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Media General, Inc.

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RiskMetrics

Group

ISS Governance Services

April 8, 2008

Rockville, Maryland

2

Company Overview

•

Headquartered in Richmond, Virginia

•

2007 Revenues –

just over $930 million

•

About 7,000 employees

•

Operations

•

25 daily newspapers

•

23 television stations

•

75+ portals, websites, Internet platforms

3

Mid-90s

–

changed and sharpened our

operating and geographic focus

•

An information company: platform is secondary

•

Southeast focus

Mission Statement:

“Our mission is to be the leading provider of high-

quality news, information and entertainment in the

Southeast by continually building on our position of

strength in strategically located markets.”

Evolution to:

•

a content company

•

focused on each particular market we serve

Our franchise is local content

4

An industry in transition:

Change often enabled by new technology

•

cable television

•

the Internet

Retaining fragmenting audiences requires that we

become increasingly platform indifferent

Lesson: the customer is in charge

5

Business plan elements

•

Quality local information

•

Audience aggregators

(but also audience segmenters

because of the

Internet)

•

Barriers to entry virtually eliminated

(but ease of entry also allows us to enter new 

markets with niche products, all with Internet

components, so that we can begin aggregating

desirable audience segments)

•

Retaining Internet audiences requires development of

a “sense of community”

•

User input on legacy sites

•

Blockdot; Boxerjam

•

DealTaker

•

(A lifelong bond with consumers)

6

Harbinger

–

July, 2007, 13G –

9.1%

(passive investor)

–

Immediately thereafter –

swaps, making total economic

interest 21.4%

(swaps undisclosed until December, 2007)

No contact from Harbinger

•

no calls before investment

•

repeated refusals to return calls after investment

Indefensible

7

Gabelli conference –

April 1, 2008

•

We heard, for the first time, Harbinger’s “prescription”

for Media General:

“Do better”

(clothed in B-school jargon)

but, a few specifics:

•

pursue duopolies

•

pursue retransmission consent fees

•

consider selling our Florida properties

•

sell DealTaker, Blockdot

(and another small stake

in an Internet company); and

•

pay down debt

•

also criticized our 2006 acquisition of four NBC

stations

8

Duopolies

FCC requirements

Allowed if:

•

8 full-power stations remain after the merger

•

Only one of the stations is in the Top 4 in the

market

Mostly a large-market strategy

•

some MEG markets are too small to allow

duopolies

•

depends on what stations/station groups become

available

•

MEG’s

Spartanburg tri-opoly

•

Alexandria (La.) virtual duopoly

•

use of digital bandwidth

9

Retransmission consent fees

(fees cable systems pay local television stations for

carrying their content)

•

Cable carriage is contract based (contracts generally

are 3-5 years)

•

Effect of increasing satellite and telephone

penetration (competitors to Cable)

•

Sinclair watershed

•

Actually, being actively pursued by MEG

•

All television owners know this

•

Hardly a new “prescription”

10

Selling our Florida properties

•

Gabelli

conference audience reaction

•

Harbinger retrenchment to “maybe just sell The

Tampa Tribune”

•

Worst possible time to sell a large-market newspaper

•

Low basis/tax leakage

•

Cannot be on-again/off-again presence in market

11

Selling DealTaker

and Blockdot

•

High-margin businesses

•

Role of “community”

as a differentiator on the Web

12

Pay down debt

(underway long before we knew Harbinger)

•

SP Newsprint

•

5 television stations being sold

•

Announced cost reductions/performance

improvements

13

2006 NBC Acquisition

•

Stockholder letter discussion

•

Gabelli

conference

•

Political revenue/broadcast margins in 2006 and,

now, 2008

14

What does this “prescription”

show about

Harbinger?

•

Short-term focus

•

Completely failed to understand MEG strategies

–

importance of serving good local markets

–

“leading provider”

requires long-term focus

Ideas do lead –

But, there isn’t a single good new idea in

Harbinger’s “prescription”

Harbinger’s frustration over its own poor market timing

does not translate to a claim that the MEG Board is

ineffective.

15

Harbinger’s nominees

Sullivan

•

skeptical of “$1 billion”

claim

•

character counts

Davis

•

13 public company boards already

•

RiskMetrics/ISS policy

Liebau

•

no relevant operating experience

•

no public company experience

16

Media General’s nominees

•

Charles A. Davis

•

Rodney A. Smolla

•

Walter E. Williams

Media General’s Board

–

varied relevant backgrounds

–

varied perspectives and ideas

–

varied lengths of service