Hammered By Debt, Media General Loss Widens

Newspaper/TV company Media General reported a second quarter loss of $15.4 million, down from a $4.3 million loss a year prior.

The company actually netted $6.8 million before taxes and interest payments on its debt (down $10m from the previous year) but spent $17 million in interest on its loans of $659 million.

Even digital revenues fell in this quarter, $1 million less than a year ago. Digital revenues make up less than 6 percent of Media General’s income.

Other nuggets: the company spent $1.6 million in severance this quarter (there were a number of layoffs across all platforms in June), and last year, advertising from BP contributed $1 million to MG’s coffers. The spill is no longer top of mind, of course, so that revenue has dried up.

Media General owns the Richmond Times-Dispatch, the Tampa Tribune, and more.