Investors Want Action From Media General

Lucas also credits the company with being aggressive in adapting to the Internet. It's a member of the Yahoo! (YHOO) newspaper consortium, and it recently acquired Blackdot, a company that combines online gaming with advertising.

"A number of publishers will be closing in on 10% of their advertising revenue this year coming from the Internet," says Lucas. "I would say the Internet is not necessarily a death knell for newspapers. Ink on paper may not necessarily be around forever, but the fact is that these are information content aggregators and how they distribute that content and how they get paid for it is going to change over time.

"In the meantime," he adds, "let's separate out the broadcasting business so we can realize its true potential."

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