Earnings Reports: Both Media General And NBC Universal Slammed; MG Suspends Pensions
Media General’s first quarter loss was worse than last year, and NBC Universal’s losses helped push parent company GE’s stock to the lowest point since 1991, the companies reported in their Q1 earning statements today.
NBC’s first quarter earnings fell 45%, far offsetting gains in GE’s other divisions. GE had warned that NBC could “be down a bit” in 2009, but analysts said that this report was worse than expected.
Meanwhile, the Richmond, Va.-based Media General, which owns hundreds of newspapers and 19 television stations, posted a loss of $21.3
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