Media General posts a loss for first quarter, dragged down by print
The company says in Wednesday's earnings report that it posted a loss for the first quarter, mostly attributed to problems with print. Its TV stations made up for most of the absence of Olympics, Super Bowl and political revenues. But newspaper advertising was "soft," particularly in the telecommunications and national automotive segments.
Total publishing revenue was down almost 10 percent, and classifieds revenue dropped by almost 18 percent, "driven by lower foreclosure notices and continued weakness in real estate and employment classifieds." Revenue from local media websites was up 20 percent. Circulation revenue was down, but volume was up due to "aggressive marketing for home delivery." || Related: If you're looking to buy a newspaper, apparently Gannett's the one.