Media General Nearly Halves Its Dividend

Posted Thursday, September 25, 2008 12:00 am

By: Media General Inc. is slashing its dividend.

The Richmond-based newspaper and broadcast company says the cut to 12 cents per share announced Thursday will free up cash to repay debt.

In the second quarter, Media General paid 23 cents per share.

Chief Executive Marshall Morton calls the reduction prudent given the continued weak economic conditions the media is facing.

Media General publishes the Richmond Times-Dispatch, The Tampa Tribune and more than 20 other daily newspapers. It also operates 20 network-affiliated television stations.

Media General's August revenue declined compared with last year, but was its best month of 2008.

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Media General Nearly Halves Its Dividend

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