FOR IMMEDIATE RELEASE
Friday, June 15, 2001

Media General Reports May Revenues and Updates Second-Quarter Earnings Estimate

RICHMOND, Va. — Media General (AMEX: MEG.A) today reported total revenues for May 2001 of $64.7 million, down 4 percent from $67.5 million in May 2000. Excluding the impact of newspaper acquisitions and divestitures, revenues declined 8.9 percent.

Publishing revenues exceeded the prior year by 0.4 percent. Excluding acquisitions and divestitures, publishing revenues were down 7.3 percent. Broadcast revenues decreased 11.5 percent, while Interactive Media revenues increased 4.1 percent.

Excluding acquisitions and divestitures, newspaper advertising revenues declined from May 2000 in all but the national category. Classified fell 13.6 percent due to weak employment and automotive advertising. Retail declined 6.6 percent, spread across all categories. Preprint revenue was down 9 percent, with more than half of the shortfall occurring at The Tampa Tribune, resulting from Montgomery Ward's bankruptcy and fewer inserts from Valassis and Verizon. National advertising was up slightly from May 2000. Circulation revenue was down 1.2 percent

Gross television time sales dropped 10.9 percent from the same month last year, with national advertising down 15 percent and local advertising down 8.1 percent. The weak national market is principally the result of reduced ad spending by the automotive industry, but the telecommunications and medical sectors were also down. Local time sales declined from reduced advertising expenditures for fast food, furniture and appliances.

"Our May revenues from ongoing operations were lower than anticipated, marking the fifth consecutive month of disappointing sales in our Publishing and Broadcast divisions," said J. Stewart Bryan III, Media General's chairman and chief executive. "We see no near-term sign of improvement in the advertising environment. As a result, we now expect second-quarter earnings per share to be in the range of 35 cents.

"Earlier this year, Media General implemented a number of cost-reduction measures in response to weak economic conditions. In view of the prolonged advertising downturn, we have intensified those efforts and are partially offsetting decreased revenues with lower expenses, especially for salaries and promotion," Bryan said. "We also have focused on new revenue-generating initiatives, such as creating regional advertising opportunities in our clustered newspaper markets and pursuing multimedia sales in our convergence markets."

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.

Forward-Looking Statements
This news release contains forward-looking statements that are subject to various risks and uncertainties and should be understood in the context of the company's publicly available reports filed with the Securities and Exchange Commission. Media General's future performance could differ materially from its current expectations.

Charts follow:
Revenue Report
Ad Linage Summaries

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