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Media General Reports October 2008 Revenues
Thursday, November 20, 2008
RICHMOND, Va., Nov. 20 /PRNewswire-FirstCall/ -- Media General, Inc.
(NYSE: MEG) today released its monthly revenues report for October 2008.
Total company revenues of $85.9 million compared with $91.2 million in October
2007. The year-over-year decrease of 5.8 percent was the company's second
lowest monthly percentage decrease in 2008, mostly attributable to $21 million
of Political advertising revenues in the month, which led to an 8.4 percent
increase in Broadcast Division revenues in October. Interactive Media
Division revenues grew 6.8 percent, due to increased Local online advertising
and revenues from DealTaker.com, acquired on March 31, 2008. Offsetting the
growth in these two divisions was a 16.9 percent revenue decrease in the
Publishing Division, mostly reflecting a prolonged weakness in newspaper
Classified advertising.
"Political revenues in October were driven by presidential campaign
spending, mainly in Florida, North Carolina, Ohio and Virginia; U.S.
congressional races in Ohio, North Carolina, Mississippi and South Carolina;
state elections in Ohio; and issue spending in Ohio, Florida, North Carolina
and Mississippi," said Marshall N. Morton, president and chief executive
officer. "Through fiscal October, which ended November 2, 2008, our total
Political revenues were $35.5 million. For 2008, our Political revenues will
total nearly $38 million. The volume of Political advertising on Media
General television stations was in line with our expectations; however, total
billings for that volume were less robust than in some prior election years
because soft National and Local transactional sales exerted downward pressure
on rates.
"The revenue growth in the Interactive Media Division was attributable to
a 51.7 percent increase in Local advertising, driven by our market focus on
sales initiatives, and another excellent monthly performance by
DealTaker.com," Mr. Morton said. "DealTaker.com completed its seventh month
since our acquisition and continues to outperform expectations as thousands of
consumers visit this online shopping and deal site."
Publishing Division
Publishing Division revenues declined 16.9 percent in October. Excluding
Florida, where revenues decreased 22.4 percent, Publishing total revenues in
October were down 14.6 percent. Revenues in Virginia and North Carolina
decreased 17 percent and 14.1 percent, respectively. Higher
telecommunications, financial and home improvement advertising in Alabama
helped to hold the decline in this market to just 3.5 percent. In South
Carolina, where revenues were about even, advertising from a weekly newspaper
acquired earlier this year helped to offset a total spending decline.
Classified advertising revenues decreased $6.3 million, or 37.9 percent,
reflecting reductions in all markets. The declines were steepest in the
company's three metro markets, especially Tampa. For the metro markets
combined, employment revenues decreased 58.5 percent, real estate advertising
revenues decreased 49 percent, and automotive revenues declined 48.1 percent.
Retail advertising revenues declined $2.1 million, or 9.5 percent, mostly
due to lower spending in the Tampa market across several key categories. At
the same time, Retail advertising total spending in October improved compared
with the prior three months in 2008. The Richmond and Winston-Salem markets
delivered stronger results than the company's Tampa market and the community
newspapers as a group.
National advertising revenues decreased $200,000, or 5.6 percent, the best
performance in this category in 2008. National advertising in the Tampa
market increased over last year, reflecting higher spending in the grocery
store, telecommunications and financial categories. All other markets
reported lower National advertising in the month.
Circulation revenues increased $280,000, or 4.6 percent, reflecting Daily
single-copy and home-delivery price increases in a number of markets, which
more than offset volume declines.
Broadcast Division
Broadcast gross time sales increased $5.9 million, or 15.5 percent, as a
result of Political advertising revenues. National and Local advertising in
the month reflected the normal displacement resulting from Political
placements, as well as lower advertiser spending due to the depressed economy.
Local time sales decreased $7.8 million, or 34 percent, and National time
sales declined $5 million, or 37.1 percent.
Interactive Media Division
In the Interactive Media Division, increased revenues were driven by a
51.7 percent increase in Local advertising. Local advertising rose due to
staffing, training and focused sales initiatives.
National/Regional advertising declined 30.4 percent, mostly as result of
reduced spending in Tampa. While online Classified advertising decreased 31.9
percent overall, an increase in employment liner advertising through the
Yahoo!HotJobs partnership and higher rates helped to mitigate the shortfall.
In the advertising services group, DealTaker.com generated strong
revenues.
Forward-Looking Statements
This news release contains forward-looking statements that are subject to
various risks and uncertainties and should be understood in the context of the
company's publicly available reports filed with the Securities and Exchange
Commission. Media General's future performance could differ materially from
its current expectations.
About Media General
Media General is a leading provider of local news, information and
entertainment over multiple media platforms. The company serves markets
primarily in the Southeastern United States. Media General publishes 24 daily
newspapers, including The Tampa Tribune, Richmond Times-Dispatch, and
Winston-Salem Journal; and community newspapers in Virginia, North Carolina,
Florida, Alabama and South Carolina; plus approximately 275 weekly newspapers
and other targeted publications. The company owns and operates 19
network-affiliated television stations that reach approximately 30 percent of
the television households in the Southeast and nearly 9 percent of those in
the United States. The company's interactive media operations include Web
sites and portals that are associated with each of its newspapers and
television stations as well as with many specialty publications, and three
growing interactive advertising services companies, Blockdot, Inc.,
DealTaker.com and NetInformer.
MEDIA GENERAL, INC.
Revenues and Page Views For the Period Ended November 2, 2008
October
-------------------------------
2008 2007 % Change
-------------------------------
Revenues (000)
Publishing $42,571 $51,253 (16.9)%
Broadcast 40,207 37,105 8.4%
Interactive Media 3,746 3,506 6.8%
Eliminations (641) (648) 1.1%
-------------------------------
Total Revenues $85,883 $91,216 (5.8)%
===============================
Discontinued Operations(1) $903 $4,676 (80.7)%
===============================
Selected Publishing Revenues
by Category (000)
Classified $10,373 $16,705 (37.9)%
Retail 20,420 22,560 (9.5)%
National 3,366 3,565 (5.6)%
Other 547 604 (9.4)%
-------------------------------
Total Advertising $34,706 $43,434 (20.1)%
===============================
Circulation $6,443 $6,162 4.6%
===============================
Broadcast Time Sales (gross) (000)
Local $15,062 $22,836 (34.0)%
National 8,396 13,345 (37.1)%
Political 20,785 2,116 ---
-------------------------------
Total Time Sales $44,243 $38,297 15.5%
===============================
Online Total Page Views (000)
Total Web Sites 71,498 65,777 8.7%
(Excluding Advertising Services
and Discontinued Operations)
Year-to-Date
-------------------------------
2008 2007 % Change
-------------------------------
Revenues (000)
Publishing $374,713 $449,096 (16.6)%
Broadcast 277,414 281,436 (1.4)%
Interactive Media 32,345 30,236 7.0%
Eliminations (5,540) (5,766) 3.9%
--------------------------------
Total Revenues $678,932 $755,002 (10.1)%
--------------------------------
Discontinued Operations(1) $20,748 $32,883 (36.9)%
================================
Selected Publishing Revenues by
Category (000)
Classified $109,713 $158,710 (30.9)%
Retail 166,080 184,128 (9.8)%
National 26,378 32,375 (18.5)%
Other 4,979 5,307 (6.2)%
--------------------------------
Total Advertising $307,150 $380,520 (19.3)%
--------------------------------
Circulation $54,079 $55,157 (2.0)%
================================
Broadcast Time Sales (gross) (000)
Local $166,175 $177,562 (6.4)%
National 88,488 109,620 (19.3)%
Political 35,506 4,782 ---
--------------------------------
Total Time Sales $290,169 $291,964 (0.6)%
================================
Online Total Page Views (000)
Total Web Sites 643,046 573,226 12.2%
(Excluding Advertising Services
and Discontinued Operations)
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 Media General, Inc.
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