Media General: Political Revs Propel Earnings

Big political advertising revenues helped Media General register improved operating earnings results in its second-quarter reporting period.

But the media company still recorded a net loss of $4.3 million versus a $20.6 million net income result in the second quarter of 2009. Last year's results benefited from a tax gain and a Jacksonville, Fla. TV station. <

Political revenues for Media General stations were at $7 million, up 42% from a year ago. Total revenues in the second quarter climbed 2% to $166.2 million. Total broadcast revenues in the second quarter improved 13%. Publishing revenues were down 7%.

Looking forward, Media General expects advertising improvement to continue -- amounting to a 6% to 8% gain in total revenue. Broadcast revenues will outperform for the company as a whole, with expected growth up 20%, mostly because of higher political revenues.

Publishing revenue will head in another direction: south. Media General expects a third-quarter decline of around 3% to 5%.

Second-quarter digital media revenues also posted gains: 8% versus a year ago. Web sites generated a 16% hike in revenues. Local online revenues climbed 26%.



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