Fourth quarter results rounded out the disappointing year, with earnings for the quarter at $9.6 million (43 cents per share), a 69.7 percent drop from the same quarter in 2006, when the media company raked in $31.6 million ($1.34 per share).

Revenue for 2007 was at $932.2 million, a 3.4 percent decrease from $964.6 million it saw in 2006, the Business Journal reported.

“Media General's lower profit in the fourth quarter was chiefly attributable to markedly lower political revenues to the record $33 million generated in last year's fourth quarter, and a $6.8 million loss from the company's share of the operating results of SP Newsprint,” Marshall Morton, president and CEO of Media General, said in a statement. “Additionally, lower publishing division results reflected the extremely weak economic climate in Florida, which drove declines in all major advertising categories in our Tampa market, particularly classified advertising. Expense savings for the division of more than 5 percent helped to mitigate the revenue shortfall.”

The Tampa Tribune saw a 42 percent drop in classified advertising from 2006 to 2007. Company-wide, classifieds were down 22 percent. Additionally, real estate revenues were down 36 percent, automotive revenues were down 24 percent and employment revenues were down 27 percent in Media General's top three markets of Tampa, Richmond, Va. and Winston-Salem, N.C.

The Tribune also saw a 31 percent drop in national advertising in 2007, due to a drop in financial, pharmaceutical and telecommunications ads.