FOR IMMEDIATE RELEASE
Thursday, January 27, 2005

Media General Reports Fourth-Quarter Results

RICHMOND, Va. – Media General (NYSE:MEG) today reported fourth-quarter income from continuing operations of $36.8 million, or $1.55 per diluted share, compared with $23.7 million, or $1.00 per diluted share, in the fourth quarter of 2003. Media General’s 2004 fourth-quarter results included an after tax gain of $3.9 million, or 16 cents per diluted share, resulting from the favorable settlement of a newsprint swap dispute. Last year, including a gain on the sale of Media General Financial Services, Media General’s fourth-quarter net income was $30.5 million, or $1.29 per diluted share.

“Media General was very pleased to report a 24 percent increase in segment operating profit for the fourth quarter, aided by a 10.7 percent rise in total revenues and excellent expense management across the company,” said J. Stewart Bryan III, chairman and chief executive. “Broadcast Division profit rose 50 percent, driven by unprecedented political advertising revenues. The Publishing Division reported a 7.6 percent profit increase, generated principally by strong Classified advertising.

“In addition, our fourth-quarter results reflected improvement in equity income from our investment in SP Newsprint, and corporate expense was down nearly 20 percent from the prior year due to several factors, chiefly lower legal and occupancy expenses.”

Total revenues for the fourth quarter of 2004 were $249.7 million compared with $225.5 million in the same period last year. Segment profit of $74.3 million compared with $60 million in the fourth quarter of 2003. Segment cash flow of $84.8 million was up 20.3 percent.

Publishing Division profits of $42.5 million in the fourth quarter were $3 million, or 7.6 percent, above the same period last year. Publishing revenues of $152.6 million in the quarter increased 4.2 percent and advertising revenues of $127 million were up 4.8 percent. The Tampa Tribune led the increase in total revenue and reported 6.9 percent growth for the quarter. Including online revenues from newspaper Web sites, total publishing revenues were up 4.8 percent over last year, and newspaper advertising revenues increased 5.5 percent.

Classified revenues rose $4.1 million, or 9.8 percent. Including online advertising, Classified revenues rose nearly 11 percent. The Tampa Tribune reported a year-over-year 10.8 percent increase, rebounding from slower results earlier in the year caused by the hurricanes. At the community newspapers, increases of over 10 percent were seen in many markets, including a 27.4 percent increase in Charlottesville. Employment linage at the three metropolitan newspapers was up 9.1 percent, including 16.3 percent at the Richmond Times-Dispatch, 9.5 percent at the Winston-Salem Journal and a slight increase at The Tampa Tribune. Automotive linage was down 2.4 percent at the three metros, despite a 9 percent increase at The Tampa Tribune. Real estate linage was mixed.

Retail ROP revenues were about even with the 2003 fourth quarter. The Tampa Tribune reported a 7.3 percent increase in retail revenues, due largely to strong department store advertising. The Northern Virginia and Alabama community newspapers also reported solid increases. The Richmond Times-Dispatch posted a decline, hampered by comparisons with two new mall openings in last year’s fourth quarter. Combined Retail ROP and Retail Preprint revenues for the division overall were slightly higher than the 2003 quarter.

National advertising revenues declined $180,000, or 1.7 percent, from the prior year’s quarter, reflecting lower sales at The Tampa Tribune and the Richmond Times-Dispatch, especially in the travel and telecommunications categories. The Winston-Salem Journal reported a 31.5 percent increase in National revenues for the fourth quarter, attributable to higher spending from pharmaceutical and national automotive customers. Combined National ROP and National Preprint revenues were $290,000, or 2.4 percent higher than last year.

Preprint revenues were up $640,000, or 2.5 percent, and most newspapers reported volume increases.

Circulation revenues were down slightly for the fourth quarter, following three quarters of gains that had been driven by rate increases and higher volumes at The Tampa Tribune. As of October, the Publishing Division had cycled through its prior-year rate increases.

Publishing expenses rose 3.1 percent over the 2003 fourth quarter. The most significant increases were newsprint costs and circulation expenses. Newsprint expense for the quarter increased 10.7 percent and reflected higher newsprint prices and consumption. The average price per ton increased $42 for the quarter.

Broadcast profits of $33.5 million were up 50.2 percent for the quarter, and revenues increased 22 percent to $94.2 million. Total time sales of $93.5 million were up $17.2 million, or 22.5 percent. This strong performance reflected robust presidential and political issue advertising, which totaled $20.5 million for the quarter.

Local time sales increased by $1.4 million, or 3 percent, led by gains in services, fast food, specialty stores and department stores, partially offset by declines in automotive and furniture. National advertising decreased 4.9 percent, reflecting reductions in the department stores and the telecommunications categories, partially offset by increases in fast food and automotive. In addition, the division’s equipment subsidiary experienced strong sales, and reported a solid increase from last year’s quarter.

Broadcast expenses increased 10.6 percent from the prior year’s period, due to higher salary and sales commissions as well as increased cost of goods sold related to increased sales at the equipment subsidiary.

Interactive Media Division revenues were up 48.2 percent over the prior year and totaled $3.9 million. The increase is primarily attributable to a significant rise in Classified advertising, which was up 50 percent from 2003. The division’s fourth-quarter loss improved 8.2 percent from 2003.

Interest expense was down slightly from the fourth quarter of 2003 due to lower debt levels, which more than offset slightly higher average rates.

Equity income from the company’s share of SP Newsprint was $1 million in the quarter and improved significantly from last year’s same quarter loss of $483,000 due to higher newsprint prices.

Acquisition intangibles amortization was $1.5 million higher than last year’s fourth quarter due to increased network affiliation amortization.

EBITDA (income from continuing operations before accounting change, interest, taxes, depreciation and amortization) in the fourth quarter of 2004 was $83.1 million, compared with $61.9 million in the 2003 period. Free cash flow for the quarter (after-tax cash flow minus capital expenditures) was $45.3 million, compared with $30.2 million in the prior-year period.

Media General provides the non-GAAP financial metrics EBITDA, After-Tax Cash Flow, and Free Cash Flow. The company believes these metrics are useful for evaluating financial performance and are common alternative measures used by investors, financial analysts and rating agencies. These
groups use EBITDA, along with other measures, to evaluate a company’s ability to meet its debt service requirements and to estimate the value of the company. A reconciliation of these metrics to amounts on the GAAP statements has been included in this news release.

Outlook
For the first quarter of 2005, which is traditionally the weakest, the Publishing Division expects revenues to continue to show growth similar to that of the fourth quarter of 2004. Classified revenues are expected to maintain their growth trend with solid gains in employment advertising, and the division expects year-over-over improvement in the Retail and National advertising categories. The Broadcast Division, as expected, will face certain challenges. While the strong Super Bowl advertising of last January and the 2004 first-quarter early presidential primary advertising will not recur, new revenue development initiatives are expected to drive revenue growth of approximately 2 percent. Events such as the NCAA March Madness basketball games will also drive advertising during the quarter. Expenses associated with revenue growth initiatives, along with filling open positions, however, are likely to more than offset the revenue increase. Media General will provide more definitive guidance on earnings expectations as the first quarter unfolds.

The company plans to release first quarter earnings on April 15, 2005. Media General will hold its Annual Meeting of Stockholders on April 28, 2005, at 11 a.m. at the Richmond Newspapers Production Facility, 8460 Times-Dispatch Boulevard, Mechanicsville, Va.

Conference Call and Webcast
The company will hold an earnings conference call with financial analysts today at 2 p.m., ET. The conference call will be available to the media and general public through a limited number of listen-only dial-in conference lines and via simultaneous Webcast. To dial in, listeners may call 1-800-967-7140 about 10 minutes prior to the 2 p.m. start. Listeners may also access the live Webcast by logging on to www.mediageneral.com and clicking on the “Live Earnings Conference” link at the top of the homepage about 10 minutes in advance. A replay of the Webcast will be available on-line at www.mediageneral.com beginning at 6 p.m. today. A telephone replay is also available, beginning at 6 p.m. and ending on February 3 at 12 a.m., by dialing 1-888-203-1112 or 719-457-0820, and using the passcode 239656.

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 a diversified communications company operating leading newspapers, television stations and online enterprises, primarily in the Southeastern United States. The company’s publishing assets include three metropolitan newspapers, The Tampa Tribune, the Richmond Times-Dispatch, and the Winston-Salem Journal; 22 daily community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina; and more than 100 weekly newspapers and other publications. The company’s broadcasting assets include 26 network-affiliated television stations that 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 assets include more than 50 online enterprises that are associated with its newspapers and television stations. Media General also owns a 20 percent interest in The Denver Post and a 33 percent interest in SP Newsprint Company.

Investor Contact:
Lou Anne Nabhan
(804) 649-6103

Media Contact:
Ray Kozakewicz
(804) 649-6748

Charts follow:
Consolidated Statements of Operations
Business Segments
Consolidated Balance Sheets
EBITDA, After-Tax Cash Flow And Free Cash Flow