media

WJAR parent reports 2011 losses

MEDIA General, the parent company of WJAR-TV NBC 10, reported a loss of $3.3 million in the fourth quarter or 15 cents per share.
Posted 1/26/12

RICHMOND, Va. - Media General Inc., the parent company of WJAR-TV NBC 10, widened its loss to $74.3 million in 2011 from a loss of $22.6 million in 2010. The loss per share totaled $3.31, more than tripling the 2010 loss per share of $1.01.

Revenue declined to $616.2 million for the year ended Dec. 25, compared with $678.1 million in 2010.

The Rhode Island/Ohio market saw a similar trend, with operating profit and revenue declining for the year. Operating profit was $16.8 million in 2011, down from $20.8 million a year earlier. Revenue was $55 million for the year, down from $62.3 million.

Media General also reported fourth-quarter results, observing a loss of $3.3 million in the fourth quarter or 15 cents per share.

The company reported an impairment charge in the quarter of $6 million on its website DealTaker.com, which “suffered the adverse effects of a significant change in the way Internet search results are delivered by Google.”

Media General fourth-quarter revenue declined 11.7 percent from a year earlier to $167.7, due to an expected decrease in political advertising revenue in the off-election year – down $20.4 million from 2010. Print and advertising services revenue also declined, it said.

The Rhode Island/Ohio market had a profit of $7.4 million in the fourth quarter, down $2 million from a year earlier – which Media General attributed to a $7.2 drop in political advertising revenue.

On the other hand, local revenue increased 20.6 percent; digital media revenue increased 4.9 percent; national advertising grew 7.1 percent as expenses dropped 23 percent, it said.

“Our media websites generated $8.3 million in revenues, the second highest ever for Media General, driven by 15 percent growth in local online revenues, which broke the $5 million mark for the first time,” said Marshall N. Morton, president and CEO of the company. He said that the company’s mobile offerings contain its fastest-growing advertising category, with mobile page views up more than 80 percent.

He also noted that they have booked “strong advance sales for the Super Bowl on our eight NBC stations” and that those stations should also see a boost from the Summer Olympics.

Calendar
PBN Hosted
Events

Estate and Corporate Income Taxes are changing next year, and business owners and executives should know the details. The PBN Summit on November 6th will provide those details and more - including how much Obamacare's Employer Mandate could cost.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement