FOR IMMEDIATE RELEASE
Tuesday, August 19, 2003

Media General Reports July Revenues

RICHMOND, Va. – Media General, Inc. (NYSE: MEG) today reported July 2003 revenues of $73.2 million, a 1.5 percent increase from July 2002 revenues of $72.2 million. Publishing revenues increased 4.4 percent, Broadcast revenues declined 5.1 percent, and Interactive Media revenues increased 31.3 percent.

“The Publishing Division experienced another month of strong revenue growth versus the prior year,” said J. Stewart Bryan III, chairman and chief executive officer. “Newspaper advertising revenue growth in July of 5.7 percent, our best performance this year, followed a 5.5 percent increase in newspaper advertising revenues in June. We are pleased to see the momentum continue.

“For the Broadcast Division, our revenue building and new business development initiatives produced a healthy increase in local time sales. Our success on the local level, however, was not enough to offset the combined effects of a drop in national time sales and the expected decline in political spending. Unfortunately, it appears that the trend in the national category is extending into August,” said Bryan.

For the month of July, newspaper classified revenue was $900,000, or 5.8 percent, above last year. Strong automotive advertising in Richmond and improving employment advertising in Tampa drove the increase. Help wanted advertising at Media General's largest newspapers was 3.5 percent below last year, which was more than offset by strong automotive linage that surpassed the prior year by 5.3 percent. Employment linage at The Tampa Tribune increased 4.4 percent, the second month in a row of year-over-year increases. At the Richmond Times-Dispatch and the Winston-Salem Journal, help wanted linage declines were smaller than those of previous months, down 4.3 percent and 14.8 percent, respectively.

National advertising revenue, which has shown solid improvement since April, was ahead of last July by $585,000, or 25.2 percent, primarily the result of strong telecommunications advertising.

Retail advertising revenues were about even with last July and represented one of the category’s stronger year-over-year comparisons for any month in 2003. Results were mixed across markets. Entertainment and pharmaceutical advertising showed strength, while categories such as department and furniture stores were soft overall. Preprint revenue exceeded last year by $290,000, or 4.5 percent. Circulation revenue was essentially even with last year.

Broadcast gross time sales declined by $1.2 million, or 4.8 percent. Local time sales increased $625,000, or 4.5 percent. Automotive advertising was heavily focused at the local level as dealerships worked to clear existing inventories. Local advances were partially offset by reduced spending on the national side as luxury car manufacturers reduced their spending in July. National time sales decreased $530,000, or 5.9 percent, as advertisers, particularly in the automotive, corporate and fast food categories, curtailed advertising due to economic uncertainties or to stem eroding profits. Political revenues in July were approximately $375,000, compared to $1.6 million in the same month a year ago.

Interactive Media revenues showed strong growth from its classified up-selling arrangements with Media General newspapers and from its value-added online services.

About Media General
Media General 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.

Charts follow:
Revenue Report
Ad Linage Summaries

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