Nothing on the Tube for Media General

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On Jan. 29, 2009, Media General (MEG Quote) reported that it swung to a net loss in Q4 FY08, hurt by decline in revenue and noncash pretax impairment charge of $130.38 million. Net loss stood at $85.53 million or $3.86 per share, compared to a net profit of $9.59 million or $0.43 per share in Q4 FY08. Excluding one-time items, loss from continuing operations was $85.66 million or $3.86 per share, compared to income of $9.94 million or $0.45 per share last year. The latest quarterly results topped the consensus estimate of $0.59 per share.

Revenue declined 11.9% to $206.99 million from $234.99 million a year ago. Publishing Division's revenue declined 16.8% to $111.19 million, hurt by 20.1% decline in advertising revenues. Total Broadcast revenue declined 7.0% to $87.48 million, due to weak economic conditions in most markets. Within this segment, local time sales declined 25.6% or $14.9 million, while national time sales decreased 30.6% or $10.6 million. On the positive side, Interactive Media Division's revenue rose 10.0% to $10.07 million, benefitting from the contribution by DealTaker.com, acquired on March 31, 2008, and a 43.0% increase in local online revenues on local media websites. ...