT OR THE SECURITIES ISSUABLE UPON
                  EXERCISE HEREOF MAY BE MADE EXCEPT IN ACCORDANCE WITH THE
                  PROVISIONS OF SUCH REGISTRATION RIGHTS AGREEMENT. THE HOLDER
                  OF THIS WARRANT AGREES TO BE BOUND BY ALL OF THE PROVISIONS OF
                  SUCH REGISTRATION RIGHTS AGREEMENT.

                  (c) Notwithstanding the provisions of Section 4.5(b), (i) the
Company shall deliver Warrants or certificates for Warrant Shares without the
first paragraph of the legend set forth in any such clause if the securities
referred to in such clause shall have been registered under the Securities Act
or if such legend is otherwise not required under the Securities Act, and if
such legend has been set forth on any previously delivered certificates, such
legend shall be removed from any certificates at the request of the Holder if
the securities referred to in such clause have been registered under the
Securities Act, or if such legend is not otherwise required under the Securities
Act, and (ii) the Company shall deliver Warrants or certificates for Warrant
Shares without the second paragraph of the legend set forth in such clause if
such legend is no longer required pursuant to the terms of the Registration
Rights Agreement.

                                   ARTICLE 5.

                               LOSS OR MUTILATION

                  Upon receipt by the Company from any Holder of evidence
reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of this Warrant and indemnity reasonably satisfactory
to it (it being understood that the written agreement of the NBC or its
Permitted Transferees shall be sufficient indemnity) and in case of mutilation
upon surrender and cancellation hereof, the Company will execute and deliver in
lieu hereof a new Warrant of like tenor to such Holder (without expense to the
Holder); PROVIDED, in the case of mutilation, no indemnity shall be required if
this Warrant in identifiable form is surrendered to the Company for
cancellation.

                                   ARTICLE 6.

                              OFFICE OF THE COMPANY

<PAGE>

                                                                              15

                  As long as any of the Warrants remain outstanding, the Company
shall maintain an office or agency (which may be the principal executive offices
of the Company) where the Warrants may be presented for exercise, registration
of transfer, division or combination as provided in this Warrant.

                                   ARTICLE 7.

                             LIMITATION OF LIABILITY

                  No provision hereof, in the absence of affirmative action by
the Holder hereof to purchase shares of Common Stock, and no enumeration herein
of the rights or privileges of the Holder hereof, shall give rise to any
liability of such Holder for the purchase price of any Common Stock or as a
stockholder of the Company, whether such liability is asserted by the Company or
by creditors of the Company.

                                   ARTICLE 8.

                                  MISCELLANEOUS

                  SECTION 8.1 NONWAIVER AND EXPENSES. No course of dealing or
any delay or failure to exercise any right hereunder on the part of the Holder
hereof shall operate as a waiver of such right or otherwise prejudice such
Holder's rights, powers or remedies. If the Company fails to make, when due, any
payments provided for hereunder, or fails to comply with any other provision of
this Warrant, the Company shall pay to the Holder hereof such amounts as shall
be sufficient to cover any reasonable costs and expenses including, but not
limited to, reasonable attorneys' fees, including those of appellate
proceedings, incurred by such Holder in collecting any amounts due pursuant
hereto or in otherwise enforcing any of its rights, powers or remedies
hereunder.

                  SECTION 8.2 FINANCIAL INFORMATION. The Company will file on or
before the required date (including any permitted extensions) all required
regular or periodic reports (pursuant to the Exchange Act) with the Commission
and the Company will deliver to each Holder of a Warrant or Warrant Shares
promptly upon their becoming available one copy of each report, notice or proxy
statement sent by the Company to its stockholders generally.

                  SECTION 8.3 UNEXERCISED WARRANTS. Except as otherwise
specifically required herein, holders of unexercised Warrants are not entitled
(i) to receive dividends or other distributions, (ii) to receive notice of or
vote at any meeting of the stockholders, (iii) to consent to any action of the
stockholders, (iv) to receive notice of any other proceedings of the Company or
(v) to exercise any other rights as stockholders of the Company.

                  SECTION 8.4 AMENDMENT. This Warrant and all other Warrants may
be amended with the written consent of the Company and the Majority Holders;
PROVIDED, HOWEVER, that no such Warrant may be amended to reduce the number of
shares of Common Stock for which such Warrant is exercisable or to increase the
Exercise Price (before giving effect to any

<PAGE>

                                                                              16

adjustment as provided therein) without the prior written consent of the Holder
thereof. In determining whether the Holders of the required number of Warrants
have concurred in any direction, waiver or consent, Warrants owned by the
Company or any Subsidiary of the Company shall be disregarded and deemed not to
be outstanding. Also, subject to the foregoing, only Warrants outstanding at the
time shall be considered in any such determination.

                  SECTION 8.5 NOTICES. Any notice or communication shall be in
writing and delivered in person or mailed by first-class mail to the addresses
set forth in the Supplemental Agreement with respect to the Company and the
Holder on the date hereof and if to any subsequent Holder, at its last known
address appearing on the books of the Company maintained for such purposes.

                  The Company and any Holder by notice to the other may
designate additional or different addresses for subsequent notices or
communications.

                  SECTION 8.6 REMEDIES. The Company and the Holder hereof each
stipulates that the remedies at law of each party hereto in the event of any
default or threatened default by the other party in the performance or
compliance with any of the terms of this Warrant are not and will not be
adequate and that, to the fullest extent permitted by law, such terms may be
specifically enforced by a decree for the specific performance of any agreement
contained herein or by an injunction against a violation of any of the terms
hereof or otherwise.

                  SECTION 8.7 GOVERNING LAW. The laws of the State of New York
shall govern this Warrant.

                  SECTION 8.8 SUCCESSORS. Subject to Section 4.5 hereof, this
Warrant and the rights evidenced hereby shall inure to the benefit of and be
binding upon the successors and assigns of the Company and the Holder hereof,
and shall be enforceable by any such successors and assigns.

                  SECTION 8.9 COUNTERPARTS. This Warrant Agreement may be
executed in any number of counterparts and each of such counterparts shall for
all purposes be deemed to be an original, and all such counterparts shall
together constitute but one and the same instrument.

                  SECTION 8.10 TABLE OF CONTENTS. The table of contents and
headings of the Articles and Sections of this Warrant Agreement have been
inserted for convenience of reference only, are not intended to be considered a
part hereof and shall not modify or restrict any of the terms or provisions
hereof.

                  SECTION 8.11 SEVERABILITY. The provisions of this Warrant are
severable, and if any clause or provision shall be held invalid, illegal or
unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect in that jurisdiction only such clause or
provision, or part thereof, and shall not in any manner affect such clause or
provision in any other jurisdiction or any other clause or provision of this
Warrant in any jurisdiction.

<PAGE>

                  IN WITNESS WHEREOF, the Company has caused this Warrant to be
duly executed and its corporate seal to be impressed hereon and attested by its
Secretary or an Assistant Secretary.

                                      GRANITE BROADCASTING CORPORATION

                                      By: /s/ W. Don Cornwell
                                          ------------------------------------
                                          Name:  W. Don Cornwell
                                          Title: Chief Executive Officer

Attest:

By: /s/ Stuart J. Beck
    --------------------------------
Name:  Stuart J. Beck
Title: President

<PAGE>

                                    EXHIBIT A

                                SUBSCRIPTION FORM

                 [To be executed only upon exercise of Warrant]

                  The undersigned registered owner of this Series B Warrant
("Warrant") irrevocably exercises this Warrant for the purchase of [up to]
______________ Shares of Common Stock of GRANITE BROADCASTING CORPORATION and
[herewith makes payment therefor] [requests that the Company withhold the number
of Shares from the Common Stock receivable by the undersigned in accordance with
the Cashless Exercise option specified in Section 2.2 of this Warrant]1, all at
the price and on the terms and conditions specified in this Warrant and requests
that certificates for the shares of Common Stock hereby purchased (and any
securities or other property issuable upon such exercise) be issued in the name
of and delivered to _________________________ whose address is
___________________________ and, if such shares of Common Stock shall not
include all of the shares of Common Stock issuable as provided in this Warrant,
that a new Warrant of like tenor and date for the balance of the shares of
Common Stock issuable hereunder be delivered to the undersigned.

--------------------------------------
     (Name of Registered Owner)

--------------------------------------
  (Signature of Registered Owner)

--------------------------------------
         (Street Address)

--------------------------------------
(City)       (State)       (Zip Code)

NOTICE:           The signature on this subscription must correspond with the
                  name as written upon the face of the within Warrant in every
                  particular, without alteration or enlargement or any change
                  whatsoever.

-------------
1.       To be inserted if Cashless Exercise is requested.

<PAGE>

                                    EXHIBIT B

                                 ASSIGNMENT FORM

                  FOR VALUE RECEIVED the undersigned registered owner of this
Series B Warrant ("Warrant") hereby sells, assigns and transfers unto the
Assignee named below all of the rights of the undersigned under this Warrant,
with respect to the number of shares of Common Stock set forth below:

                                    No. of Shares of
Name and Address of Assignee        of Common Stock
----------------------------        ---------------

and does hereby irrevocably constitute and appoint
__________________________attorney-in-fact to register such transfer on the
books of GRANITE BROADCASTING CORPORATION maintained for the purpose, with full
power of substitution in the premises.

Dated: ______________________________

Name: _______________________________
                (Print)

Signature:___________________________

Witness:_____________________________

NOTICE:           The signature on this subscription must correspond with the
                  name as written upon the face of the within Warrant in every
                  particular, without alteration or enlargement or any change
                  whatsoever.<PAGE>

                                                                    Exhibit 4.53

                                                                  EXECUTION COPY

                          REGISTRATION RIGHTS AGREEMENT

                                     between

                        GRANITE BROADCASTING CORPORATION

                                       and

                       NATIONAL BROADCASTING COMPANY, INC.

                            Dated as of May 31, 2000

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                   PAGE
                                                                                   ----
<S>                                                                                <C>
Section 1. DEFINITIONS...............................................................1

Section 2. DEMAND REGISTRATION.......................................................3

         (a) REQUESTS FOR REGISTRATION BY HOLDERS....................................3

         (b) FILING AND EFFECTIVENESS................................................3

         (c) PRIORITY ON DEMAND REGISTRATION.........................................4

         (d) POSTPONEMENT OF DEMAND REGISTRATION.....................................4

Section 3. PIGGYBACK REGISTRATION....................................................4

         (a) RIGHT TO PIGGYBACK......................................................5

         (b) PRIORITY ON PIGGYBACK REGISTRATIONS.....................................5

Section 4. RESTRICTIONS ON SALE BY HOLDERS...........................................5

Section 5. REGISTRATION PROCEDURES...................................................6

Section 6. REGISTRATION EXPENSES....................................................11

Section 7. INDEMNIFICATION..........................................................11

         (a) INDEMNIFICATION BY THE COMPANY.........................................11

         (b) INDEMNIFICATION BY HOLDERS.............................................12

         (c) CONDUCT OF INDEMNIFICATION PROCEEDINGS.................................12

         (d) CONTRIBUTION...........................................................13

Section 8. UNDERWRITTEN REGISTRATIONS...............................................14

Section 9. MISCELLANEOUS............................................................14

         (a) REMEDIES...............................................................14

         (b) AMENDMENTS AND WAIVERS.................................................14

         (c) NOTICES................................................................14
</TABLE>

<PAGE>

<TABLE>
<S>                                                                                <C>
         (e) SUCCESSORS AND ASSIGNS.................................................15

         (f) COUNTERPARTS...........................................................16

         (g) HEADINGS...............................................................16

         (h) GOVERNING LAW..........................................................16

         (i) SEVERABILITY...........................................................16

         (j) ENTIRE AGREEMENT.......................................................16
</TABLE>

                                       ii

<PAGE>

                          REGISTRATION RIGHTS AGREEMENT

                  THIS REGISTRATION RIGHTS AGREEMENT (this "AGREEMENT") is made
and entered into as of May 31, 2000, by and between GRANITE BROADCASTING
CORPORATION, a Delaware corporation (together with is successors and assigns,
the "COMPANY"), NATIONAL BROADCASTING COMPANY, INC., a Delaware corporation
(together with its successors and assigns, the "INVESTOR"), and each other
person who becomes a Holder hereunder.

                                    RECITALS

                  WHEREAS, pursuant to a Supplemental Agreement dated as of May
31, 2000 (the "SUPPLEMENTAL AGREEMENT") between the Company and the Investor,
the Investor is receiving Warrants to purchase shares of Common Stock; and

                  WHEREAS, the Company's shares of Common Stock are registered
with the SEC and quoted on NASDAQ; and

                  WHEREAS, to induce the Investor to execute and deliver the
Supplemental Agreement and to enter into the transactions related thereto, the
Company has agreed to provide to the Holders (as defined below) certain
registration rights under the Securities Act; and

                  WHEREAS, the execution and delivery of this agreement by the
parties hereto is a condition to the closing of the transactions contemplated by
the Supplemental Agreement.

                  NOW, THEREFORE, in consideration of the mutual promises and
agreements set forth herein and in the Supplemental Agreement, and other
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto hereby agree as follows:

         Section 1. DEFINITIONS. For purposes of this Agreement, the following
capitalized terms have the following meanings:

                  "COMMON STOCK": The non-voting common stock of the Company,
par value $0.01 per share, and any securities into which such common stock may
be or has been converted or exchanged in any merger, consolidation or
reclassification.

                  "EXCHANGE ACT": The Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder.

                  "HOLDERS": Each Restricted Party that from time to time owns
Registrable Securities and each of their permitted transferees pursuant to
Section 9(e) who agree to be bound by the provisions of this Agreement in
accordance with said section; PROVIDED, HOWEVER, that a Holder shall no longer
be a Holder at the date that such Holder owns of record less than 10,000 shares
of Registrable Securities.

                  "NASDAQ": The National Association of Securities Dealers
Automated Quotation System.

<PAGE>

                                                   Registration Rights Agreement

                  "PROSPECTUS": The prospectus included in any Registration
Statement (including, without limitation, a prospectus that discloses
information previously omitted from a prospectus filed as part of an effective
registration statement in reliance upon Rule 430A under the Securities Act), as
amended or supplemented by any prospectus supplement, with respect to the terms
of the offering of any portion of the Registrable Securities covered by such
Registration Statement and all other amendments and supplements to such
prospectus, including post-effective amendments, and all material incorporated
by reference or deemed to be incorporated by reference in such prospectus.

                  "REGISTRABLE SECURITIES": All shares of Common Stock (i) held
from time to time by the Holders who are Restricted Parties (the "RESTRICTED
PARTY COMMON STOCK") or (ii) held by Holders who are not Restricted Parties (but
only to the extent that such Common Stock previously constituted Restricted
Party Common Stock) or (iii) issued or issuable upon the exercise of Warrants,
excluding shares of Common Stock that have been disposed of by a Holder pursuant
to a Registration Statement relating to the sale thereof that has become
effective under the Securities Act or pursuant to Rule 144 or Rule 145 under the
Securities Act. Registrable Securities shall also include any shares of the
Common Stock or other securities (or shares of Common Stock underlying such
other securities) that may be received by the Holders (x) as a result of a stock
dividend on or stock split of Registrable Securities or (y) on account of
Registrable Securities in a recapitalization of or other transaction involving
the Company.

                  "REGISTRATION STATEMENT": Any registration statement of the
Company under the Securities Act that covers any of the Registrable Securities
pursuant to the provisions of this Agreement, including the related Prospectus,
any preliminary prospectus, all amendments and supplements to such registration
statement (including post-effective amendments), all exhibits and all material
incorporated by reference or deemed to be incorporated by reference in such
registration statement.

                  "RESTRICTED PARTY": Each of Investor and each subsidiary of
Investor.

                  "SEC": The Securities and Exchange Commission.

                  "SECURITIES ACT": The Securities Act of 1933, as amended, and
the rules and regulations promulgated thereunder.

                  "SERIES A WARRANTS": The Series A Warrants to purchase shares
of Common Stock substantially in the form of Exhibit C to the Supplemental
Agreement.

                  "SERIES B WARRANTS": The Series B Warrants to purchase shares
of Common Stock substantially in the form of Exhibit D to the Supplemental
Agreement.

                  "UNDERWRITTEN OFFERING": A distribution, registered pursuant
to the Securities Act, in which securities of the Company are sold to the public
through one or more underwriters.

                  "WARRANTS": Collectively, the Series A Warrants and the Series
B Warrants.

                                       2
<PAGE>

                                                   Registration Rights Agreement

         Section 2. DEMAND REGISTRATION.

                  (a) REQUESTS FOR REGISTRATION BY HOLDERS. Subject to the terms
and conditions of the Supplemental Agreement, at any time and from time to time,
subject to the conditions set forth in this Agreement (i) one or more Holders
will have the right, by written notice delivered to the Company (a "DEMAND
NOTICE"), to require the Company to register Registrable Securities under and in
accordance with the provisions of the Securities Act (a "DEMAND REGISTRATION"),
PROVIDED that the Holders may not make in the aggregate more than two (2) Demand
Registrations under this Agreement; PROVIDED, FURTHER, that (i) no such Demand
Registration may be required unless the Holders requesting such Demand
Registration provide to the Company a certificate (the "AUTHORIZING
CERTIFICATE"), seeking to include Registrable Securities in such Demand
Registration with a market value of at least $20,000,000 in the case of any
Underwritten Offering or $5,000,000 in all other cases (calculated based on the
closing sale price of such securities on the principal securities exchange where
such securities are listed on the business day immediately preceding the date of
the Demand Notice) as of the date the Demand Notice is given; and (ii) no Demand
Notice may be given prior to six (6) months after the effective date of the
immediately preceding Demand Registration or, if later, the date on which a
registration pursuant to this Section 2 is terminated in its entirety prior to
the effective date of the applicable registration statement. The Authorizing
Certificate shall set forth (A) the name of each Holder signing such Authorizing
Certificate, (B) the number of Registrable Securities held by each such Holder,
and, if different, the number of Registrable Securities such Holder has elected
to have registered, and (C) the intended methods of disposition of the
Registrable Securities. Notwithstanding the foregoing, a good faith decision by
a Holder to withdraw Registrable Securities from registration will not affect
the Company's obligations hereunder even if the amount remaining to be
registered has a market value of less than $20,000,000 in the case of any
Underwritten Offering or $5,000,000 in all other cases (calculated as
aforesaid), PROVIDED that (1) such continuing registration shall constitute a
Demand Registration, (2) the withdrawing Holder reimburses the Company for any
registration and filing fees (including any fees payable to the National
Association of Securities Dealers, Inc. or any successor organization) it has
incurred with respect to the withdrawn Registrable Securities (unless all
Registrable Securities are withdrawn, in which case the withdrawing Holder(s)
shall reimburse the Company for all costs and expenses incurred by it in
connection with the registration of such Registrable Securities) and (3) such
Holder (or the other Holders participating in the subject registration) did not
include the withdrawn Registrable Securities as a means of circumventing the
applicable $20,000,000 or $5,000,000 threshold described above. Subject to
compliance with clause (2) of the preceding proviso, a registration that is
terminated in its entirety prior to the effective date of the applicable
registration statement will not constitute a Demand Registration.

                  (b) FILING AND EFFECTIVENESS. The Company will file a
Registration Statement relating to any Demand Registration as promptly as
practicable (but in any event within 60 days) following the date on which the
Demand Notice is received and will use all reasonable efforts to cause the same
to be declared effective by the SEC as soon as practicable thereafter. If any
Demand Registration is requested to be effected as a shelf registration pursuant
to Rule 415 under the Securities Act by the Holders demanding such Demand
Registration, the Company will keep the Registration Statement filed in respect
thereof effective for a period of six (6) months from the date on which the SEC
declares such Registration Statement effective (subject to extension

                                       3
<PAGE>

                                                   Registration Rights Agreement

pursuant to Section 5) or such shorter period that will terminate when all
Registrable Securities covered by such Registration Statement have been sold
pursuant to such Registration Statement.

                  Within ten (10) business days after receipt of such Demand
Notice, the Company will serve written notice thereof (the "NOTICE") to all
other Holders and will, subject to the provisions of Section 2(c), include in
such registration all Registrable Securities with respect to which the Company
receives written requests for inclusion therein within ten (10) business days
after receipt of the Notice by the applicable Holder. Subject to the proviso at
the end of Section 2(a), the Holder will be permitted to withdraw in good faith
all or part of the Registrable Securities from a Demand Registration at any time
prior to the effective date of such Demand Registration, in which event the
Company will promptly amend or, if applicable, withdraw the related Registration
Statement.

                  (c) PRIORITY ON DEMAND REGISTRATION. If Registrable Securities
are to be registered pursuant to a Demand Registration, the Company shall
provide written notice to the other Holders and will permit all such Holders who
have timely and properly requested to be included in the Demand Registration to
include any or all Registrable Securities held by such Holders in such Demand
Registration. Notwithstanding the foregoing, if the managing underwriter or
underwriters of an Underwritten Offering to which such Demand Registration
relates advises the Holders that the total amount of Registrable Securities that
such Holders intend to include in such Demand Registration is in the aggregate
such as to materially and adversely affect the success of such offering, then
the number of Registrable Securities to be included in such Demand Registration
will, if necessary, be reduced and there will be included in such underwritten
offering the number of Registrable Securities that, in the opinion of such
managing underwriter or underwriters, can be sold without materially and
adversely affecting the success of such Underwritten Offering. The Registrable
Securities of the Holder or Holders initiating the Demand Registration shall
receive priority in such Underwritten Offering to the full extent of the
Registrable Securities such Holder or Holders desire to sell (unless these
securities would materially and adversely affect the success of such offering,
in which case the number of such Holder's Registrable Securities included in the
offering shall be reduced to the extent necessary) and the remaining allocation
available for sale, if any, shall be allocated PRO RATA among the other Holders
on the basis of the amount of Registrable Securities requested to be included
therein by each such Holder.

                  (d) POSTPONEMENT OF DEMAND REGISTRATION. The Company will be
entitled to postpone the filing period of any Demand Registration or suspend the
effectiveness of any Registration Statement for a reasonable period of time not
in excess of 90 calendar days if the Company determines, in the good faith
exercise of the business judgment of its Board of Directors, that such
registration and offering could materially interfere with a BONA FIDE business
or financing transaction of the Company or would require disclosure of
information, the premature disclosure of which could materially and adversely
affect the Company. If the Company postpones the filing of, or suspends the
effectiveness of, a Registration Statement, it will promptly notify the Holders
in writing (i) when the events or circumstances permitting such postponement or
suspension have ended and (ii) that the decision to postpone or suspend was made
by the Board of Directors of the Company in accordance with this Section 2(d).

         Section 3. PIGGYBACK REGISTRATION.

                                       4
<PAGE>

                                                   Registration Rights Agreement

                  (a) RIGHT TO PIGGYBACK. If at any time the Company proposes to
file a Registration Statement, whether or not for sale for the Company's own
account, with respect to the sale of Common Stock, on a form and in a manner
that would also permit registration of Registrable Securities, the Company shall
give to Holders holding Registrable Securities, written notice of such proposed
filing at least ten (10) business days before the anticipated filing. The notice
referred to in the preceding sentence shall offer Holders holding at least
100,000 shares of Registrable Securities the opportunity to register such amount
of Registrable Securities as each Holder may request (a "PIGGYBACK
REGISTRATION"). Subject to Section 3(b), the Company will include in each such
Piggyback Registration all Registrable Securities with respect to which the
Company has received written requests for inclusion therein. Subject to clause
(2) of the proviso at the end of Section 2(a), the Holders will be permitted to
withdraw all or part of the Registrable Securities from a Piggyback Registration
at any time prior to the effective date of such Piggyback Registration.

                  Notwithstanding the foregoing, the Company will not be
obligated to effect any registration of Registrable Securities under this
Section 3 as a result of the registration of any of its securities solely in
connection with mergers, acquisitions, exchange offers, dividend reinvestment
and share purchase plans offered solely to current holders of the Common Stock,
rights offerings or option or other employee, directors or consultant benefit
plans or other similar rights.

                  (b) PRIORITY ON PIGGYBACK REGISTRATIONS. The Company will
cause the managing underwriter or underwriters of a proposed Underwritten
Offering to permit Holders holding Registrable Securities requested to be
included in the registration for such offering to include therein all such
Registrable Securities requested to be so included on the same terms and
conditions as any securities of the Company included therein (other than the
indemnification by the Holders, which will be limited as set forth in Section 7
hereof). Notwithstanding the foregoing, if the managing underwriter or
underwriters of such Underwritten Offering advises the Holders to the effect
that the total amount of securities that such Holders and the Company propose to
include in such Underwritten Offering is such as to materially and adversely
affect the success of such offering, then the Company will include in such
registration (i) first, 100% of the Common Stock of the Person who requests such
registration, if any, (ii) second, 100% of the Common Stock the Company proposes
to sell, and (iii) third, to the extent of the number of Registrable Securities
requested to be included in such registration which, with the advice of such
managing underwriter, can be sold without having the adverse effect referred to
above, the number of Registrable Securities which the Holders and any other
persons having registration rights have requested to be included in such
registration, such amount to be allocated pro rata among all such requesting
Holders and such other persons on the basis of the relative number of
Registrable Securities then held by each such Holder and such other persons.

         Section 4. RESTRICTIONS ON SALE BY HOLDERS. (a) Each Holder agrees, if
such Holder is so requested (pursuant to a timely written notice) by the
managing underwriter or underwriters in an Underwritten Offering, not to effect
any public sale or distribution of any of the Company's securities of such class
or securities convertible or exchangeable into such class (except as part of
such underwritten offering), including a sale pursuant to Rule 144 under the
Securities Act, during the 15-calendar day period prior to, and during the
120-calendar day period beginning on, the closing date of such Underwritten
Offering; PROVIDED that, in the event that any other holders of more than 10% of
the outstanding Common Stock in the aggregate are restricted for a period of

                                       5
<PAGE>

                                                   Registration Rights Agreement

time that is less than 120 calendar days, then such period with respect to each
Holder hereunder shall be reduced to such lesser period; PROVIDED, FURTHER, that
in the event any such holders of Common Stock are released from any such
restrictions imposed by the managing underwriter or underwriters, then Holders
hereunder shall be so released from the restrictions of this Section 4(a).

                  (a) Each Holder acknowledges that the Registrable Securities
have not been registered under the Securities Act, or any state securities law,
and such Registrable Securities may not be offered, sold, transferred or
otherwise disposed of except pursuant to an effective registration statement or
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act and applicable state securities
laws.

         Section 5. REGISTRATION PROCEDURES. In connection with the Company's
registration obligations pursuant to Sections 2 and 3, the Company will effect
such registrations to permit the sale of such Registrable Securities in
accordance with the intended method or methods of disposition thereof, and
pursuant thereto the Company will as expeditiously as possible, and in each case
to the extent applicable (it being understood that the obligations of the
Company in clauses (a), (b), (d), (e), (h), (j), (k), (m), (n) and (p) of this
Section 5 will be subject to Section 2(d) and, except as provided in Section
2(a) and Section 3(b), the Holders will not have any right to effect an
underwritten public offering under Section 3):

                          (a) Prepare and file with the SEC a Registration
         Statement or Registration Statements on any appropriate form under the
         Securities Act available for the sale of the Registrable Securities by
         the holders thereof in accordance with the intended method or methods
         of distribution thereof, and cause each such Registration Statement to
         become effective and remain effective as provided herein; PROVIDED,
         HOWEVER, that before filing a Registration Statement or Prospectus or
         any amendments or supplements thereto (including documents that would
         be incorporated or deemed to be incorporated therein by reference) the
         Company will furnish to the Holders holding Registrable Securities
         covered by such Registration Statement, not more than one counsel
         chosen by Holders holding a majority of the Registrable Securities
         being registered ("SPECIAL COUNSEL") and the managing underwriters, if
         any, copies of all such documents proposed to be filed, which documents
         will be subject to the review of such Holders, such Special Counsel and
         such underwriters, and the Company will not file any such Registration
         Statement or amendment thereto or any Prospectus or any supplement
         thereto (excluding such documents that, upon filing, will be
         incorporated or deemed to be incorporated by reference therein) to
         which the Holders holding a majority of the Registrable Securities
         covered by such Registration Statement or the managing underwriter, if
         any, shall reasonably conclude to potentially be misleading, omit a
         material fact or fail to comply with rules or common practice of the
         SEC or the securities industry.

                          (b) Prepare and file with the SEC such amendments and
         post-effective amendments to each Registration Statement as may be
         necessary to keep such Registration Statement continuously effective
         for the applicable periods specified in Section 2; cause the related
         Prospectus to be supplemented by any required Prospectus supplement,
         and as so supplemented to be filed pursuant to Rule 424 (or any similar
         provisions then in force) under the Securities Act; and comply with the
         provisions of the Securities Act with respect

                                       6
<PAGE>

                                                   Registration Rights Agreement

         to the disposition of all securities covered by such Registration
         Statement during the applicable period in accordance with the intended
         methods of disposition by the sellers thereof set forth in such
         Registration Statement as so amended or in such Prospectus as so
         supplemented.

                           (c) Notify the selling Holders and the managing
         underwriters, if any, promptly, and (if requested by any such person)
         confirm such notice in writing, (i) when a Prospectus or any Prospectus
         supplement or post-effective amendment has been filed, and, with
         respect to a Registration Statement or any post-effective amendment,
         when the same has become effective, (ii) of any request by the SEC or
         any other federal or state governmental authority for amendments or
         supplements to a Registration Statement or related Prospectus or for
         additional information, (iii) of the issuance by the SEC or any other
         federal or state governmental authority of any stop order suspending
         the effectiveness of a Registration Statement or the initiation of any
         proceedings for that purpose, (iv) if at any time the representations
         and warranties of the Company contained in any agreement contemplated
         by Section 5(m) (including any underwriting agreement) cease to be true
         and correct in any material respect, (v) of the receipt by the Company
         of any notification with respect to the suspension of the qualification
         or exemption from qualification of any of the Registrable Securities
         for sale in any jurisdiction or the initiation or threatening of any
         proceeding for such purpose, (vi) of the occurrence of any event that
         makes any statement made in such Registration Statement or related
         Prospectus or any document incorporated or deemed to be incorporated
         therein by reference untrue in any material respect or that requires
         the making of any changes in a Registration Statement, Prospectus or
         any such document so that, in the case of the Registration Statement,
         it will not contain any untrue statement of a material fact or omit to
         state any material fact required to be stated therein or necessary to
         make the statements therein not misleading and, in the case of the
         Prospectus, it will not contain any untrue statement of a material fact
         or omit to state any material fact required to be stated or necessary
         to make the statements therein, in light of the circumstances under
         which they were made, not misleading, and (vii) of the Company's
         reasonable determination that a post-effective amendment to a
         Registration Statement would be appropriate.

                           (d) Use every reasonable effort to obtain the
         withdrawal of any order suspending the effectiveness of a Registration
         Statement, or the lifting of any suspension of the qualification (or
         exemption from qualification) of any of the Registrable Securities for
         sale in any jurisdiction, at the earliest possible moment.

                           (e) If requested by the managing underwriters, if
         any, or Holders holding a majority of the Registrable Securities being
         registered, (i) promptly incorporate in a Prospectus supplement or
         post-effective amendment such information as the managing underwriters,
         if any, reasonably conclude, based on the advice of counsel, must be
         included therein as may be required by applicable law and (ii) make all
         required filings of such Prospectus supplement or such post-effective
         amendment as soon as practicable after the Company has received
         notification of the matters to be incorporated in such Prospectus
         supplement or post-effective amendment; PROVIDED, HOWEVER, that the
         Company will not be required to take any actions under this Section
         5(e) that are not, in the opinion of counsel for the Company, in
         compliance with applicable law.

                                       7
<PAGE>

                                                   Registration Rights Agreement

                           (f) Furnish to each selling Holder and each managing
         underwriter, if any, without charge, at least one conformed copy of the
         Registration Statement and any post-effective amendment thereto,
         including financial statements (but excluding schedules, all documents
         incorporated or deemed incorporated therein by reference and all
         exhibits, unless requested in writing by such holder or underwriter).

                           (g) Deliver to each selling Holder and the
         underwriters, if any, without charge as many copies of the Prospectus
         or Prospectuses relating to such Registrable Securities (including each
         preliminary prospectus) and any amendment or supplement thereto as such
         persons may reasonably request; and, subject to the last paragraph of
         this Section 5, the Company hereby consents to the use of such
         Prospectus or each amendment or supplement thereto by each of the
         selling Holders and the underwriters, if any, in connection with the
         offering and sale of the Registrable Securities covered by such
         Prospectus or any amendment or supplement thereto.

                           (h) Prior to any public offering of Registrable
         Securities, to register or qualify or cooperate with the selling
         Holders, the underwriters, if any, and their respective counsel in
         connection with the registration or qualification (or exemption from
         such registration or qualification) of such Registrable Securities for
         offer and sale under the securities or blue sky laws of such
         jurisdictions within the United States as any seller or underwriter
         reasonably requests in writing; use all reasonable efforts to keep such
         registration or qualification (or exemption therefrom) effective during
         the period the applicable Registration Statement is required to be kept
         effective and do any and all other acts or things necessary or
         advisable to enable the disposition in each such jurisdiction of the
         Registrable Securities covered by the applicable Registration
         Statement; PROVIDED, HOWEVER, that the Company will not be required to
         (i) qualify to do business in any jurisdiction where it is not then so
         required to be qualified or (ii) take any action that would subject it
         to taxation or service of process in any such jurisdiction where it is
         not then so subject.

                           (i) Cooperate with the selling Holders and the
         managing underwriters, if any, to facilitate the timely preparation and
         delivery of certificates representing Registrable Securities to be sold
         and enable such Registrable Securities to be in such denominations and
         registered in such names as the managing underwriters, if any, shall
         request at least two business days prior to the closing of any sale of
         Registrable Securities to the underwriters.

                           (j) Upon the occurrence of any event contemplated by
         Section 5(c)(vi) or 5(c)(vii), prepare a supplement or post-effective
         amendment to each Registration Statement or a supplement to the related
         Prospectus or any document incorporated therein by reference or file
         any other required document so that, as thereafter delivered to the
         purchasers of the Registrable Securities being sold thereunder, such
         Prospectus will not contain an untrue statement of a material fact or
         omit to state a material fact required to be stated therein or
         necessary to make the statements therein, in light of the circumstances
         under which they were made, not misleading.

                                       8
<PAGE>

                                                   Registration Rights Agreement

                           (k) If requested by Holders holding a majority of the
         Registrable Securities covered by such Registration Statement or the
         managing underwriters, if any, use its best efforts to cause all
         Registrable Securities covered by such Registration Statement to be (i)
         listed on each securities exchange, if any, on which securities issued
         by the Company of the same class are then listed or, if no such
         securities issued by the Company are then so listed or (ii) authorized
         to be quoted on NASDAQ, if the securities qualify to be so quoted.

                           (l) As needed, (i) engage an appropriate transfer
         agent and provide the transfer agent with printed certificates for the
         Registrable Securities in a form eligible for deposit with The
         Depository Trust Company and (ii) provide a CUSIP number for the
         Registrable Securities.

                           (m) Enter into such customary agreements (including,
         in the event of an Underwritten Offering, an underwriting agreement in
         form, scope and substance as is customary in underwritten offerings)
         and take all such other commercially reasonable and customary actions
         in connection therewith (including those reasonably requested by the
         Holders holding a majority of the Registrable Securities being sold or,
         in the event of an Underwritten Offering, those reasonably requested by
         the managing underwriters) in order to facilitate the disposition of
         such Registrable Securities and in such connection, but only where an
         underwriting agreement is entered into in connection with an
         underwritten registration, (i) make such representations and warranties
         to the underwriters with respect to the businesses of the Company and
         its subsidiaries, the Registration Statement, Prospectus and documents
         incorporated by reference or deemed incorporated by reference therein,
         if any, in each case, in form, substance and scope as are customarily
         made by issuers to underwriters in underwritten offerings and confirm
         the same if and when requested; (ii) in the case of an Underwritten
         Offering, obtain opinions of counsel to the Company and updates
         thereof, which counsel and opinions (in form, scope and substance)
         shall be reasonably satisfactory to the managing underwriters, if any,
         addressed to each of the underwriters covering the matters customarily
         covered in opinions requested in underwritten offerings and such other
         matters as may be reasonably requested by such underwriters; (iii) in
         the case of an Underwritten Offering, use reasonable efforts to obtain
         "comfort" letters and updates thereof from the independent certified
         public accountants of the Company (and, if necessary, any other
         certified public accountants of any subsidiary of the Company or of any
         business acquired by the Company for which financial statements and
         financial data is, or is required to be, included in the Registration
         Statement), addressed to each of the underwriters, such letters to be
         in customary form and covering matters of the type customarily covered
         in "comfort" letters in connection with underwritten offerings; and
         (iv) deliver such documents and certificates as may be reasonably
         requested by the managing underwriters, if any, to evidence the
         continued validity of the representations and warranties of the Company
         and its subsidiaries made pursuant to clause (i) above and to evidence
         compliance with any customary conditions contained in the underwriting
         agreement entered into by the Company. The foregoing actions will be
         taken in connection with each closing under such underwriting agreement
         as and to the extent required thereunder.

                           (n) Upon three (3) business days' notice, make
         available for reasonable inspection during normal business hours by a
         representative of the Holders holding

                                       9
<PAGE>

                                                   Registration Rights Agreement

         Registrable Securities being sold, any underwriter participating in any
         disposition of Registrable Securities, and any attorney or accountant
         retained by such selling Holders or underwriter, all financial and
         other records, pertinent corporate documents and properties of the
         Company and its subsidiaries, and cause the officers, directors and
         employees of the Company and its subsidiaries to supply all information
         reasonably requested by any such representative, underwriter, attorney
         or accountant in connection with such Registration Statement; PROVIDED,
         HOWEVER, that any records, information or documents that are designated
         by the Company in writing as confidential at the time of delivery of
         such records, information or documents will be kept confidential by
         such persons unless (i) such records, information or documents are in
         the public domain or otherwise publicly available, (ii) disclosure of
         such records, information or documents is required by court or
         administrative order or is necessary to respond to inquiries of
         regulatory authorities, or (iii) disclosure of such records,
         information or documents, in the reasonable opinion of counsel to such
         person, is otherwise required by law (including, without limitation,
         pursuant to the requirements of the Securities Act).

                           (o) Comply with all applicable rules and regulations
         of the SEC and make generally available to its security holders, as
         soon as reasonably practicable, an earnings statement covering a period
         of 12 months, beginning within three months after the effective date of
         the registration statement, which earnings statement shall satisfy the
         provisions of Section 11(a) of the Securities Act and the rules and
         regulations promulgated thereunder.

                           (p) In connection with any Underwritten Offering,
         cause appropriate members of management to cooperate and participate on
         a reasonable basis in the underwriters' "road show" conferences related
         to such offering.

                  The Company may require each seller of Registrable Securities
as to which any registration is being effected to furnish to the Company such
information regarding the distribution of such Registrable Securities as the
Company may, from time to time, reasonably request in writing, and the Company
may exclude from such registration the Registrable Securities of any seller who
unreasonably fails to furnish such information within a reasonable time after
receiving such request. The Company may require each seller of Registrable
Securities (i) to agree to sell such Registrable Securities on the basis
reasonably provided in any underwriting agreements entered into in connection
with such offering and (ii) to complete and execute all questionnaires, powers
of attorney, custody agreements, indemnities, underwriting agreements and other
documents required under the terms of such underwriting agreements.

                  Each Holder will be deemed to have agreed by virtue of its
acquisition of Registrable Securities that, upon receipt of any notice from the
Company of the occurrence of any event of the kind described in Section 2(d),
5(c)(ii), 5(c)(iii), 5(c)(v), 5(c)(vi) or 5(c)(vii) ("SUSPENSION NOTICE"), such
Holder will forthwith discontinue disposition of such Registrable Securities
covered by such Registration Statement or Prospectus (a "BLACK-OUT") until such
Holder's receipt of the copies of the supplemented or amended Prospectus
contemplated by Section 5(k), or until it is advised in writing (the "ADVICE")
by the Company that the use of the applicable Prospectus may be resumed, and
such Holder has received copies of any additional or supplemental filings that
are incorporated or deemed to be incorporated by reference in such Prospectus.
Except as expressly provided herein, there shall be no limitation with regard to
the

                                       10
<PAGE>

                                                   Registration Rights Agreement

number of Suspension Notices that the Company is entitled to give hereunder;
PROVIDED, HOWEVER, that in no event shall the aggregate number of days the
Holders are subject to Black-Out during any period of twelve (12) consecutive
months exceed 120 days.

         Section 6. REGISTRATION EXPENSES. Subject to clause (2) of the proviso
at the end of section 2(a), all fees and expenses incident to the performance of
or compliance with this Agreement by the Company will be borne by the Company
whether or not any of the Registration Statements become effective. Such fees
and expenses will include, without limitation, (i) all registration and filing
fees (including, without limitation, fees and expenses for compliance with
securities or "blue sky" laws), (ii) printing expenses (including, without
limitation, expenses of printing certificates for Registrable Securities in a
form eligible for deposit with The Depository Trust Company and of printing a
reasonable number of prospectuses if the printing of such prospectuses is
requested by the Holders holding a majority of the Registrable Securities
included in any Registration Statement), (iii) messenger, telephone and delivery
expenses incurred by the Company, (iv) fees and disbursements of counsel for the
Company incurred by the Company, (v) fees and disbursements of all independent
certified public accountants referred to in Section 5(m)(iii) (including the
expenses of any special audit and "comfort" letter required by or incident to
such performance) incurred by the Company, (vi) Securities Act liability
insurance, if any, and (vii) reasonable fees and expenses of Special Counsel
retained by the Holders in connection with the registration and sale of their
Registrable Securities (which counsel will be selected by the Holders of a
majority of the Registrable Securities being sold). In addition, the Company
will pay internal expenses (including without limitation all salaries and
expenses of its officers and employees performing legal or accounting duties),
the expense of any annual audit, the fees and expenses incurred in connection
with the listing of the securities to be registered on any securities exchange
on which securities of the same class issued by the Company are then listed and
the fees and expenses of any person, including special experts, retained by the
Company. In no event, however, will the Company be responsible for any
underwriting discount or selling commission with respect to any sale of
Registrable Securities pursuant to this Agreement, and the Holders shall be
responsible on a pro rata basis for any taxes of any kind (including, without
limitation, transfer taxes) with respect to any disposition, sale or transfer of
Registrable Securities and for any legal, accounting and other expenses incurred
by them in connection with any Registration Statement.

         Section 7. INDEMNIFICATION.

                  (a) INDEMNIFICATION BY THE COMPANY. The Company will, without
limitation as to time, indemnify and hold harmless, to the fullest extent
permitted by law, each Holder holding Registrable Securities registered pursuant
to this Agreement, the officers, directors and agents and employees of each of
them, each person who controls such a Holder (within the meaning of Section 15
of the Securities Act or Section 20 of the Exchange Act) and the officers,
directors, agents and employees of any such controlling person, from and against
all losses, claims, damages, liabilities, costs (including without limitation
the costs of investigation and attorneys' fees) and expenses (collectively,
"LOSSES"), as incurred, arising out of or based upon any untrue or alleged
untrue statement of a material fact contained in any Registration Statement,
Prospectus or form of Prospectus or in any amendment or supplement thereto or in
any preliminary prospectus, or arising out of or based upon any omission or
alleged omission to state therein a material fact required to be stated therein
or necessary to make the statements therein not misleading, except insofar and
to the extent as the same are based upon information furnished in writing to the
Company by such

                                       11
<PAGE>

                                                   Registration Rights Agreement

Holder or another Holder for use therein; PROVIDED, HOWEVER, that the Company
will not be liable to any Holder to the extent that any such Losses arise out of
or are based upon an untrue statement or alleged untrue statement or omission or
alleged omission made in any Registration Statement, Prospectus or preliminary
prospectus if either (A) (i) such Holder failed to send or deliver a copy of the
Prospectus with or prior to the delivery of written confirmation of the sale by
such Holder of a Registrable Security to the person asserting the claim from
which such Losses arise and (ii) the Prospectus would have corrected such untrue
statement or alleged untrue statement or such omission or alleged omission; or
(B) such untrue statement or alleged untrue statement, omission or alleged
omission is corrected in an amendment or supplement to the Prospectus previously
furnished by or on behalf of the Company with copies of the Prospectus, and such
Holder thereafter fails to deliver such Prospectus as so amended or supplemented
prior to or concurrently with the sale of a Registrable Security to the person
asserting the claim from which such Losses arise.

                  (b) INDEMNIFICATION BY HOLDERS. In connection with any
Registration Statement in which a Holder is participating, such Holder will
furnish to the Company in writing such information as the Company reasonably
requests for use in connection with any Registration Statement, Prospectus or
preliminary prospectus and will indemnify, to the fullest extent permitted by
law, the Company, its directors and officers, agents and employees, each person
who controls the Company (within the meaning of Section 15 of the Securities Act
and Section 20 of the Exchange Act), and the directors, officers, agents or
employees of such controlling persons, from and against all Losses arising out
of or based upon any untrue statement of a material fact contained in any
Registration Statement, Prospectus or preliminary prospectus or arising out of
or based upon any omission of a material fact required to be stated therein or
necessary to make the statements therein not misleading, to the extent, but only
to the extent, that such untrue statement or omission is contained in any
information so furnished in writing by such Holder to the Company for use in
such Registration Statement, Prospectus or preliminary prospectus and was relied
upon by the Company in the preparation of such Registration Statement,
Prospectus or preliminary prospectus. In no event will the liability of any
selling Holder hereunder be greater in amount than the dollar amount of the
proceeds (net of payment of all expenses) received by such Holder upon the sale
of the Registrable Securities giving rise to such indemnification obligation.

                  (c) CONDUCT OF INDEMNIFICATION PROCEEDINGS. If any person
shall become entitled to indemnity hereunder (an "INDEMNIFIED PARTY"), such
indemnified party shall give prompt notice to the party from which such
indemnity is sought (the "INDEMNIFYING PARTY") of any claim or of the
commencement of any action or proceeding with respect to which such indemnified
party seeks indemnification or contribution pursuant hereto; PROVIDED, HOWEVER,
that the failure to so notify the indemnifying party will not relieve the
indemnifying party from any obligation or liability except to the extent that
the indemnifying party has been prejudiced materially by such failure. All
reasonable fees and expenses (including any reasonable fees and expenses
incurred in connection with investigating or preparing to defend such action or
proceeding) will be paid to the indemnified party (PROVIDED appropriate
documentation for such expenses is also submitted with such notice), as
incurred, within five calendar days of written notice thereof to the
indemnifying party (regardless of whether it is ultimately determined that an
indemnified party is not entitled to indemnification hereunder). The
indemnifying party will not consent to entry of any judgment or enter into any
settlement or otherwise seek to terminate any action or proceeding in which any
indemnified party is or could be a party and as to which indemnification or
contribution could be

                                       12
<PAGE>

                                                   Registration Rights Agreement

sought by such indemnified party under this Section 7, unless such judgment,
settlement or other termination includes as an unconditional term thereof the
giving by the claimant or plaintiff to such indemnified party of a release, in
form and substance reasonably satisfactory to the indemnified party, from all
liability in respect of such claim or litigation for which such indemnified
party would be entitled to indemnification hereunder. In case any such action is
brought against any indemnified party, and it notifies the indemnifying party of
the commencement thereof, the indemnifying party will be entitled to participate
therein and, to the extent it may wish, jointly with any other indemnifying
party similarly notified, to assume the defense thereof, with counsel reasonably
satisfactory to such indemnified party. Notwithstanding the election of the
indemnifying party to assume the defense of such litigation or proceeding, such
indemnified party shall have the right to employ separate counsel and to
participate in the defense of such litigation or proceeding, and the
indemnifying party shall bear the reasonable fees, costs and expenses of such
separate counsel and shall pay such fees, costs and expenses at least quarterly
(PROVIDED that with respect to any single litigation or proceeding or with
respect to several litigations or proceedings involving substantially similar
legal claims, such indemnifying party shall not be required to bear the fees,
costs and expenses of more than one such counsel) if (i) in the reasonable
judgment of such indemnified party the use of counsel chosen by such
indemnifying party to represent such indemnified party would present such
counsel with a conflict of interest, (ii) the defendants in, or targets of, any
such litigation or proceeding include both an indemnifying party and an
indemnified party, and such indemnified party shall have reasonably concluded
that there may be legal defenses available to it or to other indemnified parties
which are different from or additional to those available to such indemnifying
party (in which case such indemnifying party shall not have the right to direct
the defense of such action on behalf of the indemnified party), (iii) such
indemnifying party shall not have employed counsel satisfactory to such
indemnified party, in the exercise of such indemnified party's reasonable
judgment, to represent such indemnified party within a reasonable time after
notice of the institution of such litigation or proceeding or (iv) any
indemnifying party shall authorize in writing such indemnified party to employ
separate counsel at the expense of such indemnifying party.

                  (d) CONTRIBUTION. If the indemnification provided for in this
Section 7 is unavailable to an indemnified party under Section 7(a) or 7(b) in
respect of any Losses or is insufficient to hold such indemnified party
harmless, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, will, severally but not jointly, contribute to the amount
paid or payable by such indemnified party as a result of such Losses, in such
proportion as is appropriate to reflect the relative fault of the indemnifying
party or indemnifying parties, on the one hand, and such indemnified party, on
the other hand, in connection with the actions, statements or omissions that
resulted in such Losses as well as any other relevant equitable considerations.
The relative fault of such indemnifying party or indemnifying parties, on the
one hand, and such indemnified party, on the other hand, will be determined by
reference to, among other things, whether any action in question, including any
untrue or alleged untrue statement of a material fact or omission or alleged
omission of a material fact, has been taken or made by, or related to
information supplied by, such indemnifying party or indemnified party, and the
parties' relative intent, knowledge, access to information and opportunity to
correct or prevent such action, statement or omission. The amount paid or
payable by a party as a result of any Losses will be deemed to include any legal
or other fees or expenses incurred by such party in connection with any action
or proceeding.

                                       13
<PAGE>

                                                   Registration Rights Agreement

                  The parties hereto agree that it would not be just and
equitable if contribution pursuant to this Section 7(d) were determined by PRO
RATA allocation or by any other method of allocation that does not take into
account the equitable considerations referred to in the immediately preceding
paragraph. Notwithstanding the provisions of this Section 7(d), an indemnifying
party that is a selling Holder will not be required to contribute any amount in
excess of the amount by which the total price at which the Registrable
Securities sold by such indemnifying party and distributed to the public were
offered to the public exceeds the amount of any damages that such indemnifying
party has otherwise been required to pay by reason of such untrue or alleged
untrue statement or omission or alleged omission. No person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act)
will be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation.

                  The indemnity, contribution and expense reimbursement
obligations of the Company hereunder will be in addition to any liability the
Company may otherwise have hereunder or otherwise. The provisions of this
Section 7 shall survive the sale of the Registrable Securities pursuant to a
Registration Statement, notwithstanding any permitted transfer of the
Registrable Securities by any Holder thereof or any termination of this
Agreement.

         Section 8. UNDERWRITTEN REGISTRATIONS. If any of the Registrable
Securities included in any Demand Registration are to be sold in an Underwritten
Offering, the Company may select an investment banker or investment bankers and
manager or managers to manage the Underwritten Offering, PROVIDED that such
investment banker or bankers is (are) reasonably acceptable to the Holders
holding a majority of the Registrable Securities included in the Demand Notice.
If any Piggyback Registration is an Underwritten Offering, the Company will have
the exclusive right to select the investment banker or investment bankers and
managers to administer the offering. The Company agrees that, in connection with
any Underwritten Offering hereunder, it shall undertake to offer customary
indemnification to the participating underwriters.

         Section 9. MISCELLANEOUS.

                  (a) REMEDIES. In the event of a breach by a party of its
obligations under this Agreement, each other party, in addition to being
entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement.
Each party agrees that monetary damages would not be adequate compensation for
any loss incurred by reason of a breach by it of any provision of this Agreement
and hereby further agrees that, in the event of any action for specific
performance in respect of such breach, it will waive the defense that a remedy
at law would be adequate.

                  (b) AMENDMENTS AND WAIVERS. The provisions of this Agreement
may not be amended, modified or supplemented without the prior written consent
of the Company, and Holders holding in excess of 50% of the Registrable
Securities in respect of which Registrable Securities are issuable.

                  (c) NOTICES. Except as set forth below, all notices and other
communications provided for or permitted hereunder shall be in writing and shall
be deemed to have been duly given if delivered personally or sent by telex or
fax, registered or certified mail (return receipt requested), postage prepaid or
courier or overnight delivery service to the Company at the

                                       14
<PAGE>

                                                   Registration Rights Agreement

following address and to a Holder at the address set forth on his or her
signature page to this Agreement (or at such other address for any party as
shall be specified by like notice, PROVIDED that notices of a change of address
shall be effective only upon receipt thereof):

If to the Company:                    Granite Broadcasting Corporation
                                      767 Third Avenue, 34th Floor
                                      New York, New York 10017
                                      Attention:  President
                                      Fax:

With a copy to:                       Akin, Gump, Strauss, Hauer & Feld, L.L.P.
                                      1333 New Hampshire Avenue, N.W., Suite 400
                                      Washington, D.C. 20036
                                      Attention: Russell W. Parks, Jr.
                                      Fax: (202) 887-4288

If to the Investor:                   National Broadcasting Company, Inc.
                                      30 Rockefeller Plaza
                                      New York, New York 10112
                                      Attention: General Counsel
                                      Fax: (212) 664-2648

With a copy to:                       Simpson Thacher & Bartlett
                                      425 Lexington Avenue
                                      New York, NY  10017
                                      Attention: Caroline B. Gottschalk
                                      Fax:  (212) 455-2502

                  (d) MERGER OR CONSOLIDATION OF THE COMPANY. If the Company is
a party to any merger or consolidation pursuant to which the Registrable
Securities are converted into or exchanged for securities or the right to
receive securities of any other person ("CONVERSION SECURITIES"), the issuer of
such Conversion Securities shall assume (in a writing delivered to all Holders)
all obligations of the Company hereunder. The Company will not effect any merger
or consolidation described in the immediately preceding sentence unless the
issuer of the Conversion Securities complies with this Section 9(d).

                  (e) SUCCESSORS AND ASSIGNS. Subject to the terms and
conditions of the Supplemental Agreement, (i) any transferee of all or a portion
of the Registrable Securities and (ii) any Restricted Party that holds
Registrable Securities shall become a Holder hereunder to the extent it agrees
in writing to be bound by all of the provisions applicable hereunder to the
transferring Holder (such acknowledgment being evidenced by execution of a
Counterpart and Acknowledgment substantially in the form of EXHIBIT A). Subject
to the requirements of this Section 9(e), this Agreement shall inure to the
benefit of and be binding upon the successors and assigns of the parties hereto.

                                       15
<PAGE>

                                                   Registration Rights Agreement

                  (f) COUNTERPARTS. This Agreement may be executed in any number
of counterparts and by the parties hereto in separate counterparts, each of
which when so executed will be deemed to be an original and all of which taken
together will constitute one and the same instrument.

                  (g) HEADINGS. The headings in this Agreement are for
convenience of reference only and will not limit or otherwise affect the
meaning.

                  (h) GOVERNING LAW. This agreement will be governed by and
construed in accordance with the laws of the State of New York, as applied to
contracts made and performed within the State of New York.

                  (i) SEVERABILITY. If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to be
invalid, void or unenforceable, the remainder of the terms, provisions,
covenants and restrictions set forth herein will remain in full force and effect
and will in no way be affected, impaired or invalidated, and the parties hereto
will use their best efforts to find and employ an alternative means to achieve
the same or substantially the same result as that contemplated by such term,
provision, covenant or restriction. It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such which may
be hereafter declared invalid, void or unenforceable.

                  (j) ENTIRE AGREEMENT. This Agreement is intended by the
parties as a final expression of their agreement and intended to be the complete
and exclusive statement of the agreement and understanding of the parties hereto
in respect of the subject matter contained herein. There are no restrictions,
promises, warranties or undertakings, other than those set forth or referred to
herein, with respect to such subject matter. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject
matter.

                            [SIGNATURE PAGE FOLLOWS]

                                       16
<PAGE>

                                                   Registration Rights Agreement

                  IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first written above.

                                 GRANITE BROADCASTING CORPORATION

                                 By: /s/ W. Don Cornwell
                                     --------------------------------
                                    Name:  W. Don Cornwell
                                    Title: Chief Executive Officer

                                 NATIONAL BROADCASTING COMPANY, INC.

                                 By: /s/ Randel A. Falco
                                     --------------------------------
                                    Name:  Randel A. Falco
                                    Title:

<PAGE>

                                    EXHIBIT A

                          REGISTRATION RIGHTS AGREEMENT
                         COUNTERPART AND ACKNOWLEDGMENT

TO:               The Company

RE:               The Registration Rights Agreement (the "Agreement") dated as
                  of May 31, 2000, by and among the Company and the Holders
                  (as defined in the Agreement)

                  The undersigned hereby agrees to be bound by the terms of the
Agreement as a party to the Agreement, and shall be entitled to all benefits of
the Holders (as defined in the Agreement) and shall be subject to all
obligations and restrictions of the Holders pursuant to the Agreement, as fully
and effectively as though the undersigned had executed a counterpart of the
Agreement together with the other parties to the Agreement. The undersigned
hereby acknowledges having received and reviewed a copy of the Agreement.

                  DATED this _____ day of ____________, _____

                                                     By:
                                                     Title:

                                                         Number of
                                                         Shares of
                                                         Registrable Securities:

<PAGE>

                                   EXHIBIT B

                                 ASSIGNMENT FORM

                  FOR VALUE RECEIVED the undersigned registered owner of this
Series A Warrant ("Warrant") hereby sells, assigns and transfers unto the
Assignee named below all of the rights of the undersigned under this Warrant,
with respect to the number of shares of Common Stock set forth below.

                                         No. of Shares of
Name and Address of Assignee             of Common Stock
----------------------------             ---------------

and does hereby irrevocably constitute and appoint _____________________
attorney-in-fact to register such transfer on the books of GRANITE BROADCASTING
CORPORATION maintained for the purpose, with full power of substitution in the
premises

Dated: ____________________________

Name:  ____________________________
               (Print)

Signature: ________________________

Witness: __________________________

NOTICE:     The signature on this subscription must correspond with the name as
            written upon the face of the within Warrant in every particular,
            without alteration or enlargement or any change whatsoever.

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