Media General lost money in fourth quarter, but says things are looking up
The company reported a loss of $3.3 million on $168 million of total revenue, about 12 percent lower than the fourth quarter of 2010. The news release notes that Media General cut 165 positions at the Tampa Tribune in December. The company expects print ad revenue to continue to decrease, but said things are looking up. President and CEO Marshall N. Morton says in the news release:
“As we start the new year, we have generated strong Political revenues from the Republican primaries in South Carolina and Florida, and other campaign and issues spending is starting to ramp up. We have booked strong advance sales for the Super Bowl on our eight NBC stations. As this major election year unfolds, we expect to generate at-or-above-market shares of Political revenues at our highly ranked television stations. Our NBC stations also will benefit from Summer Olympics advertising."
Correction: This post originally misstated Media General's total revenue.