FOR IMMEDIATE RELEASE
Wednesday, Dec. 11, 2002

Media General Presents at Credit Suisse First Boston Media Week Conference

Richmond, Va. – Media General, Inc. (NYSE: MEG) executives today updated investors on the company's business strategy, financial position and outlook for 2003 at the Credit Suisse First Boston Media Week Conference in New York.

Key Accomplishments
Marshall N. Morton, vice chairman and chief financial officer, reviewed key accomplishments for the year 2002. Morton discussed growth in television time sales through October of $43 million. "Political revenues accounted for $30 million, which far exceeded our expectations," he said, noting that automotive revenues also showed strong growth. The company's total time sales grew 20.8 percent compared to industry growth of 11.2 percent and marked the second year in a row that Media General has outperformed the industry. "Much of the impact of higher revenues fell to the bottom line, and broadcast profits through the third quarter were up 57 percent," Morton said.

Publishing Division revenues remained soft. "Given the tough economic environment, the division performed well in the first nine months of 2002 compared to the same period in 2001," Morton said, noting that profits rose 1.6 percent. "Lower newsprint prices helped significantly," Morton said, "and we continued to benefit from cost containment initiatives put in place in early 2001."

The Interactive Media Division generated 23.5 percent more revenues than in the first three quarters of 2001, mainly on the strength of its classified advertising sales. Its $4.9 million operating loss is a 43 percent improvement over last year and reflects substantially lower equity investment losses and write-offs.

Morton gave an overview of Media General's growth strategy. Expansion in the fast-growing Southeast, Media General's core market, will continue to rest on quality local journalism delivered through the company's holdings in newspapers, television and the Internet. "Our three primary goals are audience growth, revenue growth and maximizing all of our resources across multiple media and multiple markets," said Morton. Media General's leadership in media convergence will help the company achieve these goals by providing customers with higher-quality content than they could obtain from just one medium.

Growth Strategy
Reid Ashe, president and chief operating officer, discussed how Media General is implementing its growth strategy to achieve the three goals.

The Publishing Division is focused on increasing readership and circulation. Action plans based on new Readership Institute guidelines have been implemented at all Media General newspapers and have produced circulation gains, according to Ashe. "Through October, 15 of our 25 papers had daily circulation gains and 16 had Sunday gains." The company's goal is to increase overall circulation by 2 - 2.5 percent in 2003.

The Broadcast Division also expects to increase its market share through excellence in journalism, strongly branded stations and providing news and information viewers want. Most Media General stations are rated first or second in their market, Ashe noted.

The company's Interactive Media Division is expanding its user base through a group of new products called "Seeker" verticals. These are regional databases that let automotive dealers, recruiters and real estate agents post their complete inventory for users to browse. Other new interactive products focus on weather and police stories.

In the six markets where the company owns newspaper, television and Internet assets, Ashe said, "we enhance the value of each platform by maximizing the capabilities and unique features of the other two." In Tampa Bay, coordinated efforts with WFLA and TBO.com are helping The Tampa Tribune protect its position in a contest for market share with the non-profit St. Petersburg Times. Ashe said, "Our growth plan will require an investment in people, promotion, discounts and newsprint." Total expenditures will be partially offset by new revenue. The net expense impact will amount to $600,000 this year and about $2 million in 2003. In November, The Tampa Tribune's circulation increased by 10,000 daily sales and 15,000 Sunday compared to last year. In other convergence markets, Media General is increasing convergence activities and introducing new products.

Financial Outlook
Morton updated investors on the company's financial position and its outlook for 2003. For the fourth quarter, Morton said the company expects earnings per share in the range of 85 - 87 cents compared to SFAS 142-adjusted earnings of 72 cents for fourth quarter 2001. Publishing revenues in the fourth quarter will be up about 1 percent, Morton said, and Broadcast revenues will be about 25 percent ahead of last year, mostly from robust political billings. For the full year 2002, earnings should be in the area of $2.25 per share, he said. "We expect to deliver approximately $202 million of EBITDA, $212 million of operating cash flow and $78 million of free cash flow." Media General will announce fourth-quarter results on January 30, 2003.

Morton provided the following forecasts for the year 2003, compared to 2002. He said that Media General's budgeting process will be complete at the end of December 2002. Final budget revisions may cause some of these numbers to be adjusted.

Morton said that the Publishing Division expects to see the beginning of a return to normal, though not robust, growth in 2003. Classified advertising revenues are expected to increase by 5 percent. Retail and preprint revenues are forecast to increase 7 - 8 percent and 4 - 5 percent, respectively, and national revenue is forecast to rise around 5 percent. Salaries and benefits will also rise, reflecting merit increases, additional staff, and higher retirement and health care costs. A 22 percent rise in newsprint expense is due to anticipated price and consumption increases. "Newspaper price increases next year may be more than we can absorb in a given year, even with our aggressive revenue targets" Morton said. "As a result, operating profit for the Publishing Division is expected to decline."

In the Broadcast Division, new business development plans are expected to replace a substantial portion of this year's political revenues in 2003, leaving total time sales only about 2 percent below 2002. Sales targets include 9 percent growth in local billings and 8 percent in national billings. The division forecasts political billings of about $2.5 million. "These are aggressive targets, but we are optimistic about our ability to reach these levels," Morton said, citing the division's gains in this year's less favorable economic climate. Operating expenses are budgeted to increase by 3.5 - 4 percent, due to the higher cost of generating local and national sales to replace the political revenues. This factor, coupled with payroll and benefit costs, drives the division's expectation of operating profits approximately 11 percent below 2002. Morton noted that "annual buys are coming in more strongly than anticipated; as a result, we will likely be able to improve this assumption."

The Interactive Media Division's revenues are expected to increase 34 percent to over $15 million. According to Morton, "The growth is expected to come from the expansion of classified upsells, additional vertical products and higher revenues from Media General Financial Services." Expenses will also increase, he said, mostly because of increased staffing and new technology to support the division's strategic goals. Segment results will improve as well, largely because of the increased revenues and absence of investment write-offs. "The division is expected to become cash flow positive in 2005" following an investment in human resources, technology and new products, said Morton.

Media General gave the following estimates for consolidated items:

Morton noted that a significant decrease in interest expense will be due to lower interest rates, debt levels and borrowing fees. An increase in corporate expenses will be mostly due to a rise in rent and information technology charges. Return on Media General's investment in SP Newsprint is expected to improve from the current year loss of nearly $13 million to a 2003 profit of more than $1.5 million.

Capital spending in 2003 is expected to be $62 million. Most of this spending is for replacement of aged presses and television equipment, as well as investment in computerized equipment for all divisions and for corporate. Publishing will spend $37 million, Broadcast $16 million and Interactive Media $3 million, with corporate expenditures claiming the remaining $6 million.

The company's debt is approximately $650 million, constituting 37.5 percent of total capital. Strong operating cash flow has enabled Media General to pay down $128 million of debt this year. "We have ample financial flexibility to pursue growth strategies," said Morton.

The company expects earnings per share for the year 2003 to be approximately $2.40. EBITDA is expected to be about $195 million, operating cash flow about $193 million and free cash flow about $62 million.

Morton concluded with remarks on the Federal Communications Commission's newspaper/broadcast cross-ownership rule, currently under review. The company advocates repeal of the rule, which does not achieve goals it was originally intended to achieve. "Communities of all sizes can benefit from the delivery of more, faster and better news through convergence of local media," Morton said.

Morton outlined criteria for acquisitions and said, "We would only be interested in properties that provide diversification and growth of revenue, operating profit and cash flow." Media General stands to benefit from relaxation of cross-ownership rules and an improving economy, he concluded.

A full text and slides from the presentation will be available in the Investor Relations section of this site.

An audio replay will be available at approximately 2:30 p.m. on Thursday, December 12, 2002 and will remain available for 30 days. Click onto the Investor Relations section of this site.

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.

About Media General
Media General (NYSE:MEG) is an independent communications company situated primarily in the Southeast with interests in newspapers, television stations, interactive media and diversified information services. The company'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 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. The company's extensive interactive media offerings include more than 50 online enterprises. Media General also has a 33 percent interest in SP Newsprint Co., which operates newsprint mills in Dublin, Ga., and Newberg, Ore.