Media General Completes Sale of Television Station to University of Georgia Research Foundation

PRNewswire-FirstCall/ -- Media General, Inc. (NYSE:MEG) and the University of Georgia announced today the completion of the University of Georgia Research Foundation's purchase of Media General's television station WNEG in Toccoa, Ga. Terms were not disclosed.

Marshall N. Morton, president and chief executive officer of Media General, said, "We have now completed the sale of the fourth of the five stations we are divesting and will use the proceeds immediately for debt reduction. The sale of the fifth station, WCWJ in Jacksonville, is progressing. We thank the employees of WNEG for their many fine contributions to Media General and wish them well in the future."

Media General sold WMBB in Panama City, Fla., and KALB/NALB, in Alexandria, La., on July 16, and WTVQ in Lexington, Ky., on May 13. The results of all five stations will be included in discontinued operations in Media General's third quarter 2008 results, which will be announced on October 16.

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.

"The University of Georgia intends to provide quality local programming to Northeast Georgia, strengthening the local market by emphasizing local interests," said UGA President Michael F. Adams. "In doing so, we will offer a real-world opportunity for faculty and students to work in research, development and teaching in media."

WNEG, which has approximately 30 employees, was acquired by Media General in 2000 as part of the acquisition of a group of television stations from the former Spartan Communications.

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.

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Legendary Allen’s Reaches 1 Year Anniversary of Grand Re-opening

BUSINESS WIRE --What do Zell Miller, Lewis Grizzard, Michael Stipe, Mike Bobo, the B-52’s, and countless others who have visited Athens, GA all have in common? After Allen’s Hamburgers closed its doors in 2004, Athens lost a 50 year tradition of cold beer, greasy burgers, and live music. Some say that Athens’ robust music scene got its start in the Normaltown district at Allen’s on Prince Ave.

Last summer, two University of Georgia alumni, along with the help of the last Allen’s owner and the blessing of the old Allen’s proprietor/owner’s family, re-opened Allen’s in a new location at 810 Hawthorne Ave. Allen’s is featured in the July issue of Georgia Trend Magazine: http://www.georgiatrend.com/features-business-industry/07_08_allens. shtml (Due to its length, this URL may need to be copied/pasted into your Internet browser's address field. Remove the extra space if one exists.) and had a successful first year since the grand re-opening in terms of business and philanthropy helping support the following non-profit organizations with gifts totaling over $15,000:

• Athens YMCA
• Athens Habitat for Humanity
• Athens Regional Hospital Foundation
• Children’s Healthcare of Atlanta
• Athens Clarke County Leisure Services (July 4 fireworks show at Bishop Park)

“The re-opening of Allen’s is proving that a successful local business can compete effectively against national organizations and still give something back to the community,” says co-owner Mark Hammond.

Co-owner Hilt Moree adds that: “We have been humbled and overwhelmed by Athens support of the new Allen’s and have big plans for the coming year for local non-profit organizations.”

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