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Media General posts wider first-quarter loss, cuts 300 jobs
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Published: April 17, 2009
NEW YORK
Newspaper publisher and TV station owner Media General is reporting a wider first-quarter loss on a deepening slide in advertising revenue.
The Richmond, Va., company also says it cut its work force by nearly 300 jobs in the week of March 31 and plans to freeze its pension plan as of the end of May.
The publisher of the Winston-Salem Journal, the Richmond Times-Dispatch and The Tampa Tribune says it lost $21.3 million, or 96 cents per share, in January-March period.
That compares with a loss of $20.3 million, or 92 cents per share, a year earlier.
The company says its loss included $4.5 million, or 20 cents per share, in severance costs.
It says revenue fell 18 percent to $159 million.
Media General operates more than 20 daily newspapers and 19 television stations.
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