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Media General Commences Tender Offer For 11 3/4 % Senior Secured Notes

Stocks in this article: MEG

RICHMOND, Va., June 29, 2012 /PRNewswire/ -- Media General, Inc. (NYSE: MEG) commenced a cash tender offer to purchase up to $45,214,000 aggregate principal amount of its 11 3/4 % Senior Secured Notes due 2017 (the "Notes"). The tender offer will expire at 5:00 p.m., New York City time, on July 30, 2012, unless extended by Media General in its sole discretion. The terms and conditions of the tender offer are described in an Offer to Purchase, dated June 29, 2012, and a related Letter of Transmittal.

On June 25, 2012, Media General completed its sale of 63 daily and weekly newspapers to World Media Enterprises Inc., a subsidiary of Berkshire Hathaway, Inc., for $142 million in cash, subject to adjustment for working capital and other items.  The company is obligated to use a portion of the net proceeds from the sale, as determined under the Amended and Restated Intercreditor and Collateral Agency Agreement dated as of February 12, 2010, among the company, the Bank of New York Mellon, as trustee, BH Finance LLC (as successor to Bank of America, N.A.), as bank agent and Wells Fargo Bank, N.A. (as successor to Bank of America, N.A.), as collateral agent and the Indenture dated as of February 12, 2010 (the "Indenture") among the Company, the Guarantors party thereto and The Bank of New York Mellon, as trustee, to offer to purchase a portion of the outstanding Notes.

In accordance with the Indenture, and subject to the terms and conditions of the Offer to Purchase, Media General is offering to purchase Notes at a purchase price of 100% of the principal amount thereof, plus accrued and unpaid interest to the date of payment.  If the aggregate principal amount of the Notes validly tendered (and not validly withdrawn) exceeds $45,214,000, the company will accept for purchase a pro-rata portion of such Notes so that the aggregate principal amount of the Notes purchased does not exceed $45,214,000.  Tenders may be withdrawn at any time prior to 5:00 p.m., New York City time, on July 30, 2012, subject to the terms and conditions of the Offer to Purchase.

This news release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any Notes.  The complete terms and conditions of the tender offer are set out in the Offer to Purchase and related Letter of Transmittal.

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