MEDIA GENERAL, INC., CONSOLIDATED BALANCE SHEETS
(In thousands, except shares and per share amounts)

ASSETS

December 27,
1998

December 28,
1997

Current assets:

      Cash and cash equivalents

$

7,637

$

3,504

      Accounts receivable (less allowance for doubtful accounts 1998 — $8,433; 1997 — $6,653)

110,067

109,287

      Inventories

20,341

20,868

      Other

38,181

32,268

            Total current assets

176,226

165,927

Investments in unconsolidated affiliates

146,702

132,209

Other assets

45,818

28,519

Property, plant and equipment, at cost:

      Land

29,932

30,190

      Buildings

167,332

158,775

      Machinery and equipment

900,328

877,992

      Construction in progress

13,659

12,971

      Accumulated depreciation

(614,454

)

(578,296

)

            Net property, plant and equipment

496,797

501,632

Excess of cost over fair value of net identifiable assets of acquired businesses (less accumulated amortization 1998 — $41,490; 1997 — $24,732)

651,391

572,458

FCC licenses and other intangibles (less accumulated amortization 1998 — $34,829; 1997 — $18,601)

400,412

413,456

Total assets

$

1,917,346

$

1,814,201

LIABILITIES AND STOCKHOLDERS’ EQUITY

December 27,
1998

December 28,
1997

Current liabilities:

      Accounts payable

$

41,050

$

31,599

      Accrued expenses and other liabilities

106,047

98,190

      Income taxes payable

—

1,422

            Total current liabilities

147,097

131,211

Long-term debt

928,101

900,140

Deferred income taxes

244,968

249,649

Other liabilities and deferred credits

119,831

114,975

Commitments and contingencies (Note 9)

Stockholders’ equity:

      Preferred stock ($5 cumulative convertible), par value $5 per share:

            Authorized 5,000,000 shares; none outstanding Common stock, par value $5 per share:

            Class A, authorized 75,000,000 shares; issued 26,214,721 and 26,172,424 shares

131,074

130,862

            Class B, authorized 600,000 shares; issued 556,574 shares

2,783

2,783

      Additional paid-in capital

18,694

16,733

      Unearned compensation

(1,050

)

(2,100

)

      Retained earnings

325,848

269,948

            Total stockholders’ equity

477,349

418,226

Total liabilities and stockholders’ equity

$

1,917,346

$

1,814,201