Media General Cuts Workforce By Nearly 11 Percent; Online Rev Up 15.5 Percent But Not Enough

By the beginning of Q3, Media General (NYSE: MEG) says it will have dropped the equivalent of 750 full-time jobs from its payroll — saving an estimated $40 million — and added 60 in interactive. At the same time, the company, under fire by activist shareholder Harbinger, said revenues in its interactive division rose 15.5 percent as overall revenue dropped 10.9 percent. Online growth stemmed from higher local ad spending — up 42 percent — and revenues generated during the first month of the Richmond, VA-based company

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