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Media General Posts Lower Profit

Oct 12, 2005  •  Post A Comment

Media General, a Richmond, Va.-based owner of newspapers and 26 television stations, announced Tuesday that its third-quarter profit tumbled 38 percent to $9.8 million, hurt by weakness in the company’s publishing and broadcasting divisions.

Revenue rose 1.5 percent to $220.8 million.

Operating profit at the company’s broadcasting division sank 63 percent to $12.4 million, while revenue slipped 3 percent.

The company blamed the unit’s decline on a sharp drop in political advertising revenue to $445,000 from a year-earlier level of $5.5 million. Another factor was the absence of Olympics revenue in the period. But those declines were partly offset by growth in local advertising revenue of 13 percent.