FOR IMMEDIATE RELEASE
Tuesday, Jan. 30, 2001

Media General Reports Strong Fourth-Quarter Results, Including Growth in Revenues and Operating Income

RICHMOND, Va. — Media General (AMEX: MEG.A) today announced earnings per share from continuing operations of 91 cents for the fourth quarter of 2000, compared with $1.05 for the fourth quarter of 1999. Previously reported earnings per share from continuing operations for the 1999 fourth quarter were 95 cents. This included an operating loss from Garden State Paper Co. (GSP), which was sold in August 2000. That loss has been reclassified to discontinued operations, resulting in earnings per share from continuing operations for the 1999 fourth quarter of $1.05. For the full year 2000, earnings per share from continuing operations were $2.63, compared with $2.93 for 1999.

All references to earnings per share in this release are on a fully diluted basis. There were 14 weeks in the 2000 fourth quarter, compared with 13 in the 1999 period.

Total revenues for the 2000 fourth quarter increased 31 percent to $245.0 million from $186.4 million in the 1999 period. This includes the results of 13 television stations and five daily newspapers acquired during 2000, as well as increased revenues from ongoing Publishing and Broadcast operations. Total segment operating income for the 2000 fourth quarter increased 25 percent to $69.9 million from $55.8 million in the 1999 period. Total segment operating cash flow increased 30 percent to $82.2 million in the 2000 fourth quarter from $63.4 million in the fourth quarter of 1999.

"We are pleased with Media General's solid growth in revenues and operating income for the fourth quarter. Excellent performance by both acquired operations and existing newspapers and television stations contributed to our top-line growth," said J. Stewart Bryan III, chairman and CEO. "Media General is a transformed company in a transformed world. We have fulfilled our mission to become a leading provider of news, information and entertainment in the Southeast, and we are well-positioned for growth. The cornerstone of our growth strategy is to apply in all of our markets the success we have experienced with our convergence business model at our new Tampa News Center."

Income from continuing operations in the fourth quarter of 2000 was $20.8 million, compared with $28 million in the 1999 period. Results for the 2000 period include the positive effects of segment operating income growth and income of $5.3 million from the company's investment in SP Newsprint. These positive effects were offset by higher interest expense and acquisition intangibles amortization. The 1999 results included the positive effect of approximately $9 million from interest income on proceeds from the sale of cable operations that were invested after paying down debt.

Fourth-quarter 2000 net income was $21.3 million, or 93 cents per share, compared with $823.1 million, or $30.72 per share, in the 1999 quarter. Both periods include nonrecurring after-tax items. The 1999 period includes a gain of $798.7 million from the sale of cable operations and a loss on discontinued operations, attributable to GSP, of $2.3 million. The 2000 period includes a favorable post-closing adjustment of $482,000 to the GSP disposition loss reported earlier in 2000. As a result of share repurchases, average shares outstanding in the quarter were 22,930,000 compared with 26,788,000 in the prior year.

EBITDA (earnings before interest, taxes, depreciation and amortization) from continuing operations for the fourth quarter of 2000 was $78.8 million, compared with $64 million in the 1999 period.

Publishing
Publishing segment revenues increased 17.7 percent in the fourth quarter. This was attributable to acquisitions and higher revenue from same-paper operations. Excluding acquisitions, Publishing Division advertising revenues were up in all categories, and circulation revenue rose $1.4 million. Classified increased $4.1 million, retail $2.7 million, general $2.2 million and preprints $1.8 million.

Excluding acquisitions, expenses increased approximately 16 percent, due largely to higher newsprint costs. Higher salaries and benefits were attributable to both normal increases and added new media personnel. Newsprint costs were up 35 percent in the fourth quarter of 2000. The average price per ton increased nearly $100 from the previous year. Increased consumption, primarily due to acquisitions, also was a factor.

Despite the favorable impact of acquisitions, these higher expenses held publishing segment operating income growth for the 2000 fourth quarter to 3 percent over the 1999 period.

Broadcast
Broadcast segment revenue was up nearly 71 percent in the fourth quarter, mostly due to acquisitions. Excluding acquisitions, revenues rose 10 percent as the division also enjoyed strong political advertising, particularly in Florida, where the company owns three stations.

Excluding acquisitions, expenses increased about 6 percent, principally for salaries and benefits, occupancy costs and new-media operations.

Acquisitions, higher revenues from same-station operations and expense management enabled Broadcast segment operating income to double, compared with the fourth quarter of 1999.

Full-Year Results
For the full year 2000, net income was $53.7 million, or $2.22 per share, compared with $881.3 million, or $32.78 per share in 1999. Both periods included several nonrecurring after-tax items. In 1999, in addition to the Cable sale, results included a gain of $19 million on the sale of a portion of the company's common stock in The Denver Post and profits of $5.1 million from discontinued cable and newsprint operations. Results for 2000 include a $13.8 million loss on the sale of GSP, a post-closing gain of $8.3 million from adjustments related to the Cable sale and $4.3 million of losses from discontinued GSP operations.

Intangible amortization, as a result of acquisitions, increased $19.6 million in the year 2000.

As a result of share repurchases, average shares outstanding in 2000 were 24,189,000 compared with 26,885,000 in 1999. Since the inception of its share repurchase program in December 1999, Media General has acquired 4.1 million shares at a cost of $204 million.

Segment operating cash flow for 2000 rose 18 percent to $262.2 million from $222.8 million in 1999. EBITDA from continuing operations for the full year 2000 was $247 million, compared with $247.7 million in 1999.

Debt at the end of 2000 was $822 million.

Capital expenditures in 2000 were approximately $43 million. The company has budgeted $99.2 million for 2001. This is higher than usual and includes investments made to comply with FCC requirements for digital broadcast signals.

2001 Outlook
Media General experienced an extremely soft advertising market in January. The impact was greater in Broadcast operations. The continuation of the slowdown in the national sector, experienced by Broadcast in the fourth quarter, is expected to continue in the first and second quarters. This is attributable to significant reductions in the automotive, telecommunications and retail segments. Pacing for the first quarter is estimated to decline 10-20 percent.

"Media General is well-positioned as an aggressive marketer, and we will capitalize on all available opportunities in the softer market during the first half of 2001. We look for the market to strengthen in the second half of the year," said Bryan.

In addition to softer ad revenues for Publishing, Media General has budgeted higher year-over-year newsprint costs.

The first quarter is historically the company's softest. There will also be significant differences in results for the first quarter of 2001 and the first quarter of 2000. In the 2000 quarter, the company did not have its Spartan or Thomson acquisitions, nor added interest expense and intangibles amortization resulting from the purchases. In addition, the 2000 first quarter had the benefit of approximately $8 million in interest income.

For the full year 2001, Media General forecasts revenue growth of approximately 10 percent. The company currently expects operating cash flow to increase 8-10 percent. Amortization is forecast at $60 million, interest expense at $61-62 million, and depreciation at $54 million.

"The years 2002 and 2003 are projected to produce significant increases in revenues and profits as a result of our strategic acquisitions and new divisional alignment. As Media General grows in its new alignment, we will be able to leverage convergence, expand our southeastern coverage, and develop new products and services," said Bryan.

Conference Call
Media General will discuss fourth-quarter and full-year 2000 results during a conference call and webcast today at 3 p.m. EST. To listen to the webcast, log on to www.mediageneral.com and click on the "Live Earnings Conference" link, or go directly to www.videonewswire.com/MEDIA/013001/. You will need RealPlayer software, downloadable free from www.real.com/products/player/index.html, and at least a 14.4K-bps connection to the Internet. A replay will be available from 5 p.m. today until 5 p.m. on Tuesday, Feb. 6., at the same Web address.

About Media General
Media General is an independent, publicly owned communications company situated primarily in the Southeast with interests in newspapers, television, interactive media, and diversified information services. Media General's publishing assets include The Tampa Tribune, the Richmond Times-Dispatch, the Winston-Salem Journal, and 22 other daily newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina, as well as nearly 100 weeklies and other periodicals and a 20 percent interest in The Denver Post. Media General's 26 network-affiliated television stations reach more than 30 percent of the television households in the Southeast, and nearly 8 percent of those in the United States.

Forward-Looking Statements
This news release contains forward-looking statements that are subject to various risks and uncertainties and should be understood in the context of the company's publicly available reports filed with the Securities and Exchange Commission. Media General's future performance could differ materially from its current expectations.