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Media General Reports 11% Decline For Q3

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.”

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