Thursday, April 21, 2011

Media General Demoted by Poor Quarterly Earnings

Media General-tower-Awendaw-SCImage via WikipediaDeclining advertising revenues among its print and advertising holdings are to blame for a $4.2 million operating loss in the First Quarter of 2011 by Richmond, Va.-based media conglomerate Media General, Inc.("MGI"), according to Editor & Publisher.

The disappointing numbers fare poorly compared to First Quarter earnings in 2010, during which MGI showed an $8.7 million operating profit.  Total 2011 1Q revenues were $148.9 million, a 6.2 percent drop from the corresponding period a year ago.

Although MGI's television stations and local media Web sites performed comparatively well, the company's numbers were dragged down by its print and advertising entities.  MGI experience a 7 percent decline in circulation revenues in the First Quarter of 2011.

The company, whose presence is strongest in the Southeast U.S., includes ownership of 3 metropolitan dailies and 20 community newspapers, 18 network-affiliated television outlets, and 200 specialty publications, including weekly newspapers and niche publications.

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