Earnings: Media General Swings To Profit As Ad Declines Begin To Slow
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In line with earnings results from McClatchy (NYSE: MNI) Company and Gannett (NYSE: GCI), newspaper publisher Media General’s aggressive cost-cutting helped it swing to profit in Q2. And while ad spending continued to fall, especially in classifieds, the Richmond, Va.-based owner of The Tampa Tribune, Richmond Times-Dispatch and 20 dailies, indicated that the declines have started to abate, particularly in auto ads. Retail is also showing some signs of having hit bottom.
Newspaper publishers’ digital businesses have generally been one area that has shown growth and Media General (NYSE: MEG) said that in Q2 the interactive media segment was able to benefit from revenue gains tied to its online coupon and shopping site DealTaker.com. In addition, local ad revenues were up 18 percent.
| 2Q 2009 | 2Q 2008 | Analysts Estimates For 2009 | |
|---|---|---|---|
| EPS | $0.90 | -$24.12 | NA |
| Net Income | $20.6M | -$532.2M | |
| Revenue | $163.8M | $204.9M | NA |
Earnings release | Webcast (11:00 AM EDT)
@davidaKaplan
Jul 22, 2009 9:16 AM ET
Posted In: Advertising, Media & Publishing, Newspapers, Money, Earnings
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