Richmond-based Media General Inc. today reported a loss for the third quarter on higher interest expenses, but the newspaper, television and online media company said its revenue improved compared to the same period of 2009.
The parent company of the Richmond Times-Dispatch reported a loss of $10.7 million, or 48 cents per share, for the quarter that ended Sept. 26, compared with a loss of $62.5 million, or $2.80 per share, in the same quarter of 2009, when it took an $82.5 million impairment charge.
The company reported operating income for the third quarter of $11.5 million, compared with an operating loss of $67.7 million in the third quarter of 2009.
Media General said its revenue for the quarter increased 3.3 percent to $163.2 million, driven by an 18 percent increase in broadcast television revenues. Stronger political advertising and an underlying improvement in television advertising contributed to those gains, the company said.
The company’s publishing revenues declined 7.6 percent compared with the same period of 2009 as retail spending on advertising was restrained in most newspaper markets.
Media General owns 18 television stations, three metropolitan and 20 community newspapers, more than 200 specialty publications including weekly newspapers, and websites associated with its print and broadcast operations.
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Media General reports loss, revenue increase
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Times-Dispatch
Published: October 20, 2010
Published: October 20, 2010
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