Media General, which owns 18 TV stations as well as 21 daily newspapers, today reported a double-digit decline in fourth quarter revenue.

The company’s revenue for the period totaled $168 million–11.7% less than last year’s Q4. The $22 million decrease was due mostly to a drop in political advertising.

In 2010, Media General brought in $24 million in political revenues during the fourth quarter. In 2011, that figure was down to $3.6 million.

“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,” Media General president and CEO Marshall N. Morton said, looking on the bright side.

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%. Read more

Media General, which owns stations throughout the southeast as well as Ohio and Rhode Island, announced this week that its fourth quarter TV revenue was up by nearly 29%.

Much of this spike can be attributed to the influx of political advertising that occurred in October and November.  During the quarter, Media General brought in $24 million in political advertising, compared to $3.7 million last year.

“Our television stations, most of which are rated number one or two in their markets, were in an excellent position again this year to attract political advertising dollars,” said Marshall N. Morton, Media General’s president and CEO.

Norton notes, though, that Media General also “experienced strengthening in our overall broadcast advertising as well.”  Local time sales increased by roughly 6% and national time sales also say a small bump.