TVNewser LostRemote AgencySpy PRNewser FishbowlNY FishbowlDC SocialTimes AllTwitter AllFacebook InsideFacebook InsideSocialGames InsideMobileApps

Q3 Earnings: Media General Station Net Revenue Down 16%

media generalMedia General reported a $78.5 million in station net revenue for the third quarter of 2013, 16.4% drop compared to the year-ago quarter. As with other station groups, the decline was attributed to a drop in both political and Olympics revenue.

Operating income was $8.2 million, down from $22.5 million in Q3 2012. Retransmission revenue increased 41% for the quarter, with local and national advertising also growing 7.6%.

“Media General looks forward to completing our merger with Young Broadcasting. We’ve worked actively with Young management for the past several months to ensure a smooth transition. On November 7, 2013, we will hold a Special Shareholders Meeting to consider and vote on matters necessary to complete the merger. Assuming the FCC has approved our license transfers before our shareholders meeting, we plan to close the transaction very shortly thereafter,” George L. Mahoney, president and CEO of Media General, said in a statement.

Mediabistro Course

Online Production for Writers and Editors

Online Production for Writers and EditorsStarting July 17, learn how to create multi-dimensional content for your digital mediums! Taught by a multiplatform journalist, Darragh Worland will teach you how to create content that is multi-dimensional and editorially relevant, use the web to its full potential, create stories that have social media campaigns built in and increase your value as as an employee. Register now!