FOR IMMEDIATE RELEASE
Thursday, April 29, 2004

Media General Shareholders Elect Directors at Annual Meeting

RICHMOND, Va. – Media General (NYSE: MEG) shareholders today elected nine directors, including one new director, Coleman Wortham III, to one-year terms at the company's annual meeting. One director, Henry L. Valentine, II, retired effective today.

Wortham, 58, is president and chief executive officer of Davenport & Company LLC, Richmond.

Shareholders re-elected J. Stewart Bryan III, O. Reid Ashe, Jr., Charles A. Davis, C. Boyden Gray, Marshall N. Morton, Thompson L. Rankin, Wyndham Robertson, and Walter E. Williams.

Media General executives reported on the state of the company. Stewart Bryan, chairman and chief executive, summarized the company's performance in 2003, highlighting revenue and profit increases in the Publishing and Broadcast divisions, and continued double-digit growth in the Interactive Media Division. Bryan also discussed the company's Southeast focus and convergence strategies, which are providing “high-quality local journalism, new revenues by selling advertising across platforms and across markets, and substantial operating efficiencies.”

Reid Ashe, president and chief operating officer, provided details of divisional operating performance for 2003. The Publishing Division finished 2003 with the second highest revenue growth among its peers. He said that all advertising revenue categories improved over 2002, except for retail. “Classified advertising rebounded in the latter part of 2003, as it began to recover from several years of weak employment advertising,” he said. National advertising also was robust in 2003 as a result of strong telecommunications spending. Circulation grew in 2003, while many newspaper companies saw declines. “The Tampa Tribune was among the fastest-growing major metropolitan newspapers in the country,” Ashe said.

Ashe noted the Broadcast Division recaptured a significant portion of the record political revenues generated in 2002. This was achieved in a difficult selling environment with an emphasis on local advertisers. “While political revenues were down year-over-year by nearly $25 million, total time sales declined by only $13.5 million,” Ashe said.

Audience growth and ratings also improved in 2003. In the November 2003 AC Nielsen rating period, 14 Media General stations were up in the ratings, 8 were even and only 4 stations declined. According to the report, 20 of the company’s 26 stations were ranked one or two in their respective markets from sign-on to sign-off.

Ashe also reported significant revenue growth in the Interactive Media Division. In 2003, classified advertising increased nearly 50 percent and continued to account for the largest share of online revenues. Unique visitors to the company’s Web sites have increased approximately 50 percent since the division’s launch. He also described the success of several products that will help the division grow in the future. These include premium interactive games through Boxerjam, the division’s producer of games and puzzles.

"In summary, we believe all three of our divisions are well positioned to continue growing audience share, generate new revenues, and increase profitability over the long term," said Ashe.

Marshall Morton, vice chairman and chief financial officer, reviewed the company’s first-quarter performance, and reported on the company's financial position.

“We delivered solid financial results for 2003. Income from continuing operations was up 13.5 percent over 2002,” Morton said. He said the momentum developed in the latter part of 2003 continued into 2004. First-quarter net income was 38 cents per diluted share compared to 30 cents a year ago. For the quarter, Publishing segment profits were up by 10.5 percent and Broadcast profits increased by nearly 60 percent.

Capital spending for 2004 is expected to be approximately $85 million. This amount is higher than levels in recent years, and is also higher than the $75 million the company had projected in December as a result of carry-over projects from 2003. “Today’s higher spending plans, reflect the new opportunities that are becoming available to us through improved technology as well as through the opportunities that can be used in our converged markets—technologies that can enhance the abilities of our news and business staffs to serve their markets,” he said. Publishing has budgeted approximately $52 million, including the start of construction of two new printing facilities. Broadcast has budgeted approximately $26 million, mostly for news equipment, editorial systems and remote broadcast vehicles. Interactive Media projects spending $2.4 million for projects to improve content, advertising and infrastructure.

Morton noted the company’s 2003 success generated strong cash flow, which allowed Media General to pay down debt by $111 million, or 17 percent. At the end of the first quarter, total debt was approximately $643 million, constituting 37 percent of total capital. "Media General’s strategy, balance sheet and financial flexibility are nicely aligned," Morton said.

Bryan concluded with a summary of Media General's 2004 outlook. “Revenue growth should be robust for the Broadcast Division, benefiting from political campaign advertising and the Summer Olympics. In Publishing, we expect continued strengthening in classified employment advertising, in step with the improving economy. We look for stronger retail and healthy national advertising.”

Disciplined expense management across the company will also be a focus and Media General expects to be a net beneficiary of higher newsprint pricing, through its one-third ownership of SP Newsprint.

"We continue to be financially conservative, with strong cash flow and a strong balance sheet, and with the flexibility to pursue value-creating transactions, in an opportunistic but disciplined manner,” he said. “Finally, and most importantly, we remain committed, as always, to building shareholder value.”

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 communications company situated primarily in the Southeast with interests in newspapers, television stations and interactive media. 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 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.

Investor Contact
Lou Anne Nabhan
(804) 649-6103

Media Contact
Ray Kozakewicz
(804) 649-6748

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