FOR IMMEDIATE RELEASE
Wednesday, January 28, 2004

Media General Reports December Revenues

RICHMOND, Va. – Media General, Inc. (NYSE: MEG) today reported December 2003 revenues of $67 million, an increase of 2.6 percent from revenues of $65.3 million in December 2002. Publishing revenues increased 2.7 percent. Broadcast revenues increased 1.8 percent, and Interactive Media revenues were up 40.1 percent.

In Publishing, newspaper advertising revenue exceeded 2002 levels by 2.8 percent. If print and online publishing revenues were reported on a combined basis, as some of the company’s peers report, total publishing revenues and newspaper advertising would have been up 2.9 percent and 3.1 percent, respectively, from last year’s very strong December revenue levels.

Despite the seasonal slow-down in classified advertising that normally occurs in December, classified revenue increased over last year by $735,000, or 7 percent. This category reflected continued improvement in employment linage, partially offset by declines in automotive. Employment linage increased 21.8 percent at the company’s three largest dailies. The Richmond Times-Dispatch was above last year by 27.6 percent, The Tampa Tribune reported a nearly 24 percent increase, and the Winston-Salem Journal experienced a 5.3 percent increase.

Retail revenue decreased $1.2 million, or 9.2 percent, due to softness in department store, home improvement and discount store categories. Preprint revenue, however, was up $680,000, or 9.2 percent, due to higher circulation volume together with some conversion by traditional ROP advertisers to preprints.

National revenue exceeded last year by $330,000, or 11.5 percent. Most of the increase came from The Tampa Tribune where the telecommunications sector was especially strong. Circulation revenue increased $120,000, or 1.8 percent.

The Broadcast Division reported a 2.3 percent increase in gross time sales. Local time sales increased 3 percent, driven by increases in automotive, services, furniture and telecommunications advertising. National time sales decreased 5.8 percent, largely due to decreases in the corporate and fast food categories. Political revenues, driven by presidential primaries in North and South Carolina, were $768,000 compared with $255,000 last year.

In the Interactive Media Division, continued solid revenue growth was generated by steady classified advertising, continued strong national sales, and special promotions from newspaper and broadcast web sites.

About Media General
Media General is an independent communications company situated primarily in the Southeast with interests in newspapers, television stations and interactive media. 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.

Investor Contact:
Lou Anne Nabhan
(804) 649-6103

Media Contact:
Ray Kozakewicz
(804) 649-6748

Charts follow:
Revenue Report
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