RICHMOND, Va., Aug. 19 VA-Media-General-rev
RICHMOND, Va., Aug. 19 /PRNewswire-FirstCall/ -- Media General, Inc.
(NYSE: MEG) today released its monthly revenues report for July 2008. Total
company revenues were $68.3 million, compared with $79.2 million in July 2007.
The 13.8 percent decline was primarily attributable to lower Publishing
Division revenues, driven by continued weakness in Classified advertising. In
the Broadcast Division, increased Political advertising revenues partially
offset lower National time sales. In the Interactive Media Division, revenues
rose 5.7 percent, due to higher Local advertising and revenues from
DealTaker.com, acquired March 31, 2008.
"The Publishing Division's July results reflected continued weakness in
Classified advertising in most markets, particularly Tampa and Richmond," said
Marshall N. Morton, president and chief executive officer.
"The Broadcast Division generated $1.5 million in Political revenues,
where 60 percent of the spending came from the Presidential campaign,
partially offsetting continued softness in National time sales," Mr. Morton
said.
"Higher revenues in the Interactive Media Division were driven by a 47
percent increase in Local advertising spending and another month of strong
revenues from DealTaker.com, which is engaged in the fast-growing sector of
online coupons and shopping. The company's Web-First breaking news focus and
Yahoo! local news referrals continued to drive audience growth; page views and
visitor sessions were up 8.7 percent and 19.3 percent, respectively. Local
news page views were up nearly 75 percent at TBO.com in Tampa and 29 percent
at inRich.com in Richmond," Mr. Morton said.
Publishing Division
Publishing Division revenues declined 18.9 percent in July. Excluding
Florida, where revenues decreased 30.8 percent, Publishing Division total
revenues in July were down 13.4 percent. Revenues in Virginia, North Carolina
and Alabama decreased 17.2 percent, 7.5 percent and 6.5 percent, respectively.
Revenues rose 2.1 in South Carolina, driven by revenues from the company's new
weekly newspaper in the greater Florence/Myrtle Beach market.
Classified advertising revenues decreased $5.6 million, or 32.5 percent,
reflecting reductions in all markets, particularly in Tampa and Richmond. For
the company's three metro markets combined, real estate advertising revenues
decreased 47.2 percent, employment revenues decreased 45.2 percent, and
automotive revenues declined 42.7 percent.
Retail advertising revenues declined $2.3 million, or 11.7 percent, due to
lower spending in Tampa and Richmond across most categories. National
advertising revenues decreased $810,000, or 25 percent, as a result of lower
telecommunications and national automotive advertising in the Tampa market.
Circulation revenues decreased $200,000, or 3.3 percent, reflecting Daily and
Sunday volume declines, partially offset by price increases in several
markets. Countering that trend, higher home delivery levels produced
increases in Daily and Sunday net-paid circulation at The Tampa Tribune.
Broadcast Division
Broadcast gross time sales decreased $1.9 million, or 6.6 percent,
primarily as a result of lower National time sales, particularly in the
automotive category, partially offset by a $1 million increase in Political
advertising revenues. Weak market conditions continue to hamper the
performance of WFLA in Tampa. Political revenues were generated from
presidential campaign spending in Ohio and Florida, U.S. Congressional races
in Virginia, Georgia, Tennessee and Mississippi, and state office and issue
spending in Florida, Ohio and Mississippi.
Local time sales declined $290,000, or 1.7 percent, primarily from lower
automotive and furniture store advertising, partially offset by higher
spending in the fast food category. National time sales declined $2.6
million, or 24.1 percent, primarily due to decreased advertising in the
automotive and financial categories.
Interactive Media Division
In the Interactive Media Division, Local advertising revenues posted a 47
percent increase and more than offset lower Classified revenues. Increased
Local online revenues were generated by new products and direct sales.
Revenues from the Yahoo!HotJobs partnership helped to partially mitigate a 9
percent decline in Classified revenues. National/Regional advertising was
about even with last year.
In the division's advertising services group, DealTaker.com, acquired
March 31, 2008, generated strong revenues. A decline in advergaming revenues
reflected a slower pace of projects compared with the July 2007 period.
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 25 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 20 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 two growing
interactive advertising services companies, Blockdot, Inc. and DealTaker.com.
MEDIA GENERAL, INC.
Revenues and Page Views
July Year-to-Date
--------------------------- ---------------------------
2008 2007 % Change2008 2007 % Change
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Revenues (000)
Publishing $38,997 $48,073 (18.9)% $266,243 $317,629 (16.2)%
Broadcast 26,131 28,207 (7.4)% 183,273 191,214 (4.2)%
Interactive
Media 3,7303,5295.7% 21,962 20,7475.9%
Eliminations(554)(604) 8.3% (3,830) (3,906) 1.9%
-------------------------------------------------------
Total
Revenues$68,304 $79,205 (13.8)% $467,648 $525,684 (11.0)%
=======================================================
Discontinued
Operations (1) $1,482 $3,320 (55.4)% $18,211 $21,823 (16.6)%
=======================================================
Selected Publishing Revenues by Category (000)
Classified $11,646 $17,262 (32.5)% $81,099 $114,619 (29.2)%
Retail 17,239 19,532 (11.7)% 116,293 127,842 (9.0)%
National 2,4293,238 (25.0)%18,228 23,016 (20.8)%
Other 481 529 (9.1)% 3,3443,560 (6.1)%
-------------------------------------------------------
Total
Advertising $31,795 $40,561 (21.6)% $218,964 $269,037 (18.6)%
=======================================================
Circulation $5,873 $6,074 (3.3)% $37,641 $39,199 (4.0)%
=======================================================
Broadcast Time Sales (gross) (000)
Local$17,093 $17,382 (1.7)% $118,452 $122,147 (3.0)%
National 8,213 10,824 (24.1)%61,995 74,333 (16.6)%
Political 1,477 474 211.6% 8,7261,556---
-------------------------------------------------------
Total Time
Sales $26,783 $28,680 (6.6)% $189,173 $198,036 (4.5)%
=======================================================
Online Total Page Views (000)
Total Web Sites 72,063 66,3228.7%444,864 407,1869.3%
(Excluding Advertising Services)
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
Taccoa, Georgia; WTVQ in Lexington, Kentucky and WCWJ in Jacksonville,
Florida.
SOURCE Media General, Inc.
