Media General Q3 Broadcast TV Revenue Increases 18% on Strong Political Advertising

Posted by Joe Zaller
Oct 20 2010

Media General reported today that its Q3 broadcast TV revenue was up 18% to $75m.  The company attributed the increase to strong political advertising and an underlying firming in television advertising.  For the first nine months of the year, the company’s broadcast TV revenue increased 15% to $214.6m.

Digital revenue was flat for Q3 versus last year, but is up 6% for the first nine months of the year versus 2009.

On an overall basis, the company lost $10.7m in the third quarter on revenue of $163.2m, an increase of 3.3% versus last year.  Revenue for the first nine months of 2010 was up 1.6% to $480.5m.

The company provided upbeat guidance for Q4, saying it expects broadcast revenue to increase 24-26% in thanks to strong political advertising.  Digital media revenues are expected to increase 9-11% in Q4. 

Company president and CEO Marshall N. Morton said “Our third-quarter operating results benefited from $9.7m in political revenues compared with $1.5m  last year, and reflected particularly strong campaign spending in Florida and Ohio. Political advertising overall was lower than expectations, even though candidate spending was on target, mostly due to lower issues spending.  National television advertising, excluding political, was up 12%, and local time sales increased 4%.  Automotive advertising, in particular, was strong, and the telecommunications and retail categories firmed as well.” 

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You can read the full Media General Q3 earnings press release here.

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