Media General stops the bleeding

Media General, the Richmond-based parent of the Times-Dispatch, is no longer losing money, but that’s mostly because of deep cuts including more than a week of mandatory furloughs for employees.

The company reported earning $27.4 million in the fourth quarter of 2009.  That’s better than last year, when the company lost $85 million on a special impairment.

Revenue in the fourth quarter fell 14 percent from last year, but the company cut expenses 22 percent.

Shares of Media General are trading at around $9.45, up more than 17 percent from Wednesday close of $8.31.

Media General, the Richmond-based parent of the Times-Dispatch, is no longer losing money, but that’s mostly because of deep cuts including more than a week of mandatory furloughs for employees.

The company reported earning $27.4 million in the fourth quarter of 2009.  That’s better than last year, when the company lost $85 million on a special impairment.

Revenue in the fourth quarter fell 14 percent from last year, but the company cut expenses 22 percent.

Shares of Media General are trading at around $9.45, up more than 17 percent from Wednesday close of $8.31.

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected]

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMEBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments