Submitted by Fox First at Ten on October 17th
RICHMOND, Va. (AP) - Television and digital media company Media General Inc. said Wednesday that its third-quarter net loss widened because of higher expenses, but revenue grew sharply thanks to an increase in political advertising and the Olympics.
The company posted a net loss of $30.3 million, or $1.34 per share compared with a loss of $29.8 million, or $1.32 per share, in the same period a year earlier.
Media General owns 18 broadcast TV stations, including NBC and CBS network affiliates. Its stations are mainly in the southeastern U.S.
Excluding costs associated with paying off debt and other expenses, the company reported operating income of $22.5 million in the latest quarter, up from $4.8 million a year earlier.
Revenue rose 42 percent to $93.8 million from $66.01 million.
The company said its political revenue totaled nearly $20 million, reflecting the "strong positions" of its TV stations and the presence of six of its stations in so-called battleground states where the presidential election is being hotly contested. Olympics-related advertising also helped, the company said.
Media General's stock was unchanged at $5.30 in morning trading.
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