NBC12 News, Weather Sports, Traffic, and Programming Guide for Richmond, VA | Media General posts 2Q loss
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Associated Press - October 21, 2009 8:25 AM ET
RICHMOND, Va. (AP) - Falling ad revenue and a big 1-time charge pushed newspaper and TV station owner Media General Inc. to a third-quarter loss.
The Richmond, Va.-based publisher of the Richmond Times-Dispatch and The Tampa Tribune says it lost $62.5 million, or $2.80 per share. That compares with a profit of $6.1 million, or 27 cents per share a year ago. It says revenue fell 18% to $158 million.
The company says a hefty write-down in the value of its assets took profits down by $84 million. Excluding special items, it says earnings would have come to $4.4 million, or 20 cents per share.
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