Earnings: Media General Q1 Net Loss Deepens; Revs Slide 11 Percent; Interactive Down

This story was written by Joseph Weisenthal.
Media General (NYSE: MEG), locked in a bid to fend off an activist investor group, reported Q1 revenue of $194.4 million, 11 percent lower than the $218.2 million from the year-ago period. The company booked a net loss from continuing operations of $9.8 million ($.44 per share), up from a loss of $6.5 million ($.27 per share). You already know the reasons behind the weakness: poor ad revenue, particularly at its 'crown jewel', the Tampa market, which is in the midst of a deep recession that's been ongoing for some time. Interactive revenue actually fell in the quarter to $7.7 million, a decrease of 3.3 percent, which the company attributed to lower classified revenue and weakness in the company's adver-gaming unit (a source of contention with the Harbinger Capital). The division lost $2.7 million.

-- Publishing revenue fell 16.7 percent, while broadcasting slipped a modest 1.2 percent.

Release | Webcast (10:00 AM ET)

By Joseph Weisenthal

Popular on CBS News


Watch CBSN Live

Watch CBS News anytime, anywhere with the new 24/7 digital news network. Stream CBSN live or on demand for FREE on your TV, computer, tablet, or smartphone.

Watch Now

New Android App

For your Android phone and tablet, download the FREE redesigned app, featuring CBSN, live 24/7 news.