FOR IMMEDIATE RELEASE
Thursday, January 29, 2009
Media General Board of Directors Suspends Dividend
RICHMOND, Va. – Media General (NYSE: MEG) announced today that due to the uncertain economic outlook, the Board of Directors determined it is prudent to suspend the dividend on the company’s Class A and Class B shares.
“While we regret having to take this action, this allows the company to direct additional cash flow to the reduction of our debt,” said Marshall N. Morton, president and chief executive officer.
About Media General
Media General is a leading provider of local news, information and entertainment over multiple media platforms. The company serves markets primarily in the Southeastern United States. Media General publishes 24 daily newspapers, including The Tampa Tribune, Richmond Times-Dispatch, and Winston-Salem Journal; and community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina; plus approximately 275 weekly newspapers and other targeted publications. The company owns and operates 19 network-affiliated television stations that reach approximately 30 percent of the television households in the Southeast and nearly 9 percent of those in the United States. The company’s interactive media operations include Web sites and portals that are associated with each of its newspapers and television stations as well as with many specialty publications, and two growing interactive advertising services companies, Blockdot, Inc. and DealTaker.com.
Lou Anne Nabhan