Pros
MG is one of the biggest media companies and is experimenting with doing some innovative things in the way of converging broadcast, newspaper and internet into one media company. Work for a Media General company and you get the opportunity to expand your knowledge across several different mediums, making you a more valuable employee.
Cons
Media General is highly dependent on the newspaper industry, which is a dying industry. They are beginning to move towards a "web First" strategy, but they are an extremely slow moving ship to change. Ideas take a long time to vet their way up to corporate, and most things take so approval on so many levels of management that often, its not worth the time or energy.