Earnings: Media General Q1 Net Loss Deepens; Revs Slide 11 Percent; Interactive Down

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Media General (NYSE: MEG), locked in a bid to fend off an activist investor group, reported Q1 revenue of $194.4 million, 11 percent lower than the $218.2 million from the year-ago period. The company booked a net loss from continuing operations of $9.8 million ($.44 per share), up from a loss of $6.5 million ($.27 per share). You already know the reasons behind the weakness: poor ad revenue, particularly at its ‘crown jewel’, the Tampa market, which is in the midst of a deep recession that’s been ongoing for some time. Interactive revenue actually fell in the quarter to $7.7 million, a decrease of 3.3 percent, which the company attributed to lower classified revenue and weakness in the company’s adver-gaming unit (a source of contention with the Harbinger Capital). The division lost $2.7 million.

— Publishing revenue fell 16.7 percent, while broadcasting slipped a modest 1.2 percent.

Release | Webcast (10:00 AM ET)

Conference call: Despite the recent setbacks in its battle against Harbinger, Media General isn’t shifting into compromise mode, at least not officially. With its annual meeting a week away, CEO Marshall Morton expressed disappointment that Mario Gabelli would likely back the Harbinger noms, though he reminded: “If one or more of the Harbinger slate are elected, they will constitute a minority of the board.” When asked whether the company had a contingency plan to deal with the slate, should they get elected, he acknowledged that there isn’t much choice in the matter: “if they’re elected directors, we’ll work with them.”

Yahoo (NSDQ: YHOO) HotJobs: $1.6 million in revenue in the quarter.
DealTaker: The recent social shopping acquisition is expected to be accretive immediately, though the company still won’t talk about the price paid for the site.

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