Business News

Media General Completes Sale of WTVQ-TV in Lexington, Ky., to Morris Network, Inc.

Wednesday 14. May 2008 - Media General, Inc. (NYSE:MEG) and Morris Network, Inc. announced today the completion of Morris Network's purchase of Media General's ABC television station WTVQ in Lexington, Ky. Terms were not disclosed.

Marshall N. Morton, president and chief executive officer of Media General, said, “We are pleased to complete the sale of WTVQ and we will use the proceeds immediately for debt reduction. We thank our former employees for their dedicated service and wish them well.”

Media General has also agreed to sell WMBB, an ABC station in Panama City, Fla., and KALB/NALB, a NBC/CBS station in Alexandria, La., to Hoak Media Corporation. Additionally, the sales of two other stations, WCWJ, a CW affiliate in Jacksonville, Fla., and WNEG in Toccoa, Ga., are progressing. All of these stations were included in discontinued operations in Media General’s first quarter 2008 results.

When the sales of all five stations are completed, Media General expects to realize total proceeds of $100 million to $105 million, which will be used to reduce debt by $60 million to $65 million after considering estimated taxes to be paid.