Date

Fri - 01.08.2014


Media General

Yesterday, billionaire Warren Buffett, revealed that his company Berkshire Hathaway is buying up 63 Media General newspapers for a total of $142m. As the Tampa Bay Times reports, a $400m loan and $45m in credit to help Media General pay off its debts are also part of the deal.

The sale is quite a turn around for the man who famously said in 2009 that he would not consider buying most papers in the US “at any price” because “they have the possibility of going to just unending losses.” And it has certainly raised some eyebrows. “Maybe he something we don’t…” begins the Business Etc article on the deal.

Author

Hannah Vinter's picture

Hannah Vinter

Date

2012-05-18 18:25

Media General Inc. reported a revenue decline in the third quarter. However, the loss is smaller compared to the same period one year ago, Business Week reported.

The revenue trend is expected to continue in the fourth quarter. The company's shares were down almost 6 percent to $7.49 in morning trading on Wednesday, Reuters reported.

The publisher posted a net loss of $10.7 million, or 48 cents per share, in the third quarter, compared to a loss of $62.5 million, or $2.80 per share, one year earlier.

Revenue was up from $158 million one year ago to $163.2 million, Editor and Publisher reported.

Publishing revenue plunged almost 8 percent to $77.7 million due to plummeting retail advertising sales in the third quarter year-over-year, while TV revenue increased 3 percent year-over-year to $163.2 million, thanks to strong political TV advertising.

Author

Erina Lin

Date

2010-10-21 23:46

Media General Inc. announced Wednesday that its Q1 loss narrowed year-over-year on reduced expenses and the growth on its TV business, The Associated Press reported.

The loss for Q1 was US$16.7 million, or 75 cents per share, better than that of $21.3 million, or 96 cents per share, in the same quarter one year ago.

Broadcast revenues was up 12.1 percent to $67.1 million, thanks to local advertising and national advertising revenue gain, at 12.1 percent and 13.1 percent, respectively. Cable/satellite retransmission revenues also boosted 27.5 percent, Media Post reported.

The publishing business, however, fell 9.4 percent in revenues compared to the previous year, but improved from a 14-percent drop in Q4, 2009. Publishing revenues totaled $81.3 million.

The company's overall revenues were $158.9 million, about even with last year.

Operating income totaled $8.7 million, up from the $11.6 million operating loss in the same period last year, according to the AP article posted on Business Week.

Author

Erina Lin

Date

2010-04-22 00:25

Media General, the U.S. media company which owns newspapers and TV stations concentrated in the Southeast, reported its total revenues were down 18 percent to US$158 million in the third quarter in 2009, compared to $193 million one year before, Media Post reported.

In terms of earnings, the company posted a net income loss of $62.4 million during the quarter, compared to a net income loss of $63.1 million in the first nine months of this year. The charge for goodwill and other asset impairment was $84.2 million.

Figures showed that the TV operations were down slightly more than newspapers, which is surprising considering the weakness of newspapers relative to other traditional media. The company's publishing revenues dropped 18.5 percent from $103.2 million in 2008 to $84.1 million in 2009, according to Media Post.

The broadcast counterpart, however, plunged more than 20 percent from $79.4 million in 2008 to $63.4 million this year. Digital media revenues increased a little from $10.3 million to $10.5 million, up around 2 percent.

They still accounted for only a small proportion of total revenues - about 6.6 percent.

Author

Erina Lin

Date

2009-10-22 18:16

Media General Inc., the parent company of the Tampa Bay Tribune, signaled a first quarter revenue decline of 18 percent The Tampa Bay Business Journal reported.

The company saw share prices drop by 96 cents this quarter, compared to a 92 cent decline the same time last year. The publishing division of the company experienced the largest losses, with profit decreases of 78 percent.

Media General's President and chief executive Marshall N. Morton said the decline occurred despite the fact that the company "has responded swiftly to the revenue declines we have experienced over the last three years, and we have dramatically reshaped and reduced our cost structure."

The company's operational costs were down by 14 percent, a result of suspended matching of employees' 401(k) plans, 10 required days of unpaid furlough and a staff reduction of 300 positions, according to the Business Journal.

More cuts are to come; with the company announcing it will freeze their pension plan starting May 31. Media General's "interactive side" saw a revenue increase of 24.5 percent from the previous year.

Author

Leah McBride Mensching

Date

2009-04-20 13:51

Media General Inc.'s Spanish publication Centro Mi Diario has changed its name to Centro Tampa to stand out among similar publications in other markets, the Tampa Bay Business Journal reported. The paper will also switch to a tabloid format April 10 to cut costs.

The changes "will make us more efficient and more relevant," Orlando Nieves, general manager of Centro Grupo de Comunicacion, said in a statement. The newspaper serves Hillsborough County in Florida, where 50 percent of the region's Hispanic population lives. The paper has a circulation of 41,000 in Hillsborough.

In other news, Media General's Florida Communications Group announced Monday it will cut 65 jobs from its operations in Tampa Bay, and will also require all employees to take an additional three day furlough in addition to the 10 instated previously this year.

Author

Leah McBride Mensching

Date

2009-04-01 14:06

The Florida Communications Group (FCG) branch of Media General Inc. has laid of 53 employees at its various publications, including the Tampa Tribune, Editor & Publisher reported. The layoffs were reported to be mostly from operations, not the newsroom.

A three-day furlough has also been implemented by the FCG. The days, which are in addition to the 10 that were instated at the beginning of the year, will be taken between April and June.

The Tribune has reported that the FCG's publications are "under review" for potential closure following the shutting down of the group's publications, Skirt and Flair. Twelve vacant positions will also disappear and some news bureaux risk closing their doors. In a memo, FCG President John Schueler told employees that "Tampa Bay's economy is not recovering" and explained, "therefore we will need to further reduce our operating costs."

Author

Leah McBride Mensching

Date

2009-03-31 11:19

U.S. newspaper and television company Media General on Monday announced the restructuring of the firm to five geographic regions, replacing its current traditional structure that groups media by division - publishing, broadcast and interactive, Mediaweek reported. The restructure will go into effect in early July.

The five regions are Virginia and Tennessee, Florida, mid-South, North Carolina and Ohio and Rhode Island. The restructuring also includes a sixth business segment, which will hold interactive advertising services, and include the Blockdot, DealTake and NetInformer Web sites.

"The consumer in the marketplace is typically indifferent as to how he gets his information ... if he has a preference, we want to be able to serve the preference, so in each of our markets we want to be able to offer every technology that's available to the customer," said Marshall Morton, president and CEO, in a video on the company's Web site. "We found that the approach that we're using today, the three divisions ... never fully takes advantage of the fact that we've got three product strengths."

Author

Leah McBride Mensching

Date

2009-03-24 20:22

Media General Inc. on Thursday announced it lost US$85.5 million in the fourth quarter due to an impairment charge and a serious publishing profit drop on depressing ad sales. It also added that it was suspending its dividend, The Associated Press reported.

The company's shares dropped 68 cent, or 24 percent, to close at $2.16.

The loss for the period ending Dec. 28 equaled $3.86 per share, compared to a profit of $9.6 million, or 43 cents a share, in the same period one year ago.

Revenue decreased about 12 percent from $235 million to $207 million, according to the AP article posted on Google News.

The publisher said the loss included a $130.4-million non-cash impairment charge, primarily a write-down value of Federal Communications Commission licenses and network-affiliation.

"The market's perception of media stocks has become negative," said Chief Financial Officer John A. Schauss in a conference call.

Publishing profits plummeted 68 percent to $8.5 million year-over-year, the AP reported.

Author

Erina Lin

Date

2009-01-30 20:52

In a push to focus more on editorial content and advertising sales, Media General Inc. will centralise its production and distribution services for its 24 daily newspapers, as well as 275 weeklies and niche publications, the Tampa Bay Business Journal reported.

The move "will allow publishers and managers to focus on content, sales and new products, including online opportunities," Graham Woodlief, president of Media General's publishing division, said in a statement.

Previously, the company cut its manufacturing sites for daily newspapers down to 11, from 25, according to the Business Journal.

Media General will also suspend its matching employee contributions to 401(k) retirement plans and stopping its profit-sharing contribution. The 401(k) contribution will be suspended beginning on April 1, and will continue through the end of the year. The profit-sharing will cease because the company does not expect its 2009 earnings level to make profit-sharing possible, stated a memo from Marshall N. Morton, the company's president and chief executive, the Business Journal reported.

Author

Leah McBride Mensching

Date

2009-01-21 00:17

Syndicate content

© 2014 WAN-IFRA - World Association of Newspapers and News Publishers

Footer Navigation