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Media General Reports Fourth-Quarter 2010 Results, Provides Outlook

RICHMOND, Va. Jan. 27, 2011 $36.4 million $32.5 million $9 million 39 cents $27.4 million $1.18

$189.9 million

Ohio Rhode Island $24 million $3.7 million Marshall N. Morton

“We experienced strengthening in our overall broadcast advertising as well.  In the fourth quarter, Local time sales grew nearly 6 percent and National time sales increased nominally, which was a good performance given some displacement of transactional advertising by Political issue and candidate spending.  Automotive advertising, in particular, was strong,” Mr. Morton said.

“In addition, we were pleased to see the benefits of our aggressive digital sales initiatives, which drove a 19 percent increase in revenues at our newspaper and broadcast media websites.  Online Classified revenues grew for the fourth consecutive quarter and increased more than 9 percent, due in part to Yahoo! Hot Jobs and Zillow real estate partnerships.  Local online revenues rose more than 29 percent, reflecting increased advertiser adoption of new online advertising opportunities.  The extension of partnerships for Yahoo! display and Zillow real estate advertising to several TV markets helped accelerate revenue growth at a number of television websites,” Mr. Morton said.  

Media General’s Publishing revenues in the fourth quarter declined 8.4 percent from last year.  Classified print revenues decreased 15 percent, and National and Local print revenues declined 8.2 percent and 7.5 percent, respectively.  Outside sales for Printing and Distribution Services increased 7.7 percent in the quarter.  Total Digital Media revenues increased 1.3 percent and reflected lower revenues at the company’s advertising services businesses, DealTaker.com and Blockdot, which mostly offset the double-digit revenue growth at local media websites.  

Market Segments

Virginia Tennessee $10.9 million $15.6 million $1.6 million $1.7 million Tennessee Virginia Virginia Tennessee

Florida $6.3 million $6.6 million $6 million

$14.9 million $8.7 million $6.8 million $391,000

North Carolina $2.9 million $3.4 million $724,000 $203,000 North Carolina

Ohio Rhode Island $9.4 million $5.3 million $8.8 million $1.2 million Ohio Rhode Island

$316,000 $1.7 million

Other Results

$17.1 million $10.3 million February 2010 $663 million $712 million

$865,000

$10.5 million $7.5 million $1 million

$49.1 million , $46.7 million $32 million $25.1 million $10.9 million $6.8 million $21.1 million $18.3 million

Media General provides the non-GAAP financial metrics EBITDA from continuing operations, After-Tax Cash Flow, and Free Cash Flow. The company believes these metrics are useful in evaluating financial performance and/or 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 service its debt 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 2011, Media General expects total revenues in the range of level to 3 percent down compared with last year.  Broadcast revenues are expected to be in a range from even with last year to down 3 percent from last year, due mostly to the absence of Political, Olympics and Super Bowl advertising revenues partially offset by strengthening of the transactional business.  Publishing revenues are expected to decrease 2-6 percent, due to continued weakness in Local and Classified revenues.  Digital Media revenues are expected to increase 6-9 percent and the company’s local media websites are expected to increase 18-21 percent.  Total operating costs are expected to increase 5-7 percent, which mostly reflects 2 percent of merit raises and partial restoration of the company’s 401(k) match.

Conference Call, Webcast and Financial Statements

2:30 p.m. ET 2:30 p.m. www.mediageneral.com www.mediageneral.com 5:30 p.m. 5:30 p.m. 5:30 p.m. February 3, 2011

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.

2010 Audited Financial Statements

www.mediageneral.com

About Media General

Southeastern United States

Media General, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

Thirteen Weeks Ending

Fifty-Two Weeks Ending

December 26,

December 27,

December 26,

December 27,

(Unaudited, in thousands except per share amounts)

2010

2009

2010

2009

Revenues

Publishing

$          86,482

$          94,367

$        328,372

$        357,502

Broadcast

92,147

71,616

306,750

258,967

Digital media and other

11,247

11,101

42,993

41,143

Total revenues

189,876

177,084

678,115

657,612

Operating costs:

Employee compensation

75,194

70,322

297,725

300,439

Production

37,353

34,472

147,482

154,785

Selling, general and administrative

29,366

25,905

107,887

94,031

Depreciation and amortization

12,487

13,923

53,089

59,178

Goodwill and other asset impairment

84,220

Gain on insurance recovery

(956)

(956)

(1,915)

Total operating costs

153,444

144,622

605,227

690,738

Operating income (loss)

36,432

32,462

72,888

(33,126)

Other income (expense):

Interest expense

(17,126)

(10,260)

(71,053)

(41,978)

Gain on sale of investments

701

Other, net

229

351

954

972

Total other expense

(16,897)

(9,909)

(70,099)

(40,305)

Income (loss) from continuing operations before income taxes

19,535

22,553

2,789

(73,431)

Income tax expense (benefit)

10,487

(1,013)

25,427

(28,638)

Income (loss) from continuing operations

9,048

23,566

(22,638)

(44,793)

Discontinued operations:

Income from discontinued operations (net of tax)

59

155

Gain related to divestiture of operations (net of tax)

3,737

8,873

Net Income (loss)

$            9,048

$          27,362

$         (22,638)

$         (35,765)

Net income (loss) per common share:

Income (loss) from continuing operations

$              0.39

$              1.02

$             (1.01)

$             (2.01)

Discontinued operations

0.17

0.40

Net income (loss) per common share

$              0.39

$              1.19

$             (1.01)

$             (1.61)

Net income (loss) per common share – assuming dilution:

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