It reported a loss of $85.5 million in the fourth quarter on an impairment charge and a marked drop in publishing profits, blamed on declining ad sales. Media General publishes USA Today, the Richmond Times-Dispatch, Winston-Salem Journal and Tampa Tribune among 21 daily and community newspapers, 275 weeklies and other publications and 19 network-affiliated TV stations. It also owns--in our area--the Lynchburg News & Advance and WSLS TV in Roanoke
Its shares dropped 68 cents (24 percent) to close at $2.15, according to Yahoo Financial. Media General says its publishing profit fell 69 percent to $8.5 million. Publishing revenue dropped and broadcast revenue was off 24 percent. In the midst of all this gloom, interactive media revenue grew 17 percent. Maybe we really can see the future.