Media General Q2 Revenue Up, Profits Down

Media General today reported a second quarter loss of $4.3 million due to debt restructuring charges, despite an increase in operating income to $16.3 million, a 19 percent increase from last year.
The increased revenue comes from political advertising on Media General’s TV stations and from the company’s digital operations, which now make up 6 percent (up from 5 percent last year) of the company’s revenue. Media General’s newspapers, which include the Richmond Times-Dispatch, the Tampa Tribune, and more, collectively produced 7 percent less revenue.
Media General is currently involved in a plan to consolidate the copy editing and design for all its newspapers, a move which will cost the company some heavy upfront costs (as well as cut a number of jobs) but which is expected to save $1 million annually by 2011.