Richmond-based Media General Inc. today reported a wider first-quarter loss as the economic recession continued to hurt advertising revenue.
The company, which owns the Richmond Times-Dispatch, also announced it would freeze its pension plan effective May 31.
Media General reported a first-quarter loss $21.3 million, or 96 cents per share, compared with a loss in the same period of 2008 of $20.3 million, or 92 cents per share. The recent first quarter results included severance expenses of $4.5 million, or 20 cents per share.
The company said revenue declined 18 percent for the quarter to $159 million. That was partially offset by a 14 percent reduction in total operating costs.
Media General publishes 22 daily newspapers, more than 250 weekly newspapers and other publications, and 19 network-affiliated television stations. Its interactive media operations include Web sites and portals associated with its newspapers and television stations and three interactive advertising services companies.
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