Media General February revenue rises |
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Wed, 21 Mar 2007 14:37
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RICHMOND, Va. (AP) - Newspaper and TV broadcast company Media General Inc. said Wednesday that revenue rose 6.4 percent in February, benefiting from the acquisition of four NBC television stations.Excluding the new stations, revenue dropped 2.9 percent. That decline, plus falling revenue from its publishing division led the company to forecast a loss for the first quarter.Overall revenue climbed to $73.6 million during the month.The company's publishing division, which includes the Richmond Times-Dispatch and the Tampa Tribune, saw its revenue fall 4.2 percent. Broadcasting unit sales surged 27.4 percent with the inclusion of the new stations. Revenue for the interactive media unit increased 28.6 percent.'On the publishing side, a sharp decrease in newspaper classified revenues and a decline in national advertising revenues could not offset an increase in retail revenues. On the Broadcast side, soft transactional sales overall were exacerbated by lower spending in the automotive category,' President and Chief Executive Marshall N. Morton said in a statement.The company also was unable to offset significant Olympics-related advertising on its NBC stations last year.Morton said the company's Tampa operations have been impacted by a slowdown in the Florida housing market and several hurricanes. The new NBC stations are having a weak quarter, he added, with Media General surprised by soft market conditions in Columbus, Ohio and Providence, R.I.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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