Media General Says 3Q Profits More Than Doubled

Posted Thursday, October 16, 2008 12:00 am

By: Newspaper publisher and broadcaster Media General Inc. says its profit more than doubled in the third quarter because of broadcast ads.

The company said Thursday it earned $6.1 million, or 28 cents per share, in the three months ended Sept. 28. That is up from $2.5 million, or 11 cents per share, a year ago.

The company says revenue dropped 11 percent to $194 million.

Broadcast revenue has dropped 1.5 percent. Political and Olympics ads have kept that decline low enough. With cost cuts, Media General's broadcast division had a 24.5 percent profit.

By contrast, profits in the publishing division dropped 53 percent. Papers are suffering from a migration to the Internet and a worsening economy.

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Media General Says 3Q Profits More Than Doubled

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