Media General Completes Purchase of Coupon and Shopping Site DealTaker.com

RICHMOND, Va., March 31 /PRNewswire-FirstCall/ -- Media General
(NYSE: MEG) announced today that it has completed the purchase of
DealTaker.com, an online social shopping portal that attracts nearly 500,000
unique visitors per month who are seeking shopping bargains.
DealTaker.com is profitable with a robust double-digit profit margin and
the transaction is expected to be accretive to Media General's 2008 earnings.
While the specific terms of the transaction were not disclosed, it is an asset
purchase made at a mid-single-digit multiple.
"DealTaker.com receives a commission for purchases made by the users it
sends to retailer Web sites. The national dollars that flow through as
commissions to DealTaker.com represent an important new cash flow stream for
Media General," said Marshall N. Morton, president and chief executive of
Media General. "DealTaker.com is a social shopping portal frequented by a
growing community of users who come to the site seeking savings, discounts,
advice and convenient purchasing opportunities. They aggregate retailer
inventory and online coupons in a functional, efficient and trusted
environment. Media General plans to expand the visibility of DealTaker.com by
prominently featuring the portal on all of our local media Web sites. This
will provide users with another compelling reason to visit our Web sites,"
said Mr. Morton.
Media General's Interactive Media Division operates two lines of business.
One line is the Web sites that are associated with the company's newspapers
and television stations. The second line is interactive advertising services.
"We are pleased with our experience in the world of interactive
advertising services," said Mr. Morton. "For example, we acquired our Blockdot
advergaming business in mid-2005 for an investment of less than $5 million. In
2007, Blockdot's revenues grew to $8 million, nearly tripling 2006 revenues,
and it generated a profit of $2.6 million," he said. "Blockdot is a cutting-
edge business with many marquee-name national clients and it has continued to
break new creative ground with these customers. Its revenue is service-and
production-based and we are able to tap a stream of business previously
unavailable to Media General -- large name brands, consumer package goods,
Hollywood movies/entertainment and other national direct business," Mr. Morton
said.
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.
About DealTaker.com
DealTaker.com is an online social shopping portal that attracts nearly
500,000 unique visitors per month who are seeking shopping bargains. The
coupon section is one of the most comprehensive and frequently-updated sites
of its kind, offering thousands of coupons for over 1,500 online stores. A
price search engine contains more than 15 million products and allows users to
enter a product name, number or description and obtain a list of the online
stores that carry the item as well as the best prices paired with available
coupons and the price. The forums are the most heavily trafficked area of the
site and provide a continuously flowing information exchange about deals,
which are provided by a membership of more than 120,000. Another popular area
is Free Stuff, where users can register at various Web sites for free items.
DealTaker.com also offers e-mail notification, a gift registry and a gift card
area with links.
About Media General
Media General is a multimedia company operating leading newspapers,
television stations and online enterprises primarily in the Southeastern
United States. The company's publishing assets include three metropolitan
newspapers, The Tampa Tribune, Richmond Times-Dispatch, and Winston-Salem
Journal; 22 daily community newspapers in Virginia, North Carolina, Florida,
Alabama and South Carolina; and more than 150 weekly newspapers and other
publications. The company's broadcasting assets include 23 network-affiliated
television stations that reach more than 32 percent of the television
households in the Southeast and nearly 9.5 percent of those in the United
States. The company's interactive media assets include more than 75 online
enterprises that are associated with its newspapers and television stations.
SOURCE Media General

Investors, Lou Anne Nabhan, +1-804-649-6103, or Media, Ray Kozakewicz of Media
General, +1-804-649-6748, both of Media General