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Media General posts loss in third quarter
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Published: October 21, 2009
RICHMOND, Va. - Falling ad revenue and a big one-time charge pushed newspaper and TV station owner Media General Inc. to a third-quarter loss.
The Richmond, Va.-based parent company of TBO.com, The Tampa Tribune and WFLA, Channel 8, says it lost $62.5 million, or $2.80 per share.
That compares with a profit of $6.1 million, or 27 cents per share a year ago. It says revenue fell 18 percent to $158 million.
The company says a hefty write-down in the value of its assets took profits down by $84 million. Excluding special items, it says earnings would have come to $4.4 million, or 20 cents per share.
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