8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 29, 2009

MEDIA GENERAL, INC.

(Exact name of registrant as specified in its charter)

Commonwealth of Virginia	1-6383	54-0850433
(State or other jurisdiction of incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

333 E. Franklin St., Richmond, VA	23219
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code (804) 649-6000

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02             Results of Operations and Financial Condition.

On January 29, 2009, the Company issued two releases announcing results for the fourth quarter of 2008 and revenues for the December 2008 period.  A copy of these releases is furnished as Exhibit 99.1 and Exhibit 99.2

Item 9.01             Financial Statements and Exhibits.

d)            Exhibits

99.1 Press Release issued by MEDIA GENERAL, INC., January 29, 2009.

99.2 Press Release issued by MEDIA GENERAL, INC., January 29, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	MEDIA GENERAL, INC.
	(Registrant)
Date January 29, 2009
	/s/ John A. Schauss
	John A. Schauss
	Vice President - Finance
	and Chief Financial Officer

EX-99.1

Media General, Inc., PO Box 85333 Richmond, VA 23293-0001 804/649-6748 www.mediageneral.com

FOR IMMEDIATE RELEASE

Thursday, January 29, 2009

Media General Reports Fourth-Quarter 2008 Results; Includes Non-cash Impairment Charge

RICHMOND, Va. – Media General, Inc. (NYSE: MEG) today reported a net loss for the fourth quarter of 2008 of $85.5 million, or $3.86 per diluted share, including a non-cash pre-tax impairment charge of $130.4 million ($83.1 million after-tax).  This compares to net income in 2007 of $9.6 million, or 43 cents per diluted share.  The impairment charge and a tax valuation allowance that affected the quarter are discussed in more detail below.

Excluding the impairment charge, the tax valuation allowance, and $6.1 million of pre-tax severance expense, fourth-quarter income from continuing operations was $8.6 million, or 39 cents per diluted share.  This compares to income from continuing operations, also adjusted for severance expense, in 2007 of $10.2 million, or 46 cents per diluted share.

Media General’s fourth-quarter results reflected a decrease in divisional operating profits, the majority of which was in the Publishing segment, as a result of lower advertising revenues.  Partially offsetting lower divisional profits were lower corporate expense, decreased intangibles amortization and reduced interest expense in 2008.  Also affecting the quarterly comparisons were the absence of an insurance recovery, and losses and a write-down related to SP Newsprint, both of which were present in the 2007 results.

Total operating costs in the fourth quarter decreased 7.1 percent, excluding the impairment charge in 2008 and an insurance recovery in 2007, compared with the prior year.  Lower costs reflect the aggressive actions the company has taken to improve the efficiency and effectiveness of its operations.

“The Publishing Division’s lower fourth-quarter results were due to the continuation of the declining economic trends that we have experienced all year, particularly in Florida,” said Marshall N. Morton, president and chief executive officer.  “In the Broadcast Division, strong Political revenues largely offset lower National and Local transactional sales.

“The Interactive Media Division generated revenue growth of 10 percent, which was driven by strong holiday sales on our new online coupon and shopping Web site DealTaker.com, and a 43 percent increase in Local advertising.  Our total online audience growth continued in the fourth quarter, driven significantly by continuous news offerings on all sites.  Page views were up 10.1 percent, visitor sessions increased 23.2 percent and unique visitors rose 30.1 percent,” Mr. Morton said.

Publishing Division

Publishing Division profit for the quarter, excluding severance charges, decreased 57.2 percent from the prior year.  Total revenues decreased 16.8 percent, and advertising revenues declined 20.1 percent.

Excluding Florida, total Publishing revenues decreased 14.8 percent.  Revenues declined 16.8 percent in Virginia and 15 percent in North Carolina.  In Alabama, revenues decreased only 5.2 percent, as the Classified decline was not as sharp as in other markets.  In South Carolina, where revenues declined just 3.9 percent, advertising from a weekly newspaper acquired March 31, 2008, helped to partially offset the total spending decline.

Classified advertising revenues in the fourth quarter of 2008 were below the prior year by $14.2 million, or 37.6 percent, driven by shortfalls in all markets, but most significantly in the company’s three metro newspaper markets.  In the metro markets, employment revenues decreased 60 percent, real estate revenues were down 50 percent, and automotive revenues declined 46 percent.  Legal Classified revenues increased due to real estate foreclosure listings.

Publishing    •    Broadcast    •    Interactive Media

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Media General, Inc., PO Box 85333 Richmond, VA 23293-0001 804/649-6748 www.mediageneral.com

Retail advertising revenues declined $7.7 million, or 12 percent, due to lower spending across most markets.  National revenues decreased $1 million, or 10.9 percent, mostly reflecting decreases in the national automotive and telecommunications categories in all markets.  Circulation revenues increased $915,000, or 5.7 percent, reflecting Daily single-copy price and home-delivery rate increases in most markets early in 2008.

Excluding severance expense from both years and some one-time costs incurred in 2008 as the division reduced its number of printing sites, Publishing Division expenses declined $­­7.7 million, or 7.2 percent, for the quarter.  Salary expense was down 11.7 percent as the result of workforce reductions.  Newsprint expense increased 1.5 percent as a result of higher newsprint cost, which was nearly offset by a 25.6 percent decrease in consumption.  The average price per ton increased $185, or 36.3 percent, over the 2007 fourth quarter.  For the year, however, newsprint expense was down 10.4 percent despite a 13.5 percent price increase as a result of the company’s newsprint conservation program.

Broadcast Division

Excluding severance expense from both years, Broadcast Division profit for the 2008 quarter of $24.3 million was 2.6 percent above last year’s fourth quarter.  Political revenues totaled $23.4 million and were generated mainly from Presidential campaign spending in Florida, North Carolina, Ohio and Virginia; U.S. congressional races in Ohio, North Carolina, Mississippi and South Carolina; state elections in Ohio; and issue spending in Ohio, Florida, North Carolina and Mississippi.

Broadcast expenses decreased more than 10 percent, excluding severance, due to reduced salary expense from workforce reductions, other cost containment initiatives and lower costs of goods sold at a broadcast equipment subsidiary.

Total Broadcast revenues declined $6.6 million, or 7 percent, and gross time sales declined $6.2 million, or 6.4 percent, due to weak economic conditions in most markets.  Local time sales declined $14.9 million, or 25.6 percent, and National time salesdecreased $10.6 million, or 30.6 percent.  Lower automotive spending was the main factor for the decreases in both categories.

Interactive Media Division

An operating loss for the Interactive Media Division of $1.6 million compared with a loss of $2.6 million in the prior year, which included an investment write-down.  Total division revenues increased 10 percent in the 2008 quarter.  Current-year results benefited from a strong profit contribution by DealTaker.com, an online shopping Web site that Media General acquired on March 31, 2008, and a 43 percent increase in local online revenues on the company’s local media Web sites.  These revenue increases, however, were partially offset by recession-driven declines in Classified and National advertising of 24.5 percent and 37 percent, respectively.  The performance of Blockdot, an advergaming and branded entertainment business, was also below the prior year as customers cut advertising budgets.

Non-cash Impairment and other results

As with much of the rest of the U.S., economic conditions in the company’s markets continued to decline in the fourth quarter of 2008.  Additionally, the market’s perception of the value of media stocks remains negative.  As a result of these factors, the company recognized a pre-tax non-cash impairment charge of $130.4 million, primarily to write-down the value of FCC licenses and network affiliation agreements in the Broadcast Division to their estimated fair values.

Interest expense decreased by $3.8 million, or 26 percent, primarily due to lower average debt levels.  Debt at the end of the fourth quarter was $730 million, down from $750 million at the end of the third quarter and from $898 million at the beginning of the year.

The effective tax rate for the quarter was a 28.6 percent tax benefit on the company’s pre-tax loss

compared to a 40.3 percent tax expense on pre-tax income in 2007.  The decline in the tax rate was due primarily to $7.5 million of a tax valuation allowance that related to continuing operations.

Publishing    •    Broadcast    •    Interactive Media

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Media General, Inc., PO Box 85333 Richmond, VA 23293-0001 804/649-6748 www.mediageneral.com

EBITDA (income from continuing operations before interest, taxes, depreciation and amortization) in thecurrent quarter was a deficit of $92million due to the impairment charge, compared with$46million in the 2007 period.  After-Tax Cash Flow, excluding the non-cash items, was $22.2 million compared with $26.9 million in the prior year.  Capital expenditures in the fourth quarter of 2008 were $12.3 million compared with $23 million in the prior-year period.  Free Cash Flow, excluding non-cash items, for the quarter (After-Tax Cash Flow minus capital expenditures) was$9.9 million compared with $3.9 million in the prior-year period, reflecting declines in both operating income and capital spending.

Media General provides the non-GAAP financial metrics EBITDA from continuing operations, After-Tax Cash Flow excluding non-cash items, and Free Cash Flow excluding non-cash items.  The company believes these metrics are useful in 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 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.

Conference Call and Webcast

The company will hold a conference call with financial analysts today at 2:30 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 to the call, listeners may call 1-866-362-5158 about 10 minutes prior to the 2:30 p.m. start.  The participant passcode is “Media General.”  Listeners may also access the live Webcast by logging on to www.mediageneral.com and clicking on the “Live Webcast” link on the homepage about 10 minutes in advance.  A replay of the Webcast will be available online at www.mediageneral.com beginning at 4:30 p.m. today.  A telephone replay is also available, beginning at 4:30 p.m. today and ending at 1 p.m. on February 5, 2009, by dialing 888-286-8010 or 617-801-6888, and using the passcode 70081667.

About Media General

Media General is a leading provider of local news, information and entertainment over multiple media platforms.  The company serves markets primarily in the Southeastern United States.  Media General publishes 24 daily newspapers, including The Tampa Tribune, Richmond Times-Dispatch, and Winston-Salem Journal; and community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina; plus approximately 275 weekly newspapers and other targeted publications.  The company owns and operates 19 network-affiliated television stations that reach approximately 30 percent of the television households in the Southeast and nearly 9 percent of those in the United States.  The company’s interactive media operations include Web sites and portals that are associated with each of its newspapers and television stations as well as with many specialty publications, and two growing interactive advertising services companies, Blockdot, Inc. and DealTaker.com.

Investor Contact:	Media Contact:
Lou Anne Nabhan	Ray Kozakewicz
(804) 649-6103	(804) 649-6748

Publishing    •    Broadcast    •    Interactive Media

(3 of 7)

Media General, Inc.

CONSOLIDATED STATEMENTS OF OPERATIONS

	Thirteen Weeks Ending						Fifty-Two Weeks Ending
	Dec. 28,			Dec. 30,			Dec. 28,			Dec. 30,
(Unaudited, in thousands except per share amounts)	2008			2007			2008			2007
Revenues	$	206,985		$	234,990		$	800,034		$	898,776
Operating costs:
Production		92,931			100,079			378,237			406,988
Selling, general and administrative		76,148			83,574			309,260			330,806
Depreciation and amortization		17,273			16,957			71,479			73,013
Goodwill and other asset impairment		130,383			—			908,701			—
Gain on fire insurance recovery		—			(17,604	)		(3,250	)		(17,604	)
Total operating costs		316,735			183,006			1,664,427			793,203
Operating income (loss)		(109,750	)		51,984			(864,393	)		105,573
Other income (expense):
Interest expense		(10,650	)		(14,475	)		(43,449	)		(59,577	)
Impairment of and recovery (loss) on investments		167			(23,207	)		(4,419	)		(34,825	)
Other, net		218			331			979			1,126
Total other expense		(10,265	)		(37,351	)		(46,889	)		(93,276	)
Income (loss) from continuing operations before income taxes		(120,015	)		14,633			(911,282	)		12,297
Income taxes		(34,355	)		4,698			(288,127	)		2,976
Income (loss) from continuing operations		(85,660	)		9,935			(623,155	)		9,321
Discontinued operations:
Income from discontinued operations (net of tax)		126			1,654			2,601			3,366
Loss related to divestiture of operations (net of tax)		—			(2,000	)		(11,300	)		(2,000	)
Net income (loss)	$	(85,534	)	$	9,589		$	(631,854	)	$	10,687
Net income (loss) per common share:
Income (loss) from continuing operations	$	(3.86	)	$	0.45		$	(28.18	)	$	0.41
Discontinued operations		—			(0.02	)		(0.39	)		0.06
Net income (loss)	$	(3.86	)	$	0.43		$	(28.57	)	$	0.47
Net income (loss) per common share - assuming dilution:
Income (loss) from continuing operations	$	(3.86	)	$	0.45		$	(28.18	)	$	0.41
Discontinued operations		—			(0.02	)		(0.39	)		0.06
Net income (loss)	$	(3.86	)	$	0.43		$	(28.57	)	$	0.47
Weighted-average common shares outstanding:
Basic		22,166			22,168			22,113			22,656
Diluted		22,166			22,296			22,113			22,827

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Media General, Inc.

BUSINESS SEGMENTS

							Interactive
(Unaudited, in thousands)	Publishing			Broadcast			Media			Eliminations			Total
Quarter Ended December 28, 2008
Consolidated revenues	$	111,192		$	87,482		$	10,069		$	(1,758	)	$	206,985
Segment operating cash flow	$	15,403		$	27,889		$	(1,149	)				$	42,143
Recovery on investment								4						4
Depreciation and amortization		(6,951	)		(6,267	)		(468	)					(13,686	)
Segment profit (loss)	$	8,452		$	21,622		$	(1,613	)					28,461
Unallocated amounts:
Interest expense														(10,650	)
Recovery on investment														167
Acquisition intangibles amortization														(2,902	)
Corporate expense														(7,350	)
Goodwill and other asset impairment														(130,383	)
Other														2,642
Consolidated loss from continuing operations before income taxes													$	(120,015	)
Quarter Ended December 30, 2007
Consolidated revenues	$	133,663		$	94,054		$	9,153		$	(1,880	)	$	234,990
Segment operating cash flow	$	32,648		$	28,791		$	(688	)				$	60,751
Write down of investment								(1,357	)					(1,357	)
Depreciation and amortization		(6,044	)		(5,233	)		(521	)					(11,798	)
Segment profit (loss)	$	26,604		$	23,558		$	(2,566	)					47,596
Unallocated amounts:
Interest expense														(14,475	)
Equity in net loss of unconsolidated affiliates														(21,850	)
Acquisition intangibles amortization														(4,014	)
Corporate expense														(8,537	)
Gain on fire insurance recovery														17,604
Other														(1,691	)
Consolidated income from continuing operations before income taxes													$	14,633
Twelve Months Ended December 28, 2008
Consolidated revenues	$	443,334		$	324,689		$	38,668		$	(6,657	)	$	800,034
Segment operating cash flow	$	61,512		$	87,246		$	(3,498	)				$	145,260
Recovery on investments								14						14
Depreciation and amortization		(27,697	)		(25,463	)		(1,867	)					(55,027	)
Segment profit (loss)	$	33,815		$	61,783		$	(5,351	)					90,247
Unallocated amounts:
Interest expense														(43,449	)
Impairment of and net loss on investments														(4,419	)
Acquisition intangibles amortization														(13,670	)
Corporate expense														(36,837	)
Gain on fire insurance recovery														3,250
Goodwill and other asset impairment														(908,701	)
Other														2,297
Consolidated loss from continuing operations before income taxes													$	(911,282	)
Twelve Months Ended December 30, 2007
Consolidated revenues	$	531,506		$	338,384		$	35,883		$	(6,997	)	$	898,776
Segment operating cash flow	$	115,131		$	87,582		$	(815	)				$	201,898
Net write down of investments								(3,433	)					(3,433	)
Depreciation and amortization		(25,095	)		(24,242	)		(1,849	)					(51,186	)
Segment profit (loss)	$	90,036		$	63,340		$	(6,097	)					147,279
Unallocated amounts:
Interest expense														(59,577	)
Equity in net loss of unconsolidated affiliates														(31,392	)
Acquisition intangibles amortization														(17,003	)
Corporate expense														(37,856	)
Gain on fire insurance recovery														17,604
Other														(6,758	)
Consolidated income from continuing operations before income taxes													$	12,297

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Media General, Inc.

CONSOLIDATED BALANCE SHEETS

	Dec. 28,		Dec. 30,
(Unaudited, in thousands)	2008		2007
ASSETS
Current assets:
Cash and cash equivalents	$	7,142	$	14,214
Accounts receivable-net		102,583		133,863
Inventories		12,035		6,676
Other		38,888		52,083
Assets of discontinued operations		11,881		106,958
Total current assets		172,529		313,794
Investments in unconsolidated affiliates		-		52,360
Other assets		41,308		65,686
Property, plant and equipment - net		453,679		475,028
FCC licenses and other intangibles - net		245,266		646,677
Excess of cost over fair value of net identifiable assets of acquired businesses		421,470		917,521
Total assets	$	1,334,252	$	2,471,066
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	41,378	$	32,676
Accrued expenses and other liabilities		86,352		101,817
Liabilities of discontinued operations		2,969		5,521
Total current liabilities		130,699		140,014
Long-term debt		730,049		897,572
Deferred income taxes		-		311,588
Other liabilities and deferred credits		318,277		208,885
Stockholders' equity		155,227		913,007
Total liabilities and stockholders' equity	$	1,334,252	$	2,471,066

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Media General, Inc.

EBITDA, After-tax Cash Flow, and Free Cash Flow

	Thirteen Weeks Ending					Fifty-Two Weeks Ending
	Dec. 28,			Dec. 30,		Dec. 28,			Dec. 30,
(Unaudited, in thousands)	2008			2007		2008			2007
Income (loss) from continuing operations	$	(85,660	)	$	9,935	$	(623,155	)	$	9,321
Interest		10,650			14,475		43,449			59,577
Taxes		(34,355	)		4,698		(288,127	)		2,976
Depreciation and amortization		17,273			16,957		71,479			73,013
EBITDA from continuing operations	$	(92,092	)	$	46,065	$	(796,354	)	$	144,887
Income (loss) from continuing operations	$	(85,660	)	$	9,935	$	(623,155	)	$	9,321
Non-cash impairment charge, net of tax		83,054			-		615,137			-
Non-cash tax valuation allowance		7,527			-		7,527			-
Depreciation and amortization		17,273			16,957		71,479			73,013
After-tax cash flow excluding non-cash items	$	22,194		$	26,892	$	70,988		$	82,334
After-tax cash flow	$	22,194		$	26,892	$	70,988		$	82,334
Capital expenditures		12,274			23,014		31,517			78,142
Free cash flow excluding non-cash items	$	9,920		$	3,878	$	39,471		$	4,192

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EX-99.2

Media General Inc., PO Box 85333, Richmond, VA 23293-0001  804/649-6748  www.mediageneral.com

FOR IMMEDIATE RELEASE

Thursday, January 29, 2009

Media General Reports December 2008 Revenues

RICHMOND, Va. – Media General, Inc. (NYSE: MEG) today announced that total company revenues in December 2008 were $56.1 million compared with $68 million in December 2007.  The year-over-year decrease of 17.5 percent was attributable to lower Publishing Division and Broadcast Division revenues, which declined 15.4 percent and 23.9 percent, respectively.  Interactive Media Division revenues grew 17.1 percent, reflecting a 37.6 percent increase in Local online advertising in addition to the revenues of DealTaker.com, the company’s new shopping site, acquired on March 31, 2008.

Publishing Division

Publishing Division total revenues, excluding Florida, were down 14.6 percent in December.  Revenues in Virginia and North Carolina decreased 16.2 percent and 15.4 percent, respectively.  In Alabama, revenues decreased 7.3 percent, as the Classified decline was not as sharp as in other markets.  In South Carolina, revenues declined just 4.7 percent, mostly due to the positive impact of revenues from a new weekly newspaper acquired on March 31, 2008.

Classified advertising revenues in December decreased $3.5 million, or 36.9 percent, reflecting reductions in all markets, but more significantly in the company’s three metro newspaper markets.  In the company’s metro markets combined, employment revenues decreased 62.7 percent, real estate advertising revenues decreased 46.5 percent, and automotive revenues declined 44.9 percent.  These reductions were partially offset by increased legal Classified revenues, reflecting a large number of real estate foreclosures.

Retail advertising revenues declined $2.5 million, or 12.7 percent, due to lower spending in all markets across several key categories.  National advertising revenues decreased $190,000, or 6.6 percent, and reflected declines in Tampa and Winston-Salem.

Circulation revenues increased $280,000, or 5.7 percent, reflecting Daily single-copy and home-delivery price increases in a number of markets.

Broadcast Division

Broadcast gross time sales decreased $6.1 million, or 22.9 percent, reflecting weak advertising in most markets.  Local time sales decreased $2.7 million, or 16.5 percent, and National time sales declined $2.6 million, or 26.5 percent.  Lower spending in the automotive, furniture store and grocery store categories drove the decline in both Local and National transactional advertising.  Political advertising was nominal for December and decreased $900,000 from the same month last year.

Interactive Media Division

Interactive Media Division revenues rose 17.1 percent, driven by a 37.6 percent increase in Local advertising and strong holiday revenues from DealTaker.com.  Local advertising growth was generated by an increased focus on online-only sales, staffing and training.

National/Regional advertising declined 38.9 percent, mostly as result of reduced spending in Florida.  While online Classified advertising decreased 16.9 percent overall, an increase in employment liner advertising through participation in the Yahoo!HotJobs partnership and higher rates helped mitigate the shortfall.

DealTaker.com generated strong revenues during December, and its page views rose 61 percent and unique visitors more than doubled compared with the same period last year.

Media General’s total online audience growth continued in December, driven by continuous news and new local entertainment offerings on the company’s sites.  Page views were up 9.3 percent, visitor sessions increased 23.6 percent, and unique visitors rose 29.1 percent.

Publishing    •    Broadcast    •    Interactive Media

(1 of 3)

Media General Inc., PO Box 85333, Richmond, VA 23293-0001  804/649-6748  www.mediageneral.com

Consistent with current industry practice, Media General is discontinuing monthly revenues reports.  The company believes that it is more meaningful to report revenues on a quarterly basis and in conjunction with expenses and profit performance, especially in these times of economic uncertainty and market volatility.

About Media General

Media General is a leading provider of local news, information and entertainment over multiple media platforms.  The company serves markets primarily in the Southeastern United States.  Media General publishes 24 daily newspapers, including The Tampa Tribune, Richmond Times-Dispatch, and Winston-Salem Journal; and community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina; plus approximately 275 weekly newspapers and other targeted publications.  The company owns and operates 19 network-affiliated television stations that reach approximately 30 percent of the television households in the Southeast and nearly 9 percent of those in the United States.  The company’s interactive media operations include Web sites and portals that are associated with each of its newspapers and television stations as well as with many specialty publications, and two growing interactive advertising services companies, Blockdot, Inc. and DealTaker.com.

Investor Contact:	Media Contact:
Lou Anne Nabhan	Ray Kozakewicz
(804) 649-6103	(804) 649-6748

Publishing    •    Broadcast    •    Interactive Media

(2 of 3)

MEDIA GENERAL, INC.

Revenues and Page Views For the Period Ended December 28, 2008

	December									Year-to-Date
	2008			2007			% Change			2008			2007			% Change
Revenues (000)
Publishing	$	32,940		$	38,937			(15.4	)%	$	443,334		$	531,506			(16.6	)%
Broadcast		20,545			27,015			(23.9	)%		324,689			338,384			(4.0	)%
Interactive Media		3,133			2,676			17.1	%		38,668			35,883			7.8	%
Eliminations		(505	)		(606	)		16.7	%		(6,657	)		(6,997	)		4.9	%
Total Revenues	$	56,113		$	68,022			(17.5	)%	$	800,034		$	898,776			(11.0	)%
Discontinued Operations1	$	561		$	2,928			(80.8	)%	$	21,939		$	39,240			(44.1	)%
Selected Publishing Revenues by Category (000)
Classified	$	5,931		$	9,397			(36.9	)%	$	122,845		$	179,671			(31.6	)%
Retail		17,104			19,599			(12.7	)%		202,124			225,728			(10.5	)%
National		2,699			2,890			(6.6	)%		31,515			38,357			(17.8	)%
Other		1,026			939			9.3	%		6,568			6,738			(2.5	)%
Total Advertising	$	26,760		$	32,825			(18.5	)%	$	363,052		$	450,494			(19.4	)%
Circulation	$	5,136		$	4,859			5.7	%	$	64,526		$	64,970			(0.7	)%
Broadcast Time Sales (gross) (000)
Local	$	13,495		$	16,171			(16.5	)%	$	194,534		$	213,092			(8.7	)%
National		7,101			9,659			(26.5	)%		104,055			130,801			(20.4	)%
Political		69			973			(92.9	)%		38,124			6,774			---
Total Time Sales	$	20,665		$	26,803			(22.9	)%	$	336,713		$	350,667			(4.0	)%
Online Total Page Views (000)
Total Web Sites (less discontinued operations)		52,205			47,766			9.3	%		750,371			675,833			11.0	%
(Excluding Advertising Services)

Notes: All data are subject to later adjustment.

1 Discontinued operations include the following TV Stations:  WMBB in Panama City, Florida; KALB/NALB in Alexandria, Louisiana;WNEG in Toccoa, Georgia; WTVQ in Lexington, Kentucky and WCWJ in Jacksonville, Florida.

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