FOR IMMEDIATE RELEASE
Tuesday, July 16, 2002

Media General Reports Second-Quarter Results

RICHMOND, Va. — Media General (NYSE:MEG) today reported second-quarter earnings of 70 cents per diluted share, compared with reported earnings of 33 cents per diluted share in the second quarter of 2001. Media General adopted SFAS 142 at the beginning of 2002, which established new accounting for goodwill and intangible assets. Had that statement been in effect last year, second-quarter 2001 earnings would have been 71 cents per diluted share.

Driven by substantially higher broadcast revenues, total revenues for the second quarter increased by 2.9 percent to $212 million and compared with revenues of $206 million in the same period last year. Segment operating profit aggregated $53 million and represented a 30 percent increase compared with $41 million in the 2001 second quarter.

"We are pleased with the performance of all three operating divisions," said J. Stewart Bryan III, chairman and chief executive. "The Broadcast Division enjoyed a 16.4 percent increase in revenues. Most of that increase flowed to Broadcast's bottom line as the result of continued expense management. Cost savings in the Publishing Division more than offset a revenue decline of 3.9 percent. The Interactive Media Division continued to implement successful revenue growth initiatives and benefited from significantly reduced investment losses and the absence of the prior-year's investment write-off."

Publishing Division profit of $32 million increased 7.6 percent compared with $29.8 million in last year's second quarter. This increase primarily reflected lower newsprint expense and a decline in losses from the company's 20 percent ownership of The Denver Post. Publishing revenues were down 3.9 percent, compared to the 2001 second quarter. Retail and national advertising continued to run well below last year, while classified gained traction, mostly on the strength of automotive. Help-wanted continued to trend 15 to 20 percent below last year.

Broadcast Division profits of $22.4 million increased 47.3 percent compared with $15.2 million in the 2001 period, reflecting higher time sales, including robust political billings, and continued strong expense management.

The Interactive Media Division posted a loss of $1.5 million, a substantial improvement from last year's loss of $4.1 million. The improvement reflected the absence of losses associated with the company's equity position in iPipe and the absence of an investment write-off.

Net income for the second quarter was $16.3 million, compared with $7.7 million in last year's same quarter. Adjusted for the effect of SFAS 142, net income in the 2001 second-quarter would have been $16.2 million. "Measured on this comparable basis, flat year-over-year net income is attributable to weak results from our investment in SP Newsprint. The $3 million loss recorded in the second quarter this year contrasted sharply with income of $9 million last year and virtually offset the excellent performance of our wholly owned operations," said Bryan.

Total segment operating cash flow was $66.5 million in the second quarter, compared with $57.2 million in the second quarter of 2001. EBITDA (earnings before interest, taxes, depreciation and amortization) in the second quarter of 2002 was $55.2 million, compared with $53.4 million in the 2001 period. Free cash flow (after-tax cash flow minus capital expenditures) was $27.7 million, compared with $24.2 million one year ago.

Outlook
"Looking ahead to the third quarter, traditionally the slowest quarter of the year, the Publishing Division expects revenues to be about even with last year. For the Broadcast Division, third-quarter pacing is currently running about 18 percent ahead of last year," said Bryan. Analyst earnings estimates for the third quarter range from 49 cents to 53 cents per share. "At this time, we expect to be in the range of 35 cents to 37 cents per share. For the full year, analyst estimates range from $2.32 to $2.40, and we expect to be in the area of $2.25 per share," he said. "We expect the performance of our investment in SP Newsprint to continue at about the same level until later this year. While most producers have announced a newsprint price increase as of August 1, it is likely to take some time to become fully effective due to excess capacity and the ongoing sluggish economic recovery."

Conference Call and Webcast
Media General's management will discuss second-quarter results during a conference call today at 11 a.m. EDT. The call can be accessed via a live webcast through the company's Web site www.mediageneral.com by choosing the "Live Earnings Conference" link at the top of the home page. To access the conference call, dial 1-800-479-9001 about ten minutes prior to the call. A replay of the conference call will be available from 3 p.m. today until July 23 at 7 p.m. at the same Web address or by dialing 1-888-203-1112 and using the pin number 795150. The full text of the prepared remarks will be available on the company's Web site shortly after the call concludes.

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.

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.