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Media General Reports Surge in Q2 Results

Jul 12, 2005  •  Post A Comment

Publishing and broadcasting company Media General on Tuesday reported a 107 percent surge in second-quarter profit, helped by a one-time gain related to the sale of an investment in the Denver Post newspaper.

Richmond, Va.-based Media General, which owns 26 television stations, reported a second-quarter net income of $38.4 million, compared with a profit of $18.5 million a year ago. The 2005 figure includes a $19.4 million after-tax gain on the sale of the company’s interest in the Denver newspaper.

Revenue advanced 4 percent to $233.7 million.

Helping the revenue gain was an improved advertising picture at the company’s TV stations. Local advertising was particularly strong at the company, rising more than 11 percent due to new business development initiatives. National advertising was up 5 percent. Both local and national advertising helped to offset the absence of $5 million in political revenue during the period.