The reactions of diamagnetic [(C9H7)2Yb(THF)2] (2) and [rac‐(CH2‐1‐C9H6)2Yb(THF)2] (3) with tBuN=CH–CH=NtBu (DAD) in toluene result in the formation of the paramagnetic complexes [(C9H7)2Yb(DAD)] (4) and [rac‐(CH2‐1‐C9H6)2Yb(DAD)] (5), respectively. The IR, UV/Vis, and 1H NMR spectroscopic data, the magnetic properties, and the single‐crystal X‐ray diffraction studies of 4 and 5 indicate that in the solid state and in noncoordinating media both complexes are ytterbium(III) derivatives containing the DAD radical‐anion, whereas the 1H NMR and UV/Vis spectra of solutions of 4 and 5 in the coordinating solvent THF give evidence for divalent ytterbium. Recrystallization of 4 and 5 from THF/hexane results in the recovery of the starting ytterbium complexes 2 and 3 due to an unusual redox substitution of the radical anion of diazabutadiene by THF in the coordination sphere of ytterbium. (© Wiley‐VCH Verlag GmbH & Co. KGaA, 69451 Weinheim, Germany, 2005)