FOR IMMEDIATE RELEASE
Monday, July 2, 2001

Media General Completes Refinancing

RICHMOND, Va. — Media General (AMEX: MEG.A) announced today that it has closed on a $1 billion credit facility to replace its prior banking agreement.

The new facility is a five-year revolving line of credit from a syndicate of banks led by Banc of America Securities LLC. Agents include SunTrust Bank, Mizuho Financial Group, The Bank of Nova Scotia, Wachovia Bank NA and Fleet National Bank. Other members of the syndicate include Dresdner Bank AG, Bank of Tokyo-Mitsubishi Trust Co., The Royal Bank of Scotland PLC, Westdeutsche Landesbank Girozentrale, Sumitomo Mitsui Banking Corp., KBC Bank NV and The Mitsubishi Trust and Banking Corp.

"We are pleased to secure this new credit facility on favorable terms," said Marshall N. Morton, Media General's vice chairman and chief financial officer. "It will provide the financial flexibility we need to pursue our mission of becoming the leading provider of high-quality news, information and entertainment in the Southeast."

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.