Media General’s Quarterly Profit Plummets While Revenue Ticks Upward

Media General (MEG) today reported fourth quarter net profit of $9 million, down from $27.4 million a year ago, due mainly to taxes and interest, the company said.

Revenues were up 7.2 percent to $189.9 million, driven by a 29 percent increase in Media General’s broadcast revenues. That huge jump “reflected strong Political advertising and an overall firming in broadcast transactional business,” the company said.

Publishing revenues fell 8.4 percent to $86 million, while digital revenues were nearly flat at $11 million.

Media General owns papers such as the Richmond Times Dispatch, the Tampa Tribune, and the Winston-Salem Journal, and 18 TV stations mostly in the southeast.

Last year it announced plans to consolidate the copy editing and design for all its papers in order to save $1 million per year starting in 2011.

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