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Media General's Profit More Than Doubles

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By RUSSELL RAY

rray@tampatrib.com

Published: October 17, 2008

Media General Inc., the parent company of The Tampa Tribune, TBO.com and WFLA, News Channel 8, said Thursday that earnings more than doubled in the third quarter.

The Richmond, Va.-based company earned $6.1 million, or 28 cents a share, in the quarter ending Sept. 30, up from $2.5 million, or 11 cents a share, during the same period in 2007.

The company attributed the improvement to a 24.5 percent increase in profit in its broadcast division, lower interest expenses, and the absence of losses from SP Newsprint, the multi-newspaper partnership in newsprint mills. Media General sold the company in March.

Revenue dropped 10.9 percent to $194 million compared with the same quarter last year.

Operating costs for the quarter were 9.5 percent lower compared with the same quarter in 2007, the result of "aggressive actions to reduce work force and cut other costs," the company said in a statement.

Media General said its publishing division saw profit slide 53 percent to $10.3 million. The same division recorded a 21.5 percent decline in advertising revenue.

This year, Media General reduced its companywide work force by nearly 11 percent, or about 750 positions. Shares in the company closed Thursday at $7.96, down 37 cents.

Reporter Russell Ray can be reached at (813) 259-7870.

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