Earnings: Media General Q2 Profit Plunges 74.8 Percent; Interactive Revs Up 44.5 Percent

Citing a dramatic reverse in Florida’s booming economy, Media General (NYSE: MEG), the publisher of The Tampa Tribune and Richmond Times-Dispatch, saw its profits tumble 74.8 percent, as Q2 net income was $5.1 million, compared to last year’s net income of $20.2 million. In a prepared statement, Marshall Morton, Media General’s president and CEO, said that Florida’s economy, especially its housing market, had soared over the past few years, but had recently suffered a severe downturn. That had a major affect on its ad revenues at The Tampa Tribune, which dragged the rest of its holdings down with it. Also in its earnings report:

Interactive Media Division revenues came in at $9.5 million, a rise of 44.5 percent over Q206. In particular, Media General benefited from the websites associated with its newly acquired NBC TV stations. Secondly, the unit’s strong performance was led by the division

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