Cost Cutting Drives Newspaper Publisher Media General's Profit
Despite heavy losses and layoffs over the past year, newspaper publishers are starting to show positive numbers as the fourth quarter earnings results trickle in.
Virginia-based Media General Inc. (MEG), publisher of The Tampa Tribune and Richmond Times-Dispatch posted a profit for the fourth quarter, reporting net income of $27.4 million for the last part of 2009.
Although revenues for the company were down, so were operating expenses — due in part to a reduction in force and other “aggressive” cost-cutting measures.
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