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.

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By Joseph Weisenthal