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Media General Bonuses Help Make Up for Furloughs

Hinting at its new life as a pure-play broadcaster, Media
General is giving those who lost income during a 2011 furlough program a cash
payment equal to up to five days of pay.

"To thank you for your loyalty and dedication, we are going
to reinvest some of the dollars generated by our strong performance this year
back into our employees," said Marshall Morton, president and CEO, in an
internal memo.

Morton retires at the end of 2012, and VP/COO George Mahoney
takes over. 

Employees who were furloughed for five days or more receive
the full five-day bonus.

Media General has used furlough programs to cut costs
multiple times in the recent past. In 2009, employees took 15 unpaid days off.
In June of 2011, the company mandated employees take 15 more unpaid days before
the end of the year.

"As we approach the midpoint of 2011, the much
anticipated economic recovery continues to be unevenly felt across our markets,
and, more recently, the economy has faltered," Morton said in a memo at
the time.

Several media companies used furloughs during the recession,
including Gannett, Freedom and Newport Television.

Most employees get their checks Dec. 14.

Said Morton in the most recent memo:

"I'm pleased to report that 2012 is going to be a very
strong year for Media General. Our stations have done an outstanding job
leveraging this year's event-driven revenue opportunities and also have managed
our core business very well."

Morton cited political advertising, both from the election and
ongoing fiscal cliff debates, as revenue drivers, along with Olympics on the
group's eight NBC affiliates.

"I am grateful for your steadfastness during the
difficult economic times that we have faced, and I thank you for your strong
efforts this year," he summed up.