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.