Long-Term Incentive Changes Rejected by Media General Shareholders

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By: E&P Staff

Media General shareholders rejected proposed amendments to the company’s long-term incentive plan during its annual meeting on Thursday. Additionally, nine directors were elected at one-year terms.
Of the nine, one member is new: Rodney A. Smolla, dean of the T.C. Williams School of Law at the University of Richmond.

The re-elected members are the following: J. Stewart Bryan III, O. Reid Ashe, Jr., Diana F. Cantor, Charles A. Davis, Marshall N. Morton, Thompson L. Rankin, Walter E. Williams, and Coleman Wortham III.

Morton, also president and CEO of Media General, said in a statement: “We are engaged in a concerted effort to launch new products and services, which we find is the best way to evolve with changing customer needs and technology.”

The company plans to derive 5% of total revenues each year, profitably, from new products and services. Capital spending in 2006 is expected to be about $100 million, down from the original budget of $126 million. The total includes $54 million for the publishing division – mostly for three new press projects and for an upgraded advertising system.

Meanwhile, the board of directors declared a quarterly dividend of $.22 per share. The dividend is payable on June 15, 2006, to Class A and Class B shareholders of record on May 31, 2006.

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