J. Stewart Bryan III to Be Succeeded as Media General's Chief Executive Officer by Marshall N. Morton; Bryan to Remain Chairman

J. Stewart Bryan III to Be Succeeded as Media General's Chief Executive Officer by Marshall N. Morton; Bryan to Remain Chairman

RICHMOND, Va., Jan. 27 /PRNewswire-FirstCall/ -- J. Stewart Bryan III, chairman and chief executive officer of Media General, Inc. (NYSE:MEG) today announced that the company's Board of Directors has unanimously approved a succession plan that will ensure continued strong, experienced and effective leadership at Media General in the years ahead.

Bryan said that on July 1, 2005, Marshall N. Morton, 59, vice chairman and chief financial officer, will succeed him as chief executive officer and will also assume the title of president. Bryan, 66, will continue to serve as chairman.

Also on that date, John A. Schauss, 48, the company's treasurer, will assume the additional responsibilities of vice president-finance and chief financial officer. Reid Ashe, 56, will continue to serve as chief operating officer, and the company's Publishing, Broadcast and Interactive Media divisions will continue to report to him. When Morton assumes the role of president, Ashe will become executive vice president and chief operating officer.

"The board of directors and I have been planning this transition for the past few years," said Bryan. "While I will continue to be actively engaged in setting Media General's strategy and business direction, I am extremely pleased to hand off the duties of chief executive officer to Marshall Morton, who has worked with me side-by-side for the past 15 years as we refocused Media General and implemented our growth strategies of Southeast focus, clustering and convergence.

"At the same time, I look forward to the opportunity to devote considerably more energy to personal interests, travel, and my family, especially our three young grandchildren," Bryan said.

Morton said, "I am honored to have the opportunity to become president and chief executive officer of Media General and look forward to continuing to work closely with Stewart and our other directors. Media General has enjoyed considerable growth and success since we implemented our mission of being the leading provider of high-quality news, information and entertainment in the Southeast. I am convinced that the best way to move our company forward and enhance shareholder value is to continue to build on our mission."

Morton continued, "John Schauss is eminently qualified for his new role as chief financial officer and will be a tremendous asset to the company as we continue to implement our growth strategies. In addition to the financial duties of treasurer, John has been responsible for the company's strategic planning process since he joined us and has had the opportunity to learn all aspects of our operations. Throughout his career, he has promoted a culture of fiscal discipline and accountability," said Morton.

"I also look forward to continuing a strong working relationship with Reid Ashe, who has successfully executed his role as chief operating officer since his appointment to the post," said Morton. "In addition to his deep knowledge of all of our operations, Reid's leadership experience as a member of our original team in Tampa that pioneered convergence as we practice it today in the News Center there has been and will continue to be invaluable as we further implement our convergence strategy throughout Media General," he said.

Bryan, Morton and Ashe will all stand for re-election to the board of directors at the company's annual meeting on April 28, 2005.

Bryan became chairman, president and chief executive officer of Media General in 1990. He began his career with the company through summer jobs at The Richmond News Leader from 1954 to 1957. He went to work for The Burlington (Vt.) Free Press in 1963, The Tampa (Fla.) Times in 1965, and the Richmond Times-Dispatch in 1967. He returned to Tampa and The Tribune Co. in 1968, became executive vice president in 1971 and publisher of The Tampa Tribune and The Tampa Times in 1976. In 1978, he was named president and publisher of the Richmond Times-Dispatch and The Richmond News Leader. Bryan was elected to the board of directors of Media General in 1974, and vice chairman and executive vice president in 1985. He earned a BA in philosophy at the University of Virginia and served in the U.S. Marine Corps from 1960 to 1962.

Morton has served as Media General's chief financial officer since August 1989 when he joined the company as senior vice president. He has served as vice chairman and chief financial officer since July 2001. Morton was elected to Media General's Board of Directors in 1997 and serves on its executive committee. Prior to joining Media General, he held a number of financial positions with West Point Pepperell, including corporate vice president and controller. A native of Charlottesville, Va., and a U.S. Navy veteran, he earned BA and MBA degrees from the University of Virginia.

Schauss joined Media General in February 2001 as treasurer. He previously was deputy treasurer of George Washington University in Washington, D.C., and before that chief operating officer of Eastern College in St. Davids, Pa. Schauss has also held executive-level administrative and financial positions at Tulane University in New Orleans. He received bachelor's degrees in business administration and finance from Ball State University, and he completed MBA studies at Regent University and the University of Indianapolis.

Ashe joined Media General in 1996 as president and associate publisher of The Tampa Tribune and became publisher at the beginning of 1997. He has been president and chief operating officer of Media General since July 2001. He was elected to Media General's board of directors in 2002 and serves on its executive committee. Prior to joining Media General, he had been president and publisher of The Wichita Eagle since 1986. Ashe received a degree in electrical engineering from the Massachusetts Institute of Technology.

About Media General

Media General is a diversified communications 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, the Richmond Times-Dispatch, and the Winston-Salem Journal; 22 daily community newspapers in Virginia, North Carolina, Florida, Alabama and South Carolina; and more than 100 weekly newspapers and other publications. The company's broadcasting assets include 26 network-affiliated television stations that reach more than 30 percent of the television households in the Southeast and nearly 8 percent of those in the United States. The company's interactive media assets include more than 50 online enterprises that are associated with its newspapers and television stations. Media General also owns a 20 percent interest in The Denver Post and a 33 percent interest in SP Newsprint Company.


Source: Media General, Inc.

CONTACT: Investor: Lou Anne Nabhan, +1-804-649-6103, or Media: Ray
Kozakewicz, +1-804-649-6748, both of Media General, Inc.

Web site: http://www.mediageneral.com/


-------
Profile: intent