Richmond-based Media General Inc. reported a net loss of $85.5 million, or $3.86 per share, for the quarter than ended Dec. 28.
The results include a non-cash pre-tax impairment charge of $130.4 million on the write-down of the value of Federal Communications Commission licenses and network affiliation agreements in its broadcast division.
Excluding that and other special items such as severance costs, the parent company of the Richmond Times-Dispatch reported a fourth-quarter profit from continuing operations of $8.6 million, or 39 cents per share. That compares with income from continuing operations in 2007 of $10.2 million, or 46 cents per share.
Revenue fell 11.9 percent to $207 million from $235 million in 2007.
Media General also announced today that its board suspended the 12 cents a share quarterly dividend on the company's Class A and Class B shares because of the uncertain economic outlook. The board had reduced the quarterly dividend in September.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement