Media General (MEG) dropped 9% Thursday after slashing third-quarter earnings guidance.

The Richmond, Va., publishing company said it expects to make 38 to 41 cents a share for the quarter, down from 66 cents a year ago and short of the 62-cent Thomson First Call analyst consensus estimate. The company cited rising expenses, notably higher energy costs, and sluggish revenue growth.

Indeed, the publisher of the Tampa Tribune, Richmond Times-Dispatch and Winston-Salem Journal said publishing revenue would rise just 3% from a year ago in the third quarter, while broadcast time sales should fall more sharply than previously expected. "An already soft national advertising market has been exacerbated by a significant decline in automotive spending, as well as lower spending in the telecommunications, financial and fast-food categories," Media General said.

On Thursday, Media General fell $5.52 to $58.43.