Media General 3Q Spot Rev Down 16.4%

Media General Inc. today reported that station net revenue in the third quarter was $78.5 million, compared to $93.8 million in the prior year. Political revenue in the third quarter was $1 million, compared with $19.6 million in 2012. Gross Olympics revenue in the third quarter of 2012 was $15.5 million, of which $10.3 million was incremental.  

Local gross time sales this year were $43.7 million, compared with $47.4 million last year, including the Olympics impact. National gross time sales this year were $22.9 million, compared with $24.9 million last year, including the Olympics impact. Core gross time sales (Local and National combined) were $66.6 million this year, compared with $61.9 million last year, excluding the impact of the incremental 2012 Olympics revenues, representing an increase of 7.6%. 

Third-quarter operating income of $8.2 million, compared with $22.5 million in the third quarter of 2012, mostly reflecting the near absence of last year’s record political and Olympics revenues. The current-quarter operating income also included $1.2 million of merger-related expenses. 

A net loss in the third quarter of $14.6 million, or 53 cents per share, compared with a net loss of $30.3 million, or $1.34 per share, last year.

George L. Mahoney, president and chief executive officer of Media General, said: “Consistent with our guidance, core local and national gross time sales increased 7.6% in this year’s third quarter, excluding the impact of 2012 Summer Olympics advertising revenue. Digital revenue in the quarter grew 21% this year, an acceleration over the solid growth rates we achieved in the first half of the year.

“Our retransmission revenues in the third quarter were $13.2 million, compared with $9.4 million last year, an increase of 41%. Although this figure was impacted somewhat as a result of the absence, beginning on July 1, of a planned increase in the rates paid by Dish, we’re very pleased with this growth.”

Read the company’s report here.