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SMALL BUSINESS
Media General posts 2Q loss
AP ONLINE
posted: 38 DAYS 23 HOURS AGO
RICHMOND, Va. (AP) — Falling ad revenue and a big one-time charge pushed newspaper and TV station owner Media General Inc. to a third-quarter loss.
The Richmond, Va.-based publisher of the Richmond Times-Dispatch and The Tampa Tribune says it lost $62.5 million, or $2.80 per share. That compares with a profit of $6.1 million, or 27 cents per share a year ago. It says revenue fell 18 percent to $158 million.
The company says a hefty write-down in the value of its assets took profits down by $84 million. Excluding special items, it says earnings would have come to $4.4 million, or 20 cents per share.
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