FOR IMMEDIATE RELEASE
Wednesday, Oct. 17, 2001

Media General Reports Third-Quarter Results

RICHMOND, Va. — Media General (NYSE: MEG) today announced a net loss of $736,000, or 3 cents per diluted share, for the third quarter of 2001. In the third quarter of 2000, net income was $8.5 million, or 36 cents per diluted share.

Total revenues for the third quarter were down 4.4 percent to $193.1 million from $201.9 million in the year-ago period. Excluding acquisitions and divestitures, revenues were down 6.4 percent.

"The terrorist attacks of Sept. 11 had an immediate impact on our earnings, and they have exacerbated the economic uncertainty that has caused many of our advertisers to remain cautious," said J. Stewart Bryan III, Media General's chairman and chief executive.

EBITDA (earnings from continuing operations before interest, taxes, depreciation and amortization) for the third quarter of 2001 was $41.6 million, compared with $53.9 million in the 2000 period. After-tax cash flow (earnings from continuing operations plus depreciation and amortization) was $27.5 million for the quarter, compared with $36.5 million one year ago.

Publishing Division revenues for the quarter were $130.1 million, compared with $133.3 million in the third quarter of 2000. Excluding acquisitions and divestitures, revenues were down 5.4 percent. Media General purchased five daily newspapers from Thomson Corp. on Aug. 1 of last year. The division's third-quarter operating income was $28.1 million, compared with $31.2 million in the third quarter of 2000. Excluding acquisitions and divestitures, operating income decreased 14 percent. Although Media General's newspapers produced popular extra editions and in-depth daily coverage, they were not immune from the economic ills that worsened on Sept. 11.

Broadcast Division revenues for the third quarter were $61.2 million, compared with $66.7 million in the third quarter of 2000. The division's third-quarter operating income was $9.1 million, compared with $13.7 million a year ago. Much of this decrease was caused by extensive commercial-free coverage of the terrorist attacks. Other significant factors included the absence of major political advertising this year and an already poor advertising environment that eroded further following Sept. 11.

Interactive Media Division revenues increased 12 percent to $2.2 million in the third quarter of 2001. The division posted an operating loss of $2.8 million for the quarter, which included a $1.8 million write-off of the company's investment in iPipe. The division's third-quarter results also included a loss of $306,000 from the company's ongoing investment in AdOne. In the third quarter of 2000, the division had an operating loss of $402,000.

Investment income from Media General's one-third interest in SP Newsprint was $4.2 million - up almost 50 percent from the quarter one year ago. The company also benefited from lower corporate expenses, which fell to $7.4 million from $8.7 million, due to cost-cutting measures that mirrored those in the company's divisions and operating units.

Capital expenditures during the third quarter of 2001 were $18.4 million, compared with $18.9 million for continuing operations in the third quarter of 2000. The company has reduced its full-year capital expenditure projection to $55 million from $69 million. Debt at the end of the third quarter was $792 million.

Outlook
"We currently expect earnings per share for the fourth quarter to be in the mid-20s (cents) and for the full year to be in the low 70s (cents)," Bryan said. "These are disappointing results, but the way the American people have responded to the dreadful acts of Sept. 11 is encouraging. They have rediscovered the value of traditional media - broadcast television for wall-to-wall coverage and newspapers for more careful accounts and analysis. Despite the lament of some news people and academics that America's newspaper and broadcast companies have deserted their public responsibility for profit, these companies - ours among them - rose to their duty and discharged it well."

Conference Call
Media General will discuss its third-quarter results during a conference call and webcast today at 11:15 a.m. EDT. To listen to the call, dial 1-877-310-1537. To listen to the webcast, log on to www.mediageneral.com and click on the "Live Earnings Conference" link at the top of the home page. A Web replay will be available from 3 p.m. today until 5 p.m. on Wednesday, Oct. 24, at the same Web address.

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.

See Consolidated Statements of Operations

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