Title: Annual Meeting of Stockholders May 24, 2002
1Annual Meeting of StockholdersMay 24, 2002
m
2Cost Reductions
- Employment reduced 5, mostly through hiring
freeze - Reduced travel, entertainment, promotion and
other discretionary spending - Deferred capital spending
- Web-width reductions at all newspapers
- No executive bonuses for 2001
- Stock options in lieu of cash salary increase for
executives in 2002 - Salary increases for employees 3 or less
3SoutheastFocus
4Newspaper Clusters
5Convergence Markets
6m
Reid AshePresident and Chief Operating Officer
7Publishing Division
8Publishing Advertising GrowthFirst Quarter 2002
Percent
Source C.S. First Boston
9Publishing Operating Cash Flow MarginFirst
Quarter 2002
Percent
Source C.S. First Boston
10Newspaper Clusters
11North Carolina Community Newspapers
12Circulation
13The Power to Grow Readership
Driving Readership
Content News Ad
Brand Perception
Service Excellence
Culture Management Practices
Source Readership Institute
14Broadcast Division
15Television Stations
16Centralized Traffic Center
17National Revenues
18Local Revenues
19Broadcast Revenues2002 Through March
Source Television Bureau of Advertising
20Quality Local News
21Quality Syndicated Programming
22Digital TV Conversion
23WCBD Charleston
24Interactive Media Division
25Revenue by Product 2002Goal - 13 million
26Classified Up-Sells
27Classified and Retail Display Up-Sells
28Online Products
29Page Views(per week in millions)
2001
2002
Above includes hosting by Media General and
excludes third party affiliate hosting.
30m
Marshall MortonVice Chairman and CFO
31Financial Flexibility
- New 5-year revolver 1 billion
- New shelf registration 1.2 billion
- Debt at the end of 2001 792 million
- Debt at end of 2002 700 million (E)
32Uses of Cash 2001
124 Million
332002 Capital Expenditures
59.5 Million
Corporate 5.7 million
Publishing 18.1 million
IMD 4.5 million
Broadcast 31.2 million
341Q02 vs. 1Q01
- Publishing Profit 1 million
- Broadcast Profit 3.7 million
- Publishing Expenses -8
- Broadcast Expenses -1
- Corporate Expense Even
35m
Marshall MortonVice Chairman and CFO
36m
Stewart BryanChairman and Chief Executive Officer
37FCC Cross-Ownership Rule Review
- Media General participating actively
- Rule must be repealed completely
- Any line drawing would be arbitrary
- Hope for decision by fall
38Transferred to NYSE from AMEXSeptember 19, 2001
39Strategic Transformation
- Cable and newsprint sold
- Extraneous operations sold
- New Interactive Media Division
- A Content Company
- Strong management team located in Richmond
40Relative Price Performance
Media General vs. SP 500 and Industry Group
5/14/02
41Building Shareholder Value
- Growth Strategy
- Leverage Southeast focus
- Newspaper clustering
- Convergence
- New Interactive Media products
- Internal growth and acquisitions
- Aggressive, focused expense management
- Invest in human and capital resources
- Strong cash flow
- Financial flexibility