Media General, Young Broadcasting to Merge in All-Stock Transaction

Media General, Inc.

and privately held New Young Broadcasting Holding Co., Inc., both local broadcast television and digital media companies, today announced a definitive agreement to combine the two companies in an all-stock merger transaction.  The new company will retain the Media General name and will remain headquartered in Richmond, VA.   Media General owns 18 network-affiliated stations, and Young owns or operates 12 network-affiliated stations.  The combination will create a company with 30 stations operating in 27 markets, reaching 16.5 million, or 14%, of U.S. TV households.  On a pro forma basis, 2012 revenues were $605 million, including approximately $115 million of political revenues.  The new company will have a strong balance sheet, including significant tax carryover net operating losses that will survive the merger, and an enhanced