Blog Post

Earnings: Media General Swings To Loss, But Sees Signs Of Slowing Ad Declines

Media General (NYSE: MEG) wasn’t able to hit profitability as its newspaper publishing peers like Journal Communications (NYSE: JRN), McClatchy (NYSE: MNI) and Gannett (NYSE: GCI) did this week, as it swung to a net loss of $62.5 million. The Richmond, Va.-based owner of The Tampa Tribune, Richmond Times-Dispatch and 20 other dailies blamed the loss on an impairment charge of $84 million. As it said in Q2, when revs declined over 20 percent, insisted that the quarters of ad declines are slowly easing. This time out, revenues fell 18 percent.

On the digital front, revenues were up just 2 percent from Q308 and represented 8 percent of total ad revs. New emphasis on local digital ad sales pushed that segment’s revenues up 25 percent from a year ago.

Earnings release | Webcast (11:00 AM EDT)

2Q 2009 2Q 2008
EPS -$2.80 $0.27
Net Income -$62.2M $6.1M
Revenue $158M $193M