Just as the NYTCo (NYSE: NYT) settled its differences with Harbinger, Media General is ratcheting up the war of words. In a letter sent to shareholders, filed with the SEC, the company lays it out: “Your Board’s Nominees Are the Right Directors… Harbinger’s Nominees Are NOT the Right Answer for Media General”.

The letter defends the company on specific points, including its investment in social shopping site DealTaker, its purchase of certain NBC affiliates and its expansion beyond its core geographical base. It also derides Harbinger’s lack of a strategic plan and its failure to stay in communication with the company. As for the three nominees, Eugene I. Davis, F. Jack Liebau, Jr. and J. Daniel Sullivan, the letter tries to take them down by claiming have no relevant experience or background to suggest that they’d be capable directors. With respect to Sullivan, the company alleges a resume misrepresentation over his education experience. Its key message: “It is extremely difficult to understand how these individuals could possibly contribute in a positive manner to Media General (NYSE: MEG). Your Board’s nominees are clearly superior in knowledge, experience and commitment to act in the best long-term interests of all Media General stockholders.”

--The company does acknowledge that things need changing at the company in a section called ‘2007 Was Not a Good Year’: “We completely understand – and share – the frustration over our current stock price. In response, we have announced the sale of our interest in SP Newsprint and as many as five of our television stations to pay down debt. We also have diversified the Company with our acquisition of high-margin Internet businesses such as Blockdot and, most recently, DealTaker (a transaction we expect to complete next month). We believe that steps like these, coupled with our own new revenue initiatives, are the way to build lasting value – even as we also continue to pare costs from our more mature businesses. While our Annual Report shows that there were bright spots in our 2007 performance, they were unavoidably overshadowed by the Florida economy, the weak performance of NBC (our most important network from a financial perspective) and the heightened pace at which classified advertising has shifted to the Internet.”

• Updated: NYTCo Settles Proxy Fight With Harbinger; Board To Expand; Activists Get Two Seats