Media General announced today that its third quarter revenue was down 11% compared to the same period last year.
The company, which owns 18 network-affiliated stations that are located mostly in the Southeast, attributes the decline to a decrease in political advertising as well as the absence of BP image advertising related to last summer’s oil spill.
Even subtracting the $9.7 million of political advertising brought in during the third quarter last year, Media General’s 2011 Q3 broadcast revenues decreased 2.4%.
Media General president and CEO Marshall N. Morton said the company’s “third-quarter results reflected an expected but significant drop in Political revenues in this off-election year as well as general economic uncertainty. A lack of clarity in the global financial markets, significant uncertainty regarding the U.S. government’s plan of action domestically and a downward turn in the economy all contributed to a further softening of the advertising market.”