Q2 Earnings: Media General Total Revenue, Excluding Political, Up 5%

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By Merrill Knox Comment

Media General reported total gross revenues, excluding political, increased 4.7% year-over-year in the second quarter of 2013. Political revenues experienced an expected decline, from $7.5 million to $1 million, in the non-election year.

The company reported $5 million of operating income in the second quarter of 2013, down from $17 million in the second quarter of 2012. Media General attributed the year-over-year decline to significant expenses, including $7.2 million in expenses relating to its merger with Young Broadcasting, and an 86% decline in political revenue.

Cable and satellite retransmission revenue increased 38%, while digital revenues were up 17%.

“Our stations are doing a good job this year replacing last year’s robust Political revenues with new revenue initiatives and business development programs,” George L. Mahoney, president and CEO of Media General, said in a statement.