Media General, which publishes scores of daily and weekly newspapers and owns 18 TV stations concentrated in the Southeast, reported that total revenues fell from $193 million in the third quarter of 2008 to $158 million in the same quarter in 2009 — an 18% drop.
In terms of earnings, in the third quarter Media General posted a net income loss of $62.4 million. For the first nine months of the year, it has posted a net income loss of $63.1 million. The company also posted an $84.2 million charge for goodwill and other asset impairment.
Although Media General said it will no longer report results by media category, but rather by geographic market areas, separate figures for its publishing and broadcast operations in the third quarter showed TV down slightly more than newspapers. That’s a somewhat surprising result, considering the weakness of newspapers relative to other traditional media in preceding quarters. More…