Media General reported a $78.5 million in station net revenue for the third quarter of 2013, 16.4% drop compared to the year-ago quarter. As with other station groups, the decline was attributed to a drop in both political and Olympics revenue.
Operating income was $8.2 million, down from $22.5 million in Q3 2012. Retransmission revenue increased 41% for the quarter, with local and national advertising also growing 7.6%.
“Media General looks forward to completing our merger with Young Broadcasting. We’ve worked actively with Young management for the past several months to ensure a smooth transition. On November 7, 2013, we will hold a Special Shareholders Meeting to consider and vote on matters necessary to complete the merger. Assuming the FCC has approved our license transfers before our shareholders meeting, we plan to close the transaction very shortly thereafter,” George L. Mahoney, president and CEO of Media General, said in a statement.