Media General earnings decline in 3Q

Richmond-based Media General Inc. reported a loss for the third quarter as the company took a one-time charge and advertising revenue declined.

The company, which owns the Richmond Times-Dispatch, today reported a loss of $62.5 million, or $2.80 per share, compared with a profit of $6.1 million, or 27 cents per share, in the third quarter of 2008.

Contributing to the loss was an $84 million, non-cash, write-down on the value of the company's assets. Revenue declined 18 percent to $158 million, as advertising sales dropped compared with the same period of 2008.

Excluding the special item, the company said its profit was $4.4 million, or 20 cents per share, compared with $5.7 million, or 25 cents per share, in the same period of 2008.

"The 18 percent decline in total revenues in the third quarter represents a sequential improvement from the 20 percent decrease in the second quarter of 2009," said Marshall N. Morton, president and chief executive officer.

Media General owns 18 television stations, 21 daily newspapers, more than 200 specialty publications including weekly newspapers, and Web sites associated with its print and broadcast operations.