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Media General Reports November 2008 Revenues

December 16, 2008 | About:

Press Release: Media General Reports November 2008 Revenues

Media General Inc. is an independent publicly owned communicationscompany with interests in newspapers broadcast television interactive media recycled newsprint production and diversified information services. Media General Inc. has a market cap of $35.76 million; its shares were traded at around $1.39 with a P/E ratio of 2.9 and P/S ratio of 0.04. The dividend yield of Media General Inc. stocks is 30.57%.

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Press Release:

RICHMOND, Va., Dec. 16 /PRNewswire-FirstCall/ -- Media General, Inc.(MEG) today released its monthly revenues report for November 2008.Total company revenues of $65 million compared with $75.8 million in November2007. The year-over-year decrease of 14.2 percent was primarily attributableto lower Publishing Division revenues, which decreased 17.9 percent, mostlythe reflection of a prolonged weakness in newspaper Classified advertising.In the Broadcast Division, revenues declined 10.7 percent, as Politicaladvertising only partially offset lower Local and National time sales.Interactive Media Division revenues grew 7.4 percent, due to a 38 percentincrease in Local online advertising and revenues from DealTaker.com, acquiredon March 31, 2008. "Political revenues in November totaled $2.5 million and were driven bypresidential campaign advertising, particularly in Florida, North Carolina andOhio; U.S. congressional races in Ohio, Georgia, North Carolina, Mississippiand South Carolina; state elections in Ohio; and issue spending in Ohio,Florida, Georgia, North Carolina and Mississippi," said Marshall N. Morton,president and chief executive officer. "We continue to see robust growth in Local online advertising, driven byour focus on online-only sales initiatives, as well as revenues from ouronline shopping and coupon business, DealTaker.com," Mr. Morton said."DealTaker.com experienced a strong Black Friday performance. Commissionrevenues increased 167 percent over last year and visitors to DealTaker's siteincreased 80 percent. Our overall online audience growth continued inNovember, spurred by our continuous news approach. Page views were up 12.9percent, visitor sessions grew 26.9 percent and unique visitors rose 29.2percent." Publishing Division Publishing Division total revenues declined 17.9 percent in November.Excluding Florida, total Publishing revenues were down 15.1 percent. Revenuesin Virginia and North Carolina decreased 17.1 percent and 15.5 percent,respectively. In South Carolina, revenues declined just 7.2 percent, mostlydue to the positive impact of revenues from a new weekly newspaper acquired onMarch 31, 2008. In Alabama, revenues decreased just 5 percent, as theClassified decline was not as sharp as in several other markets. Classified advertising revenues decreased $4.4 million, or 37.7 percent,reflecting reductions in all markets. For the company's three metro marketscombined, employment revenues decreased 60.4 percent, real estate advertisingrevenues decreased 53.8 percent, and automotive revenues declined 45.2percent. Retail advertising revenues declined $3.1 million, or 13.9 percent.One-half of the category decline was due to lower spending in Tampa acrossseveral key categories. National advertising revenues decreased $655,000, or21.2 percent, and reflected declines in all markets. Circulation revenues increased $360,000, or 7.2 percent, reflecting Dailysingle-copy and home-delivery price increases in a number of markets, whichoffset volume declines. Broadcast Division Broadcast gross time sales decreased $6 million, or 18.9 percent. Localtime sales decreased $4.5 million, or 23.2 percent, and National time salesdeclined $3.1 million, or 26.5 percent. Lower spending in the automotive,specialty stores and service categories drove the decline in Local andNational transactional advertising. Interactive Media Division In the Interactive Media Division, while total online Classifiedadvertising decreased 19 percent, an increase in employment liner advertisingthrough the Yahoo!HotJobs partnership and higher rates helped to mitigate theshortfall, as total online revenues advanced 7.4 percent. National/Regional advertising declined 41 percent, mostly as a result ofreduced spending in Tampa. About Media General Media General is a leading provider of local news, information andentertainment over multiple media platforms. The company serves marketsprimarily in the Southeastern United States. Media General publishes 24 dailynewspapers, including The Tampa Tribune, Richmond Times-Dispatch, andWinston-Salem Journal; and community newspapers in Virginia, North Carolina,Florida, Alabama and South Carolina; plus approximately 275 weekly newspapersand other targeted publications. The company owns and operates 19network-affiliated television stations that reach approximately 30 percent ofthe television households in the Southeast and nearly 9 percent of those inthe United States. The company's interactive media operations include Websites and portals that are associated with each of its newspapers andtelevision stations as well as with many specialty publications, and threegrowing interactive advertising services companies, Blockdot, Inc.,DealTaker.com and NetInformer.

MEDIA GENERAL, INC. Revenues and Page Views For the Period Ended November 30, 2008 November -------------------------------- 2008 2007 % Change -------------------------------- Revenues (000) Publishing $35,681 $43,473 (17.9)% Broadcast 26,730 29,933 (10.7)% Interactive Media 3,190 2,971 7.4 % Eliminations (612) (625) 2.1 % -------------------------------- Total Revenues $64,989 $75,752 (14.2)% ================================ Discontinued Operations(1) $631 $3,429 (81.6)% ================================ Selected Publishing Revenues by Category (000) Classified $7,200 $11,564 (37.7)% Retail 18,940 22,001 (13.9)% National 2,437 3,092 (21.2)% Other 563 492 14.4 % Total Advertising $29,140 $37,149 (21.6)% ================================ Circulation $5,312 $4,954 7.2 % ================================ Broadcast Time Sales (gross) (000) Local $14,865 $19,359 (23.2)% National 8,466 11,522 (26.5)% Political 2,548 1,020 149.8 % -------------------------------- Total Time Sales $25,879 $31,901 (18.9)% ================================ Online Total Page Views (000) Total Web Sites 55,120 48,842 12.9 % (Excluding Advertising Services) Year-to-Date 2008 2007 % Change Revenues (000) Publishing $410,394 $492,569 (16.7)% Broadcast 304,144 311,369 (2.3)% Interactive Media 35,535 33,207 7.0 % Eliminations (6,152) (6,391) 3.7 % -------------------------------- Total Revenues $743,921 $830,754 (10.5)% ================================ Discontinued Operations(1) $21,378 $36,312 (41.1)% ================================ Selected Publishing Revenues by Category (000) Classified $116,913 $170,274 (31.3)% Retail 185,020 206,129 (10.2)% National 28,816 35,467 (18.8)% Other 5,542 5,799 (4.4)% -------------------------------- Total Advertising $336,291 $417,669 (19.5)% ================================ Circulation $59,390 $60,111 (1.2)% ================================ Broadcast Time Sales (gross) (000) Local $181,040 $196,922 (8.1)% National 96,955 121,142 (20.0)% Political 38,054 5,802 --- -------------------------------- Total Time Sales $316,049 $323,866 (2.4)% ================================ Online Total Page Views (000) Total Web Sites 698,166 628,068 11.2 % (Excluding Advertising Services) Notes: All data are subject to later adjustment. (1) Discontinued operations include the following TV Stations: WMBB in Panama City, Florida; KALB/NALB in Alexandria, Louisiana; WNEG in Toccoa, Georgia; WTVQ in Lexington, Kentucky and WCWJ in Jacksonville, Florida.



Source: PRNewsWire

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