Media General Reports Q1 Loss

Apr 12, 2005  •  Post A Comment

Media General, a newspaper and broadcasting company that owns 26 network-affiliated television stations, on Tuesday swung to a first-quarter loss, hurt by a $325.5 million charge related to an accounting change.The Richmond, Va.-based company posted a loss of $316.2 million for the 12 months ended March 27, versus a year-earlier profit of $9.1 million. Revenue rose 5 percent to $217.9 million.

The company’s broadcast group posted mixed results. While the division’s overall profit fell 22 percent to $11.3 million, revenue rose 1 percent to $71 million. Local advertising revenue rose 6 percent, while national advertising revenue fell 2 percent. Political advertising sharply declined from 2004 levels.