Media General's Income Is Up, But Still Losing Money
The owner of the Richmond Times-Dispatch would have swung to a profit of $8.7 million in the first quarter of 2010, but Media General Inc (MEG) was hurt by high interest payments on debt, bringing the company’s net loss to $16.7 million, or 75 cents a share.
This makes Media General the first newspaper company to not report positive results this earnings season. Gannett, Lee Enterprises, and Journal Communications all reported profits.
Revenues of $158.9 million were “essentially even with last year,” the company said, while costs decreased 12 percent.
On the digital side, digital revenue grew by nearly 10 percent.
Yet
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