FOR IMMEDIATE RELEASE
Friday, Oct. 18, 2002

Media General Reports Third-Quarter Results

RICHMOND, Va. — Media General (NYSE:MEG) today reported third-quarter earnings of 41 cents per diluted share compared to an adjusted 33 cents per diluted share in the third quarter of 2001. The company's previously reported loss of 3 cents per diluted share for the third quarter of 2001 included amortization charges for goodwill and other intangible assets that ceased under accounting rules adopted in 2002.

"We are pleased with the performance of our operating divisions, especially Broadcast, which showed substantially increased revenues due to a surge in political billings and strong increases in a number of other categories. We are also encouraged by a strengthening in Publishing revenues compared to the prior two quarters of this year," said J. Stewart Bryan III, chairman and chief executive.

Total revenues for the third quarter increased by 4.2 percent to $201.2 million, compared with revenues of $193.1 million in the same period last year. Segment operating profit for the company's three divisions aggregated $41.7 million, a 21.6 percent increase from the $34.3 million earned in the 2001 third quarter. Total segment operating cash flow was $55.3 million in the third quarter, compared with $49.4 million in the third quarter of 2001.

Publishing segment revenues declined 2.1 percent for the quarter, showing directional improvement compared to the first and second quarters of this year when the declines were 5.9 percent and 3.9 percent, respectively. The retail category showed the sharpest decline for the quarter, down 8.3 percent, and reflected slow sales across all newspapers and all sectors. Classified revenues were down 2.2 percent, as a continued shortfall in employment was partially offset by strong automotive, real estate and other classified advertising. Help-wanted linage for the company's three metropolitan dailies was 21.2 percent below last year.

Publishing segment profits of $27.5 million were 2 percent lower than the $28.1 million posted in last year's third quarter. Expenses, which were 1.1 percent lower than the third quarter of 2001, partially offset the revenue losses. Newsprint expense showed the largest decline for the quarter at $4.2 million due to reduced newsprint prices. The average price per ton consumed for the quarter was $394, compared with $528 in the 2001 third quarter.

Total revenues in the Broadcast Division increased 16.8 percent in the third quarter of 2002, and gross time sales increased 27 percent, or $15.1 million. The increase in time sales included $8.2 million in political revenues and $6.9 million in local and national transactional billings. The automotive, services and entertainment sectors showed double-digit growth. The increase also reflects revenues of about $3 million that were lost during 4-1/2 days of preempted advertising following the terrorist attacks of Sept. 11 last year. Most of the higher revenues in the quarter flowed through to the bottom line, as reflected in the 83 percent operating profit increase for the quarter.

"We are delighted that our Broadcast stations continue to outperform industry advertising growth rates," said Bryan. "The Television Bureau of Advertising's monthly group survey, through August, reported an increase in industry time sales of 5.3 percent. Our increase was 13.6 percent. Industry national time sales increased by 9.4 percent; ours increased 21.4 percent. Industry local time sales increased 2.8 percent; our gain was 9 percent."

The Interactive Media Division's revenues were up 29.5 percent over last year, due in large part to the success of classified up-sell arrangements that offer customers online posting of ads run in Media General newspapers. The division's operating loss was a nearly 14 percent improvement over last year's third quarter largely due to reduced investment losses.

"The company's strong divisional operating performance, up 22 percent, was partially offset by a loss of $4.6 million from our investment in SP Newsprint," said Bryan. "At the same time, we benefited from lower interest expense, a gain on the sale of our former WFLA television studio in Tampa, and from the absence of the unfavorable impact of a newsprint swap that was in effect during the 2001 third quarter."

Net income for the third quarter was $9.5 million, compared with adjusted net income of $7.8 million in last year's same quarter.

EBITDA (earnings before interest, taxes, depreciation and amortization) in the third quarter of 2002 was $ 44.6 million, compared with $41.6 million in the 2001 period. Free cash flow (after-tax cash flow minus capital expenditures) was $16.1 million, compared with $9 million one year ago.

Beginning this quarter, Media General earnings releases will include consolidated balance sheets covering the current quarter and prior year end.

Outlook
"Our outlook for the remainder of the year is for continued robust activity in our Broadcast business. Our expectation is that our Publishing business and SP Newsprint will continue to perform at about the same levels as they did in the third quarter. Based on this expectation, we believe fourth-quarter earnings per share will be in the area of 80 cents, which would put the full-year earnings at $2.17 per share," said Bryan.

Conference Call and Webcast
Media General's management will discuss third-quarter results during a conference call today at 11 a.m. EDT. The call can be accessed via a live webcast through the company's Web site www.mediageneral.com by choosing the "Live Earnings Conference" link at the top of the home page. To access the conference call, dial 1-800-479-9001 about ten minutes prior to the call. A replay of the conference call will be available from 2 p.m. today until October 25 at 7 p.m. at the same Web address or by dialing 1-888-203-1112 and using the passcode 512574. The full text of the prepared remarks will be available on the company's Web site shortly after the call concludes.

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 is an independent, publicly owned 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.

Charts follow:
Consolidated Statements of Operations
Business Segments
Condensed Consolidated Balance Sheets

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