In a presentation at the Mid-Year Media Review in New York this week, a statement by Reide Ashe, Media General's chief operating officer, sums up what everyone seems to be saying, “The Internet is no longer an add-on. For many applications such as breaking news or, increasingly, classified advertising, it's now our primary medium.”

Media General owns three metropolitan newspapers, 22 daily community newspapers and more than 150 weekly newspapers and other publications, plus 23 network-affiliated TV stations. It also operates 75 online enterprises aligned with those newspaper and TV outlets.

Media General's May newspaper revenues were down 14.9 percent over the same month a year ago, but Marshall Morton, president and CEO of Media General, is aiming for $40 million in online revenues this year, and $50 million next year.

Morton said the company's goals are to increase its total audience in all markets by creating a strong Internet presence, introducing new products and services and continually enhancing newspapers and TV stations. “Going forward, we are focusing increasingly on display and rich media ads from local and national advertisers. These categories have grown 65 percent and 104 percent respectively, in 2007,” he said at the meeting.

Morton also pointed out that newspapers are still cash cows, and even if they aren't as big as they once were, they still spark a cash flow that supports the entire media organization. “Strong cash flows in our publishing segment will help fund growth in all areas,” he said.