Political revenues in the first quarter totaled $507,000, down from $6.2 million during the first quarter of 2012, which was an election year. The loss was offset by a 55% increase in retransmission revenues and an 18% increase in digital revenues.

Virginia-based Media General owns 19 local television stations.

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Media General reported an operating income of $42.3 million and a net income of $17.6 million for the quarter, both significant year-over-year increases. Cable and satellite retransmission fees were up 84% to $9.9 million.

“Record political advertising was $30 million. Core local and national advertising revenues, excluding political, increased 4%,” Media General president-CEO George L. Mahoney said in a statement. “Media General was particularly well positioned to maximize political advertising opportunities, with six of our stations located in four of the key battleground states.”

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In an internal memo posted to B&C’s website, president and chief executive officer, Marshall Morton, told employees, “To thank you for your loyalty and dedication, we are going to reinvest some of the dollars generated by our strong performance this year back into our employees.”

According to the article, Media General will give employees a cash payment equal to up to five days pay.  In order to receive the full five days pay, employees had to have been furloughed for five days or more during 2011.  In June 2011, employees were mandated to take 15 unpaid days  before the end of the year.

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“Political revenues totaled nearly $20 million and reflected the strong positions of our television stations in their markets and the presence of six Media General stations in presidential battleground states,” president and CEO Marshall Morton said in a statement. “Our eight NBC stations generated a record $15.5 million of revenues from the Summer Olympics, capitalizing on record viewership for the London games.”

Media General also reported an +80% increase in cable and satellite retransmission fees and a +21% increase in advertising revenues for the stations’ websites in the third quarter.

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Station owners and GMs continue to open their wallets for new news sets. The latest at Scripps-owned KERO-TV (ABC) in Bakersfield (upper left) and Media General-owned WNCT (CBS) in Greenville, NC (upper right).

NewscastStudio reports the KERO set is similar to Scripps’ KJRH-TV in Tulsa. KERO was one of the stations added to the Scripps portfolio when McGraw-Hill got out of the TV business late last year.

NewscastStudio says the new set at WNCT is designed around the stations new graphic look and “features a large anchor desk and working weather center.”

But it’s pretty clear that blues and browns are still the color of choice for TV news sets.

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In a statement announcing the changes, J. Stewart Bryan III, the chairman of the Media General board, praised Morton for his leadership of the company during the financial crisis.

“Marshall joined Media General as chief financial officer in 1989,” Bryan said. “In his early years, we refocused Media General on its core strengths of local news, excellent journalism and southeastern markets.  As president, he guided Media General through unprecedented change in the media industry and a severe economic downturn.” continued…

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The company’s current structure of five geographic regions will be replaced by two geographic regions for its 18 television stations. Conschafter and Cottingham, who have both been named corporate vice presidents, will each oversee one region.

“With our June 25 sale of newspapers, Media General is focusing all of its resources on its broadcast television group,” Media General president and CEO Marshall Morton said in a statement. “We are delighted that our two most experienced broadcast executives will lead our television operations.” continued…

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The company today announced a deal with Berkshire Hathaway for the purchase of all of its newspapers, with the exception of its Tampa group, which includes The Tampa Tribune, for $142 million in cash.  Media General is currently in discussions with other prospective buyers about its Tampa print assets.

Under a separate agreement, Berkshire Hathaway will provide Media General with a $400 million term loan, which will be used to pay off bank debt, and a $45 million revolving line of credit. continued…

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Media General reported $3.2 million of operating income for the first quarter of 2012 compared with an operating loss of $4.2 million for the same period last year.  The company’s total revenue for the quarter was $150 million, up 0.4 percent from last year.

“The operating improvement is primarily the result of increased profits at our broadcast television stations, as they generated 12 percent revenue growth from increased political revenues and higher retransmission fees,” Media General president and CEO Marshall Morton said.

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Hart is a 20-year TV news veteran who most recently served as director of content for Media General’s TV, web, and print operations in Myrtle Beach and Florence, SC, including CBS-affiliate WBTW.  From 2005-2010, he was the news director at WBTW.

“David has exceptional journalistic instincts, which, combined with his drive, strong work ethic and experience, position him well to lead our station in Columbus,” said John Cottingham, president and market leader for Media General’s mid-south market.

His first day will be March 12.

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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.

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Ingram joined Media General in 2005 as station manager and general sales manager of WYCW in Spartanburg, SC. Since 2010, he has been general manager and general sales manager of WRBL in Columbus.

In announcing the hire, Media General’s Mid-South president and market leader John Cottingham said Ingram is “well-suited to deliver for us in Myrtle Beach-Florence.”

“I am delighted for Randy to bring his many talents and great ideas to our station,” he said. continued…

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WFLA

Terms of the agreement were not disclosed. WFLA interim general manager John Cottingham praised “strong viewer support” as a factor in the successful negotiations.

“This means our loyal local viewers can continue to watch WFLA NBC/News Channel 8 and Me-TV for many years to come,” he said in a statement.

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“What the viewers are seeing is a crawl that WFLA is putting across their channel saying we are in a dispute,” Verizon spokesman Bob Elk told the Sarasota Herald-Tribune. The station is urging viewers to contact Verizon and pledge loyalty to the station.

Media General is negotiating with Verizon for carriage of WFLA and WJAR, the NBC-affiliate in Providence. Elek said the parties “are continuing to negotiate in good faith,” noting, “rarely do these things end up with a channel actually leaving the air.”

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Citing a Tampa economy that has seemingly plateaued, John Schauss, vice president of Media General market operations, today announced that the company is moving a number of executives out of its Tampa-based Florida division.  According to The Tampa Tribune, those leaving Tampa are John Schueler, president of the Florida division; Denise Palmer, vice president of news; and Cathy Helean, vice president of marketing. continued…

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