Newspaper/TV Company Media General Reports $4.2M Loss
Media General, owner of 23 newspapers and 18 TV stations, reported a loss for the first quarter of 2011 of $4.2 million, riding on a $9.9 million loss due to no revenue from political ads or the Olympics.
The company kept operating costs down—they rose only 2 percent over the year—and digital media revenues rose 20 percent, but that wasn’t enough to offset the loss of revenue from those aforementioned ads.
The company says it expects digital revenue to increase another 3-5 percent next quarter as publishing revenues fall 3-7 percent.
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