By: (AP) Media General Inc., an owner of newspapers and television stations, said Tuesday that its fourth quarter will be hurt by lower political advertising but indicated that results will be within the range forecast by Wall Street.
For the fourth quarter, the company predicted that its publishing revenue should be slightly higher than the third quarter. Excluding political advertising, the company said broadcast revenue should be about 15% above a year ago.
"We do not expect to be at either the low end or the high end of the current range of analyst estimates of 93 cents to $1.18 per share," the company said in a statement. On average, analysts are looking for earnings of $1.06 per share, according to a Thomson Financial survey.
For 2006, the company said it expects more than $1 billion in revenue, driven by the return of political and Olympics broadcast advertising, ad growth at its publishing business and strong online revenue.
However, 2006 net income will be lower than in 2005, which includes a boost from the sale of its interest in The Denver Post, Media General said.
The company also said it is "committed" to making acquisitions of newspaper and broadcast properties, and would like to expand its multimedia strategy to more communities.
Media General shares fell 89 cents to $48.99 in midday trading on the New York Stock Exchange.
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