(Adds details, background, share movement)
* Q1 loss $1.53 per share vs $1.15 last year
* Q1 revenue $149.5 mln vs last yr $148.9 mln
* Q1 broadcast revenue up 12 pct
* Q1 oper profit of $3.2 mln vs oper loss of $4.2 million
last year
* Shares jump as much as 11 pct
April 18 (Reuters) – Broadcaster and publisher Media General
Inc’s (MEG.N) quarterly loss widened but it reported an
operating profit as higher political advertising drove revenue
growth at its television stations.
Shares of the company which publishes newspapers like the
Tampa Tribune and the Winston-Salem Journal jumped as much as 11
percent to $3.92 early on Wednesday on the New York Stock
Exchange.
Regional newspapers have been struggling as local retail and
national advertising remained weak — partly reflecting the
economy’s broader travails — but a contentious election season
is expected to drive up political advertising this year.
Larger rival Gannett Inc (GCI.N) posted a fall in quarterly
revenue on Monday, as advertisers shifted spending from
newspapers to the digital media. [ID:nL2E8FG20K]
Media General, which has reported a loss in eight of the
last nine reported quarters, extended the maturity date of a
debt facility last month in return for a partial repayment.
The owner of WFLA-TV had $658 million of long-term debt at
the end of 2011, and said in February it was exploring a sale of
its newspaper operations. [ID:nL4E8DM8V3]
Net loss widened to $34.4 million, or $1.53 per share, for
the first quarter from $25.8 million, or $1.15 per share, a year
ago. The loss includes a debt modification charge of $10
million.
Media General, however, reported an operating profit of $3.2
million for the quarter ending March 25, compared with an
operating loss of $4.2 million, a year ago.
Revenue rose slightly to $149.5 million, as broadcast
television revenue increased 12 percent, the company said in a
statement.
The Media General stock, which lost about a third of its
value since announcing its decision to sell its newspapers on
Feb 23, was trading up about 31 cents at $3.84.
(Reporting by Sayantani Ghosh in Bangalore; Editing by Viraj
Nair and Joyjeet Das)
((sayantani.ghosh@thomsonreuters.com; within U.S. +1 646 223
8780; outside U.S. +91 80 4135 5800; Reuters Messaging:
sayantani.ghosh.reuters.com@reuters.net))
Keywords: MEDIAGENERAL/
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